Moderna, Inc. stock research
FY2026 Q1
Moderna (MRNA) Gross Margin & Quarterly History
Explore Moderna, Inc. (MRNA) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue was lower than cost of revenue, resulting in a negative gross profit and a deeply negative gross margin. This represents a significant weakening from the prior quarter and a reversal from the positive gross margin a year earlier.
- The most observable driver is the relationship between revenue and cost of revenue: revenue declined while cost of revenue increased, producing a negative gross profit. This contrasts with both the prior quarter and the year-ago quarter, where revenue exceeded cost of revenue.
- Compared to the immediately preceding quarter, revenue was lower, cost of revenue was higher, and gross profit turned from positive to negative, causing gross margin to weaken sharply. Compared to the same quarter one year earlier, revenue was higher, but cost of revenue increased more, flipping gross profit from positive to negative and gross margin from positive to deeply negative.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
-145.5%
Gross profit
-$566.0M
Revenue
$389.0M
Cost of revenue
$955.0M
Quarter-over-quarter change
-178.8 pts
Year-over-year change
-162.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $142.0M | $23.0M | $119.0M | 16.2% |
| Sep 30, 2025 | $1.0B | $809.0M | $207.0M | 79.6% |
| Dec 31, 2025 | $678.0M | $226.0M | $452.0M | 33.3% |
| Mar 31, 2026 | $389.0M | -$566.0M | $955.0M | -145.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
-178.8 pts
Year-over-year change
Mar 31, 2025
-162.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most observable driver is the relationship between revenue and cost of revenue: revenue declined while cost of revenue increased, producing a negative gross profit. This contrasts with both the prior quarter and the year-ago quarter, where revenue exceeded cost of revenue.
Compared to the immediately preceding quarter, revenue was lower, cost of revenue was higher, and gross profit turned from positive to negative, causing gross margin to weaken sharply. Compared to the same quarter one year earlier, revenue was higher, but cost of revenue increased more, flipping gross profit from positive to negative and gross margin from positive to deeply negative.
Monitor the trajectory of cost of revenue relative to revenue in subsequent quarters to assess whether gross margin can return to positive territory.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Moderna, Inc. (MRNA) | -145.5% |