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Moderna (MRNA) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 1, 2026
Moderna (MRNA) reported revenue of $389M for the first quarter 2026 (Q1 2026), +260% from a year earlier and -43% from the quarter before. Operating margin was -356.8%, net loss $1.3B (345.2% of revenue).
Moderna, Q1 2026: revenue $389M (+260% year over year), operating margin -356.8%, net loss $1.3B, operating cash flow −$630M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $389M | -43% | +260% |
| Operating profit | −$1.4B | — | — |
| Net earnings | −$1.3B | — | — |
| Operating cash flow | −$630M | -168% | — |
What changed
Revenue was $389.0M in Q1 2026, up 260% year over year and down 43% from the previous quarter. COVID was the largest line at 89% of revenue. COVID added $261.0M year over year (up 311%), 93% of the total change.
Operating costs exceeded revenue by $1,388.0M, an operating margin of -356.8%. Total costs grew 53% against revenue growth of 260%. The fastest-growing cost line was Cost of revenue (+961%). The quarter ended with a net loss of $1,343.0M, wider than the previous quarter's $826.0M loss.
Operating cash flow was −$630.0M. Non-cash charges added back $56.0M of depreciation and amortization and $104.0M of share-based compensation. Working capital and other items added $553.0M. Capital expenditures of $62.0M exceeded it, leaving free cash flow of −$692.0M.
Questions
What was Moderna's revenue in the first quarter 2026?
Moderna (MRNA) reported revenue of $389M for the first quarter 2026 (Q1 2026), +260% from a year earlier and -43% from the quarter before.
Was Moderna profitable in the first quarter 2026?
Operating loss was $1.4B (-356.8% of revenue) and net loss $1.3B.
Source: Moderna 10-Q on SEC EDGAR.