What is Moderna's operating income?

Moderna (MRNA) reported operating income of -$1.39B in Q1 2026.

How has Moderna's operating income changed year-over-year?

Moderna's operating income decreased by 32.2% year-over-year, from -$1.05B to -$1.39B.

What is the long-term trend for Moderna's operating income?

Over 4 years (2021 to 2025), Moderna's operating income has grown at a -30.7% compound annual growth rate (CAGR), from $13.3B to -$3.07B.

What does operating income mean?

Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.

Moderna MRNA Operating Income

Operating Income at other companies

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-$15.43M-103%

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$268.64M+1,386%

Ultragenyx PharmaceuticalRARE

-$169M-18.2%

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-$345.85M-91.3%

Viridian Therapeutics, Inc.VRDN

-$116.17M-23.8%

Gilead SciencesGILD

$2.59B+15.6%

Other financials

Income statement

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Revenue$389.0M+260%

Gross profit-$566.0M-3,244%

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$27.09B+115%

Enterprise value$26.51B+120%

P/S12.2×+8.1×

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:OperatingIncomeLoss.

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 operating income?: Moderna (MRNA) reported operating income of -$1.39B in Q1 2026.
How has Moderna's operating income changed year-over-year?: Moderna's operating income decreased by 32.2% year-over-year, from -$1.05B to -$1.39B.
What is the long-term trend for Moderna's operating income?: Over 4 years (2021 to 2025), Moderna's operating income has grown at a -30.7% compound annual growth rate (CAGR), from $13.3B to -$3.07B.
What does operating income mean?: Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.