Moderna, Inc. · Q2 2026
ReportedJul 31, 2026
Period endedJun 30, 2026
Rule of 40n/m
Consensus vs reported
EPS
IN LINE
-$1.97
vs -$1.97 expected
QoQ+42.1%
YoY+7.5%
Revenue
BEAT +14%
$145M
vs $126.7M expected
QoQ−62.7%
YoY+2.1%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
The quarter in short
Revenue $145M, up 2.1% year over year and down 62.7% on the quarter. EPS −$1.97, up 7.5% year over year and 42.1% on the quarter. Free cash flow −$563M, up 38.9% year over year and 18.6% on the quarter. EPS came in line with consensus.
Reported this quarter
Revenue
$145M
QoQ −62.7%
YoY +2.1%
EPS
−$1.97
QoQ +42.1%
YoY +7.5%
Free Cash Flow
−$563M
QoQ +18.6%
YoY +38.9%
Gross Margin
35.9%
QoQ +181.4 pp
YoY +19.7 pp
FCF Margin
-388.3%
QoQ −210.4 pp
YoY +261.0 pp
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- Full-year cash-cost guidance was lowered again, to about $4 billion. CFO James Mock said the figure, which excludes stock-based compensation, depreciation and amortization, improved $0.2 billion from the prior guide — the same discipline behind the 61% burn reduction since 2024.
- Moderna's own flu-season vaccine already took 24% of the US retail COVID market. President Stephen Hoge said mNEXSPIKE reached 34% among adults 65 and older with about 59% real-world effectiveness in that group — evidence the existing commercial business, not just the pipeline, is gaining share.
- A dedicated Massachusetts plant could ship the melanoma therapy as soon as next year. President Stephen Hoge said manufacturing is already being built out for launch, "if all went perfectly to plan" — the readiness question this piece says neither company has priced.
- Cash and investments fell to $6.9 billion, and $950 million more leaves in the next quarter. CFO James Mock said the litigation settlement paid in July, on top of the $563 million quarterly burn, will hit the September-quarter balance rather than this one.
Coverage around this release
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q3 | — | $0.03 | — |
| 2024 Q4 | — | −$2.91 | — |
| 2025 Q1 | — | −$2.52 | — |
| 2025 Q2 | — | −$2.13 | — |
| 2025 Q3 | — | −$0.51 | — |
| 2025 Q4 | — | −$2.11 | — |
| 2026 Q1 | — | −$3.40 | — |
| 2026 Q2 | −$1.97 | −$1.97 | 0% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 1682852.
HTML
8-K results announcement
Filed Jul 31, 2026
HTM
Press release (EX-99.1)
Exhibit 99.1 to the 8-K
156 KB
HTML
Filing index
Every document in the 8-K submission
TXT
Complete submission
Raw archival text of the whole filing
HTML
10-Q quarterly report
Period ended Jun 30, 2026, filed Jul 31, 2026
ZIP
XBRL data bundle
Structured financial statements from the 10-Q
JSON
Company facts (XBRL)
Every figure MRNA has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for Q2 2026, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings