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Moderna

MRNA · Nasdaq

Partner and capacity fees offset falling vaccine sales

Other revenue rose to $51M from $28M, 35.2% of revenue, while net product sales fell 17.5%, so fees held the top line up.

Q2 FY2026, the quarter to Jun 30, 2026 · 10-Q filed Jul 31, 2026

Q2 FY2026 · revenue
$145.0M+2.1% on the year
Operating margin
-562.1%
Net income
-$782.0M
Free cash flow, quarter
-$563.0M

Largest source of revenue: Net product sales, 64.8% of the total.

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Where Moderna's money goes

Tap the picture to explore the flow: levels, scale, every line and its figures.
Key insights · Q2 FY2026
  1. 01

    Partner and capacity fees offset falling vaccine sales

    Other revenue rose to $51M from $28M, 35.2% of revenue, while net product sales fell 17.5%, so fees held the top line up.

    Why it matters

    Net product sales fell to $94M from $114M, which the filing attributes primarily to lower COVID vaccine sales in the United States and South America, partly offset by deliveries in the United Kingdom. Other revenue rose to $51M from $28M. Stand-ready manufacturing revenue, earned for keeping production capacity available, grew 82.4% to $31M, or 21.4% of revenue. Collaboration revenue grew 275% to $15M, mainly from the Recordati agreement.1

    Together these kept total revenue at $145M, 2.1% above the $142M of a year earlier. A year earlier, product sales were 80.3% of revenue. This quarter they were 64.8%.1

    AnalysisAnalysis: this is the part of the top line not tied to the vaccine season. Stand-ready fees of $31M are small against the $1,016M of revenue in the third quarter of 2025, but in a spring quarter they decide whether revenue grows or shrinks. The Recordati upfront payment is recognized over time, so part of collaboration revenue is one agreement spread across quarters. The filing does not name the stand-ready counterparties, so how concentrated these fees are is not visible.

  2. 02

    The loss narrowed through cost cuts, not sales

    Total operating expenses fell 8.5% to $960M while revenue grew 2.1%, cutting the loss from operations to $815M from $907M.

    Why it matters

    Every cost line fell. Research and development fell 7.0% to $651M, selling, general and administrative 6.1% to $216M, and cost of sales 21.9% to $93M. Revenue rose only to $145M from $142M, so the improvement in the loss from operations came almost entirely from spending.1

    The filing attributes the research decline mainly to lower clinical trial costs from the wind-down of several late-stage programs, including the flu plus COVID combination, congenital CMV and norovirus programs, and to portfolio reprioritization. Cost of sales was 64.1% of revenue against 83.8% a year earlier, which the filing explains by lower unutilized manufacturing capacity costs.1

    Research still dominates the cost base: $651M is 67.8% of total operating expenses and 449% of revenue. The loss from operations was 562% of revenue.1

    AnalysisAnalysis: cuts that come from finishing or stopping late-stage trials lower the loss without changing what the business earns. The test is whether the programs nearest approval keep their funding while the total keeps falling.

  3. 03

    Interest on cash earned more than other revenue

    Interest income of $67M exceeded the $51M of other revenue and equalled 46.2% of total revenue, but it is shrinking with the cash.

    Why it matters

    Interest income on the company's cash and investments was $67M this quarter, against other revenue of $51M and net product sales of $94M. It offset 8.2% of the $815M loss from operations.1

    It is falling. Interest income was $81M a year earlier, and the filing attributes the decline to lower average investment balances and interest rates. Other items swung to an expense of $19M from income of $8M, mainly interest on the term loan taken on in November 2025.1

    AnalysisAnalysis: in its seasonal trough the company's cash works as a second income line. Each quarter of losses shrinks the base it earns on, so the cushion thins in two ways at once, less cash and less income from it, while the loan adds an interest cost that did not exist a year earlier.

  4. 04

    Cash burn ran well below the reported loss

    Operating cash outflow of $526M was well below the $782M net loss, and free cash flow improved to negative $563M from negative $922M.

