Moderna Inc. reported fourth‑quarter 2025 results on February 13 2026, posting revenue of $678 million and a net loss of $2.11 per share. The company beat consensus estimates of $663.62 million in revenue and $2.59 per share in loss, delivering a $0.48‑per‑share beat on earnings and a $15 million beat on top line.
Revenue fell from the $966‑$1 billion range reported in Q4 2024, marking a year‑over‑year decline that reflects the continued contraction in demand for its COVID‑19 vaccine. Despite the drop, the $678 million figure still exceeded analysts’ expectations, driven by stronger sales of Spikevax and the newly launched mNEXSPIKE in the U.S. and abroad.
Segment data from the earnings call shows $300 million of revenue in the U.S. and $400 million from international markets, with the remainder coming from other sources. The company’s CEO, Stéphane Bancel, said, "Our revenues were $1.9 billion, driven by sales of our COVID vaccine Spikevax and mNEXSPIKE. We continued to make tremendous progress on cost in 2025. Operating expenses were down $2.2 billion, or 30% over the year. I would like to thank the entire Moderna team for this great accomplishment in 2025. I'm very proud of this."
Cost‑cutting has been a key driver of the earnings beat. Operating expenses fell by $2.2 billion, a 30% reduction for the year, which helped narrow the net loss. CFO James Mock noted, "For the fourth quarter, total revenue was $700 million, coming in at the higher end of our recent guidance. Our revenue split in the quarter was $300 million in the U.S. and $400 million from international markets. For the full year, total revenue was $1.9 billion, with the majority generated from COVID vaccine sales, along with approximately $100 million of other revenue."
Looking ahead, Moderna reiterated its 2026 revenue guidance of $1.94 billion, targeting 10% growth from 2025. President Stephen Hoge said, "a return to revenue growth for Moderna." The guidance signals confidence in international markets, but the company faces headwinds such as the FDA’s refusal‑to‑file letter for its flu vaccine, which could limit diversification of its revenue streams.
Market reaction to the earnings was mixed. Some reports noted a modest pre‑market rise, while others observed a slight decline in the day after the release. The mixed response reflects the tension between the company’s disciplined cost management and the uncertainty surrounding regulatory approvals and declining COVID‑19 demand.
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