MRNA · 10-Q · 2026Q3 · Full report

Income Tax Rate Changes

Moderna, Inc. · 2026-11-06 · Importance 28 · Surprise 30

Income tax provision was $9 million for third-quarter 2026 and $33 million for the first nine months, compared with $13 million and $27 million, respectively, in 2025. The third-quarter 2026 effective tax rate was 5.3%, while the nine-month rate was (1.7)%; the rates reflected the global valuation allowance, which limits recognition of tax benefits despite the expected full-year loss. Foreign subsidiaries generated taxable income during the nine-month period while Moderna recorded a consolidated pretax loss, contributing to the rate being higher than the statutory rate. No adjustments to tax positions had been proposed in ongoing U.S. and foreign audits as of September 30, 2026.

Key facts

• Moderna’s effective tax rate for the third quarter of 2026 was lower than the statutory rate, primarily because of its expected full-year loss and continued global valuation allowance. source
• For the first nine months of 2026, Moderna’s effective tax rate was higher than the statutory rate because certain foreign subsidiaries generated taxable income while the company incurred a consolidated pretax loss and maintained a global valuation allowance. source