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MRNA
Moderna Inc.Stock · HealthcareS&P 500 0.0%
$54.05−$2.97 (-5.21%)as of market close, Jul 24, 2026
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How Moderna makes money

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How does Moderna make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Moderna Inc. · FY2025 · year ended 2025-12-31
Revenue$1.9BNet loss$2.8B · 145%Cost of revenue$868M · 45%Gross profit$1.1B · 55%Operating expenses$4.2B · 213%Other income$306M · 16%R&D$3.1B · 161%SG&A$1.0B · 52%Income tax$54M · 3%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.