Filing Flows › Moderna (MRNA) › Q2 2025
Moderna (MRNA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
Moderna (MRNA) reported revenue of $142M for the second quarter 2025 (Q2 2025), -41% from a year earlier and +31% from the quarter before. Operating margin was -638.7%, net loss $825M (581.0% of revenue).
Moderna, Q2 2025: revenue $142M (-41% year over year), operating margin -638.7%, net loss $825M, operating cash flow −$919M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $142M | +31% | -41% |
| Operating profit | −$907M | — | — |
| Net earnings | −$825M | — | — |
| Operating cash flow | −$919M | — | — |
What changed
Revenue was $142.0M in Q2 2025, down 41% year over year and up 31% from the previous quarter. Net product sales was the largest line at 80% of revenue. Net product sales lost $70.0M year over year (down 38%), 71% of the total change.
Operating costs exceeded revenue by $907.0M, an operating margin of -638.7%. Total costs fell 35% while revenue fell 41%. The quarter ended with a net loss of $825.0M, narrower than the previous quarter's $971.0M loss.
Operating cash flow was −$919.0M. Non-cash charges added back $56.0M of depreciation and amortization and $130.0M of share-based compensation. Working capital and other items used $280.0M. Capital expenditures of $3.0M exceeded it, leaving free cash flow of −$922.0M.
Questions
What was Moderna's revenue in the second quarter 2025?
Moderna (MRNA) reported revenue of $142M for the second quarter 2025 (Q2 2025), -41% from a year earlier and +31% from the quarter before.
Was Moderna profitable in the second quarter 2025?
Operating loss was $907M (-638.7% of revenue) and net loss $825M.
Source: Moderna 10-Q on SEC EDGAR.