Moderna, Inc. reported Q4 2025 revenue of $678 million and a GAAP net loss of $(826) million, or $(2.11) per share. The Company reiterated its 2026 financial framework targeting up to 10% revenue growth and provided updates on regulatory submissions and clinical pipeline milestones.
Key takeaways
Fourth quarter 2025 total revenue was $678 million, a 30% decrease compared to the same period in 2024.
GAAP net loss for Q4 2025 was $(826) million, or $(2.11) per share, compared to $(2.91) in Q4 2024.
Full year 2025 revenue totaled $1.9 billion with a GAAP net loss of $(2.8) billion, or $(7.26) per share.
Cash, cash equivalents and investments were $8.1 billion as of December 31, 2025.
The Company reiterated 2026 guidance targeting up to 10% revenue growth and approximately $3.0 billion in R&D expenses.
Announced FDA Refusal-to-File letter for seasonal flu vaccine and requested a Type A meeting.