Moderna, Inc. stock research
FY2025 Q2
Moderna (MRNA) Gross Margin — Quarter Ended Jun 30, 2025
Revenue and gross profit both increased compared to the prior quarter, while cost of revenue rose at a slightly faster pace, resulting in a marginally lower gross margin. Compared to the same quarter one year earlier, revenue and gross profit were substantially lower, and gross margin weakened significantly.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue and gross profit both increased compared to the prior quarter, while cost of revenue rose at a slightly faster pace, resulting in a marginally lower gross margin. Compared to the same quarter one year earlier, revenue and gross profit were substantially lower, and gross margin weakened significantly.
- The strongest observable margin driver is the relationship between revenue and cost of revenue: in the current quarter, cost of revenue consumed a larger share of revenue compared to the prior quarter, and an even larger share compared to the same quarter last year.
- Compared to the immediately preceding quarter, revenue and gross profit were higher, but gross margin was slightly lower. Compared to the same quarter one year earlier, revenue, gross profit, and gross margin were all substantially lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
16.2%
Gross profit
$23.0M
Revenue
$142.0M
Cost of revenue
$119.0M
Quarter-over-quarter change
-0.5 pts
Year-over-year change
-36.1 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 |
|---|---|---|---|---|
| Sep 30, 2024 | $1.9B | $1.3B | $514.0M | 72.4% |
| Dec 31, 2024 | $966.0M | $227.0M | $739.0M | 23.5% |
| Mar 31, 2025 | $108.0M | $18.0M | $90.0M | 16.7% |
| Jun 30, 2025 | $142.0M | $23.0M | $119.0M | 16.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
-0.5 pts
Year-over-year change
Jun 30, 2024
-36.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the relationship between revenue and cost of revenue: in the current quarter, cost of revenue consumed a larger share of revenue compared to the prior quarter, and an even larger share compared to the same quarter last year.
Compared to the immediately preceding quarter, revenue and gross profit were higher, but gross margin was slightly lower. Compared to the same quarter one year earlier, revenue, gross profit, and gross margin were all substantially lower.
Monitor the trajectory of cost of revenue relative to revenue, as its proportion has increased sequentially and year-over-year.