Moderna, Inc.: EPS $0.38 vs expected loss of $1.10; revenue $1.31B vs $0.89B
Key Facts
Q3 FY2026 results
| Metric | Actual | Estimate | Surprise | Year ago |
|---|---|---|---|---|
| EPS (USD) | 0.38 | −1.10 | — | — |
| Revenue (USD bn) | 1.31 | 0.89 | — | — |
Recent reports: actual vs estimate
| Reported | Period | EPS (USD) | Estimate | Surprise | Revenue (USD bn) | Estimate | Surprise |
|---|---|---|---|---|---|---|---|
| Nov 6, 2026 | Q3 FY2026 | 0.38 | −1.10 | — | 1.31 | 0.89 | — |
| Jul 31, 2026 | Q2 FY2026 | −1.97 | −2.03 | +3.0% | 0.14 | 0.10 | — |
| May 1, 2026 | Q1 FY2026 | −3.40 | −4.45 | +23.6% | 0.39 | 0.24 | — |
Source: Figures from the EL7 database. Estimates are the analyst consensus carried by our data vendor (FMP), not official figures.
Moderna, Inc. results: EPS $0.38 vs expected loss of $1.10; revenue $1.31B vs $0.89B. The results cover the company's Q3 FY2026. The gap between EPS and the analysts' estimate is unusually large, usually a one-off item or a different basis, so it is not called a beat or a miss; revenue is not compared with the estimate: a gap this size usually means a different revenue definition.
What the results mean
According to the company's results release, management revised its financial outlook, raising some items and lowering others.
Moderna's revenue growth was driven by COVID vaccine sales in international markets, supported by deliveries under long-term government partnerships. This highlights the role of those agreements in supporting commercial activity, alongside updated vaccine launches and expansion of the respiratory vaccine portfolio.
Profitability coincided with reduced research and development spending as advanced infectious disease studies were completed or wound down and cost efficiencies continued. Cost of sales rose with greater product volumes and manufacturing-related costs. The increase in liquidity reflected convertible debt issuance, alongside operating cash use and a litigation settlement payment, making the distinction between financing and operating cash generation important to understanding the financial position.
Management highlighted influenza vaccine approval and positive intismeran results in melanoma as progress toward diversifying the business. However, the influenza vaccine's U.S. launch remained limited because approval followed the contracting cycle, while a potential commercial launch of the cancer therapy remains subject to regulatory approval.
What to watch on the earnings call: Durability of COVID vaccine demand and the role of government partnership deliveries, the effect of contracting timing on influenza vaccine uptake, manufacturing costs and royalties, sustainability of research spending reductions as therapeutic programs advance, collection of sales receivables and conversion into operating cash, and the regulatory submission path for intismeran and next steps for the norovirus vaccine program.
For the full analysis of Moderna, Inc. stock — valuation, scores and financial statements — see the stock page linked with this story.