Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Moderna, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
108
206
135
60.2
803
18,471
19,263
6,848
3,236
1,944
Cost of revenue
0
0
8
2,617
5,416
4,693
1,464
868
Gross profit
135
60.2
795
15,854
13,847
2,155
1,772
1,076
Research and development
275
410
454
496
1,370
1,991
3,295
4,845
4,543
3,132
General and administrative
57.5
64.7
94.3
110
188
567
1,132
1,549
1,174
1,018
Operating expenses
332
475
548
606
Operating income
-224
-269
-413
-546
-763
13,296
9,420
-4,239
-3,945
-3,074
Interest income
11.3
15.2
27
39
25
18
200
421
425
314
Other non-operating income
-2.71
-1.88
1.84
-8
-6
-29
-45
-124
-87
-8
Pre-tax income
-215
-256
-384
-515
-744
13,285
9,575
-3,942
-3,607
-2,768
Income tax
1.04
-0.08
0.33
-1
3
1,083
1,213
772
-46
54
Net income
-216
-256
-385
-514
-747
12,202
8,362
-4,714
-3,561
-2,822
EBITDA
-209
-249
-388
-515
-732
13,528
9,768
-3,622
-3,760
-2,863
EPS, basic
-3.79
-4.18
-4.95
-1.55
-1.96
30.31
21.26
-12.33
-9.28
-7.26
EPS, diluted
-3.79
-4.18
-4.95
-1.55
-1.96
28.29
20.12
-12.33
-9.28
-7.26
Shares, basic (weighted)
60.7
64.5
81.1
331
381
403
394
382
384
389
Shares, diluted (weighted)
60.7
64.5
81.1
331
381
431
416
382
384
389
Balance sheet
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
50.1
135
658
236
2,624
6,848
3,205
2,907
1,927
2,595
Short-term investments
621
863
867
1,984
3,879
6,697
5,697
5,098
3,204
Receivables
11.9
11.7
5.37
1,391
3,175
1,385
892
358
184
Inventory
0
47
1,441
949
202
117
153
Other current assets
12.8
28.4
19.4
11
26
44
88
58
45
Total current assets
783
1,563
1,129
6,298
16,071
13,431
10,325
8,099
6,544
Property, plant and equipment
139
212
201
297
1,241
2,018
1,945
2,196
2,134
Lease right-of-use assets
86.4
90
142
121
713
759
719
Goodwill
0
52
52
52
Intangible assets
0
44
40
45
Long-term investments
146
173
160
639
6,843
8,318
4,677
2,494
2,336
Other non-current assets
4.59
2.64
1.93
2
46
988
766
594
605
Total assets
1,084
1,962
1,589
7,337
24,669
25,858
18,426
14,142
12,338
Accounts payable
20.7
31.2
7.09
18
302
487
520
405
317
Accrued liabilities
72.7
79.1
67.7
470
1,472
2,101
1,798
1,427
1,386
Deferred revenue
96.7
109
63.3
3,867
6,253
2,038
568
153
99
Total current liabilities
191
223
143
4,389
9,128
4,923
3,015
2,206
1,987
Long-term debt
0
590
Lease liabilities
93.7
97
106
92
643
671
653
Other non-current liabilities
1.53
0.26
0.14
3
76
135
256
267
285
Total liabilities
459
432
415
4,776
10,524
6,735
4,572
3,241
3,688
Total debt
0
590
Paid-in capital
71.7
2,538
2,669
4,802
4,211
1,173
371
866
1,382
Retained earnings
-622
-1,007
-1,496
-2,244
9,958
18,320
13,606
10,045
7,223
Other comprehensive income
-1.16
-1.32
1.8
3
-24
-370
-123
-10
45
Shareholders' equity
-335
-551
1,530
1,175
2,561
14,145
19,123
13,854
10,901
8,650
Total equity
-335
-551
1,530
1,175
2,561
14,145
19,123
13,854
10,901
8,650
Total liabilities and equity
1,084
1,962
1,589
7,337
24,669
25,858
18,426
14,142
12,338
Shares outstanding
65.2
329
337
399
403
385
382
386
394
Cash flow statement
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-216
-256
-385
-514
-747
12,202
8,362
-4,714
-3,561
-2,822
Depreciation and amortization
15.1
20.5
24.9
31
31
232
348
617
185
211
Stock-based compensation
39.4
40.1
72.6
81
93
142
226
305
429
483
Deferred income tax
0.29
0
0
-1
0
-296
-578
901
-1
10
Change in receivables
-8.64
1.48
0.83
7
-1,385
-1,784
1,790
493
534
156
Change in inventory
0
0
-47
-1,394
492
747
83
-34
Change in payables
5.99
-12.8
15
-24
12
204
240
13
-69
-92
Cash from operations
66.7
-331
-331
-459
2,027
13,620
4,981
-3,118
-3,004
-1,873
Capital expenditures
-33.1
-58.4
-106
-32
-68
-284
-400
-707
-1,051
-192
Acquisitions
0
0
-85
0
0
Purchases of investments
-1,415
-727
-1,228
-1,145
-2,956
-12,652
-11,435
-3,760
-6,529
-5,768
