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Moderna MRNA Net product sales — Contract with Customer, Liability

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Other financials

Income statement

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Revenue$389.0M+260%
Gross profit-$566.0M-3,244%
Operating income-$1.4B-32.2%
Net income-$1.3B-38.3%
EPS (diluted)-$3.40-34.9%

Balance sheet

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Cash & equivalents$1.9B+17.4%
Total debt$1.3B+71.9%
Total equity$7.4B-26.4%
Total assets$11.5B-9.6%

Cash flow

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Operating cash flow-$630.0M+39.2%
CapEx$62.0M-47.0%
Free cash flow-$692.0M+40.0%

Valuation

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Market cap$21.62B+73.9%
Enterprise value$21.04B+76.5%
P/S9.7×+5.7×

Profitability

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Gross margin22.1%-32.0pp
Operating margin-153.3%+67.8pp
Net margin-143.6%+80.2pp
FCF margin-132.4%

Returns & leverage

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Return on equity-36.6%+11.9pp
Debt / equity0.2×+0.1×
Current ratio2.4×-1.8×

Where this comes from

Reported directly by Moderna in its filing.

Tagged under the XBRL concept us-gaap:ContractWithCustomerLiability.

The official record: Moderna’s 10-Q, filed May 1, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Moderna's net product sales — contract with customer, liability?
Moderna (MRNA) reported net product sales — contract with customer, liability of $95M in Q1 2026.
How has Moderna's net product sales — contract with customer, liability changed year-over-year?
Moderna's net product sales — contract with customer, liability decreased by 38.3% year-over-year, from $154M to $95M.
What is the long-term trend for Moderna's net product sales — contract with customer, liability?
Over 4 years (2021 to 2025), Moderna's net product sales — contract with customer, liability has grown at a -61.9% compound annual growth rate (CAGR), from $29.71B to $626M.
What does net product sales — contract with customer, liability mean?
This represents the total outstanding liability balance related to customer contracts, including provisions for variable consideration such as rebates, discounts, and expected returns. It serves as a contra-revenue account that adjusts gross product sales to arrive at net revenue. A high balance indicates significant future obligations or potential revenue reversals associated with current and past sales.