Jun 2026 (Q2 FY26) — Jul 31, 2026
Moderna Q2 FY26 — Pipeline Progress and Cost Discipline Amidst Seasonal Vaccine Lightness
Read the full callModerna (MRNA) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Moderna earnings: last reported Fri, 31 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 145 | +2.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -562.1 | +76.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -782 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
40 of 47 judged targets kept · 61 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| First-half total revenue | Approximately $440 million to $490 million | Mar 2026 | For the first half of the year, total revenue was $0.5 billion | Achieved |
| Initiate MMA registrational trial | Start the study in the first half of 2025 | Sep 2024 | we have deferred our decision on a pivotal trial until the PA readouts. | Missed |
| Full-year cash operating costs | $5 billion | Dec 2024 | $4 billion of cash costs which excludes stock-based compensation, depreciation and amortization, each reflect a $0.2 billion improvement compared to our previous guidance. | Revised Up |
7 of Moderna, Inc.'s 108 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 105 more targets are in the full ledger.
Claimed
- Q2 total revenue of $145 million exceeded the top of guidance range.
- Cash costs reduced by 10% in Q2 compared to Q2 2025, reflecting continued financial discipline.
- mRNA-1010 (seasonal flu vaccine) received a positive recommendation from the U.S. VRBPAC, moving closer to its August 5 PDUFA date.
- Intismeran (oncology) presented a 5-year Phase II update at ASCO 2026, highlighting continued durability of clinical benefit in adjuvant melanoma.
- Ended the quarter with a strong cash and investments balance of $6.9 billion.
Qualified
- Net loss for the quarter was EUR 0.8 billion.
- mRNA-1403 (norovirus vaccine) Phase III study did not meet statistical criteria for early success at interim analysis, requiring enrollment of an additional cohort.
- Cash and investments decreased to $6.9 billion from $7.5 billion at the end of Q1, primarily due to funding operations and a $950 million litigation settlement payment in July.
Price
$226.89 +4.07% · +$8.88
Performance +772.3% 1Y
1Y: $26.01 on 17 Oct 2025 → $226.89. High $236.5 (15 Oct 2026), low $22.36 (20 Nov 2025).
- Previous close
- $218.01
- 52-week range
- $22.36 – $236.5
- One year
- +732.93%
Overview
- Symbol
- MRNA
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
40 of 47 judged targets kept · 61 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| First-half total revenue | Approximately $440 million to $490 million | Mar 2026 | For the first half of the year, total revenue was $0.5 billion | Achieved |
| Initiate MMA registrational trial | Start the study in the first half of 2025 | Sep 2024 | we have deferred our decision on a pivotal trial until the PA readouts. | Missed |
| Full-year cash operating costs | $5 billion | Dec 2024 | $4 billion of cash costs which excludes stock-based compensation, depreciation and amortization, each reflect a $0.2 billion improvement compared to our previous guidance. | Revised Up |
Claimed
- Q2 total revenue of $145 million exceeded the top of guidance range.
- Cash costs reduced by 10% in Q2 compared to Q2 2025, reflecting continued financial discipline.
- mRNA-1010 (seasonal flu vaccine) received a positive recommendation from the U.S. VRBPAC, moving closer to its August 5 PDUFA date.
- Intismeran (oncology) presented a 5-year Phase II update at ASCO 2026, highlighting continued durability of clinical benefit in adjuvant melanoma.
- Ended the quarter with a strong cash and investments balance of $6.9 billion.
Qualified
- Net loss for the quarter was EUR 0.8 billion.
- mRNA-1403 (norovirus vaccine) Phase III study did not meet statistical criteria for early success at interim analysis, requiring enrollment of an additional cohort.
- Cash and investments decreased to $6.9 billion from $7.5 billion at the end of Q1, primarily due to funding operations and a $950 million litigation settlement payment in July.
