Moderna Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2016 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2016 - 2019
Net Income	-3,116	-3,561	-4,714	8,362	12,202	-747	Upgrade
Depreciation & Amortization	208	189	621	348	232	93	Upgrade
Loss (Gain) From Sale of Investments	-59	-43	-26	31	54	10	Upgrade
Stock-Based Compensation	474	429	305	226	142	93	Upgrade
Other Operating Activities	104	60	7	28	-318	-	Upgrade
Change in Accounts Receivable	503	534	493	1,790	-1,784	-1,385	Upgrade
Change in Inventory	78	83	747	492	-1,394	-47	Upgrade
Change in Accounts Payable	-80	-69	13	240	204	12	Upgrade
Change in Unearned Revenue	-154	-439	-2,060	-4,157	2,824	3,842	Upgrade
Change in Income Taxes	-	-	-	-	876	-	Upgrade
Change in Other Net Operating Assets	64	-187	1,496	-2,379	582	156	Upgrade
Operating Cash Flow	-1,978	-3,004	-3,118	4,981	13,620	2,027	Upgrade
Operating Cash Flow Growth	-	-	-	-63.43%	571.93%	-	Upgrade
Capital Expenditures	-675	-1,051	-707	-400	-284	-68	Upgrade
Cash Acquisitions	-	-	-85	-	-	-	Upgrade
Investment in Securities	2,140	3,000	5,021	-4,736	-8,209	-1,604	Upgrade
Other Investing Activities	-	-	-23	-40	-30	-	Upgrade
Investing Cash Flow	1,455	1,949	4,206	-5,176	-8,523	-1,672	Upgrade
Long-Term Debt Repaid	-	-10	-270	-184	-140	-6	Upgrade
Net Debt Issued (Repaid)	-20	-10	-270	-184	-140	-6	Upgrade
Issuance of Common Stock	30	66	46	65	124	2,039	Upgrade
Repurchase of Common Stock	-1	-	-1,153	-3,329	-857	-	Upgrade
Financing Cash Flow	9	56	-1,377	-3,448	-873	2,033	Upgrade
Net Cash Flow	-513	-999	-289	-3,643	4,224	2,388	Upgrade
Free Cash Flow	-2,653	-4,055	-3,825	4,581	13,336	1,959	Upgrade
Free Cash Flow Growth	-	-	-	-65.65%	580.75%	-	Upgrade
Free Cash Flow Margin	-118.86%	-125.31%	-55.86%	23.78%	72.20%	243.96%	Upgrade
Free Cash Flow Per Share	-6.84	-10.56	-10.01	11.01	30.94	5.14	Upgrade
Cash Interest Paid	24	24	39	25	14	9	Upgrade
Cash Income Tax Paid	197	197	-357	2,729	480	1	Upgrade
Levered Free Cash Flow	-1,984	-3,088	-2,383	3,668	9,293	2,190	Upgrade
Unlevered Free Cash Flow	-1,979	-3,073	-2,359	3,687	9,304	2,196	Upgrade
Change in Working Capital	411	-78	689	-4,014	1,308	2,578	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.