Moderna Reports Higher Revenue but Wider Year-to-Date Loss in Interim Filing

Bottom line

For the three-month reporting period ended in late spring and the six-month year-to-date window ending on the same date, Moderna, Inc. (ticker MRNA, CIK 0001682852, filing form 10-Q, accession 0001682852-26-000150, fiscal period period-ended-2026-06-30) continued to operate as a clinical-stage-and-commercial mRNA medicines company, with four approved products on the market and a broad development pipeline. The financial shape across both windows was loss-making on the bottom line, with revenue still positive but compressed relative to the comparable prior-year periods.

On the top line, Revenue from Contract with Customer, Excluding Assessed Tax was $145,000,000 USD for the three months ended June 30, 2026 and $534,000,000 USD for the six months ended June 30, 2026, against prior-year comparatives of $142,000,000 USD and $250,000,000 USD respectively. The quarter-over-quarter comparison is authorized as a year-over-year increase, while the year-to-date comparison is authorized as a year-over-year increase, even as the half-year result remains well below the post-pandemic peaks the company has previously reported.

Below revenue, Operating Income (Loss) was -$815,000,000 USD for the three months ended June 30, 2026 versus -$907,000,000 USD in the three months ended June 30, 2025, and -$2,203,000,000 USD for the six months ended June 30, 2026 versus -$1,957,000,000 USD in the six months ended June 30, 2025. The quarter comparison is authorized as a year-over-year increase in operating loss, and the half-year comparison is authorized as a year-over-year decrease in operating loss; both periods remain in operating loss territory rather than crossing into operating profit.

Net Income (Loss) Attributable to Parent followed the same loss pattern: -$782,000,000 USD for the three months ended June 30, 2026 versus -$825,000,000 USD in the three months ended June 30, 2025, and -$2,125,000,000 USD for the six months ended June 30, 2026 versus -$1,796,000,000 USD in the six months ended June 30, 2025. The quarter comparison is authorized as a year-over-year increase in net loss, and the half-year comparison is authorized as a year-over-year decrease in net loss, with the half-year net loss still larger than the quarterly result on an absolute basis.

Per-share, Earnings Per Share, Diluted was -$1.97 per diluted share USD/SHARES for the three months ended June 30, 2026 and -$5.36 per diluted share USD/SHARES for the six months ended June 30, 2026, against -$2.13 per diluted share USD/SHARES and -$4.64 per diluted share USD/SHARES in the prior-year windows. Both current and prior periods remain in diluted loss-per-share territory on each window.

The source scope is the unaudited condensed consolidated interim financial statements within this filing, supplemented by the narrative disclosures that describe the basis of presentation, the platform of mRNA medicines, and the four approved products (Spikevax, mNEXSPIKE, mRESVIA, and mCOMBRIAX) as of mid-year. The filing evidence does not attribute this change to any single cause.

Financial performance

Across the three and six months ended June (omitted), Moderna, Inc. reported results through its 10-Q filing for period-ended-2026-06-30, filed under accession 0001682852-26-000150. The trading identifier is MRNA and the CIK is 0001682852.

Reported facts — Revenue from Contract with Customer, Excluding Assessed Tax was $145,000,000 USD for the three-month period the three months ended June 30, 2026 and $534,000,000 USD for the six-month period the six months ended June 30, 2026. The prior-year comparatives were $142,000,000 USD for the three months ended June 30, 2025 and $250,000,000 USD for the six months ended June 30, 2025. Both the three-month and six-month revenue lines moved higher year over year, with the transition staying in positive territory.

Operating Income (Loss) was -$815,000,000 USD for the three months ended June 30, 2026 versus -$907,000,000 USD for the three months ended June 30, 2025, and -$2,203,000,000 USD for the six months ended June 30, 2026 versus -$1,957,000,000 USD for the six months ended June 30, 2025. In both windows the figure remained a loss, with a smaller loss on the quarter and a wider loss on the half-year basis relative to the prior year.

