Moderna, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $1.9B | $3.2B | $6.8B | $19.3B | $18.5B |
| Cost of revenue | $868.0M | $1.5B | $4.7B | $5.4B | $2.6B |
| Research and development | $3.1B | $4.5B | $4.8B | $3.3B | $2.0B |
| Operating income | -$3.1B | -$3.9B | -$4.2B | $9.4B | $13.3B |
| Pretax income | -$2.8B | -$3.6B | -$3.9B | $9.6B | $13.3B |
| Income tax expense | $54.0M | -$46.0M | $772.0M | $1.2B | $1.1B |
| Net income | -$2.8B | -$3.6B | -$4.7B | $8.4B | $12.2B |
| Balance Sheet | |||||
| Cash and equivalents | $2.6B | $1.9B | $2.9B | $3.2B | $6.8B |
| Current assets | $6.5B | $8.1B | $10.3B | $13.4B | $16.1B |
| Total assets | $12.3B | $14.1B | $18.4B | $25.9B | $24.7B |
| Current liabilities | $2.0B | $2.2B | $3.0B | $4.9B | $9.1B |
| Total liabilities | $3.7B | $3.2B | $4.6B | $6.7B | $10.5B |
| Stockholders' equity | $8.7B | $10.9B | $13.9B | $19.1B | $14.1B |
| Cash Flow Statement | |||||
| Cash from operations | -$1.9B | -$3.0B | -$3.1B | $5.0B | $13.6B |
| Depreciation and amortization | $211.0M | $185.0M | $617.0M | $348.0M | $232.0M |
| Stock-based compensation | $483.0M | $429.0M | $305.0M | $226.0M | $142.0M |
| Capital expenditure | $192.0M | $1.1B | $707.0M | $400.0M | $284.0M |
| Free cash flow | -$2.1B | -$4.1B | -$3.8B | $4.6B | $13.3B |
| Share repurchases | $2.0M | $0 | $1.2B | $3.3B | $857.0M |
| Impairments | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 396.8M · Free float 81.2%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.