Free cash flow remains highly erratic, swinging from a positive $912 million in 2025Q4 to a negative $692 million in 2026Q1, reflecting the challenges of maintaining liquidity during a period of structural revenue decline.
| Cash from Operations | -1.45B | -1.87B | -3B | -3.12B | 4.98B | 13.62B | 2.03B | -458.97M | -330.87M | -331.48M | 66.73M |
| Operating CF Margin % | - | -96.35% | -93.9% | -45.53% | 26.39% | 76.79% | 252.3% | -762.29% | -244.96% | -161.05% | 61.57% |
| Operating CF Growth % | 128.3% | 37.65% | 3.66% | -162.6% | -63.43% | 571.94% | 541.64% | -38.72% | 0.19% | -596.72% | - |
| Net Income | -3.19B | -2.82B | -3.56B | -4.71B | 8.36B | 12.2B | -747.06M | -514.02M | -384.73M | -255.92M | -216.21M |
| Depreciation & Amortization | 116M | 215M | 189M | 621M | 348M | 232M | 93M | 31.02M | 24.86M | 20.54M | 15.11M |
| Stock-Based Compensation | 234M | 483M | 429M | 305M | 226M | 142M | 93M | 81.12M | 72.56M | 40.05M | 39.36M |
| Deferred Taxes | 0 | 0 | 0 | 828M | -559M | -318M | 10.42M | 0 | 0 | 0 | 288K |
| Other Non-Cash Items | 934M | -3M | 17M | -19M | 59M | 54M | 558K | -3.43M | -975K | 1.09M | 2.19M |
| Working Capital Changes | 465M | 254M | -78M | -139M | -3.46B | 1.31B | 2.58B | -53.66M | -42.58M | -137.25M | 225.99M |
| Change in Receivables | -10M | 156M | 534M | 493M | 1.79B | -1.78B | -1.39B | 7.22M | 832K | 106K | 52.34M |
| Change in Inventory | -20M | -34M | 83M | 747M | 492M | -1.39B | -46.53M | 7.2M | 4.41M | 34.8M | -582K |
| Change in Payables | -56M | -92M | -69M | 13M | 240M | 204M | 11.88M | -23.96M | 15.02M | -12.77M | 5.99M |
| Cash from Investing | 1.14B | 1.95B | 1.95B | 4.21B | -5.18B | -8.52B | -1.67B | -14.95M | -372.47M | 416.1M | -648.61M |
| Capital Expenditures | -137M | -192M | -1.05B | -707M | -400M | -284M | -67.45M | -31.55M | -105.77M | -58.4M | -33.14M |
| CapEx % of Revenue | 6.16% | 9.88% | 32.85% | 10.32% | 2.12% | 1.6% | 8.4% | 52.41% | 78.31% | 28.37% | 30.58% |
| Acquisitions | 0 | 0 | 0 | -85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -10M | 0 | 0 | -40M | -30M | 0 | 0 | 622K | -1.27M | -8.9M |
| Cash from Financing | 585M | 593M | 56M | -1.38B | -3.45B | -873M | 2.03B | 51.12M | 1.23B | 168K | 472.91M |
| Debt Issued (Net) | 537M | 539M | -10M | -270M | -184M | -140M | -6M | 1M | 9.46M | 1.44M | 0 |
| Equity Issued (Net) | 32M | 35M | 66M | -1.11B | -3.26B | -733M | 2.04B | 50.15M | 1.22B | 212K | 473.53M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.48M | -633K |
| Share Repurchases | 0 | 0 | 0 | -1.15B | -3.33B | -857M | 0 | 2.89M | -8.18M | 0 | 0 |
| Other Financing | 16M | 19M | 0 | 0 | 0 | 0 | 193K | -29K | 0 | 0 | 11K |
| Net Change in Cash | 282M | 668M | -999M | -289M | -3.64B | 4.22B | 2.39B | -422.79M | 523.5M | 84.78M | -108.96M |
| Free Cash Flow | -1.58B | -2.06B | -4.05B | -3.83B | 4.58B | 13.34B | 1.96B | -490.52M | -436.63M | -389.88M | 33.59M |
| FCF Margin % | -71.1% | -106.22% | -126.76% | -55.86% | 24.27% | 75.19% | 243.91% | -814.7% | -323.27% | -189.43% | 30.99% |
| FCF Growth % | 60.78% | 49.08% | -6.01% | -183.5% | -65.65% | 580.57% | 499.48% | -12.34% | -11.99% | -1260.72% | - |
| FCF per Share | -4.01 | -5.31 | -10.56 | -10.01 | 11.01 | 30.94 | 5.14 | -1.48 | -1.33 | -1.04 | 0.52 |
| FCF Conversion (FCF/Net Income) | 0.50x | 0.66x | 0.84x | 0.66x | 0.60x | 1.12x | -2.71x | 0.89x | 0.86x | 1.30x | -0.31x |
| Interest Paid | 0 | 0 | 24M | 39M | 25M | 14M | 9M | 0 | 3M | 0 | 0 |
| Taxes Paid | 0 | 0 | 197M | 0 | 2.73B | 480M | 1M | 0 | 294K | 398K | 905K |
Unsustainable Cash Burn Rate