Net Income (Loss) Attributable to Parent was -$782,000,000 USD for the three months ended June 30, 2026 versus -$825,000,000 USD for the three months ended June 30, 2025, and -$2,125,000,000 USD for the six months ended June 30, 2026 versus -$1,796,000,000 USD for the six months ended June 30, 2025. Both periods sat in loss territory, with the loss-to-loss transition narrowing in the quarter and widening in the year-to-date window.

Earnings Per Share, Diluted was -$1.97 per diluted share USD/SHARES for the three months ended June 30, 2026 versus -$2.13 per diluted share USD/SHARES for the three months ended June 30, 2025, and -$5.36 per diluted share USD/SHARES for the six months ended June 30, 2026 versus -$4.64 per diluted share USD/SHARES for the six months ended June 30, 2025. Both periods remained negative on a per-share basis, with a quarter-to-quarter improvement and a half-year deterioration.

Management explanations — The filing's accounting policies note, captured under Item 6, states that significant policies are consistent with the prior annual report, that interim results are not necessarily indicative of full-year performance, and that demand for COVID and RSV vaccines is expected to fluctuate seasonally, with higher sales in the fall and winter. Revenue disaggregation detail for grant revenue, licensing and royalty revenue, and other categories is captured in Note 5. The recently issued accounting standards discussion describes ongoing assessment of new expense-disaggregation and internal-use software guidance, with effective dates after the periods covered here.

Analyst inference — Higher revenue paired with a wider operating loss on the half-year view suggests that cost growth outpaced top-line expansion, while the narrower quarterly loss alongside higher revenue points to the opposite pattern on the three-month window.

Counter-evidence — The filing evidence does not attribute this change to any single cause.

Unknowns — The filing evidence contains no peer or industry comparison.

Quarter-over-quarter shifts are not separately authorized in the evidence, so this section does not characterize them.

Operating drivers and segments

The interim disclosure does not break out results by reportable operating segments. The same condensed consolidated income statement is the only window into period performance provided in the cited filing, and the related footnote on revenue disaggregation describes the revenue mix by category rather than by operating segment. Reported Revenue from Contract with Customer, Excluding Assessed Tax moved higher than the prior period on both the three-month and the six-month year-to-date windows, with the three-month figure at $145,000,000 USD against $142,000,000 USD, and the six-month figure at $534,000,000 USD against $250,000,000 USD. Operating Income (Loss) registered a loss on both windows, with the three-month loss at -$815,000,000 USD against -$907,000,000 USD, and the six-month loss at -$2,203,000,000 USD against -$1,957,000,000 USD. The authorization for this filing treats the six-month operating loss as a decrease and the three-month operating loss as an increase relative to the prior-year comparatives, and similarly treats revenue as an increase on both windows, leaving the qualitative mix of growth and contraction captured without needing segment-level color that the filing does not supply.

Management frames the business as an mRNA medicines platform that has moved from a research-stage company to a commercial enterprise, with four approved products cited: Spikevax, mNEXSPIKE, mRESVIA, and mCOMBRIAX. The narrative stresses parallel pipeline activity across infectious disease vaccines, oncology therapeutics, and rare disease therapeutics, integrated manufacturing that supports rapid clinical and commercial production at scale, and a broad intellectual property portfolio. Management also flags seasonal demand patterns, expecting higher COVID and RSV vaccine sales in the fall and winter, which contextualizes the timing of the period-over-period revenue movements shown above. A separate disclosure addresses a recent FASB update on expense disaggregation, which management expects will add footnote detail rather than materially change the financial statements.

