Moderna (MRNA) Free Cash Flow (2018 - 2026)
Moderna (MRNA) posted quarterly Free Cash Flow of -$563.0 million for Q2 2026, up 38.94% year-over-year from -$405.2 million in Q2 2025, and up 18.64% on a QoQ basis from -$692.0 million in Q1 2026.
Moderna (MRNA) Free Cash Flow (2018 - 2026) Analysis & Trends
Moderna has reported Free Cash Flow for 9 years, with the latest figure at -$563.0 million in Q2 2026.
- Free Cash Flow for Q2 2026 came in at -$563.0 million, up 38.94% year-over-year; the trailing twelve-month figure through Jun 2026 was -$1.2 billion (up 64.36% YoY), and the FY2025 annual result was -$2.1 billion, up 49.08% from the prior year.
- Free Cash Flow improved to -$563.0 million in Q2 2026, from -$692.0 million in the prior quarter.
- Over five years, Free Cash Flow peaked at $2.6 billion in Q1 2022 and troughed at -$1.7 billion in Q3 2023.
- A 5-year average of -$367.7 million and a median of -$786.0 million in 2025 frame the typical range for Free Cash Flow.
- The widest annual swing landed in 2023, when Free Cash Flow plunged 1167.48%; it then surged 194.06% in 2025.
- A 5-year view of Free Cash Flow shows it stood at $1.6 billion in 2022, then slumped by 74.39% to $402.0 million in 2023, then retreated by 24.63% to $303.0 million in 2024, then surged by 194.06% to $891.0 million in 2025, then plunged by 163.19% to -$563.0 million in 2026.
- Per Business Quant data, the three most recent Free Cash Flow figures were -$563.0 million in Q2 2026, -$692.0 million in Q1 2026, and $891.0 million in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Free Cash Flow (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertex Pharmaceuticals | 128.13 Bn | 120.28 Bn | 2.84 Bn | 1.01 Bn |
| 2 | Regeneron Pharmaceuticals | 112.33 Bn | 104.33 Bn | 3.93 Bn | 572.80 Mn |
| 3 | Argenx Se | 53.24 Bn | 48.05 Bn | 1.41 Bn | - |
| 4 | Revolution Medicines | 43.64 Bn | 43.64 Bn | - | -389.61 Mn |
| 5 | BeOne Medicines | 39.27 Bn | 34.17 Bn | 1.53 Bn | 437.80 Mn |
| 6 | MindWalk Holdings | 35.32 Bn | 35.31 Bn | 1.82 Bn | -2.33 Mn |
| 7 | Royalty Pharma | 33.72 Bn | 35.84 Bn | - | 477.44 Mn |
| 8 | Alnylam Pharmaceuticals | 30.58 Bn | 27.27 Bn | 992.69 Mn | 292.04 Mn |
| 9 | Insmed | 27.01 Bn | 25.85 Bn | 358.27 Mn | -95.09 Mn |
| 10 | Moderna | 25.26 Bn | 20.13 Bn | 52.00 Mn | -563.00 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | -563.00 Mn |
| Jun 30, 2026 | -563.00 Mn |
| Mar 31, 2026 | -665.00 Mn |
| Mar 31, 2026 | -665.00 Mn |
| Dec 31, 2025 | 891.00 Mn |
| Dec 31, 2025 | 891.00 Mn |
| Sep 30, 2025 | -953.00 Mn |
| Sep 30, 2025 | -953.00 Mn |
| Jun 30, 2025 | -849.00 Mn |
| Jun 30, 2025 | -849.00 Mn |
| Mar 31, 2025 | -1.15 Bn |
| Mar 31, 2025 | -1.15 Bn |
| Dec 31, 2024 | 806.00 Mn |
| Dec 31, 2024 | 806.00 Mn |
| Sep 30, 2024 | -1.27 Bn |
| Sep 30, 2024 | -1.27 Bn |
| Jun 30, 2024 | -1.46 Bn |
| Jun 30, 2024 | -1.46 Bn |
| Mar 31, 2024 | -1.19 Bn |
| Mar 31, 2024 | -1.19 Bn |