Moderna, Inc.

MRNA 10-K · Q4 2025
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MRNA Q4 2025 request

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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 678 966 -29.8%
Show Product Lines breakouts
Collaboration Arrangement Including Arrangements With Affiliate [Member] 1 13 -92.3%
COVID 642 923 -30.4%
Grant 2 10 -80.0%
Licensing and royalty revenue -2 5 -140.0%
Net product sales 646 938 -31.1%
Net product sales · Europe 34 292 -88.4%
Net product sales · Rest of world 348 397 -12.3%
Net product sales · US 264 249 +6.0%
Product And Service Other 32 28 +14.3%
RSV 4 15 -73.3%
Cost of Revenue 452 739 -38.8%
Research & Development 775 1,122 -30.9%
Show Counterparty Name breakouts
Blackstone Life Sciences (Blackstone) · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 66 232 -71.6%
Merck · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 103 110 -6.4%
General & Administrative 308 351 -12.3%
Total Costs & Expenses 1,535 2,212 -30.6%
Operating Income -857 -1,246 +31.2%
Interest Income 70 91 -23.1%
Other Non-Operating Income (Expense) -12 -29 +58.6%
Income Before Taxes -799 -1,184 +32.5%
Income Tax Expense (Benefit) 27 -64 +142.2%
Net Income -826 -1,120 +26.2%
Show Equity Components breakouts
Retained Earnings -826 -1,120 +26.2%
EPS (Basic) -2.11 -2.91 +27.5%
EPS (Diluted) -2.11 -2.91 +27.5%
Wtd Avg Shares (Basic) 1 1 0.0%
Wtd Avg Shares (Diluted) 1 1 0.0%
Comprehensive Income -808 -1,141 +29.2%
Other Comprehensive Income 18 -21 +185.7%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 18 -21 +185.7%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 2,595 1,927 +34.7%
Available For Sale Securities Debt Securities Current 3,204 5,098 -37.2%
Accounts Receivable 184 358 -48.6%
Inventory 153 117 +30.8%
Prepaid Expenses & Other Current Assets 408 599 -31.9%
Total Current Assets 6,544 8,099 -19.2%
Non-Current Assets
Available For Sale Securities Debt Securities Noncurrent 2,336 2,494 -6.3%
Operating Lease Right-of-Use Assets 719 759 -5.3%
Other Non-Current Assets 605 594 +1.9%
Total Assets 12,338 14,142 -12.8%
Goodwill 52 52 0.0%
Intangible Assets 45 40 +12.5%
Deferred Tax Assets 81 81 0.0%
Other Assets
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization 2,134 2,196 -2.8%
Show Geography breakouts
Europe 303 283 +7.1%
Rest of world 363 381 -4.7%
US 1,468 1,532 -4.2%
Current Liabilities
Accounts Payable 317 405 -21.7%
Accrued Liabilities 1,386 1,427 -2.9%
Deferred Revenue (Current) 99 153 -35.3%
Other Liabilities Current 185 221 -16.3%
Total Current Liabilities 1,987 2,206 -9.9%
Non-Current Liabilities
Contract With Customer Liability Noncurrent 153 58 +163.8%
Operating Lease Liabilities 653 671 -2.7%
Finance Lease Liability Noncurrent 20 39 -48.7%
Long-Term Debt 590 — —
Other Non-Current Liabilities 285 267 +6.7%
Total Liabilities 3,688 3,241 +13.8%
Long-Term Debt (Q) — — —
Show Debt Instrument breakouts
Initial Term Loan · Secured Debt 590 — —
Deferred Tax Liabilities 249 231 +7.8%
Stockholders' Equity
Additional Paid-In Capital 1,382 866 +59.6%
Accumulated Other Comprehensive Income 45 -10 +550.0%
Retained Earnings 7,223 10,045 -28.1%
Total Stockholders' Equity 8,650 10,901 -20.6%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment 4 -12 +133.3%
Accumulated Net Unrealized Investment Gain Loss 38 10 +280.0%
Accumulated Other Comprehensive Income 45 -10 +550.0%
Accumulated Translation Adjustment 3 -8 +137.5%
Additional Paid In Capital 1,382 866 +59.6%
Retained Earnings 7,223 10,045 -28.1%
Total Liabilities & Equity 12,338 14,142 -12.8%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Stock-Based Compensation 113 104 +8.7%
Other Depreciation And Amortization 67 60 +11.7%
Investment Income Net Amortization Of Discount And Premium -13 -19 +31.6%
Income Loss From Equity Method Investments Net Of Dividends Or Distributions 3 9 -66.7%
Other Non-Cash Items 27 54 -50.0%
Change in Accounts Receivable 859 1,206 -28.8%
Change in Prepaid & Other Assets 237 292 -18.8%
Change in Inventory 179 291 -38.5%
Increase Decrease In Right Of Use Asset Operating Leases 10 10 0.0%
Change in Accounts Payable 22 34 -35.3%
Increase Decrease In Accrued Liabilities 194 30 +546.7%
Change in Deferred Revenue -67 -262 +74.4%
Increase Decrease In Operating Lease Liability -6 -5 -20.0%
Increase Decrease In Other Operating Liabilities 131 141 -7.1%
Net Cash from Operations 930 825 +12.7%
Depreciation & Amortization 66 59 +11.9%
Investing Activities
Purchases of Investments -1,547 -1,888 +18.1%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 929 914 +1.6%
Proceeds From Sale Of Available For Sale Securities Debt 609 957 -36.4%
Capital Expenditures -39 -522 +92.5%
Net Cash from Investing -48 -539 +91.1%
Financing Activities
Proceeds From Stock Plans 16 11 +45.5%
Finance Lease Principal Payments Net Of Adjustments -12 -14 +14.3%
Net Cash from Financing 581 -3 +19466.7%
Supplemental
Unpaid Capital Expenditures 41 19 +115.8%
Other Cash Flow
Net Change in Cash 1,463 282 +418.8%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,597 1,929 +34.6%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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