Moderna, Inc. stock research
FY2025 Q3
Moderna (MRNA) Gross Margin — Quarter Ended Sep 30, 2025
Revenue and gross profit both increased substantially compared to the prior quarter, while cost of revenue rose at a slower pace, resulting in a significantly higher gross margin. Versus the same quarter one year earlier, revenue and gross profit were lower, but gross margin improved as cost of revenue declined more sharply.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue and gross profit both increased substantially compared to the prior quarter, while cost of revenue rose at a slower pace, resulting in a significantly higher gross margin. Versus the same quarter one year earlier, revenue and gross profit were lower, but gross margin improved as cost of revenue declined more sharply.
- The strongest observable margin driver is the relationship between revenue and cost of revenue: revenue increased while cost of revenue decreased sequentially, leading to a large expansion in gross margin.
- Compared to the immediately preceding quarter, gross margin improved sharply from a lower level. Compared to the same quarter one year earlier, gross margin was higher despite lower revenue and gross profit.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
79.6%
Gross profit
$809.0M
Revenue
$1.0B
Cost of revenue
$207.0M
Quarter-over-quarter change
+63.4 pts
Year-over-year change
+7.2 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 |
|---|---|---|---|---|
| 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% |
| Sep 30, 2025 | $1.0B | $809.0M | $207.0M | 79.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
+63.4 pts
Year-over-year change
Sep 30, 2024
+7.2 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: revenue increased while cost of revenue decreased sequentially, leading to a large expansion in gross margin.
Compared to the immediately preceding quarter, gross margin improved sharply from a lower level. Compared to the same quarter one year earlier, gross margin was higher despite lower revenue and gross profit.
Monitor the trajectory of cost of revenue, which declined sequentially but remains a key factor in sustaining gross margin improvement.