Filing Flows › Moderna (MRNA) › Q4 2025
Moderna (MRNA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Moderna (MRNA) reported revenue of $678M for the fourth quarter 2025 (Q4 2025), -30% from a year earlier and -33% from the quarter before. Operating margin was -126.4%, net loss $826M (121.8% of revenue).
Moderna, Q4 2025: revenue $678M (-30% year over year), operating margin -126.4%, net loss $826M, operating cash flow $930M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $678M | -33% | -30% |
| Operating profit | −$857M | — | — |
| Net earnings | −$826M | — | — |
| Operating cash flow | $930M | — | +13% |
| Free cash flow | $891M | — | +194% |
What changed
Revenue was $678.0M in Q4 2025, down 30% year over year and down 33% from the previous quarter. COVID was the largest line at 95% of revenue.
Operating costs exceeded revenue by $857.0M, an operating margin of -126.4%. Total costs fell 31% while revenue fell 30%. The quarter ended with a net loss of $826.0M, wider than the previous quarter's $200.0M loss.
Operating cash flow was $930.0M (up 13% year over year). Non-cash charges added back $66.0M of depreciation and amortization and $113.0M of share-based compensation. Working capital and other items added $1,577.0M. Capital expenditures of $39.0M left free cash flow of $891.0M.
Questions
What was Moderna's revenue in the fourth quarter 2025?
Moderna (MRNA) reported revenue of $678M for the fourth quarter 2025 (Q4 2025), -30% from a year earlier and -33% from the quarter before.
Was Moderna profitable in the fourth quarter 2025?
Operating loss was $857M (-126.4% of revenue) and net loss $826M.
Source: Moderna 10-K on SEC EDGAR.