How does Moderna (MRNA) make money?

Moderna (MRNA) primarily makes money through Product Sales, which accounts for 100% of total revenue. For TTM through Q4 2025, Moderna generated $1.94B in total revenue with a net profit margin of -145.2%.

What is Moderna (MRNA) gross profit margin?

Moderna (MRNA) reported a gross profit margin of 14.1% for TTM through Q4 2025, equivalent to $274.00M in gross profit. This means Moderna retains 14.1% of each revenue unit after direct costs of production.

What is Moderna (MRNA) operating profit margin?

Moderna (MRNA) reported an operating profit margin of -158.2% for TTM through Q4 2025, equivalent to −$3.07B in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.

What is Moderna (MRNA) net profit margin?

Moderna (MRNA) reported a net profit margin of -145.2% for TTM through Q4 2025, equivalent to −$2.82B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.

How much does Moderna (MRNA) invest in R&D?

Moderna (MRNA) invested $3.13B in research and development in TTM through Q4 2025 (161.2% of total revenue). R&D spending reflects investment in future products, services, and technologies.

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

Moderna (MRNA) spent $202.00M on capital expenditures in TTM through Q4 2025 (10.4% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.

What is Moderna (MRNA) free cash flow?

Moderna (MRNA) generated −$2.05B in free cash flow for TTM through Q4 2025 (-105.7% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.

How Moderna (MRNA) Makes Money: A Visual Guide

Moderna (MRNA) generated $1.94B in revenue but reported a net loss of $2.82B. Its largest revenue source is Product Sales (100% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.

Moderna (MRNA) Income Statement Flow — TTM through Q4 2025

Calculated from the four most recent reported quarters, ending December 31, 2025 (reported February 20, 2026).

Frequently asked questions

How does Moderna (MRNA) make money?: Moderna (MRNA) primarily makes money through Product Sales, which accounts for 100% of total revenue. For TTM through Q4 2025, Moderna generated $1.94B in total revenue with a net profit margin of -145.2%.
What is Moderna (MRNA) gross profit margin?: Moderna (MRNA) reported a gross profit margin of 14.1% for TTM through Q4 2025, equivalent to $274.00M in gross profit. This means Moderna retains 14.1% of each revenue unit after direct costs of production.
What is Moderna (MRNA) operating profit margin?: Moderna (MRNA) reported an operating profit margin of -158.2% for TTM through Q4 2025, equivalent to −$3.07B in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.
What is Moderna (MRNA) net profit margin?: Moderna (MRNA) reported a net profit margin of -145.2% for TTM through Q4 2025, equivalent to −$2.82B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.
How much does Moderna (MRNA) invest in R&D?: Moderna (MRNA) invested $3.13B in research and development in TTM through Q4 2025 (161.2% of total revenue). R&D spending reflects investment in future products, services, and technologies.
How much does Moderna (MRNA) spend on capital expenditures?: Moderna (MRNA) spent $202.00M on capital expenditures in TTM through Q4 2025 (10.4% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.
What is Moderna (MRNA) free cash flow?: Moderna (MRNA) generated −$2.05B in free cash flow for TTM through Q4 2025 (-105.7% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.

Data & methodology

What is a Sankey diagram?: A Sankey diagram shows how money flows through a company from revenue to net profit. The width of each flow represents its proportion.
How is the data calculated?: We use the income statement from company filings. For TTM (Trailing Twelve Months), we use a pre-aggregated twelve-month view aligned with our latest four quarterly periods. Revenue flows to cost of revenue and gross profit, then to operating expenses (R&D, S&M, G&A) and operating profit.
When was this data last updated?: Based on company filings through TTM through Q4 2025.