Moderna, Inc. (MRNA) closed fiscal year 2025 with a gross margin of 55.3 % and a net margin of -145.2 %.
Moderna, Inc. (MRNA) closed fiscal year 2025 with a gross margin of 55.3 % and a net margin of -145.2 %. The same year shows an EBITDA margin of -147.1 % and an EBIT margin of -158.1 %. The free cash flow margin was -106.2 %. Against the previous year the gross margin moved +0.6 pp and the net margin −35.1 pp. Across the period the gross margin ranges between 31.5 % in 2023 and 100.0 % in 2018. The series covers 10 fiscal years, from 2016 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | — | — | 100.00 % | 100.00 % | 99.00 % | 85.83 % | 71.88 % | 31.47 % | 54.76 % | 55.35 % |
| EBITDA margin (%) | -192.50 % | -120.89 % | -287.56 % | -855.35 % | -91.16 % | 73.24 % | 50.71 % | -52.83 % | -116.07 % | -147.07 % |
| EBIT margin (%) | -206.44 % | -130.87 % | -305.97 % | -906.84 % | -95.02 % | 71.98 % | 48.90 % | -61.90 % | -121.91 % | -158.13 % |
| Net margin (%) | -199.46 % | -124.34 % | -284.84 % | -853.69 % | -93.03 % | 66.06 % | 43.41 % | -68.84 % | -110.04 % | -145.16 % |
| FCF margin (%) | 30.99 % | -189.43 % | -323.27 % | -815.49 % | 243.96 % | 72.20 % | 23.78 % | -55.86 % | -125.31 % | -106.22 % |
