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Moderna (MRNA) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Moderna (MRNA) Q3 2026 earnings results →
Q3 2026 Revenue up 29% year over year to $1.3B · 12¢ of every $1 of revenue kept as net profit · operating margin 9.9%
Moderna made $1.3B in Q3 2026 (+29% Y/Y): Net product sales $1.3B, RSV $29.0M, Collaboration Arrangement, Including Arrangements with Affiliate $8.0M. Operating margin 9.9%, net earnings $162M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $1.3B in Q3 2026, up 29% year over year and up 806% from the previous quarter. COVID was the largest line at 95% of revenue. COVID added $0.27B year over year (up 28%), 92% of the total change.
Operating profit was $0.13B, a 9.9% margin (up 35.5 points year over year). Total costs fell 7% while revenue rose 29%. The fastest-growing cost line was Cost of revenue (+54%). Net earnings were $0.16B. The effective tax rate was 5.3%. Non-operating items added $0.04B, 24% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$1.6B. Non-cash charges added back $0.06B of depreciation and amortization and $0.13B of share-based compensation. Working capital and other items used $1.9B. Capital expenditures of $0.05B exceeded it, leaving free cash flow of −$1.6B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $1.3B | +29% | 9.9% | $162M | −$1.6B |
| Q2 2026 | 10-Q | Jul 31, 2026 | $145M | +2% | -562.1% | −$782M | −$526M |
| Q1 2026 | 10-Q | May 1, 2026 | $389M | +260% | -356.8% | −$1.3B | −$630M |
| Q4 2025 | 10-K | Feb 20, 2026 | $678M | -30% | -126.4% | −$826M | $930M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $1.0B | -45% | -25.6% | −$200M | −$847M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $142M | -41% | -638.7% | −$825M | −$919M |
| Q1 2025 | 10-Q | May 1, 2025 | $108M | -35% | -972.2% | −$971M | −$1.0B |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
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About Moderna
Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of our technology platform, we are reimagining how medicines are made to transform how we treat and prevent diseases. Since our founding, our mRNA platform has enabled the development of vaccine and therapeutic candidates across infectious disease, oncology, rare disease and more. With a global team and a unique culture, driven by our values and mindsets, our mission is to deliver the greatest possible impact to people through mRNA medicines.
In its own words, from its 10-K, filed Feb 20, 2026.
Moderna against its Biological Products, (No Diagnostic Substances) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +29% against the peers' median +11%. Operating margin: 9.9% against the peers' median 35.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MRNA Moderna | Q3 2026 | $1.3B | +29% | 9.9% |
| AMGN Amgen | Q3 2026 | $10.4B | +8% | 35.8% |
| GILD Gilead Sciences | Q3 2026 | $8.3B | +7% | 41.7% |
| BIIB Biogen | Q3 2026 | $2.8B | +11% | -0.3% |
| NBIX Neurocrine Biosciences | Q3 2026 | $1.1B | +41% | 29.5% |
| EXEL Exelixis | Q3 2026 | $659M | +10% | 40.8% |
| HALO Halozyme Therapeutics | Q3 2026 | $493M | +39% | 59.8% |
| MGTX MeiraGTx Holdings | Q2 2026 | $321M | 87× | 76.0% |
| TECH Bio-Techne | Q1 FY27 | $300M | +5% | 12.2% |
Source: Moderna 10-Q on SEC EDGAR · CIK 1682852 · Biological Products, (No Diagnostic Substances)
Guidance and outlook
13F: who owns MRNA and who is buying
More on MRNA
- How Moderna makes money: revenue by segment
- Moderna next earnings date and what analysts expect
- Moderna stock forecast, price target and fair value
- Who owns Moderna stock: holders, funds and Congress trades
- Moderna guidance and outlook
- Is Moderna a takeover target? LBO and rumors
- Moderna recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results