Sales and maturities of investments
675
800
783
993
1,137
1,338
3,151
5,575
5,562
5,563
Cash from investing
-649
417
-373
-15
-1,672
-8,523
-5,176
4,206
1,949
1,946
Stock issued
563
0
1,853
0
0
25
42
17
Share buybacks
0
0
-857
-3,329
-1,153
0
-2
Cash from financing
473
0.17
1,227
52
2,033
-873
-3,448
-1,377
56
593
Net change in cash
-109
86
523
-422
2,388
4,224
-3,643
-289
-999
668
Free cash flow
33.6
-390
-437
-491
1,959
13,336
4,581
-3,825
-4,055
-2,065
Interest paid
0
0
3
6
9
14
25
39
24
10
Income taxes paid
0.91
0.4
0.29
0
1
480
2,729
-357
197
26
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $198.88 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
23.4%
Gross profit / revenue.
Operating margin
-149.0%
Operating income / revenue.
EBITDA margin
-138.7%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-138.6%
Pre-tax income / revenue.
Net margin
-141.4%
Net income / revenue.
FCF margin
-55.8%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-48.2%
Cash from operations / revenue.
Return on equity (ROE)
-46.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-28.7%
Net income / average total assets.
Return on invested capital (ROIC)
-46.6%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
129.1%
Research and development expense / revenue.
Stock-based pay / revenue
20.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
7.7%
Capital expenditures / revenue.
D&A / revenue
10.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-39.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-53.4%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
19.3%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-39.3%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-57.3%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
6.2%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-20.6%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-23.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
27.6%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-12.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-21.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
11.0%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
1.3%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
-2.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
0.4%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.29x
Current assets / current liabilities.
Quick ratio
2.03x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.03x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.09x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
5.4%
Total debt / total assets.
Liabilities / assets
38.3%
Total liabilities / total assets.
Net debt
-$4.55B
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$7.92
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$5.60
Revenue / diluted weighted shares.
FCF per share
-$3.13
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$2.70
Cash from operations / diluted weighted shares.
Book value per share
$16.94
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
35.6x
Market cap / revenue.
P/B
11.7x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
12.0x
Market cap / tangible book value, when positive.
EV/Sales
33.6x
Enterprise value / revenue.
FCF yield
-1.6%
Free cash flow / market cap.
Earnings yield
-4.0%
Net income / market cap (the inverse of P/E).
What was Moderna, Inc.'s revenue in fiscal 2025?
Moderna, Inc. reported revenue of $1.94B for fiscal 2025, 39.9% lower than the year before.
Was Moderna, Inc. profitable in fiscal 2025?
No. It reported a net loss of $2.82B.
How much free cash flow did Moderna, Inc. generate in fiscal 2025?
Cash from operations of $1.87B minus capital expenditures of $192.0M left free cash flow of -$2.07B.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.