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How Moderna (MRNA) makes money
Moderna (MRNA) made $1.3B of revenue in the third quarter 2026 (Q3 2026), +31% from a year earlier. Net product sales brought in $1.3B (97%); RSV brought in $29.0M (2%); Collaboration Arrangement, Including Arrangements with Affiliate brought in $8.0M (1%). Of every dollar of revenue, 10¢ was left as operating profit, 12¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Net product sales | $1.3B | 97.2% | +945% | +29% |
| ↳ COVID | $1.2B | 94.8% | 14× | +28% |
| ↳ Stand-ready manufacturing revenue | $31.0M | 2.4% | 0% | +55% |
| RSV | $29.0M | 2.2% | +867% | 14× |
| Collaboration Arrangement, Including Arrangements with Affiliate | $8.0M | 0.6% | -47% | +14% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $1.3B | 100.0% |
| Operating profit | $130M | 9.9% |
| Income tax | $9.0M | 0.7% |
| Net earnings | $162M | 12.3% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $1.3B | +29% |
| Q2 2026 | $145M | +2% |
| Q1 2026 | $389M | +260% |
| Q4 2025 | $678M | -30% |
| Q3 2025 | $1.0B | -45% |
| Q2 2025 | $142M | -41% |
| Q1 2025 | $108M | -35% |
From Moderna's 10-Q filed Nov 6, 2026 (on EDGAR).
Questions
How does Moderna make money?
Moderna (MRNA) made $1.3B of revenue in the third quarter 2026 (Q3 2026), +31% from a year earlier. Net product sales brought in $1.3B (97%); RSV brought in $29.0M (2%); Collaboration Arrangement, Including Arrangements with Affiliate brought in $8.0M (1%). Of every dollar of revenue, 10¢ was left as operating profit, 12¢ was left as net earnings.
What is Moderna's biggest business?
Net product sales: $1.3B in the third quarter 2026, 97% of revenue, +29% from a year earlier.
What is Moderna's profit margin?
Net earnings were $162M, 12.3% of revenue, in the third quarter 2026; the operating margin was 9.9%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.