Moderna Inc
NASDAQ: MRNA · HEALTHCARE · BIOTECHNOLOGY
Updated 2026-06-05
Moderna Inc (MRNA) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2014 | $500000.00 | $-6.48M | 100.00% | -704.00% | -1,295.40% |
| 2015 | $0.00 | $-1.11M | — | — | — |
| 2016 | $108.40M | $-216.21M | 86.06% | -206.44% | -199.46% |
| 2017 | $205.82M | $-255.92M | 90.02% | -130.87% | -124.34% |
| 2018 | $122.51M | $-384.73M | -270.64% | -337.33% | -314.04% |
| 2019 | $48.04M | $-514.02M | 100.00% | -1,136.06% | -1,070.07% |
| 2020 | $274.49M | $-747.06M | 97.11% | -278.02% | -272.16% |
| 2021 | $17.74B | $12.20B | 85.24% | 74.97% | 68.80% |
| 2022 | $18.88B | $8.36B | 71.31% | 49.91% | 44.30% |
| 2023 | $6.85B | $-4.71B | 31.47% | -61.90% | -68.84% |
| 2024 | $3.20B | $-3.56B | 54.24% | -123.32% | -111.32% |
| 2025 | $1.94B | $-2.82B | 55.35% | -158.13% | -145.16% |
Frequently asked questions
What is Moderna Inc's revenue?
Moderna Inc's trailing twelve-month revenue is $2.23B, and consensus projects about $5.30B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is MRNA?
In its most recent fiscal year, MRNA ran a gross margin of 55.35%, an operating margin of -158.13%, and a net margin of -145.16%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does MRNA generate?
MRNA produced $-2.06B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is MRNA's balance sheet healthy?
MRNA holds $2.60B in cash and equivalents against $590.00M in long-term debt, on $8.65B of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.