The full ledger
Open Moderna, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 108 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 1, 2026
Moderna Q1 FY26 — Strong Revenue Growth and Pipeline Advancement
Read the full callDec 2025 (Q4 FY25) — Feb 13, 2026
Moderna Q4 FY25 — Strong mNEXSPIKE Launch and Cost Reduction
Read the full callEvery analysed call
Moderna earnings calls (MRNA)
Financials
What the filings say
Net profit, year on year: +5% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,862 | 966 | 108 | 142 | 1,016 | 678 | 389 | 145 |
| Expenses | 1,932 | 2,212 | 1,158 | 1,049 | 1,276 | 1,535 | 1,777 | 960 |
| Operating profit | -70 | -1,246 | -1,050 | -907 | -260 | -857 | -1,388 | -815 |
| Operating margin | −3.8% | −129.0% | −972.2% | −638.7% | −25.6% | −126.4% | −356.8% | −562.1% |
| Profit before tax | 21 | -1,184 | -964 | -818 | -187 | -799 | -1,334 | -767 |
| Tax rate | 38.1% | 5.4% | −0.7% | −0.9% | −7.0% | −3.4% | −0.7% | −2.0% |
| Net profit | 13 | -1,120 | -971 | -825 | -200 | -826 | -1,343 | -782 |
| EPS ($ per share) | 0.03 | — | -2.52 | -2.13 | -0.51 | — | -3.40 | -1.97 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | -1,007 | -1,496 | -2,244 | 9,958 | 18,320 | 13,606 | 10,045 | 7,223 |
| Total liabilities | 432 | 415 | 4,776 | 10,524 | 6,735 | 4,572 | 3,241 | 3,688 |
| Fixed assets | 212 | 201 | 297 | 1,241 | 2,018 | 1,945 | 2,196 | 2,134 |
| Total assets | 1,962 | 1,589 | 7,337 | 24,669 | 25,858 | 18,426 | 14,142 | 12,338 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -331 | -459 | 2,027 | 13,620 | 4,981 | -3,118 | -3,004 | -1,873 |
| Cash from investing | -373 | -15 | -1,672 | -8,523 | -5,176 | 4,206 | 1,949 | 1,946 |
| Cash from financing | 1,227 | 52 | 2,033 | -873 | -3,448 | -1,377 | 56 | 593 |
| Net cash flow | 523 | -422 | 2,388 | 4,224 | -3,643 | -289 | -999 | 668 |
| Capital expenditure | -106 | -32 | -68 | -284 | -400 | -707 | -1,051 | -192 |
| Free cash flow | -437 | -491 | 1,959 | 13,336 | 4,581 | -3,825 | -4,055 | -2,065 |
MRNA revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Product Sales | — | — | 80% | 80% | — | — | — | 65% | -17.5% |
| COVID 19 | 97% | — | 78% | 80% | 96% | 95% | 89% | 63% | -20.2% |
| Product and Service Other | 2% | — | 20% | 20% | 4% | 5% | 10% | 35% | +82.1% |
| St and Ready Manufacturing | — | — | — | — | — | — | 8% | 21% | — |
| Collaboration Arrangement Including Arrangements With Affiliate | 2% | 1% | 1% | 3% | 1% | <1% | 1% | 10% | +275.0% |
| License and Royalty | <1% | — | 7% | 1% | <1% | 0% | 0% | 2% | +50.0% |
| RSV | 1% | — | 2% | 0% | <1% | 1% | 2% | 2% | — |
| Grant | <1% | 1% | 1% | 4% | 1% | <1% | 0% | 1% | -60.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 48% ↓ 17 pt
- Europe 11% ↓ 4 pt
- Rest Of The World 6% ↓ 12 pt
As MRNA cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
155 filings between Nov 26, 2025 and Oct 15, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$81.65M
22 sales by 6 insiders
91% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 4
- Award — granted as compensation
- 76
- Option exercise — converted options into shares
- 53
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Hoge Stephen | — | $45.45M | Oct 15, 2026 |
| Bancel Stephane | — | $28.72M | Aug 5, 2026 |
| Mock James M | — | $4.69M | Sep 10, 2026 |
| Klinger Shannon Thyme | — | $1.39M | Sep 1, 2026 |
| AFEYAN NOUBAR | — | $1.14M | May 21, 2026 |
| Hussain Abbas | — | $278.9K | May 1, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 15, 2026 | Hoge Stephen President | Option exercise 10b5-1 plan | 76,452 | $933.5K |
| Oct 15, 2026 | Hoge Stephen President | Sale 10b5-1 plan | 39,145 | $8.64M |
| Oct 14, 2026 | Hoge Stephen President | Sale 10b5-1 plan | 38,774 | $8.28M |
| Oct 14, 2026 | Hoge Stephen President | Sale 10b5-1 plan | 450 | $96.4K |
| Oct 14, 2026 | Hoge Stephen President | Option exercise 10b5-1 plan | 76,453 | $933.5K |
| Oct 5, 2026 | Mock James M Chief Financial Officer | Option exercise | 1,454 | — |