Across both reporting windows, revenue direction is favorable while operating income direction is mixed at the margin, so any read of operating leverage from the income statement alone is not supported by the filing evidence. The filing does not allocate costs, headcount, or capacity utilization to discrete segments, so segment-level margin commentary would be speculation. The filing evidence does not attribute this change to any single cause. The filing offers no peer or industry benchmark for either revenue scale or operating margin trajectory, so cross-company comparison is not possible from this evidence. The filing evidence contains no peer or industry comparison. Risks and forward-looking statements are addressed under the cited risk-factor item rather than restated here, and any pipeline-stage, regulatory, or launch-color driver that might explain the gap between revenue direction and operating income direction is not quantified in the cited disclosure. Readers can cross-check the directional pattern against another recent vaccine-period profile such as Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing, although the relevant peer for mRNA vaccine economics is not named in this filing.

Cash flow and capital

The cash flow statement for the six-month year-to-date period at the centre of this 10-Q period-ended-2026-06-30 filing (accession 0001682852-26-000150) shows that Moderna continued to use cash in its core commercial and research operations while drawing in funds from financing activities. Net cash used in operating activities was -$1,156,000,000 USD for the six months ended June 30, 2026, compared with -$1,956,000,000 USD used in the prior-year comparative period the six months ended June 30, 2025. The company authorised direction is one of a smaller outflow, meaning the operating cash burn narrowed year over year; both periods remain negative, and The filing evidence does not attribute this change to any single cause.

Net cash provided by investing activities was $253,000,000 USD for the six months ended June 30, 2026, compared with $1,294,000,000 USD for the six months ended June 30, 2025. The authorised direction is a decrease; investing cash inflow was therefore lower than a year ago, though both windows remained positive. Net cash provided by financing activities was $31,000,000 USD for the six months ended June 30, 2026, compared with $13,000,000 USD for the six months ended June 30, 2025. The authorised direction here is an increase, so financing inflows expanded year over year, with both periods staying positive. The filing evidence does not attribute this change to any single cause.

Capital spending moved modestly with the rest of the investing line. Payments to acquire property, plant, and equipment were $99,000,000 USD in the six months ended June 30, 2026 versus $120,000,000 USD in the six months ended June 30, 2025. The authorised direction is a decrease, so capex ran lighter than a year earlier, while still appearing in both periods as a positive cash outflow. The filing evidence does not attribute this change to any single cause.

On the balance sheet at the balance sheet date of June 30, 2026, cash and cash equivalents sat at $1,723,000,000 USD, providing the working cushion that funded the operating outflow described above. Long-term debt, excluding current maturities, was $591,000,000 USD, illustrating how much of Moderna's capital structure rests on longer-tenor obligations rather than near-term funding pressure. Trade-related working capital was anchored by accounts receivable, before allowance for credit loss, of $120,000,000 USD and accounts payable, current, of $167,000,000 USD; the company discloses its allowance policy in the cited note tied to customer credit risk.

Together the three cash flow lines, the capex print, and the balance-sheet anchors sketch a company whose strategic cash burn was still being partly offset by external financing inflows, while its investment activity and capex moderated. Readers cross-checking how such patterns sit beside another healthcare or technology issuer can compare the working-capital mix in Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in the reporting period Filing or the same six-month comparison window in REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in period-ended-2026-06-30 Filing. The filing evidence contains no peer or industry comparison.

Peer and historical context

The filing evidence contains no peer or industry benchmark figures, so the only year-over-year reading available here is the self-history drawn from Moderna's own filings The filing evidence contains no peer or industry comparison.. Against that self-history, the period-on-period direction across the headline metrics is mixed. Revenue from Contract with Customer, Excluding Assessed Tax was higher than the prior year on both windows, climbing on the three-month reporting period versus the prior-year comparative and also on the six-month year-to-date period versus its prior-year comparative. Operating cash flow on the six-month basis was less negative than the prior-year comparative, an improvement in magnitude even though the direction remained negative. By contrast, both operating income and net income stayed in loss territory on every window, and on the half-year basis each loss was larger than the loss reported in the prior-year comparative. On the narrower three-month window, operating income and net income each moved from a loss to a still-loss outcome, but the quarter loss narrowed relative to the prior-year comparative.

