Filing Flows › Moderna (MRNA) › Q3 2026 › vs Q3 2025
Moderna (MRNA) Q3 2026 vs Q3 2025 (year over year)
Moderna's revenue rose $297M (+29%) from $1.0B in Q3 2025 to $1.3B in Q3 2026. The biggest changes: Net product sales +$284M (+29%); RSV +$27.0M (14×); Collaboration Arrangement, Including Arrangements with Affiliate +$1.0M (+14%). Operating margin 9.9% against -25.6% (+35.5 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 9.9% | -25.6% | +35.5 pts |
| Net margin | 12.3% | -19.7% | +32.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| COVID | $1.2B | $971M | $273M | +28% |
| Stand-ready manufacturing revenue | $31.0M | $20.0M | $11.0M | +55% |
| Net product sales | $1.3B | $991M | $284M | +29% |
| RSV | $29.0M | $2.0M | $27.0M | 14× |
| Collaboration Arrangement, Including Arrangements with Affiliate | $8.0M | $7.0M | $1.0M | +14% |
| Revenue | $1.3B | $1.0B | $297M | +29% |
| Other income, net | $41.0M | $73.0M | −$32.0M | -44% |
| Operating profit | $130M | −$260M | $390M | — |
| Costs & expenses | $1.2B | $1.3B | −$93.0M | -7% |
| Pre-tax earnings | $171M | −$187M | $358M | — |
| Cost of revenue | $318M | $207M | $111M | +54% |
| Research & development | $583M | $801M | −$218M | -27% |
| SG&A | $282M | $268M | $14.0M | +5% |
| Net earnings | $162M | −$200M | $362M | — |
| Income tax | $9.0M | $13.0M | −$4.0M | -31% |
| Operating cash sources | $1.9B | $823M | $1.1B | +132% |
| Depreciation & amortization | $61.0M | $51.0M | $10.0M | +20% |
| Share-based compensation | $127M | $125M | $2.0M | +2% |
| Cash used in operations | $1.6B | $847M | $712M | +84% |
| Working capital & other | $1.9B | $823M | $1.1B | +132% |
Questions
How much did Moderna's revenue grow year over year in Q3 2026?
Moderna's revenue rose $297M (+29%) from $1.0B in Q3 2025 to $1.3B in Q3 2026.
What drove Moderna's revenue change in Q3 2026?
Net product sales +$284M (+29%); RSV +$27.0M (14×); Collaboration Arrangement, Including Arrangements with Affiliate +$1.0M (+14%).