    Why it matters

    Operating cash flow was negative $526M against a net loss of $782M. Capital spending was $37M, or 25.5% of revenue, leaving free cash flow of negative $563M. A year earlier, operating cash flow was negative $919M and free cash flow negative $922M.1

    For the half year, the filing explains the gap between loss and cash by non-cash charges, chiefly stock-based compensation and depreciation, by customer advance payments recorded as deferred revenue, and by higher accrued liabilities driven by the litigation settlement accrual with Arbutus and Genevant.1

    That settlement is a lump sum payable in the third quarter of 2026. It was charged to costs in the first quarter, when cost of sales of $955M exceeded that quarter's revenue of $389M, but the cash had not left by the end of June.1

    AnalysisAnalysis: the lower second-quarter burn flatters the cash picture. The accrued settlement is due to reach the cash flow statement in the third quarter, which is also when the vaccine season has historically started to bring collections in.

Sources

  1. 1.Moderna 10-Q for the period to 2026-06-30 (the filing), Jul 31, 2026, read Nov 2, 2026

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Business performance

Growth, profit and margin

Revenue went from $108.4M in FY2016 to $1.9B in FY2025, the operating margin from -206.4% to -158.1%, over 9 years.

  • Revenue$1.9B
  • Operating income-$3.1B
  • Operating margin-158.1%
Period
Q2 FY2026
Revenue
$145.0M
Operating income
-$815.0M
Operating margin
-562.1%
Net income
-$782.0M
Free cash flow
-$563.0M
Business performance

Does the profit turn into cash?

Q2 FY2026: free cash flow of -$563.0M against net income of -$782.0M in the quarter.

  • Operating cash flow-$1.9B
  • Capital expenditure$192.0M
  • Free cash flow-$2.1B
  • Net income-$2.8B

Capital expenditure is drawn below the axis as cash out. Cash conversion is operating cash flow over net income, shown in the tooltip for years with a profit.

Financial data and sources

How the revenue mix has shifted

Each breakdown the filing reports, as shares of revenue, for every period it restates.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS. The filing restates this breakdown for 1 period.

Click a member to isolate it across the years shown.

The figures

Margins, cash and growth for the period, each with what it was computed from.

Gross margin
35.9%
Source10-Q, Derived from Total revenue and Cost of sales in the 10-Q filed 2026-07-31
Operating margin
-562.1%
Source10-Q, Derived from Loss from operations and Total revenue in the 10-Q filed 2026-07-31
Net margin
-539.3%
Source10-Q, Derived from Net loss and Total revenue in the 10-Q filed 2026-07-31
Free cash flow, quarter
-$563.0M
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-07-31
Free cash flow margin, quarter
-388.3%
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-07-31
Cash conversion, quarter
0.67x
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-07-31
Capital spending, quarter
25.5%
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-07-31
Revenue growth
+2.1%
From the record's own history, against the prior year.

Where revenue comes from

Every breakdown the filing reports for the period, with each item's share.

Revenue streams

Net product sales$94.0M64.8%
Other revenue$51.0M35.2%

Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-07-31

Product categories

Stand-ready manufacturing revenue$31.0M21.4%
Collaboration revenue (Note 5)$15.0M10.3%
Licensing and royalty revenue$3.0M2.1%
Grant revenue$2.0M1.4%

These items do not sum to total revenue; the filing states them beside it. Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-07-31

Geographic markets

Europe$16.0M11.0%
Rest of world$8.0M5.5%

These items do not sum to total revenue; the filing states them beside it. Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-07-31

What it costs

The cost lines beneath operating income, each as a share of revenue, then the operating result.

Costs are reported by function: what it cost to make what was sold, then the expenses of selling, developing and administering.

Cost lineQ2 FY2026Of revenueSource
Total operating expenses$960.0M662.1%Source10-Q, us-gaap:CostsAndExpenses, as reported in the 10-Q filed 2026-07-31
Loss from operations-$815.0M-562.1%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-07-31

Operating figures the company states

From the text of the filing rather than its statements, each with the sentence that states it.