According to recent financial disclosures, Moderna's operating cash flow frequently decouples from net income, as evidenced by the 2025Q3 period where the company reported a $200 million net loss alongside a substantial $847 million cash outflow, highlighting significant volatility in the underlying quality of earnings.
The persistent gap between net income and operating cash flow suggests that non-cash charges and working capital swings are masking the true cash-generative capacity of the business. Investors should monitor whether this divergence is a temporary byproduct of inventory adjustments or a structural inability to convert accounting profits into tangible liquidity.
Based on reported figures, Moderna's free cash flow trajectory remains highly erratic, swinging from a positive $912 million in 2025Q4 to a negative $692 million in 2026Q1, which underscores the difficulty in maintaining consistent cash generation during the transition to a seasonal commercial model.
The extreme variance in FCF margins indicates that the company's cash flow profile is currently dictated more by the timing of working capital cycles than by stable operational performance. This volatility complicates long-term valuation models and suggests that the firm remains in a capital-intensive phase of its lifecycle.
As reported in financial statements, Moderna's capital expenditure reached a peak of 117.4% of revenue in 2024Q1, reflecting the heavy investment required to maintain its manufacturing footprint despite the subsequent decline in demand for its primary respiratory vaccine products over the following quarters.
The high ratio of CapEx to revenue suggests that the company is struggling to right-size its physical infrastructure to match current commercial realities. This capital intensity appears to be a significant drag on free cash flow, warranting further investigation into whether these assets can be repurposed for future pipeline candidates.
Based on the provided data, working capital changes have become the primary determinant of quarterly cash flow, with a massive $1.7 billion inflow in 2024Q4 followed by significant outflows, indicating that the company's cash position is highly sensitive to inventory management and accounts receivable timing.
The reliance on working capital fluctuations to bridge the gap between operating losses and cash needs suggests a lack of organic cash flow stability. Analysts should scrutinize whether these swings represent efficient inventory liquidation or merely the deferral of cash-related pressures into future reporting periods.
As indicated by the company's financial records, Moderna has refrained from dividends or share repurchases, instead prioritizing the preservation of its cash reserves to fund an aggressive R&D pipeline, a strategy that appears necessary given the current negative cash flow trajectory observed in recent quarters.
The absence of capital returns to shareholders suggests that management is focused entirely on internal investment to prove the platform's long-term viability. Investors should monitor the burn rate closely, as the current pace of cash consumption may eventually necessitate external financing if the pipeline fails to deliver commercial success.
Quick answers to the most common questions about buying MRNA stock.
Moderna, Inc. (MRNA) generated $-1873.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Moderna, Inc. (MRNA) reported negative free cash flow of $2.06B in 2025, indicating capital requirements exceeded cash from operations.
Moderna, Inc. (MRNA) spent $192.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.