Moderna (MRNA) Q2 2026 Earnings
How Did MRNA Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: +1.97%.
Did MRNA Beat Earnings? Q2 2026 Results
Yes. Moderna reported Q2 2026 earnings of $-1.97 a share on Jul 31, 2026, beating the $-1.97 consensus estimate by 0.0%. Revenue was $145.0M.
Moderna posted second-quarter 2026 results that matched Wall Street expectations precisely, extending its EPS beat streak to five consecutive quarters even as the company continues navigating a post-pandemic revenue reset. The Cambridge-based mRNA pioneer reported revenue of $145.00 million, a modest 2.1% increase from a year ago, as softer COVID vaccine volumes in the U.S. and South America were offset by UK government deliveries and higher collaboration revenue. Loss per share came in at $-1.97, exactly in line with the consensus estimate of $-1.97. The most material driver of improvement was cost discipline, with cost of sales falling 22% year-over-year to $93.00 million on manufacturing productivity gains, helping narrow the net loss to $782.00 million from $825.00 million a year prior. Looking ahead, Moderna reiterated guidance for up to 10% revenue growth in 2026 and raised its year-end cash projection to $4.70 to $5.20 billion, while an August 5 PDUFA date for its influenza vaccine mFLUSIVA looms as the next significant catalyst.
- UK deliveries under long-term strategic government partnership offset lower U.S. and South American COVID vaccine sales
- Higher stand-ready manufacturing and collaboration revenue
- 22% decrease in cost of sales driven by manufacturing productivity improvements and operational efficiencies
- 7% decrease in R&D expenses from wind-down of several late-stage programs
- 6% decrease in SG&A reflecting continued cost discipline
“The second quarter marked another period of strong execution for Moderna as we advanced our pipeline and strengthened our financial profile with an improved 2026 operating expense outlook.”
Moderna CEO, on the earnings call
What Is Moderna's Outlook?
Moderna reiterates its plan to deliver up to 10% revenue growth in 2026 from 2025 levels, with an approximate 50% U.S. and 50% international revenue split. Approximately 55% of second-half 2026 revenue is expected in Q3. The company improved its 2026 GAAP operating expense outlook by approximately $0.2 billion: cost of sales is now expected at approximately $1.7 billion (including $0.9 billion non-recurring litigation settlement), R&D at approximately $2.9 billion, and SG&A at approximately $1.0 billion. Capital expenditures are expected at $0.2-$0.3 billion. Year-end cash and investments are projected at $4.7-$5.2 billion, excluding potential drawdowns from $0.9 billion available under its credit facility. Key catalysts include the August 5 PDUFA date for mFLUSIVA, potential Phase 3 adjuvant melanoma data for intismeran, and potential propionic acidemia registrational data, all potentially in 2026.
MRNA YoY Financials
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $145.0M | $142.0M | +2.1% |
| Gross Profit | $52.0M | $23.0M | +126.1% |
| Operating Income | −$815.0M | −$740.0M | +10.1% |
| Net Income | −$782.0M | −$743.3M | +5.2% |
MRNA Revenue by Segment
MRNA Revenue by Geography
When Does Moderna Report Next?
Figures from SEC filings and company reports. Not investment advice.