Development candidates
26 candidates
As of Jun 30, 2026
View source
We also have a diverse development pipeline of 26 development candidates across our 36 development programs currently in clinical studies.
Development programs in clinical studies
36 programs
As of Jun 30, 2026
View source
We also have a diverse development pipeline of 26 development candidates across our 36 development programs currently in clinical studies.
Intismeran five-year Phase 2b melanoma data: reduction in risk of recurrence or death vs KEYTRUDA alone
49.0%
As of Jun 30, 2026
View source
The data showed a sustained benefit with intismeran in combination with KEYTRUDA, reducing the risk of recurrence or death by 49% compared to KEYTRUDA alone.
Moderna Science Center (headquarters) floor area
462,000 square feet
As of Jun 30, 2026
View source
The MSC, comprising approximately 462,000 square feet, includes our principal executive office and additional office and laboratory spaces.

The statements, as filed

The income statement, cash flow statement and balance sheet in the company's own order and words. Every line links to the filing.

Income statement17 lines, as presented in the 10-Q
LineQ2 FY2026A year earlierChangeOf revenueSource
Revenue:
Total revenue$145.0M$142.0M+2.1%100%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-07-31
Net product sales$94.0M$114.0M-18%64.8%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax [mrna:ProductSalesMember], as reported in the 10-Q filed 2026-07-31
Other revenue$51.0M$28.0M+82%35.2%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax [us-gaap:ProductAndServiceOtherMember], as reported in the 10-Q filed 2026-07-31
Operating expenses:
Cost of sales$93.0M$119.0M-22%64.1%Source10-Q, us-gaap:CostOfGoodsAndServicesSold, as reported in the 10-Q filed 2026-07-31
Research and development$651.0M$700.0M-7.0%449.0%Source10-Q, us-gaap:ResearchAndDevelopmentExpense, as reported in the 10-Q filed 2026-07-31
Selling, general and administrative$216.0M$230.0M-6.1%149.0%Source10-Q, us-gaap:GeneralAndAdministrativeExpense, as reported in the 10-Q filed 2026-07-31
Total operating expenses$960.0M$1.05B-8.5%662.1%Source10-Q, us-gaap:CostsAndExpenses, as reported in the 10-Q filed 2026-07-31
Income Statement
Loss from operations-$815.0M-$907.0M-10%562.1%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-07-31
Interest income$67.0M$81.0M-17%46.2%Source10-Q, us-gaap:InvestmentIncomeInterest, as reported in the 10-Q filed 2026-07-31
Other (expense) income, net-$19.0M$8.0M13.1%Source10-Q, us-gaap:OtherNonoperatingIncomeExpense, as reported in the 10-Q filed 2026-07-31
Loss before income taxes-$767.0M-$818.0M-6.2%529.0%Source10-Q, us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest, as reported in the 10-Q filed 2026-07-31
Provision for income taxes$15.0M$7.0M+114%10.3%Source10-Q, us-gaap:IncomeTaxExpenseBenefit, as reported in the 10-Q filed 2026-07-31
Net loss-$782.0M-$825.0M-5.2%539.3%Source10-Q, us-gaap:NetIncomeLoss, as reported in the 10-Q filed 2026-07-31
Net loss per share
Basic (in usd per share)-$2-$2-7.5%0.0%Source10-Q, us-gaap:EarningsPerShareBasic, as reported in the 10-Q filed 2026-07-31
Diluted (in usd per share)-$2-$2-7.5%0.0%Source10-Q, us-gaap:EarningsPerShareDiluted, as reported in the 10-Q filed 2026-07-31
Weighted average common shares used in calculation of net loss per share
Basic (in shares)398,000,000388,000,000+2.6%Source10-Q, us-gaap:WeightedAverageNumberOfSharesOutstandingBasic, as reported in the 10-Q filed 2026-07-31
Diluted (in shares)398,000,000388,000,000+2.6%Source10-Q, us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding, as reported in the 10-Q filed 2026-07-31
Cash flow statement2 lines, as presented in the 10-Q

Year to date, as a quarterly filing reports it.

