What is an income statement waterfall?

An income statement waterfall is a bar chart that walks from total revenue down to net income, with each step showing how much a cost or tax line removes (or adds). Subtotals — gross profit, operating income, pre-tax income — are anchored to zero so the cascade reconciles exactly to the bottom line.

How much of Moderna (MRNA) revenue becomes net income?

For TTM through Q1 2026, Moderna turned $2.23B of revenue into -$3.19B of net income — a net margin of -143.6%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Moderna (MRNA) gross, operating, and net margins?

For TTM through Q1 2026, Moderna reported a gross margin of -13.9%, an operating margin of -153.3%, and a net margin of -143.6%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Moderna (MRNA) have such a high (or low) gross margin?

Gross margin (gross profit ÷ revenue) reflects how much of each revenue dollar remains after direct production costs. Capital-light software and platform businesses often show gross margins above 60–80% because their cost of revenue is mainly hosting and support. Hardware, retail, and commodity businesses show lower gross margins because raw materials and manufacturing costs are significant. The waterfall makes this visible at a glance — the size of the "Cost of Revenue" bar relative to Revenue is the gross margin complement.

What is the difference between gross, operating, and net margin?

Gross margin = (Revenue − Cost of Revenue) ÷ Revenue. It measures production efficiency. Operating margin = Operating Income ÷ Revenue. It adds operating expenses (R&D, S&M, G&A) and measures the profitability of core operations. Net margin = Net Income ÷ Revenue. It also includes interest, other income/expense, and taxes, and represents the shareholder take after everything.

Moderna (MRNA) Income Statement Waterfall

Revenue

$2.23B

Gross Margin

-13.9%

Operating Margin

-153.3%

Net Margin

-143.6%

Income statement waterfall for Moderna (MRNA) — TTM through Q1 2026

Net income: -$3.19B

Margin breakdown for Moderna (MRNA) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$2.23B	$2.23B
Cost of Revenue	-$2.53B	-$309M
Gross Profit	-$309M	-$309M
Operating Expenses	-$3.1B	-$3.41B
Operating Income	-$3.41B	-$3.41B
Other Income / Expense	$274M	-$3.14B
Pre-tax Income	-$3.14B	-$3.14B
Income Tax	-$56M	-$3.19B
Net Loss	-$3.19B	-$3.19B

Revenue$2.23B
Cost of Revenue-$2.53B
Gross Profit-$309M
Operating Expenses-$3.1B
Operating Income-$3.41B
Other Income / Expense$274M
Pre-tax Income-$3.14B
Income Tax-$56M
Net Loss-$3.19B

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