Significant Revenue Decline
Revenue fell 39.9% to $1.94B in FY2025 from $3.24B in the prior year, reflecting continued normalization of COVID-19 vaccine demand and reduced government procurement contracts.
Source: 10-K Income Statement
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Moderna reported FY2025 revenue of $1.94B, down 39.9% year-over-year, with a net loss of $2.82B as the company continues heavy investment in its pipeline amid declining COVID-19 vaccine demand.
Revenue
$1.94B
-39.93% YoY
EPS (Diluted)
-$7.26
+21.77% YoY
Operating Income
-$3.07B
+22.08% YoY
Source: SEC XBRL
Moderna (MRNA) reported FY2025 revenue of $1.94B, down 39.9% year over year. Operating margin was -158.1%, against -121.9% a year earlier. Operating cash flow was negative $1.87B.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | -1.97 | -2.12 | Beat +7.3% |
| Mar 2026 | -3.40 | -4.04 | Beat +15.8% |
| Dec 2025This filing | -2.11 | -2.70 | Beat +21.7% |
| Sep 2025 | -0.51 | -2.15 | Beat +76.3% |
Reported EPS of -$2.11 versus the -$2.70 analyst consensus — a +21.7% beat for Dec 2025.
Compiled by AI from this SEC filing
Revenue fell 39.9% to $1.94B in FY2025 from $3.24B in the prior year, reflecting continued normalization of COVID-19 vaccine demand and reduced government procurement contracts.
Source: 10-K Income Statement
Despite the revenue decline, operating losses improved 22.1% to -$3.07B from -$3.95B, driven by a 31.1% reduction in R&D expenses ($3.13B vs. $4.54B) and a 40.7% reduction in cost of revenue.
Source: 10-K Income Statement
Cash and equivalents increased 34.7% to $2.60B, and the company raised long-term debt of $590M (up from zero), suggesting proactive liquidity management to fund ongoing pipeline development.
Source: 10-K Balance Sheet
R&D expense of $3.13B remains significantly above revenue ($1.94B), underscoring Moderna's strategy of investing heavily in its mRNA pipeline beyond COVID-19, including respiratory vaccines and oncology programs.
Source: 10-K Income Statement
Operating cash outflow improved 37.6% to -$1.87B from -$3.00B, while investing activities generated $1.95B in cash inflows, partially offsetting operational cash burn.
Source: 10-K Cash Flow Statement
Compiled by AI from this SEC filing · 3 high, 2 medium, 0 low
Moderna's revenue remains heavily dependent on its COVID-19 vaccine (Spikevax), which has seen a sharp 39.9% decline in FY2025. The normalization of pandemic-era demand and reduced government stockpiling create significant top-line uncertainty going forward.
Source: 10-K Income Statement
The company generated an operating cash outflow of -$1.87B in FY2025 and has accumulated significant losses. With stockholders' equity declining 20.6% to $8.65B and the introduction of $590M in long-term debt, the financial runway depends on successful pipeline commercialization.
Source: 10-K Balance Sheet & Cash Flow Statement
R&D spending of $3.13B exceeds total revenue, reflecting a pipeline-heavy strategy. Failure to achieve regulatory approvals or commercial success for next-generation mRNA products (e.g., flu, RSV, cancer vaccines) could result in prolonged losses without a path to profitability.
Source: 10-K Income Statement
Moderna carried $590M in long-term debt in FY2025, compared to zero in the prior year, while total liabilities rose 13.8% to $3.69B. Rising debt obligations in the context of negative operating cash flow could pressure financial flexibility.
Source: 10-K Balance Sheet
ROE of -32.6% and ROA of -22.9% reflect the company's inability to generate returns on its asset base or equity capital, which may weigh on investor confidence until pipeline products reach commercialization.
Source: 10-K Key Ratios
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 1.94 $B | 3.24 $B | -39.93% |
Cost of Revenue $B | 0.87 $B | 1.46 $B | -40.71% |
Operating Income $B | -3.07 $B | -3.95 $B | +22.08% |
Net Income $B | -2.82 $B | -3.56 $B | +20.75% |
EPS (Basic) $ | -7.26 $ | -9.28 $ | +21.77% |
EPS (Diluted) $ | -7.26 $ | -9.28 $ | +21.77% |
R&D Expense $B | 3.13 $B | 4.54 $B | -31.06% |
Answers draw on this SEC filing and the data on this page
Moderna (MRNA) reported Q2 FY2026 revenue of $145M (+2.1% YoY) and narrowed its net loss to -$782M, supported by a 21.8% decline in cost of revenue and lower R&D expenses.
Moderna reported Q1 FY2026 revenue of $389M (+260.2% YoY) driven by product sales recovery, but posted a net loss of -$1.34B as cost of revenue surged 961% and operating losses widened, reflecting ongoing commercial-stage cost pressures and heavy pipeline investment.
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