| Oct 5, 2026 | Mock James M Chief Financial Officer | Tax withheld | 704 | $133.8K |
| Sep 15, 2026 | Hoge Stephen President | Sale 10b5-1 plan | 40,281 | $5.88M |
| Sep 15, 2026 | Hoge Stephen President | Option exercise 10b5-1 plan | 76,452 | $933.5K |
| Sep 14, 2026 | Hoge Stephen President | Sale 10b5-1 plan | 40,294 | $5.81M |
| Sep 14, 2026 | Hoge Stephen President | Option exercise 10b5-1 plan | 76,453 | $933.5K |
| Sep 10, 2026 | Mock James M Chief Financial Officer | Sale 10b5-1 plan | 19,836 | $2.67M |
| Sep 10, 2026 | Mock James M Chief Financial Officer | Option exercise 10b5-1 plan | 19,836 | $614.1K |
| Sep 10, 2026 | Mock James M Chief Financial Officer | Sale 10b5-1 plan | 15,000 | $2.02M |
| Sep 4, 2026 | Klinger Shannon Thyme Chief Legal Officer | Option exercise | 11,797 | — |
| Sep 4, 2026 | Mock James M Chief Financial Officer | Tax withheld | 5,704 | $849.2K |
| Sep 4, 2026 | Mock James M Chief Financial Officer | Option exercise | 11,797 | — |
| Sep 4, 2026 | Klinger Shannon Thyme Chief Legal Officer | Tax withheld | 5,704 | $849.2K |
| Sep 1, 2026 | Mock James M Chief Financial Officer | Tax withheld | 1,197 | $168.0K |
| Sep 1, 2026 | Klinger Shannon Thyme Chief Legal Officer | Option exercise 10b5-1 plan | 3,471 | $107.5K |
| Sep 1, 2026 | Hoge Stephen President | Tax withheld | 4,489 | $630.0K |
| Sep 1, 2026 | Klinger Shannon Thyme Chief Legal Officer | Sale 10b5-1 plan | 3,471 | $485.8K |
| Sep 1, 2026 | Klinger Shannon Thyme Chief Legal Officer | Option exercise 10b5-1 plan | 2,166 | — |
| Sep 1, 2026 | Hoge Stephen President | Option exercise | 9,283 | — |
| Sep 1, 2026 | Mock James M Chief Financial Officer | Option exercise | 2,475 | — |
| Sep 1, 2026 | Klinger Shannon Thyme Chief Legal Officer | Tax withheld 10b5-1 plan | 1,048 | $147.1K |
| Aug 28, 2026 | Mock James M Chief Financial Officer | Option exercise | 329 | — |
| Aug 28, 2026 | Mock James M Chief Financial Officer | Tax withheld | 160 | $22.8K |
| Aug 28, 2026 | Klinger Shannon Thyme Chief Legal Officer | Tax withheld | 160 | $22.8K |
| Aug 28, 2026 | Klinger Shannon Thyme Chief Legal Officer | Option exercise | 329 | — |
| Aug 28, 2026 | Hoge Stephen President | Option exercise | 611 | — |
| Aug 28, 2026 | Hoge Stephen President | Tax withheld | 296 | $42.3K |
| Aug 27, 2026 | Klinger Shannon Thyme Chief Legal Officer | Option exercise | 774 | — |
| Aug 27, 2026 | Mock James M Chief Financial Officer | Tax withheld | 375 | $56.1K |
| Aug 27, 2026 | Hoge Stephen President | Option exercise | 1,437 | — |
| Aug 27, 2026 | Klinger Shannon Thyme Chief Legal Officer | Tax withheld | 375 | $56.1K |
| Aug 27, 2026 | Hoge Stephen President | Tax withheld | 695 | $104.0K |
| Aug 27, 2026 | Mock James M Chief Financial Officer | Option exercise | 774 | — |
| Aug 6, 2026 | Bancel Stephane Chief Executive Officer | Option exercise 10b5-1 plan | 252,469 | $4.83M |
| Aug 5, 2026 | Bancel Stephane Chief Executive Officer | Sale 10b5-1 plan | 124,838 | $7.11M |
| Aug 5, 2026 | Bancel Stephane Chief Executive Officer | Option exercise 10b5-1 plan | 499,246 | $9.56M |
| Aug 5, 2026 | Bancel Stephane Chief Executive Officer | Sale 10b5-1 plan | 187,044 | $11.00M |
| Aug 5, 2026 | Bancel Stephane Chief Executive Officer | Sale 10b5-1 plan | 147,473 | $8.29M |
| Aug 5, 2026 | Bancel Stephane Chief Executive Officer | Sale 10b5-1 plan | 39,891 | $2.32M |
| Jul 15, 2026 | Hoge Stephen President | Option exercise 10b5-1 plan | 16,110 | $308.5K |
| Jul 15, 2026 | Hoge Stephen President | Option exercise 10b5-1 plan | 37,226 | $712.9K |
| Jul 15, 2026 | Hoge Stephen President | Sale 10b5-1 plan | 53,336 | $3.61M |
| Jul 2, 2026 | Mock James M Chief Financial Officer | Option exercise | 1,452 | — |
| Jul 2, 2026 | Mock James M Chief Financial Officer | Tax withheld | 703 | $51.0K |
| Jun 15, 2026 | Hoge Stephen President | Sale 10b5-1 plan | 53,336 | $2.74M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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