Moderna, Inc.
Financial Performance
Moderna Revenue & Financials
Revenue
$1.9B (FY2025)
Market Cap
$72.7B
Employees
4,700
What is Moderna's revenue?
Moderna had $1.9B in revenue for fiscal year 2025, down 39.9% from 2024. It reported a net loss of $2.8B.
- Latest revenue
- $1.9B (FY2025)
- Year-over-year
- -39.9%
- Growth rate (CAGR)
- 37.8% over 9 years
- Peak revenue
- $19.3B (FY2022)
- Years of data
- 10
- Employees
- 4,700
Financial Analysis
Moderna went from $803 million of revenue in 2020 to $18.5 billion in 2021 and $19.3 billion in 2022, earning $12.2 billion and $8.4 billion of net income in those years. Revenue then fell to $6.8 billion in 2023, $3.2 billion in 2024 and $1.94 billion in 2025, with net losses of $4.7 billion, $3.6 billion and $2.8 billion. In 2025 Moderna cut operating expenses by about $2.2 billion (roughly 30%) and ended the year with $8.1 billion in cash and investments. Q2 2026 revenue was $145 million with a $782 million net loss; management guided to up to 10% revenue growth for 2026 and cash costs of about $4 billion. Moderna, Inc. is a major American pharmaceutical and biotechnology company pioneering messenger RNA (mRNA) therapeutics, sustaining a market valuation typically over $40 billion.
Revenue Trend Analysis
YoY Change
-39.9%
9-Year CAGR
+37.8%
Peak Year
2022
Trend
Volatile
Moderna, Inc. has 10 full fiscal year figures on this page, compounding at +37.8% annually over 9 years. The most recent year saw a 39.9% decline versus the prior year. Annual revenue peaked in fiscal year 2022 at $19.3B. Of 9 comparable year-over-year steps, 4 showed growth and 5 showed a decline.
Annual revenue history
Click any row to see year details.
Moderna, Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | -$1.9B | $192M | $12.3B | $3.7B | $8.7B | -$2.1B | Form 10-K |
| FY2024ended Dec 31, 2024 | -$3B | $1.1B | $14.1B | $3.2B | $10.9B | -$4.1B | Form 10-K |
| FY2023ended Dec 31, 2023 | -$3.1B | $707M | $18.4B | $4.6B | $13.9B | -$3.8B | Form 10-K |
| FY2022ended Dec 31, 2022 | $5B | $400M | $25.9B | $6.7B | $19.1B | $4.6B | Form 10-K |
| FY2021ended Dec 31, 2021 | $13.6B | $284M | $24.7B | $10.5B | $14.1B | $13.3B | Form 10-K |
| FY2020ended Dec 31, 2020 | $2B | $68M | $7.3B | $4.8B | $2.6B | $2B | Form 10-K |
| FY2019ended Dec 31, 2019 | -$459M | $32M | $1.6B | $414.6M | $1.2B | -$491M | Form 10-K |
| FY2018ended Dec 31, 2018 | -$330.9M | $105.8M | $2B | $431.9M | $1.5B | -$436.6M | Form 10-K |
| FY2017ended Dec 31, 2017 | -$331.5M | $58.4M | $1.1B | $459.2M | -$551.4M | -$389.9M | Form 10-K |
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Moderna Revenue and Financial FAQ
What is Moderna's revenue history?
Revenue was $803 million in 2020, $18.5 billion in 2021, a peak of $19.3 billion in 2022, then $6.8 billion in 2023, $3.2 billion in 2024 and $1.94 billion in 2025.
Is Moderna profitable?
No. Moderna earned $12.2 billion in 2021 and $8.4 billion in 2022, then lost $4.7 billion in 2023, $3.6 billion in 2024 and $2.8 billion in 2025. Its Q2 2026 net loss was $782 million.
How much cash does Moderna have?
Cash and investments were $8.1 billion at end-2025 and $6.9 billion at June 30, 2026, with year-end 2026 guidance of $4.7-5.2 billion.
What is Moderna's 2026 guidance?
After Q2 2026 Moderna guided to revenue growth of up to 10% for 2026, lowered cost-of-sales and R&D forecasts by $100 million each, and cut expected cash costs to about $4 billion.
What is Moderna's market cap?
Moderna trades on Nasdaq as MRNA. Its market capitalization was about $72.7 billion in late September 2026 after a rally on the August 2026 melanoma trial results.
When did Moderna go public?
Moderna listed on Nasdaq in December 2018, raising about $604 million at a valuation of roughly $7.5 billion.
When does Moderna expect to break even?
Management has targeted cash breakeven in 2028, a goal moved from 2026 in September 2024.
How did Moderna navigate the massive drop in COVID-19 vaccine revenue?
Moderna experienced an unprecedented financial transition: its annual revenue surged to over $18 billion during the peak pandemic in 2021-2022 before dropping to ~$2 billion to $3 billion as emergency government contracts ended. However, because Moderna retained over $8 billion in cash and investments, it was able to self-fund dozens of Phase 3 clinical trials while restructuring R&D to target operating breakeven by 2028.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Moderna Revenue & Financials." CorpDigest, https://corpdigest.com/company/moderna/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Moderna reported $1.9B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/moderna/financials" target="_blank" rel="noopener">CorpDigest — Moderna financials</a></div>Related Financial Audits
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