Income StatementBalance SheetCash FlowSegments
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Moderna Cash Flow Statement

Operating, investing, and financing cash movements

Moderna generated -$3.4B in operating cash flow over the trailing twelve months. After $137.0M in capital expenditures, free cash flow was -$3.6B. Free cash flow increased 0.2% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)-$2.1BNet Cash From Investing (TTM)$1.2BNet Cash From Financing (TTM)$607.0MCapital Expenditures (TTM)$137.0MDepreciation And Amortization Cf (TTM)$235.0MNet Change In Cash (TTM)$283.0M
Latest FilingQ1 2026
Report Date2026-05-01
Market Cap$18.9B
ROE-36.56%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-cash income (expense)-$54.0M-$2.0M-$34.0M-$14.0M-$27.0M-$6.0M
Amortization of Investment Discount and Premium$19.0M$19.0M$18.0M$17.0M$13.0M$11.0M
Other non-cash income (expense)-$54.0M-$2.0M-$34.0M-$14.0M-$27.0M-$6.0M
Change in accounts payable—-$156.0M-$47.0M——-$120.0M
Change in accounts receivable-$1.2B-$280.0M-$30.0M$1.0B-$859.0M-$114.0M
Change in accrued liabilities—-$381.0M-$14.0M——$464.0M
Change in deferred revenue-$262.0M-$29.0M$97.0M$40.0M—$5.0M
Change in inventories-$291.0M$8.0M$114.0M$91.0M—-$6.0M
Change in operating lease liabilities—-$5.0M-$5.0M-$5.0M-$6.0M-$7.0M
Change in other assets-$292.0M-$46.0M$196.0M-$66.0M-$237.0M-$54.0M
Change in other liabilities$141.0M$33.0M-$58.0M-$112.0M—$26.0M
Other working capital changes-$54.0M-$2.0M-$34.0M-$14.0M-$27.0M-$6.0M
Depreciation and amortization$60.0M$39.0M$57.0M$52.0M$67.0M$59.0M
Distributions from equity method investments-$9.0M-$8.0M——-$3.0M-$2.0M
Other Non-Cash Income (Expense)-$54.0M-$2.0M-$34.0M-$14.0M-$27.0M-$6.0M
Other Non-cash Income (Expense)-$54.0M-$2.0M-$34.0M-$14.0M-$27.0M-$6.0M
Other Non-cash Income (Expense)-$54.0M-$2.0M-$34.0M-$14.0M-$27.0M-$6.0M
Net cash from operating activities—-$1.0B-$919.0M-$847.0M—-$630.0M
Net income-$1.1B-$971.0M-$825.0M-$200.0M-$826.0M-$1.3B
Other non-cash income (expense)-$54.0M-$2.0M-$34.0M-$14.0M-$27.0M-$6.0M
Income Loss From Equity Method Investments Net Of Dividends Or Distributions-$9.0M-$8.0M——-$3.0M-$2.0M
Operating lease liabilities—-$5.0M-$5.0M-$5.0M-$6.0M-$7.0M
Increase (Decrease) in Prepaid Expense and Other Assets-$292.0M-$46.0M$196.0M-$66.0M-$237.0M-$54.0M
Increase (Decrease) In Right Of Use Asset, Operating Leases—-$9.0M-$10.0M-$9.0M-$10.0M-$11.0M
Depreciation and amortization$60.0M$39.0M$57.0M$52.0M$67.0M$59.0M
Other Noncash Income (Expense)-$54.0M-$2.0M-$34.0M-$14.0M-$27.0M-$6.0M
Other Non-cash Income and Expense-$54.0M-$2.0M-$34.0M-$14.0M-$27.0M-$6.0M
Other Non-Cash Adjustments-$54.0M-$2.0M-$34.0M-$14.0M-$27.0M-$6.0M
Other Non-Cash Income and Expense-$54.0M-$2.0M-$34.0M-$14.0M-$27.0M-$6.0M
Stock-based compensation$104.0M$115.0M$130.0M$125.0M$113.0M$104.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from lines of credit$0.0$150.0M$150.0M$150.0M$150.0M—
Proceeds from lines of credit$0.0$150.0M$150.0M$150.0M$150.0M—
Proceeds from Lines of Credit$0.0$150.0M$150.0M$150.0M$150.0M—
Proceeds from issuance of debt$0.0$150.0M$150.0M$150.0M$150.0M—
Finance Lease, Principal Payments, Net Of Adjustments$14.0M-$2.0M$5.0M$3.0M$12.0M$0.0
Payments Of Debt Issuance Costs$0.0$5.5M$5.5M$5.5M$5.5M—
Proceeds from issuance of common stock relating to employee stock plans$11.0M$3.0M$14.0M$2.0M$16.0M$19.0M
Proceeds from Borrowings on Revolving Credit Facility$0.0$150.0M$150.0M$150.0M$150.0M—
Net cash from financing activities$0.0$4.0M$9.0M$0.0$581.0M$17.0M
Payment of debt issuance costs$0.0$5.5M$5.5M$5.5M$5.5M—
Borrowings Under Acquisition Credit Facilities$0.0$150.0M$150.0M$150.0M$150.0M—
Proceeds from issuance of common stock$11.0M$3.0M$14.0M$2.0M$16.0M$19.0M
Proceeds from Secured Lines of Credit$0.0$150.0M$150.0M$150.0M$150.0M—
Taxes paid for net share settlement—$1.0M———$2.0M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sales of short-term available-for-sale investments$957.0M$688.0M$371.0M$685.0M$609.0M$602.0M
Capital expenditures$522.0M$117.0M$3.0M$33.0M$39.0M$62.0M
Payments to Acquire Intangible Assets$0.0$10.0M———$0.0
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale$914.0M$1.9B$1.5B$1.2B$929.0M$732.0M
Sale of investments$957.0M$688.0M$371.0M$685.0M$609.0M$602.0M
Net cash from investing activities—$730.0M$564.0M$700.0M$0.0-$76.0M
Proceeds from maturities/sales of investments$957.0M$688.0M$371.0M$685.0M$609.0M$602.0M
Purchases of intangible assets$0.0$10.0M———$0.0
Purchases of investments$1.9B$1.8B$1.3B$1.2B$1.5B$1.3B
Payments for Deposits$0.0$10.0M———$0.0

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures incurred but not yet paid$19.0M$50.0M——$41.0M$35.0M
Income taxes paid$49.3M$6.5M$6.5M$6.5M$6.5M—
Interest paid$6.0M$2.5M$2.5M$2.5M$2.5M—
Capital expenditures incurred but not yet paid$19.0M$50.0M——$41.0M$35.0M
Capital Expenditures Incurred but Not Yet Paid$19.0M$50.0M——$41.0M$35.0M
Income Taxes Paid, Net$49.3M$6.5M$6.5M$6.5M$6.5M—

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$0.0-$1.2B-$922.0M-$880.0M—-$692.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$1.0M$0.0$1.0M$1.0M$0.0$1.0M
Net increase (decrease) in cash—-$303.0M-$345.0M-$147.0M$1.5B-$688.0M
Accrued payables for capital expenditures$19.0M$50.0M——$41.0M$35.0M
Purchases of intangible asset included in accounts payable and accrued liabilities—$0.0———$74.0M