LineQ2 FY2026A year earlierChangeSource
Operating activities
Net loss-$782.0M-$825.0M-5.2%Source10-Q, us-gaap:NetIncomeLoss, as reported in the 10-Q filed 2026-07-31
Statement of Cash Flows
Cash, cash equivalents and restricted cash, end of period$1.72B$1.28B+35%Source10-Q, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 10-Q filed 2026-07-31
Balance sheet29 lines, as presented in the 10-Q
LineQ2 FY2026A year earlierChangeSource
Current assets:
Cash and cash equivalents$1.72B$1.28B+35%Source10-Q, us-gaap:CashAndCashEquivalentsAtCarryingValue, as reported in the 10-Q filed 2026-07-31
Investments$3.42BSource10-Q, us-gaap:AvailableForSaleSecuritiesDebtSecuritiesCurrent, as reported in the 10-Q filed 2026-07-31
Accounts receivable, net$17.0MSource10-Q, us-gaap:AccountsReceivableNetCurrent, as reported in the 10-Q filed 2026-07-31
Inventory$280.0MSource10-Q, us-gaap:InventoryNet, as reported in the 10-Q filed 2026-07-31
Prepaid expenses and other current assets$380.0MSource10-Q, us-gaap:PrepaidExpenseAndOtherAssetsCurrent, as reported in the 10-Q filed 2026-07-31
Total current assets$5.82BSource10-Q, us-gaap:AssetsCurrent, as reported in the 10-Q filed 2026-07-31
Assets
Investments, non-current$1.77BSource10-Q, us-gaap:AvailableForSaleSecuritiesDebtSecuritiesNoncurrent, as reported in the 10-Q filed 2026-07-31
Property, plant and equipment, net$2.06BSource10-Q, us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization, as reported in the 10-Q filed 2026-07-31
Right-of-use assets, operating leases$697.0MSource10-Q, us-gaap:OperatingLeaseRightOfUseAsset, as reported in the 10-Q filed 2026-07-31
Other non-current assets$618.0MSource10-Q, us-gaap:OtherAssetsNoncurrent, as reported in the 10-Q filed 2026-07-31
Total assets$10.96BSource10-Q, us-gaap:Assets, as reported in the 10-Q filed 2026-07-31
Current liabilities:
Accounts payable$167.0MSource10-Q, us-gaap:AccountsPayableCurrent, as reported in the 10-Q filed 2026-07-31
Accrued liabilities$1.91BSource10-Q, us-gaap:AccruedLiabilitiesCurrent, as reported in the 10-Q filed 2026-07-31
Deferred revenue$295.0MSource10-Q, us-gaap:ContractWithCustomerLiabilityCurrent, as reported in the 10-Q filed 2026-07-31
Other current liabilities$163.0MSource10-Q, us-gaap:OtherLiabilitiesCurrent, as reported in the 10-Q filed 2026-07-31
Total current liabilities$2.53BSource10-Q, us-gaap:LiabilitiesCurrent, as reported in the 10-Q filed 2026-07-31
Liabilities and Stockholders’ Equity
Deferred revenue, non-current$147.0MSource10-Q, us-gaap:ContractWithCustomerLiabilityNoncurrent, as reported in the 10-Q filed 2026-07-31
Operating lease liabilities, non-current$638.0MSource10-Q, us-gaap:OperatingLeaseLiabilityNoncurrent, as reported in the 10-Q filed 2026-07-31
Financing lease liabilities, non-current$6.0MSource10-Q, us-gaap:FinanceLeaseLiabilityNoncurrent, as reported in the 10-Q filed 2026-07-31
Long-term debt$591.0MSource10-Q, us-gaap:LongTermDebtNoncurrent, as reported in the 10-Q filed 2026-07-31
Other non-current liabilities$284.0MSource10-Q, us-gaap:OtherLiabilitiesNoncurrent, as reported in the 10-Q filed 2026-07-31
Total liabilities$4.20BSource10-Q, us-gaap:Liabilities, as reported in the 10-Q filed 2026-07-31
Stockholders’ equity:
Preferred stock, par value $0.0001; 162 shares authorized as of June 30, 2026 and December 31, 2025; no shares issued or outstanding at June 30, 2026 and December 31, 2025$0Source10-Q, us-gaap:PreferredStockValue, as reported in the 10-Q filed 2026-07-31
Common stock, par value $0.0001; 1,600 shares authorized as of June 30, 2026 and December 31, 2025; 399 and 394 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively$0Source10-Q, us-gaap:CommonStockValue, as reported in the 10-Q filed 2026-07-31
Additional paid-in capital$1.64BSource10-Q, us-gaap:AdditionalPaidInCapital, as reported in the 10-Q filed 2026-07-31
Accumulated other comprehensive income$19.0MSource10-Q, us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax, as reported in the 10-Q filed 2026-07-31
Retained earnings$5.10BSource10-Q, us-gaap:RetainedEarningsAccumulatedDeficit, as reported in the 10-Q filed 2026-07-31
Total stockholders’ equity$6.76B$9.40B-28%Source10-Q, us-gaap:StockholdersEquity, as reported in the 10-Q filed 2026-07-31
Liabilities and Stockholders’ Equity
Total liabilities and stockholders’ equity$10.96BSource10-Q, us-gaap:LiabilitiesAndStockholdersEquity, as reported in the 10-Q filed 2026-07-31

