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 (Basic)
$-7.26
++21.77% YoY
Operating Income
$-3.07B
++22.08% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K 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: 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: 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: Source: 10-K Balance Sheet
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Upgrade to unlockModerna'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: Source: 10-K Income Statement
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $-2.11 versus the $-2.70 analyst consensus — a +21.7% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $1.94B | $3.24B | -39.93% |
Cost of Revenue | $868M | $1.46B | -40.71% |
Operating Income | $-3.07B | $-3.94B | +22.08% |
Net Income | $-2.82B | $-3.56B | +20.75% |
EPS (Basic) | $-7.26 | $-9.28 | +21.77% |
EPS (Diluted) | $-7.26 | $-9.28 | +21.77% |
R&D Expense | $3.13B | $4.54B | -31.06% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $12.34B | $14.14B | -12.76% |
Current Assets | $6.54B | $8.1B | -19.20% |
Total Liabilities | $3.69B | $3.24B | +13.79% |
Current Liabilities | $1.99B | $2.21B | -9.93% |
Stockholders' Equity | $8.65B | $10.9B | -20.65% |
Cash & Equivalents | $2.6B | $1.93B | +34.67% |
Long-Term Debt | $590M | $0 | — |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $-1.87B | $-3B | +37.65% |
Investing Cash Flow | $1.95B | $1.95B | -0.15% |
Financing Cash Flow | $593M | $56M | +958.93% |
Share Buybacks | $2M | $0 | — |
D&A | $211M | $185M | +14.05% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | -158.1% | -121.9% | -36.22% |
Net Margin | -145.2% | — | — |
ROE | -32.6% | — | — |
ROA | -22.9% | — | — |
Current Ratio | $3.293 | — | — |
Debt to Equity | $0.426 | — | — |
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Moderna's FY2025 revenue was $1.94B, a sharp 39.9% decline from $3.24B in the prior year, primarily due to the normalization of COVID-19 vaccine demand and reduced government purchasing. This marks a continuation of the post-pandemic revenue contraction the company has been experiencing.
Moderna reported a net loss of $2.82B in FY2025, an improvement of 20.8% from the -$3.56B loss in the prior year. The improvement was driven by significant reductions in R&D spending (down 31.1% to $3.13B) and lower cost of revenue.
Moderna's cash and equivalents actually increased 34.7% to $2.60B in FY2025, and the company maintains a healthy current ratio of 3.29, suggesting adequate short-term liquidity. However, the company also took on $590M in long-term debt for the first time, indicating it is actively managing its financial runway as it continues to burn cash from operations.
The key risks include continued revenue concentration in COVID-19 vaccines (which declined 39.9%), sustained cash burn of -$1.87B from operations, and execution risk on its mRNA pipeline where R&D spending of $3.13B exceeds total revenue. Failure to commercialize next-generation products could prolong losses significantly.
Yes, Moderna's losses narrowed in FY2025: the net loss improved to -$2.82B from -$3.56B (a 20.8% improvement) and EPS improved to -$7.26 from -$9.28. The improvement was driven by cost discipline, with R&D expenses cut by 31.1% and cost of revenue reduced by 40.7%, though the company remains far from profitability.