Moderna (MRNA) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 29% YoY to $1.313B; net income was $162M and diluted EPS was $0.38, versus a $200M net loss and $(0.51) per share in Q3 2025.

• 2026 revenue growth guidance increased to 15%–25% from up to 10%; year-end cash and investments are projected at $8.1B–$8.3B.

• U.S. mFLUSIVA approval and positive Phase 3 intismeran melanoma results advanced respiratory and oncology portfolios.

Financial highlights

• Q3 total revenue was $1.313B, comprising $1.273B in product sales and $40M in other revenue; nine-month revenue was $1.847B versus $1.266B.

• Q3 operating income was $130M versus a $260M operating loss; net income was $162M versus a $200M loss in Q3 2025.

• Q3 cost of sales was $318M, R&D was $583M, and SG&A was $282M; R&D declined 27% YoY and SG&A rose 5%.

• Nine-month net loss was $1.963B versus $1.996B; settlement-related costs and elevated royalties weighed on results.

• Cash, cash equivalents and investments totaled $7.976B at September 30, up $1.1B from June 30; working capital was $5.316B.

Outlook and guidance

• 2026 revenue growth is forecast at 15%–25%, raised from up to 10%; U.S. and international revenue are expected to be approximately evenly split.

• 2026 cost of sales is expected at $1.7B, including a $900M litigation charge; R&D guidance fell $200M to $2.7B and SG&A remains ~$1.0B.

• 2026 cash costs are forecast at $3.8B excluding the settlement charge, $200M below prior guidance; adjusted GAAP operating expenses are forecast at $4.5B excluding the charge.

• Year-end cash and investments guidance is $8.1B–$8.3B, or $5.5B–$5.7B excluding convertible financing proceeds; the outlook excludes potential credit-facility drawdowns.

• 2026 capital expenditures are expected at $200M, down from the prior $200M–$300M range; tax expense is expected to be negligible.