Filing Flows › Moderna (MRNA) › Q3 2025
Moderna (MRNA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Moderna (MRNA) reported revenue of $1.0B for the third quarter 2025 (Q3 2025), -45% from a year earlier and +615% from the quarter before. Operating margin was -25.6%, net loss $200M (19.7% of revenue).
Moderna, Q3 2025: revenue $1.0B (-45% year over year), operating margin -25.6%, net loss $200M, operating cash flow −$847M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0B | +615% | -45% |
| Operating profit | −$260M | — | — |
| Net earnings | −$200M | — | — |
| Operating cash flow | −$847M | — | — |
What changed
Revenue was $1.0B in Q3 2025, down 45% year over year and up 615% from the previous quarter. Net product sales was the largest line at 96% of revenue. Net product sales lost $0.85B year over year (down 47%), 100% of the total change.
Operating costs exceeded revenue by $0.26B, an operating margin of -25.6%. Total costs fell 34% while revenue fell 45%. The quarter ended with a net loss of $0.20B, narrower than the previous quarter's $0.82B loss. Non-operating items added $0.07B, -39% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$0.85B. Non-cash charges added back $0.05B of depreciation and amortization and $0.12B of share-based compensation. Working capital and other items used $0.82B. Capital expenditures of $0.03B exceeded it, leaving free cash flow of −$0.88B.
Questions
What was Moderna's revenue in the third quarter 2025?
Moderna (MRNA) reported revenue of $1.0B for the third quarter 2025 (Q3 2025), -45% from a year earlier and +615% from the quarter before.
Was Moderna profitable in the third quarter 2025?
Operating loss was $260M (-25.6% of revenue) and net loss $200M.
Source: Moderna 10-Q on SEC EDGAR.