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 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.
Revenue
$389M
+260.19% YoY
EPS (Diluted)
-$3.40
-34.92% YoY
Operating Income
-$1.39B
-32.19% YoY
Source: SEC XBRL
Moderna (MRNA) reported Q1 FY2026 revenue of $389M, up 260.2% year over year. Operating margin was -356.8%, against -972.2% a year earlier. Operating cash flow was negative $630M. MRNA's fiscal Q1 FY2026 corresponds to calendar Q1 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | -1.97 | -2.12 | Beat +7.3% |
| Mar 2026This filing | -3.40 | -4.04 | Beat +15.8% |
| Dec 2025 | -2.11 | -2.70 | Beat +21.7% |
| Sep 2025 | -0.51 | -2.15 | Beat +76.3% |
Reported EPS of -$3.40 versus the -$4.04 analyst consensus — a +15.8% beat for Mar 2026.
Compiled by AI from this SEC filing
Revenue rebounded sharply to $389M in Q1 FY2026 from $108M in Q1 FY2025, a 260.2% increase, likely reflecting improved COVID-19 vaccine sales seasonality and early contributions from newer product launches.
Source: 10-Q Income Statement Data
Cost of revenue skyrocketed 961.1% YoY to $955M against revenue of only $389M, resulting in a deeply negative gross profit of approximately -$566M. This suggests significant inventory write-downs, underutilization charges, or manufacturing scale-up costs that far exceeded product revenues.
Source: 10-Q Income Statement Data
Operating loss deepened to -$1.39B from -$1.05B a year ago (-32.2% YoY), even as R&D expenses declined 24.2% YoY to $649M, indicating that the cost-of-revenue spike more than offset savings from reduced research spending.
Source: 10-Q Income Statement Data
Operating cash outflow improved meaningfully to -$630M from -$1.04B in Q1 FY2025 (+39.2% YoY improvement), suggesting some operational efficiency gains, though the company continues to consume substantial cash each quarter.
Source: 10-Q Cash Flow Data
Total liabilities surged 54.7% YoY to $4.08B while stockholders' equity declined 26.4% to $7.41B, reflecting accumulated losses. Cash and equivalents rose 17.6% to $1.91B, providing near-term liquidity, but the trend of equity erosion warrants monitoring.
Source: 10-Q Balance Sheet Data
Compiled by AI from this SEC filing · 3 high, 2 medium, 0 low
Cost of revenue at $955M vastly exceeded revenue of $389M in Q1 FY2026, producing a deeply negative gross margin. This likely reflects fixed manufacturing costs, inventory write-downs, or product mix issues that could persist if vaccine demand remains volatile or new products ramp slowly.
Source: 10-Q Income Statement Data
Net losses of -$1.34B in a single quarter have driven stockholders' equity down 26.4% YoY to $7.41B. If losses continue at this pace, the equity base could deteriorate significantly, potentially constraining future financing options and investor confidence.
Source: 10-Q Balance Sheet Data
Total liabilities increased 54.7% YoY to $4.08B, with current liabilities up 49.3% to $2.40B. While the current ratio of 2.41 still indicates adequate short-term liquidity, the rapid build-up in liabilities relative to shrinking equity raises the debt-to-equity ratio to 0.55 and increases financial risk.
Source: 10-Q Balance Sheet Data
R&D spending declined 24.2% YoY to $649M, which could reflect cost discipline but may also signal pipeline prioritization cuts. Moderna's revenue remains heavily dependent on its mRNA vaccine franchise, and any delays or failures in next-generation pipeline products could further pressure revenues.
Source: 10-Q Income Statement Data
Despite improvement, operating cash outflow of -$630M in Q1 FY2026 alone implies an annualized cash burn of over $2.5B. With cash and equivalents of $1.91B, the company's liquidity runway is limited without additional financing or a significant improvement in commercial revenues.
Source: 10-Q Cash Flow and Balance Sheet Data
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $M | 389.00 $M | 108.00 $M | +260.19% |
Cost of Revenue $M | 955.00 $M | 90.00 $M | +961.11% |
Operating Income $B | -1.39 $B | -1.05 $B | -32.19% |
Net Income $B | -1.34 $B | -0.97 $B | -38.31% |
EPS (Basic) $ | -3.40 $ | -2.52 $ | -34.92% |
EPS (Diluted) $ | -3.40 $ | -2.52 $ | -34.92% |
R&D Expense $M | 649.00 $M | 856.00 $M | -24.18% |
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 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.
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