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Moderna cash flow statement

In fiscal 2025, Moderna's operations generated −$1.87bn of cash; it spent $192m on capital projects, leaving free cash flow of −$2.06bn. It returned $2.0m through buybacks.

Cash flow statement

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations0.1−0.3−0.3−0.52.013.65.0−3.1−3.0−1.9−1.1
Depreciation and amortisation0.00.00.00.00.00.20.30.60.20.20.2
Stock-based pay0.00.00.10.10.10.10.20.30.40.50.5
Capital spending0.00.10.10.00.10.30.40.71.10.20.2
Free cash flow0.0−0.4−0.4−0.52.013.34.6−3.8−4.1−2.1−1.2
Free cash flow after stock pay−0.0−0.4−0.5−0.61.913.24.4−4.1−4.5−2.5−1.7
Share buybacks———0.00.00.93.31.20.00.0—
Shares issued——0.60.01.90.00.0————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Moderna's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Moderna.