Moderna Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-2,822	-3,561	-4,714	8,362	12,202
Depreciation & Amortization	215	189	621	348	232
Loss (Gain) From Sale of Investments	-59	-43	-26	31	54
Stock-Based Compensation	483	429	305	226	142
Other Operating Activities	77	60	7	28	-318
Change in Accounts Receivable	156	534	493	1,790	-1,784
Change in Inventory	-34	83	747	492	-1,394
Change in Accounts Payable	-92	-69	13	240	204
Change in Unearned Revenue	41	-439	-2,060	-4,157	2,824
Change in Income Taxes	-	-	-	-	876
Change in Other Net Operating Assets	162	-187	1,496	-2,379	582
Operating Cash Flow	-1,873	-3,004	-3,118	4,981	13,620
Operating Cash Flow Growth	-	-	-	-63.43%	571.93%
Capital Expenditures	-192	-1,051	-707	-400	-284
Cash Acquisitions	-	-	-85	-	-
Sale (Purchase) of Intangibles	-10	-	-	-	-
Investment in Securities	2,148	3,000	5,021	-4,736	-8,209
Other Investing Activities	-	-	-23	-40	-30
Investing Cash Flow	1,946	1,949	4,206	-5,176	-8,523
Long-Term Debt Issued	600	-	-	-	-
Long-Term Debt Repaid	-18	-10	-270	-184	-140
Net Debt Issued (Repaid)	582	-10	-270	-184	-140
Issuance of Common Stock	35	66	46	65	124
Repurchase of Common Stock	-2	-	-1,153	-3,329	-857
Other Financing Activities	-22	-	-	-	-
Financing Cash Flow	593	56	-1,377	-3,448	-873
Foreign Exchange Rate Adjustments	2	-	-	-	-
Net Cash Flow	668	-999	-289	-3,643	4,224
Free Cash Flow	-2,065	-4,055	-3,825	4,581	13,336
Free Cash Flow Growth	-	-	-	-65.65%	580.75%
Free Cash Flow Margin	-106.22%	-125.31%	-55.86%	23.78%	72.20%
Free Cash Flow Per Share	-5.31	-10.56	-10.01	11.01	30.94
Cash Interest Paid	10	24	39	25	14
Cash Income Tax Paid	26	197	-357	2,729	480
Levered Free Cash Flow	-1,327	-3,088	-2,359	3,668	9,293
Unlevered Free Cash Flow	-1,320	-3,073	-2,359	3,687	9,304
Change in Working Capital	233	-78	689	-4,014	1,308

Updated Feb 13, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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