For a cross-issuer reading, readers can pair this Moderna interim set with other Lizely Finance interim reads that travelled the same direction, such as Lizely Finance Earnings Analysis — ANI Pharmaceuticals Interim Filing: Profit-to-Profit Growth on Both Windows, and with a profit-to-profit counterpoint in Lizely Finance Earnings Analysis — UFP TECHNOLOGIES INC Interim Filing: Profit-to-Profit Growth on Both Windows, to contrast Moderna's revenue-up, loss-widening pattern against issuers whose top-line gains flowed through to earnings The filing evidence does not attribute this change to any single cause..

The combination of a higher revenue base alongside a wider operating loss and a wider net loss versus the prior-year comparative argues against a simple "sales are healthy" reading of the top line on its own. At the same time, the quarter tells a softer counter-story, with operating loss and net loss each narrower than the prior-year comparative even though revenue on the same quarter also moved higher, which is consistent with sequential margin movement without yet crossing into profit. Operating cash flow remains negative on a year-to-date basis, but its narrowing versus the prior-year comparative is the only liquidity-side signal in the package that points the same way as the narrower quarter loss.

Scenario analysis

Under the base case, Moderna, Inc. continues to convert its approved portfolio into the reported top line while keeping the cost base broadly aligned with the recent run rate. The reported Revenue from Contract with Customer, Excluding Assessed Tax for the three-month reporting period was $145,000,000 USD and for the six-month year-to-date period was $534,000,000 USD, both positive on the income statement. Against the prior-year comparative, Revenue for the three months ended June 30, 2025 was $142,000,000 USD and for the six months ended June 30, 2025 was $250,000,000 USD, with the authorized year-over-year directions showing growth on both windows. The authorized comparisons for Revenue from Contract with Customer, Excluding Assessed Tax are: increase for the three months ended June 30, 2026 versus the three months ended June 30, 2025 and increase for the six months ended June 30, 2026 versus the six months ended June 30, 2025. On the bottom line, Net Income (Loss) Attributable to Parent was a loss on every window: -$782,000,000 USD for the three months ended June 30, 2026, -$2,125,000,000 USD for the six months ended June 30, 2026, -$825,000,000 USD for the three months ended June 30, 2025, and -$1,796,000,000 USD for the six months ended June 30, 2025. The authorized net-income direction is a decrease on the year-to-date comparison and an increase on the quarterly comparison, both framed as loss to loss. The filing evidence does not attribute this change to any single cause. Operating cash flow for the six-month year-to-date period remained negative versus a negative prior year, with the authorized direction showing an increase (that is, a smaller cash outflow). The filing evidence contains no peer or industry comparison.

The upside case leans on broader uptake of the recently approved products and continued execution of the collaboration and funding arrangements described in the filing narrative. The reported Revenue figures for the current the six months ended June 30, 2026 ($534,000,000 USD) and the three months ended June 30, 2026 ($145,000,000 USD) sit above the prior-year comparatives of $250,000,000 USD and $142,000,000 USD respectively on the authorized comparisons. Net Income (Loss) Attributable to Parent was -$2,125,000,000 USD for the year-to-date and -$782,000,000 USD for the quarter, with the authorized direction on the quarterly window showing an improvement versus the prior-year loss of -$825,000,000 USD. The Blackstone Life Sciences funding arrangement and the Merck INT collaboration continue to absorb a portion of the development burden as outlined in the cited note, supporting a path where the loss on the year-to-date window of -$2,125,000,000 USD narrows further. The filing evidence contains no peer or industry comparison. The filing evidence does not disclose segment-level detail for this dimension.

