Q4 25 EPS
$-2.11
BEAT +19.47%
Est. $-2.62
Q4 25 Revenue
$678.0M
vs S&P Since Q4 25
-1.8%
TRAILING MARKET
MRNA +3.9% vs S&P +5.7%
Full Year 2025 Results
FY 25 EPS
$-7.26
BEAT +7.97%
Est. $-7.89
FY 25 Revenue
$1.94B
BEAT +3.55%
Est. $1.88B
Market Reaction
Did MRNA Beat Earnings? Q4 2025 Results
Moderna delivered a stronger-than-expected quarter to close out 2025, reporting Q4 revenue of $678.00 million against a consensus estimate of $612.28 million, a 10.73% beat, even as sales fell 29.1% year-over-year amid continued weakness in COVID vac… Read more Moderna delivered a stronger-than-expected quarter to close out 2025, reporting Q4 revenue of $678.00 million against a consensus estimate of $612.28 million, a 10.73% beat, even as sales fell 29.1% year-over-year amid continued weakness in COVID vaccine demand. The loss per share of $2.11 came in well ahead of the $2.62 consensus estimate, a 19.47% positive surprise, as the company's aggressive cost-cutting drove roughly $2.20 billion in annual operating expense reductions that significantly exceeded management's own targets. For the full year, revenue totaled $1.94 billion, a 40% decline from 2024, though the net loss narrowed to $2.82 billion from $3.56 billion. Pipeline momentum added a constructive backdrop, with the European Medicines Agency recently recommending approval of Moderna's combination COVID and flu vaccine, a first-of-its-kind milestone that underscores the company's push into international markets. Looking ahead, management is targeting up to 10% revenue growth in 2026, with year-end cash and investments projected between $5.50 billion and $6.00 billion.
Key Takeaways
- • COVID vaccine sales remained primary revenue driver but declined 30% year-over-year in Q4
- • Approximately $2.2 billion reduction in annual operating expenses, surpassing cost-reduction targets
- • R&D expenses declined 31% from wind-down of Phase 3 respiratory programs and portfolio prioritization
- • Three international manufacturing sites brought online during 2025
- • Stand-ready manufacturing revenue from long-term strategic partnerships began in 2025
MRNA YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
MRNA Revenue by Segment
With YoY comparisons, source: SEC Filings
MRNA Revenue by Geography
With YoY comparisons, source: SEC Filings
“In 2025, we sharpened our commercial execution, launched our third product and brought online three international manufacturing sites, while advancing our mRNA pipeline. At the same time, we lowered our annual operating expenses by approximately $2.2 billion, significantly surpassing our cost-reduction targets.”
— Stéphane Bancel, Q4 2025 Earnings Press Release
MRNA Earnings Trends
MRNA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MRNA EPS Trend
Earnings per share: estimate vs actual
MRNA Revenue Trend
Quarterly revenue: estimate vs actual
MRNA Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $-3.40 | — | $389.0M | +64.58% |
| Q4 25 BEAT FY | $-2.62 | $-2.11 | +19.47% | $678.0M | — |
| FY Full Year | $-7.89 | $-7.26 | +7.97% | $1.94B | +3.55% |
| Q3 25 BEAT | $-2.18 | $-0.51 | +76.60% | $1.02B | +16.80% |
| Q2 25 BEAT | $-2.97 | $-2.13 | +28.34% | $142.0M | +25.71% |
| Q1 25 | — | $-2.52 | — | $108.0M | — |