A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
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.
Revenue
$145M
+2.11% YoY
EPS (Diluted)
-$1.97
+7.51% YoY
Operating Income
-$815M
+10.14% YoY
Moderna (MRNA) reported Q2 FY2026 revenue of $145M, up 2.1% year over year. The company posted a net loss of $782M, with diluted EPS of -$1.97. The company posted an operating loss of $815M. MRNA's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Moderna's Q2 FY2026 revenue grew 2.1% YoY to $145M while net losses narrowed to -$782M due to cost discipline in manufacturing and R&D.
Last 4 quarters: 4 beats
Reported EPS of -$1.97 versus the -$2.12 analyst consensus — a +7.3% beat for Jun 2026.
Q2 FY2026 revenue increased 2.1% YoY to $145M, while cost of revenue dropped 21.8% YoY to $93M, helping generate a gross profit of $52M compared to a gross loss in the prior-year period.
Source: 10-Q Income Statement (XBRL)
Research and development spending decreased 7.0% YoY to $651M, contributing to a 10.1% YoY improvement in operating loss to -$815M.
Source: 10-Q Income Statement (XBRL)
Total liabilities expanded 60.9% YoY to $4.20B, driven by $591M in long-term debt additions, while total assets declined 8.7% YoY to $10.96B.
Source: 10-Q Balance Sheet (XBRL)
Moderna posted year-to-date operating cash flow of -$1.16B in Q2 FY2026. Ongoing cash outflow could deplete liquid reserves if commercial revenues fail to scale.
Source: 10-Q Cash Flow Statement (XBRL)
The company incurred an operating loss of -$815M and a net loss of -$782M in Q2 FY2026, leading to an operating margin of -562.07%.
Source: 10-Q Income Statement (XBRL)
Total liabilities surged 60.9% YoY to $4.20B, introducing long-term debt of $591M and increasing the debt-to-equity ratio to 0.62.
Source: 10-Q Balance Sheet (XBRL)
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
Moderna (MRNA) is next expected to report on , when the following quarter's results and any updated outlook will be available.
See the MRNA earnings preview — expected date, analyst estimates and what to watch →
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $145M | $142M | +2.11% |
Cost of Revenue | $93M | $119M | -21.85% |
Operating Income | -$815M | -$907M | +10.14% |
Net Income | -$782M | -$825M | +5.21% |
EPS (Basic) | -$1.97 | -$2.13 | +7.51% |
EPS (Diluted) | -$1.97 | -$2.13 | +7.51% |
R&D Expense | $651M | $700M | -7.00% |
Moderna reported Q2 FY2026 revenue of $145M (+2.1% YoY) and narrowed its net loss to -$782M (-$1.97 per share). Operating loss improved by 10.1% YoY to -$815M, driven by lower manufacturing and R&D costs.
Moderna recorded a year-to-date operating cash outflow of -$1.16B in Q2 FY2026, which represents an improvement from -$1.96B in the prior-year period. Cash and cash equivalents stood at $1.72B at the end of the quarter.
Moderna holds $5.82B in current assets against $2.53B in current liabilities, yielding a solid current ratio of 2.29. Total liabilities increased 60.9% YoY to $4.20B, which includes $591M in long-term debt.
Moderna (MRNA) is next expected to report earnings on Nov 4, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.
Expected release date, analyst estimates & what to watch
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.
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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