Health Care · Biotechnology
Moderna: revenue, profit and cash flow
In fiscal 2025, Moderna had revenue of $1.94B, up 19.3% a year on average since 2020, and a net loss of $2.82B.
Revenue, fiscal 2025
average annual revenue growth since 2020 · −39.9% vs 2024
- Ticker
- MRNA · Nasdaq
- Sector
- Health Care
- Sub-industry
- Biotechnology
- Headquarters
- Cambridge, Massachusetts
- Founded
- 2010
- In the S&P 500 since
- July 21, 2021
- Latest fiscal year
- 2025, ended December 31, 2025
- SEC filer
- Moderna, Inc. · CIK 0001682852
Revenue and net income
Revenue went from $108M in 2016 to $1.94B in 2025. Net loss in 2016–2020, 2023–2025.
Diluted earnings per share
Diluted EPS went from −$1.55 in 2019 to −$7.26 in 2025.
Shares outstanding
From 331M in 2019 to 389M in 2025.
Operating cash flow, capex and free cash flow
Free cash flow (operating cash flow minus capital expenditure) was −$2.06B in 2025, −106.2% of revenue. Negative in 2017–2019, 2023–2025.
The chart data could not be loaded. The table below has the same figures.
Year by year
| Fiscal year | Revenue | Net income | Net margin | Diluted EPS | Shares | Operating cash flow | Capex | Free cash flow |
|---|---|---|---|---|---|---|---|---|
| 2025 | $1.94B | −$2.82B | −145.2% | −$7.26 | 389M | −$1.87B | $192M | −$2.06B |
| 2024 | $3.24B | −$3.56B | −110.0% | −$9.28 | 384M | −$3.0B | $1.05B | −$4.05B |
| 2023 | $6.85B | −$4.71B | −68.8% | −$12.33 | 382M | −$3.12B | $707M | −$3.83B |
| 2022 | $19.3B | $8.36B | 43.4% | $20.12 | 416M | $4.98B | $400M | $4.58B |
| 2021 | $18.5B | $12.2B | 66.1% | $28.29 | 431M | $13.6B | $284M | $13.3B |
| 2020 | $803M | −$747M | −93.0% | −$1.96 | 381M | $2.03B | $68M | $1.96B |
| 2019 | $60.2M | −$514M | −853.7% | −$1.55 | 331M | −$459M | $32M | −$491M |
| 2018 | $135M | −$385M | −284.8% | — | — | −$331M | $106M | −$437M |
| 2017 | $206M | −$256M | −124.3% | — | — | −$331M | $58.4M | −$390M |
| 2016 | $108M | −$216M | −199.5% | — | — | $66.7M | $33.1M | $33.6M |
Fiscal years, labelled by the year in which they end. US dollars; per-share figures and share counts adjusted for splits. —: not in the data.
About these figures
- The share count goes from 81.1M in 2018 to 331M in 2019, far more than buybacks or new shares explain — usually an IPO, a reverse split or a reorganization that the data are not adjusted for. Per-share figures and share counts before 2019 are therefore left out.
- No dividends per share in the filings data. Usually that means no dividend, but some companies report theirs in a form the data do not capture.
- Older years are as filed at the time and may predate later restatements, mergers or spin-offs. How the figures are made.
Other Biotechnology companies
Source: SEC EDGAR (company filings), data as of November 8, 2026. Sectors, sub-industries, headquarters and index dates: Wikipedia, CC BY-SA 4.0.