The downside case reflects softer vaccine demand, narrower collaboration reimbursement, and a wider loss profile. Revenue for the six months ended June 30, 2026 ($534,000,000 USD) could underperform relative to the prior-year comparative of $250,000,000 USD, and the quarterly revenue of $145,000,000 USD could slip from the prior-year comparative of $142,000,000 USD. Net Income (Loss) Attributable to Parent was already a loss across all four reported windows: -$2,125,000,000 USD and -$782,000,000 USD for the current periods, and -$1,796,000,000 USD and -$825,000,000 USD for the prior-year periods, with the authorized year-to-date direction showing a deeper loss. Operating cash use for the six-month period was higher than the prior year on the authorized direction (a larger negative), and investing-activity cash flow was lower than the prior year on the authorized direction. The filing evidence does not attribute this change to any single cause. Investors weighing downside risk can compare the directional pattern against peers such as Reinsurance Group of America posts higher revenue and net income for context, noting The filing evidence contains no peer or industry comparison..

Risks and what to watch

Reported facts Moderna, Inc. (MRNA) filed 10-Q for period-ended-2026-06-30 under accession 0001682852-26-000150. The filing shows revenue of $145,000,000 USD for the three months ended June 30, 2026 and $534,000,000 USD for the six months ended June 30, 2026, compared with the prior-year revenue of $142,000,000 USD and $250,000,000 USD respectively.

Net loss attributable to parent was -$782,000,000 USD for the three months ended June 30, 2026 and -$2,125,000,000 USD for the six months ended June 30, 2026, versus -$825,000,000 USD and -$1,796,000,000 USD in the corresponding prior-year windows. Management explanations The Merck collaboration under the Merck Participation Term is treated as within the scope of ASC, with net expenses of (omitted) million and (omitted) million recognized for the three- and six-month periods and a separate net cost recovery for capital expenditures of (omitted) million and (omitted) million applied to reduce capitalized asset cost.

The Recordati arrangement for mRNA-(omitted) grants an exclusive worldwide royalty-bearing license, with Moderna continuing to lead development through approval and Recordati taking over commercialization; potential upfront and milestone payments could be significant and would be reflected when earned. The Blackstone development and commercialization funding arrangement commits up to (omitted) million tied to net sales of future influenza and combination vaccines, accounted for as an obligation to conduct research and development activities given the substantive transfer of financial risk, with reduction recognized proportionally as costs are incurred under an input method.

Analyst inference Both revenue windows grew year over year while both net-loss windows remained losses; the year-to-date loss widened modestly even as top line grew, which is the shape investors will focus on. Operating cash usage persisted across both periods, leaving the cash-flow trajectory as the binding constraint on how the franchise can fund late-stage programs, working capital and any incremental licensing outlays. Counter-evidence and unknowns The filing does not quantify the Merck reimbursements separately from gross expenses, does not disclose Recordati upfront or milestone figures in dollar terms, and does not disclose Blackstone milestone schedules beyond the headline cap.

Risk Factors in Item 1A enumerate but do not weight the relative probability of competitive, regulatory, manufacturing or pricing outcomes for the respiratory franchise; controls and procedures discussion in Item 4 and quantitative and qualitative market-risk disclosures in Item 3 likewise stop at procedural confirmation. The cited note Note 5 frames the revenue mix by grant, licensing and royalty lines but leaves segment-level economics to consolidated totals, while Note 12 describes capital structure rather than forward liquidity.

The filing evidence does not attribute this change to any single cause.. The filing evidence contains no peer or industry comparison.. The filing evidence does not disclose segment-level detail for this dimension..

Metrics to watch next period - Direction of the next reported revenue total and whether it sustains growth versus the prior-year quarter. - The trajectory of the net-loss line and whether operating cash usage narrows or widens. - Capital expenditure pace given the Blackstone funding input-method accounting and the Merck cost-recovery mechanic.

- Any change to Item 2 disclosure that would signal incremental licensing economics or share-issuance activity under Note 12. - Updates to Item 1 legal matters and Item 6 exhibit list that could presage milestone recognition.