Filing Flows › Moderna (MRNA) › Q3 2026 › vs Q2 2026
Moderna (MRNA) Q3 2026 vs Q2 2026 (quarter over quarter)
Moderna's revenue rose $1.2B (+806%) from $145M in Q2 2026 to $1.3B in Q3 2026. The biggest changes: Net product sales +$1.2B (+945%); RSV +$26.0M (+867%); Collaboration Arrangement, Including Arrangements with Affiliate −$7.0M (-47%). Operating margin 9.9% against -562.1% (+572.0 pts).
Moderna, Q3 2026: revenue $1.3B (+29% year over year), operating margin 9.9%, net earnings $162M, operating cash flow −$1.6B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 9.9% | -562.1% | +572.0 pts |
| Net margin | 12.3% | -539.3% | +551.6 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| COVID | $1.2B | $91.0M | $1.2B | 14× |
| Stand-ready manufacturing revenue | $31.0M | $31.0M | $0 | 0% |
| Net product sales | $1.3B | $122M | $1.2B | +945% |
| RSV | $29.0M | $3.0M | $26.0M | +867% |
| Collaboration Arrangement, Including Arrangements with Affiliate | $8.0M | $15.0M | −$7.0M | -47% |
| Revenue | $1.3B | $145M | $1.2B | +806% |
| Other income, net | $41.0M | $48.0M | −$7.0M | -15% |
| Operating profit | $130M | −$815M | $945M | — |
| Costs & expenses | $1.2B | $960M | $223M | +23% |
| Pre-tax earnings | $171M | −$767M | $938M | — |
| Cost of revenue | $318M | $93.0M | $225M | +242% |
| Research & development | $583M | $651M | −$68.0M | -10% |
| Net earnings | $162M | −$782M | $944M | — |
| Income tax | $9.0M | $15.0M | −$6.0M | -40% |
| Operating cash sources | $1.9B | −$80.0M | $2.0B | — |
| Depreciation & amortization | $61.0M | $56.0M | $5.0M | +9% |
| Share-based compensation | $127M | $120M | $7.0M | +6% |
| Cash used in operations | $1.6B | $526M | $1.0B | +196% |
| Working capital & other | $1.9B | −$80.0M | $2.0B | — |
Questions
How much did Moderna's revenue grow quarter over quarter in Q3 2026?
Moderna's revenue rose $1.2B (+806%) from $145M in Q2 2026 to $1.3B in Q3 2026.
What drove Moderna's revenue change in Q3 2026?
Net product sales +$1.2B (+945%); RSV +$26.0M (+867%); Collaboration Arrangement, Including Arrangements with Affiliate −$7.0M (-47%).