MRNA · 10-Q · 2026Q3 · Full report
Operating Cash Flow Trends
Moderna, Inc. · 2026-11-06 · Importance 44 · Surprise 24 · No source text
Net cash used in operating activities was $2.7 billion for the nine months ended September 30, 2026, reflecting a $2.0 billion net loss, $527 million of non-cash adjustments, and a $1.3 billion net change in assets and liabilities. Accounts receivable increased $1.2 billion due to quarterly sales and collection timing, while inventory increased $159 million for production supporting the 2026/2027 respiratory season and deferred revenue increased $160 million from customer advances. Operating cash use decreased $88 million, or 3%, year over year, as favorable changes in accrued liabilities, accounts payable, inventory, prepaid expenses, deferred revenue and other liabilities were partly offset by a $481 million increase in accounts receivable.
Key facts
- For the nine months ended September 30, 2026, the net change in assets and liabilities included a $1.2 billion increase in accounts receivable, net, driven by quarterly sales and collection timing, and a $159 million increase in inventory driven by increased production for the 2026/2027 respiratory season, partially offset by a $160 million increase in deferred revenue driven by customer advance payments. source
- Moderna used $2.715 billion of cash in operating activities during the nine months ended September 30, 2026, compared with $2.803 billion during the same period in 2025. source
- Moderna used $2.715 billion of cash in operating activities in the first nine months of 2026, compared with $2.803 billion used in the same 2025 period. source
- Net cash used in operating activities decreased by $88 million, or 3%, for the nine months ended September 30, 2026 compared with the same period in 2025. source
- Moderna’s accounts receivable, net, increased by $1.184 billion as a use of operating cash in the nine months ended September 30, 2026. source
- For the nine months ended September 30, 2026, net cash used in operating activities was $2.7 billion, comprising a net loss of $2.0 billion, non-cash adjustments of $527 million, and a net change in assets and liabilities of $1.3 billion. source
- The year-over-year decrease in operating cash used included a $313 million change in accrued liabilities and accounts payable, as the spending reduction was less pronounced than in the prior year. source
- For the nine months ended September 30, 2026, non-cash operating cash flow adjustments primarily included $351 million of stock-based compensation and $190 million of depreciation and amortization. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -20.1% | For the nine months ended September 30, 2026, net cash used in operating activities was $2.7 billion, comprising a net loss of $2.0… |
| assets | positive | realized | +8.8% | For the nine months ended September 30, 2026, the net change in assets and liabilities included a $1.2 billion increase in accounts… |
| cash | negative | realized | -8.8% | Moderna’s accounts receivable, net, increased by $1.184 billion as a use of operating cash in the nine months ended September 30, 2026. |
| liability | negative | realized | -1.2% | For the nine months ended September 30, 2026, the net change in assets and liabilities included a $1.2 billion increase in accounts… |
| assets | positive | realized | +1.2% | For the nine months ended September 30, 2026, the net change in assets and liabilities included a $1.2 billion increase in accounts… |
| cash | positive | realized | +0.7% | Moderna used $2.715 billion of cash in operating activities during the nine months ended September 30, 2026, compared with $2.803 billion… |