How does Moderna (MRNA) make money?

Moderna (MRNA) generates revenue primarily from Product Sales, which accounted for 100% of total revenue in TTM through Q1 2026. The company reported $2.23B in revenue and converted -143.6% of it into net profit, equivalent to roughly −$3.19B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Moderna (MRNA)?

Moderna (MRNA) reported a gross profit margin of -13.9% in TTM through Q1 2026, equivalent to −$309.00M in gross profit on $2.23B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Moderna (MRNA)?

Moderna (MRNA) reported an operating profit margin of -153.3% in TTM through Q1 2026, equivalent to −$3.41B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Moderna (MRNA)?

Moderna (MRNA) reported a net profit margin of -143.6% in TTM through Q1 2026, equivalent to −$3.19B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Moderna (MRNA) profitable?

Moderna (MRNA) reported a net loss of $3.19B for TTM through Q1 2026, a net profit margin of -143.6%. Combined operating expenses, interest, and income taxes exceeded revenue, so the period closed in the red on a reported basis.

How much does Moderna (MRNA) invest in research and development?

Moderna (MRNA) invested $2.92B in research and development during TTM through Q1 2026, roughly 131.5% of total revenue. R&D spending funds the company's future product pipeline and is expensed in full on the income statement rather than capitalised, which makes the operating margin sensitive to how aggressively management chooses to reinvest in innovation.

How much does Moderna (MRNA) spend on capital expenditures?

Moderna (MRNA) spent $137.00M on capital expenditures (CapEx) during TTM through Q1 2026, roughly 6.2% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Moderna (MRNA) generate?

Moderna (MRNA) generated −$1.58B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of -71.1%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

Where does Moderna (MRNA) generate most of its revenue?

UNITED STATES is the largest geographic market for Moderna (MRNA), accounting for 58.5% of revenue in the most recent annual filing. The complete regional split — including international markets and any Rest-of-World rollup — is shown in the revenue-by-geography table on this page.

How Moderna Makes Money: 2026 Visual Revenue Map

Moderna (MRNA) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported May 1, 2026).

Moderna (MRNA) Revenue by Geography — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported regions changed mid-year.

Revenue contribution by geographic region for Moderna (MRNA), TTM through Q1 2026
Region	Revenue (USD)	% of total
UNITED STATES	$1.24B	58.5%
Rest Of The World	$588.00M	27.7%
Europe	$292.00M	13.8%
Total	$2.12B	100%

UNITED STATES
Rest Of The World
Europe
Total

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Moderna (MRNA) generated 58.5% of revenue from UNITED STATES, followed by Rest Of The World (27.7%) and Europe (13.8%).

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