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Screener / SEC EDGAR /CIK 0001682852 /10-K filed Feb 20, 2026, compared with Feb 21, 2025 /Numbers from the XBRL of the 10-Ks
Health care peers:
TECHMRNAVEEVPODDWSTRVTY
Nasdaq Health care · Biotechnology

Moderna MRNA

MRNA quote by TradingView

Moderna is a pioneer and leader in the field of mRNA medicine. 10-K, Item 1

Employees
4,700
Headquarters
Cambridge, MA
CEO
Stephane Bancel
Next results
around Jan 11, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2022

Revenue of $19.3B through the costs to a net profit of $8.4B · income statement of the 10-K

49% operating margin
Revenue to Gross profit: $13.8BRevenue to Cost of revenue: $5.4BGross profit to Operating profit: $9.4BGross profit to Operating expenses: $4.4BOperating profit to Net profit: $8.4BOperating profit to Tax & other: $1.1BOperating expenses to R&D: $3.3BOperating expenses to SG&A: $1.1B Revenue: $19.3B REVENUE $19.3B +4% Y/Y Gross profit: $13.8B · 72% margin GROSS PROFIT $13.8B 72% margin Cost of revenue: $5.4B · 28% of revenue COST OF REVENUE $5.4B 28% of revenue Operating profit: $9.4B · 49% margin OPERATING PROFIT $9.4B 49% margin · −29% Y/Y Operating expenses: $4.4B · 23% of revenue OPERATING EXPENSES $4.4B 23% of revenue Net profit: $8.4B · 43% margin NET PROFIT $8.4B 43% margin · −31% Y/Y Tax & other: $1.1B · 5% of revenue TAX & OTHER $1.1B 5% of revenue R&D: $3.3B · 17% of revenue R&D $3.3B 17% of revenue SG&A: $1.1B · 6% of revenue SG&A $1.1B 6% of revenue
Gross profit $13.8B 72% margin
Operating profit $9.4B 49% margin · −29% Y/Y
Net profit $8.4B 43% margin · −31% Y/Y
The full income statement, year by year

MRNA among Health care peers

Six ratios from the latest 10-K. Each corner is the share of 59 peers the company is above, not a score.

Compare
Revenue growth: -39.9%, above 0% of 59 peers (their median 7.2%) REVENUE GROWTH -39.9% · above 0% Gross margin: 28.0%, above 10% of 50 peers (their median 65.2%) GROSS MARGIN 28.0% · above 10% Operating margin: -116.0%, above 0% of 50 peers (their median 13.7%) OPERATING MARGIN -116.0% · above 0% Net margin: -110.5%, above 0% of 59 peers (their median 9.7%) NET MARGIN -110.5% · above 0% FCF margin: -78.0%, above 0% of 55 peers (their median 15.8%) FCF MARGIN -78.0% · above 0%
MRNA Peer median Below the median

What changed

29 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 20, 2026 against Feb 21, 2025.

Risk factors
29 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Inventory growing faster than revenue
Inventory +30.8% vs revenue -39.9% (+70.7 pts)
10-K · XBRL
Accounting checks
10 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 10 checks found nothing to note

  • Inventory growing faster than revenue
    Inventory +30.8% vs revenue -39.9% (+70.7 pts)
  • Receivables -48.6% vs revenue -39.9% (-8.7 pts)
9 more checks with nothing to note
  • Cash from operations −$1.9B vs net income −$2.8B (FY ending Dec 31, 2025)
  • Same auditor in both 10-Ks: Ernst & Young LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Provisions for returns on product sales
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

29 paragraphs in Risk Factors that were not in the 10-K filed Feb 21, 2025. Quoted as filed.

All 29 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    Regulatory and market uncertainty have and may continue to impact our business and the markets for our products. Our ability to successfully commercialize our approved vaccines and any future products depends in part on evolving regulatory requirements, public health recommendations and market acceptance. In 2025, changes at U.S.…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    We may experience difficulties executing our near-term strategy and prioritized pipeline. While we expect to launch multiple new products over the next several years, our ability to commercialize our pipeline is subject to many risks, including those described elsewhere in these Risk Factors under “Risks related to our pipeline, product…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    Federal legislative and regulatory efforts to implement reference pricing or most-favored-nation pricing models and other, similar regulatory actions could impact our product revenues and materially harm our business. On May 12, 2025, President Trump issued an executive order calling on pharmaceutical manufacturers to voluntarily reduce…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    For example, recent FDA policy updates regarding COVID vaccine approvals and the evidence expected for certain populations could require additional clinical data or trials to support broader indications, delay approvals or supplemental applications, or result in more limited labeled populations, which could adversely affect the timing…

New risk paragraphs, against peers

Latest 10-K of each, Health care companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$19.3B$6.8B$3.2B$1.9B
Net income$8.4B−$4.7B−$3.6B−$2.8B
Operating cash flow$5.0B−$3.1B−$3.0B−$1.9B
Free cash flow$4.6B−$3.8B−$4.1B−$2.1B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$1.9B ▼ 39.9% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Moderna, Cambridge, MA · from the 10-K filed Feb 20, 2026

Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of our technology platform, we are reimagining how medicines are made to transform how we treat and prevent diseases. Since our founding, our mRNA platform has enabled the development of vaccine and therapeutic candidates across infectious disease, oncology, rare disease and more. With a global team and a unique culture, driven by our values and mindsets, our mission is to deliver the greatest possible impact to people through mRNA medicines.

Headquarters
Cambridge, MA
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Nov 6, 2026
Incorporated in
DE

Employees, at the top of the page: "We had approximately 4,700 full-time employees in 18 countries as of December 31, 2025" (10-K). Address and exchange: SEC's company file.

Email alerts

Sources

The 10-K filed Feb 20, 2026 (open at SEC), compared with the 10-K filed Feb 21, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/MRNA/export.csv") into a cell.