About this data

Source
Moderna 10-Q, accession 0001682852-26-000150, filed Jul 31, 2026, read on Nov 2, 2026.
History
From the SEC's XBRL company facts, the value from the latest filing that stated each period.
Reading
Paragraphs marked Analysis are CXProWealth's reading; everything else is the filing's own numbers and words, or a cited source.
Version
methodology business-lens-1.0 · schema 1.2.0 · run business-lens-2026-11-02
Edge and risks

What holds Moderna's model up, and what could bend it

Competitive edge

  • One mRNA platform runs 36 clinical programs

    The same kind of molecule and process carry across 26 candidates in 36 programs, so one research budget funds many bets in parallel.

    The detail

    The filing describes 26 development candidates across 36 development programs in clinical studies, spanning infectious disease vaccines, oncology and rare disease, alongside four approved products. The flu plus COVID vaccine mCOMBRIAX, approved in Europe in April 2026, builds on the clinical development of mNEXSPIKE and the company's investigational flu vaccine.1

    AnalysisAnalysis: changing the target means changing the sequence, while manufacturing, delivery and safety knowledge carry over. That is why a combination product can follow two earlier ones, and why research spending of $651M can cover so many programs. The advantage lasts only as long as the platform keeps producing approvals.

  • Partners fund part of the riskiest programs

    Merck splits intismeran's costs equally, Recordati licensed a rare disease therapeutic, and Blackstone funds flu development, so others carry part of the risk.

    The detail

    With Merck, costs and any profits or losses on intismeran are generally shared equally worldwide. In five-year melanoma data, intismeran with KEYTRUDA reduced the risk of recurrence or death by 49% against KEYTRUDA alone.1

    Recordati holds an exclusive license to the propionic acidemia therapeutic and will lead commercialization after approval. Its upfront payment is recognized as collaboration revenue over time, which lifted that line 275% to $15M. Blackstone's flu funding is booked as a reduction of research costs, given the transfer of financial risk to Blackstone.1

    AnalysisAnalysis: Moderna keeps the science and the manufacturing while partners take part of the cost and part of any reward. The trade-off is a smaller share of the upside on the programs that succeed.

  • Governments pay to keep capacity ready

    Stand-ready manufacturing revenue grew 82.4% to $31M, 21.4% of revenue, turning part of seasonal demand into fees for availability rather than doses.

    The detail

    Stand-ready manufacturing revenue is earned for keeping production capacity available. Its share of revenue rose 9.4 points, and the filing ties the half-year increase partly to facilities that became operational during the second half of 2025. The company expects product sales to return to growth this year, supported by long-term strategic partnerships with government entities.1

    AnalysisAnalysis: local capacity is hard for a rival to replicate quickly once a government has paid for it, and the fee is tied to readiness rather than to how heavy a season is. The filing does not name the counterparties, so it does not show how many contracts this rests on.

What to watch

  • Spring revenue was 14.3% of autumn's

    Revenue of $145M was 14.3% of the $1,016M earned in the third quarter of 2025, and doses are made before demand is known.

    The detail

    The company anticipates seasonal fluctuations in demand for its COVID and RSV vaccines, with higher sales in the fall and winter. Inventory is written down when it exceeds expected demand or reaches its shelf life, and the COVID vaccines keep for nine to twelve months. The filing says inventory rose over the half year, driven by increased production for the upcoming season.1

    Scale has also fallen across years: revenue of $1,944M in FY2025 was 10.5% of the $18,471M of FY2021.1

    AnalysisAnalysis: a weak season leaves both unsold doses and idle lines, and both reach cost of sales.

  • Patent disputes already reached the income statement

    The Arbutus and Genevant settlement pushed first-quarter cost of sales to $955M, above that quarter's $389M of revenue, and an appeal could add a further payment.

    The detail

    The settlement resolves all worldwide litigation with Arbutus and Genevant over Spikevax and mRESVIA, with no future royalties owed, for a lump sum payable in the third quarter of 2026. Under its terms the company appealed one District Court decision and could owe an additional payment depending on the outcome. No accrual has been recorded because a loss is not considered probable.1

    Other suits remain open. The company is suing Pfizer and BioNTech, and faces patent claims from GSK, Northwestern University, Bayer and Monsanto units, mNG Bio, BioNTech, CureVac and Sanofi subsidiaries, plus shareholder litigation over statements about its RSV vaccine.1

  • A secured loan now sits on a shrinking cushion

    The term loan adds interest cost and a minimum cash covenant just as interest income fell to $67M from $81M.

    The detail

    The term loan from lenders led by Ares Capital is secured by a first-priority lien on substantially all of the company's assets, restricts further borrowing and asset sales, and requires a minimum cash balance unless the company's market value stays above a set level. Other items swung to an expense of $19M from income of $8M, mainly from interest on this debt. The filing reports compliance at quarter end.1

    AnalysisAnalysis: the covenant links two things the company only partly controls: how fast cash declines through the trough quarters, and the market value that can switch the test off.

Sources

  1. 1.Moderna 10-Q for the period to 2026-06-30 (the filing), Jul 31, 2026, read Nov 2, 2026
Go deeper

Moderna, further in

Member research, then your own questions on ChatGPT.

What could change the outlook

What Moderna's numbers depend on from here, read from the filing: the conditions behind this period's margins and growth, and where a change would show first.

  • What the second half has to deliver

    Which sales, partnership deliveries and cost lines the expected return to product sales growth depends on, and what the settlement payment does to the cash picture.

  • How long the cushion lasts, and what could shorten it

    Cash, loan terms and interest income read together: which drains are scheduled, which are contingent, and which levers the company controls.

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Questions to start with
  • How much of Moderna's revenue now comes from stand-ready manufacturing fees, and what does the filing say about who pays them?
  • Why did Moderna's interest income exceed its other revenue in the second quarter, and how fast is that income falling?
  • How will Moderna's settlement payment to Arbutus and Genevant show up in its third-quarter cash flow?

Business Lens describes Moderna from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing, the dates and the version are under the financial data above.