Moderna (MRNA) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Moderna published the results on November 6, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Moderna reports one segment. The COVID and RSV rows are net product sales by product type from its 10-Q; "Other revenue" is grant, collaboration, licensing and royalty, and stand-ready manufacturing revenue. Moderna reports no adjusted EPS.
• Moderna's vaccine sales are seasonal, so its quarterly revenue and EPS swing widely. Cost of sales for the first nine months of 2026 included $890 million of royalty expense related to the litigation settlement with Arbutus and Genevant; Q1 2026 cost of sales was $955 million.

Source: Moderna Q3 2026 results, November 6, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Moderna splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Moderna's COVID (Spikevax and mNEXSPIKE) revenue was $1.2 billion in Q3 2026, up 28% from $971 million in Q3 2025, 95% of total revenue.
• Moderna's RSV (mRESVIA) revenue was $29.0 million in Q3 2026, up 1350% from $2.0 million in Q3 2025, 2% of total revenue.
• Moderna's Other revenue revenue was $40.0 million in Q3 2026, down 7% from $43.0 million in Q3 2025, 3% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Moderna said:

“The Company now expects total revenue growth of 15% to 25% in 2026, exceeding its previous outlook of up to 10% growth.”

“Moderna continues to expect approximately half of its 2026 revenue to come from the United States and half from international markets.”

“Research and development expenses for 2026 are expected to be approximately $2.7 billion, reduced from the Company's previous expectation of approximately $2.9 billion.”

“The Company now expects year-end 2026 cash and investments of approximately $8.1 billion to $8.3 billion, increased from its previous outlook of $4.7 billion to $5.2 billion.”

Source: Moderna Q3 2026 release, Nov 6, 2026.

This is the company's own guidance as of Nov 6, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the MRNA forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenue and diluted earnings (loss) per share, each as first reported in that quarter's release.

We do not hold a confirmed date for Moderna's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 6, 2026

Moderna's revenue is almost all vaccine sales. Of Q3 2026 total revenue of $1,313 million, up 29% from $1,016 million, net product sales were $1,273 million: $1,244 million from its COVID vaccines Spikevax and mNEXSPIKE and $29 million from mRESVIA, its RSV vaccine. Other revenue, which includes grant, collaboration, licensing and royalty, and stand-ready manufacturing revenue, was $40 million. (Moderna Q3 2026 release, Nov 6, 2026; Moderna Form 10-Q, Q3 2026, Nov 6, 2026)

Moderna's growth came from outside the United States. Net product sales in Europe rose to $314 million from $16 million and in the rest of the world to $188 million from $175 million, while U.S. net product sales slipped to $771 million from $782 million. Moderna attributed the increase to higher COVID vaccine sales in international markets, supported by deliveries under long-term strategic government partnerships. (Moderna Form 10-Q, Q3 2026, Nov 6, 2026; Moderna Q3 2026 release, Nov 6, 2026)

Those partnerships are tied to the mRNA manufacturing facilities Moderna built and manages in the United Kingdom, Canada and Australia, which were fully licensed in 2025. In September 2026 Moderna also signed a five-year agreement with a local manufacturer in Mexico for COVID-19 vaccines. (Moderna Form 10-K, 2025, Feb 20, 2026; Moderna Q3 2026 release, Nov 6, 2026)

Moderna's markets are seasonal, with the U.S. its largest market. mFLUSIVA, its influenza vaccine, won FDA approval in August 2026 and launched in September, but its sales were immaterial in the quarter because approval came after the annual contracting cycle for the 2026-2027 season. (Moderna Form 10-K, 2025, Feb 20, 2026; Moderna Form 10-Q, Q3 2026, Nov 6, 2026; Moderna Q3 2026 release, Nov 6, 2026)

Moderna earned $0.38 per diluted share in Q3 2026, against a loss of $0.51 a year earlier, as net income reached $162 million from a $200 million loss. Research and development expenses fell 27% to $583 million, which Moderna attributed to lower clinical development costs after late-stage infectious disease studies finished and to cost efficiencies. Cost of sales rose 54% to $318 million, including $65 million of third-party royalties. (Moderna Q3 2026 release, Nov 6, 2026; Moderna Form 10-Q, Q3 2026, Nov 6, 2026)

Moderna's diluted share count was 430 million against 401 million basic shares. Equity awards added 24 million shares and the convertible notes 5 million, counted under the if-converted method. Moderna issued about $3.0 billion of convertible senior notes in September and raised about $2.6 billion net after capped calls and fees. It repurchased no shares in the quarter. (Moderna Form 10-Q, Q3 2026, Nov 6, 2026; Moderna Q3 2026 release, Nov 6, 2026)

Moderna does not report adjusted EPS. Its income tax provision was $9 million because it keeps a global valuation allowance against most of its deferred tax assets. For the first nine months of 2026 it had a net loss of $1,963 million, or $4.93 per share. (Moderna Q3 2026 release, Nov 6, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Moderna sets out a 2026 financial framework in each release. It now expects total revenue growth of 15% to 25%, up from up to 10%, from 2025 total revenue of $1,944 million, with about half from the United States and half from international markets. It cut its research and development estimate to about $2.7 billion from about $2.9 billion, expects cost of sales of about $1.7 billion including the $0.9 billion litigation settlement charge, and selling, general and administrative expenses of about $1.0 billion. (Moderna Q3 2026 release, Nov 6, 2026; Moderna Form 10-K, 2025, Feb 20, 2026)

Moderna expects year-end 2026 cash and investments of about $8.1 billion to $8.3 billion, up from a previous outlook of $4.7 billion to $5.2 billion, which it attributes to improved operational execution and the convertible notes proceeds. It holds an Analyst Day on November 12, 2026. (Moderna Q3 2026 release, Nov 6, 2026)

A consensus figure is the average of the models published by the analysts who cover Moderna, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Moderna's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning MRNA is on is MRNA a buy or a sell?, what analysts expect next is on the MRNA forecast, and what the company does is on the Moderna (MRNA) stock page.

Every number on this page can be traced to a document Moderna published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.