What is the primary revenue source for Moderna (MRNA)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze MRNA's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Moderna's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Moderna Makes Money: MRNA Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

The largest revenue segment accounts for 83.52% of revenue, indicating concentration.

Revenue: USD 534.00M
Largest revenue segment share (Product Sales): 83.52%
Research and development: USD 1.30B
Cost of revenue: USD 1.05B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Research and developmentResearch and development · ResearchAndDevelopmentExpense
Largest revenue segment share (Product Sales)Product Sales · segment_value / revenue * 100
RevenueTotal revenue · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueCost of sales · CostOfGoodsAndServicesSold

Assets

Where is the money tied up, and how is the company financed?

Steady

The company has a net cash position and relies primarily on its own capital.

Property, plant and equipment: USD 2.06B
Cash and cash equivalents: USD 1.72B
Inventory: USD 280.00M
Total liabilities: USD 4.20B
Shareholder equity: USD 6.76B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Property, plant and equipmentProperty, plant and equipment, net · PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Shareholder equityTotal stockholders’ equity · StockholdersEquity
Total liabilitiesTotal liabilities · Liabilities
InventoryInventory · InventoryNet
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue

Cash

Did accounting profit ultimately turn into cash?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

Free cash flow is negative after capital expenditure.

Operating cash flow: USD −1.16B
Free cash flow: USD −1.25B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Free cash flowcfo - capex
Operating cash flowsum(waterfull.operating)

Some conclusions lack complete source metrics and should be interpreted cautiously.

Shareholders

Did the money earned actually make its way back to shareholders?

Neutral

There was no material cash return; earnings stayed in the business without significant dilution.

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

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Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?