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Moderna (MRNA) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 6, 2026
Moderna (MRNA) reported revenue of $1.3B for the third quarter 2026 (Q3 2026), +29% from a year earlier and +806% from the quarter before. Operating margin was 9.9%, net earnings $162M (12.3% of revenue).
Moderna, Q3 2026: revenue $1.3B (+29% year over year), operating margin 9.9%, net earnings $162M, operating cash flow −$1.6B. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.3B | +806% | +29% |
| Operating profit | $130M | — | — |
| Net earnings | $162M | — | — |
| Operating cash flow | −$1.6B | — | — |
What changed
Revenue was $1.3B in Q3 2026, up 29% year over year and up 806% from the previous quarter. COVID was the largest line at 95% of revenue. COVID added $0.27B year over year (up 28%), 92% of the total change.
Operating profit was $0.13B, a 9.9% margin (up 35.5 points year over year). Total costs fell 7% while revenue rose 29%. The fastest-growing cost line was Cost of revenue (+54%). Net earnings were $0.16B. The effective tax rate was 5.3%. Non-operating items added $0.04B, 24% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$1.6B. Non-cash charges added back $0.06B of depreciation and amortization and $0.13B of share-based compensation. Working capital and other items used $1.9B. Capital expenditures of $0.05B exceeded it, leaving free cash flow of −$1.6B.
Questions
What was Moderna's revenue in the third quarter 2026?
Moderna (MRNA) reported revenue of $1.3B for the third quarter 2026 (Q3 2026), +29% from a year earlier and +806% from the quarter before.
Was Moderna profitable in the third quarter 2026?
Operating profit was $130M (9.9% of revenue) and net earnings $162M.
Source: Moderna 10-Q on SEC EDGAR.