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Moderna (MRNA) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 31, 2026
Moderna (MRNA) reported revenue of $145M for the second quarter 2026 (Q2 2026), +2% from a year earlier and -63% from the quarter before. Operating margin was -562.1%, net loss $782M (539.3% of revenue).
Moderna, Q2 2026: revenue $145M (+2% year over year), operating margin -562.1%, net loss $782M, operating cash flow −$526M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $145M | -63% | +2% |
| Operating profit | −$815M | — | — |
| Net earnings | −$782M | — | — |
| Operating cash flow | −$526M | — | — |
What changed
Revenue was $145.0M in Q2 2026, up 2% year over year and down 63% from the previous quarter. COVID was the largest line at 63% of revenue. Stand-ready manufacturing revenue added $14.0M year over year (up 82%), 467% of the total change. Grant revenue declined 60%.
Operating costs exceeded revenue by $815.0M, an operating margin of -562.1%. Total costs fell 8% while revenue rose 2%. The quarter ended with a net loss of $782.0M, narrower than the previous quarter's $1,343.0M loss.
Operating cash flow was −$526.0M. Non-cash charges added back $56.0M of depreciation and amortization and $120.0M of share-based compensation. Working capital and other items added $80.0M. Capital expenditures of $37.0M exceeded it, leaving free cash flow of −$563.0M.
Questions
What was Moderna's revenue in the second quarter 2026?
Moderna (MRNA) reported revenue of $145M for the second quarter 2026 (Q2 2026), +2% from a year earlier and -63% from the quarter before.
Was Moderna profitable in the second quarter 2026?
Operating loss was $815M (-562.1% of revenue) and net loss $782M.
Source: Moderna 10-Q on SEC EDGAR.