Moderna cash flow, quarter by quarter

In Q3 2026, Moderna generated −$1.6B of operating cash flow and spent $47.0M on capital projects, leaving free cash flow of −$1.6B. That is $726M less than in Q3 2025 (−$880M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$1.8B; the largest uses were operating cash flow ($1.8B), other investing ($1.3B), capital spending ($185M); besides operations, cash came from other financing ($3.2B), shares issued ($188M); the cash balance rose by $62.0M.

Operating cash flow was −$1.6B against net income of $162M — -9.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$1.4B, accrued liabilities −$440M, stock-based pay +$127M.

Its cash conversion cycle was 73 days (receivables 48 + inventory 86 − payables 62).

Moderna is burning cash: its operations consume cash, a free cash flow of −$2.0B a year at the current rate against $5.2B of cash and investments: a runway of about 2.6 years before any new financing.