Moderna Reports $1.3 Billion Q3 Revenue, $162 Million Net Income

What happened

Moderna reported third-quarter 2026 revenue of $1.313 billion, up 29% from a year earlier, and net income of $162 million. It raised its 2026 revenue growth outlook to 15%–25% and expects year-end cash and investments of $8.1 billion to $8.3 billion.

Confirmed

Global impact / market context

Higher sales and a return to quarterly profit give Moderna more cash-generating capacity, while the raised growth outlook signals management expects revenue to keep expanding. The improved operating expense outlook may also reduce costs, supporting cash available for research, production, and other company needs.

Analyst inference

International COVID vaccine sales, supported by government partnership deliveries, were a primary driver, and revenue was split approximately evenly between U.S. and international markets. That mix links results to vaccine demand and delivery timing across both markets, rather than one geography alone.

Confirmed

What to watch

1. Check whether later results show international COVID vaccine deliveries continuing to support sales, since the company identified these deliveries as a primary driver of this quarter’s performance. Analyst inference
2. Compare reported revenue growth with the 15%–25% full-year outlook to see whether sales are tracking within management’s raised range. Analyst inference
3. Watch whether GAAP operating expenses improve by approximately $0.2 billion from the prior estimate and year-end cash and investments land within the projected $8.1 billion to $8.3 billion range. Confirmed

Evidence

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