Moderna (MRNA) Q1 FY2026 earnings: revenue $389 million, up 260.2% on the year

Moderna, Inc. (MRNA) reported revenue of $389 million for Q1 FY2026, the quarter ended 31 March 2026, up 260.2% on the same quarter a year earlier. Net income was -$1.3 billion, and diluted earnings per share $-3.40. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2026.

Revenue

$389 million

+260.2% on the year · -42.6% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

-356.8%

-972.2% a year earlier

Q2 FY2024Q1 FY2026

Net income

-$1.3 billion

Q2 FY2024Q1 FY2026

Diluted EPS

-$3.40

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 1 lowered, 5 kept.

Revenue rose to $389 million: Total revenue increased by $281 million from the prior-year quarter, mainly from COVID vaccine sales and deliveries under long-term government partnerships.
Roughly 80% of revenue international: Approximately 80% of first-quarter revenue came from international markets, against $78 million in the U.S. and $311 million in international markets.
Two European approvals announced: Regulators in Europe approved mNEXSPIKE and mCOMBRIAX, the flu plus COVID combination vaccine, and approved mRESVIA for adults aged 18 and older.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	389	678	108	-42.6%	+260.2%
Cost of revenue	955	452	90.0	+111.3%	+961.1%
Gross profit	-566	226	18.0
Gross margin	-145.5%	33.3%	16.7%
Research and development	649	775	856	-16.3%	-24.2%
Operating income	-1,388	-857	-1,050
Operating margin	-356.8%	-126.4%	-972.2%
Pre-tax income	-1,334	-799	-964
Income tax	9.0	27.0	7.0	-66.7%	+28.6%
Net income	-1,343	-826	-971
Net margin	-345.2%	-121.8%	-899.1%
Diluted EPS	-$3.40	-$2.11	-$2.52

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	-630	930	-1,037
Capital expenditure	62.0	39.0	117	+59.0%	-47.0%
Free cash flow	-692	891	-1,154
Free cash flow margin	-177.9%	131.4%	-1068.5%
Cash from investing	-76.0	-48.0	730
Cash from financing	17.0	581	4.0	-97.1%	+325.0%
Depreciation and amortisation	56.0	66.0	38.0	-15.2%	+47.4%
Share-based compensation	104	113	115	-8.0%	-9.6%
Diluted shares, weighted	395m	392m	386m	+0.8%	+2.3%
Shares outstanding at period end	397m	394m	387m	+0.8%	+2.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	7,408	8,650	10,066	-14.4%	-26.4%
Debt	590	590	0.0	0.0%
Operating lease liabilities	645	653	667	-1.2%	-3.3%
Finance lease liabilities	13.0	20.0	35.0	-35.0%	-62.9%
Other liabilities	2,832	2,425	1,936	+16.8%	+46.3%
Total liabilities and equity	11,488	12,338	12,704	-6.9%	-9.6%
Goodwill	52.0	52.0	52.0	0.0%	0.0%
Intangible assets	116	45.0	49.0	+157.8%	+136.7%
Investments	5,548	5,540	6,770	+0.1%	-18.1%
Cash and equivalents	1,908	2,595	1,623	-26.5%	+17.6%
Receivables	71.0	184	78.0	-61.4%	-9.0%
Inventory	146	153	128	-4.6%	+14.1%
Other assets	3,647	3,769	4,004	-3.2%	-8.9%
Total assets	11,488	12,338	12,704	-6.9%	-9.6%

Questions

What was Moderna's revenue in Q1 FY2026?

Moderna (MRNA) reported revenue of $389 million for Q1 FY2026, the quarter ended 31 March 2026, up 260.2% on the same quarter a year earlier.

How much did Moderna earn in Q1 FY2026?

Net loss for Q1 FY2026 was $1.3 billion, and the diluted loss per share $3.40.

When did Moderna report Q1 FY2026 results?

Moderna filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 1 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	7,211	6,066	4,749	3,364	5,084	1,862	344	1,831	2,811	167	241	1,862	966	108	142	1,016	678	389	145	1,313
Cost of revenue	952	1,017	1,381	1,100	1,918	792	731	2,241	929	96.0	115	514	739	90.0	119	207	452	955	93.0	318
Gross profit	6,259	5,049	3,368	2,264	3,166	1,070	-387	-410	1,882	71.0	126	1,348	227	18.0	23.0	809	226	-566	52.0	995
Gross margin	87%	83%	71%	67%	62%	57%	-112%	-22%	67%	43%	52%	72%	23%	17%	16%	80%	33%	-146%	36%	76%
R&D	648	554	710	820	1,211	1,131	1,148	1,160	1,406	1,063	1,221	1,137	1,122	856	700	801	775	649	651	583
SG&A	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	268	n/a	n/a	n/a	282
Operating income	5,410	4,227	2,447	1,166	1,580	-366	-1,867	-2,012	6.0	-1,266	-1,363	-70.0	-1,246	-1,050	-907	-260	-857	-1,388	-815	130
Operating margin	75%	70%	52%	35%	31%	-20%	-543%	-110%	0%	-758%	-566%	-4%	-129%	-972%	-639%	-26%	-126%	-357%	-562%	10%
Pre-tax income	5,410	4,229	2,474	1,217	1,655	-305	-1,749	-1,958	70.0	-1,165	-1,279	21.0	-1,184	-964	-818	-187	-799	-1,334	-767	171
Tax rate	10%	14%	11%	14%	11%	n/a	n/a	n/a	-210%	n/a	n/a	38%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	5%
Net income	4,868	3,657	2,197	1,043	1,465	79.0	-1,380	-3,630	217	-1,175	-1,279	13.0	-1,120	-971	-825	-200	-826	-1,343	-782	162
Net margin	68%	60%	46%	31%	29%	4%	-401%	-198%	8%	-704%	-531%	1%	-116%	-899%	-581%	-20%	-122%	-345%	-539%	12%
Diluted EPS	$11.29	$8.58	$5.24	$2.53	$3.61	$0.19	-$3.62	-$9.53	$0.55	-$3.07	-$3.33	$0.03	-$2.91	-$2.52	-$2.13	-$0.51	-$2.11	-$3.40	-$1.97	$0.38
Operating cash flow	3,310	2,763	304	252	1,662	-1,225	-915	-1,600	622	-989	-1,274	-1,566	825	-1,037	-919	-847	930	-630	-526	-1,559
Capital expenditure	120	132	87.0	89.0	92.0	113	234	140	220	196	182	151	522	117	3.0	33.0	39.0	62.0	37.0	47.0
Free cash flow	3,190	2,631	217	163	1,570	-1,338	-1,149	-1,740	402	-1,185	-1,456	-1,717	303	-1,154	-922	-880	891	-692	-563	-1,606
Buybacks	857	623	1,298	1,006	402	526	628	-1.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	403m	400m	392m	387m	385m	384m	381m	381m	382m	383m	384m	385m	386m	387m	389m	391m	394m	397m	399m	404m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 1 May 2026: the filing.