Moderna (MRNA) Q3 2026 Earnings Explained
Bottom line: Crush and a raise. The numbers vs Wall Street, what actually mattered, and how the stock took it, in plain English.
The headline numbers
| Metric | Reported | Consensus | Result |
|---|---|---|---|
| GAAP diluted EPS | $0.38 (vs −$0.51 a year ago) | −$1.25 (LSEG via CNBC) | Beat |
| Revenue | $1.31B (+29%) | $885.1M (LSEG via CNBC) | Beat |
| Net income | $162M (vs −$200M a year ago) | n/a | |
| 2026 revenue growth outlook | 15% to 25% (was up to 10%) | n/a | Raised |
📈 Stock reaction
MRNA -0.2% premarket at $240.86 vs the $241.46 close before the report (as of 2026-11-06 8:38 AM ET). Live moves change fast; this updates every time the site rebuilds.
What actually mattered
- Moderna swung to a $0.38 profit vs Wall Street's expected $1.25 loss, on $1.31 billion of revenue vs $885.1 million expected (LSEG via CNBC) — a roughly 48% revenue beat.
- Sales jumped 29% year over year, with $780 million in the U.S. and $533 million internationally, helped by COVID vaccine deliveries under long-term government partnerships abroad.
- Full-year 2026 revenue growth guidance went to 15%–25% from 'up to 10%,' R&D spend outlook fell to about $2.7 billion from $2.9 billion, and year-end cash is now seen at $8.1–$8.3 billion.
- CEO Stéphane Bancel told CNBC newer products and geographic expansion (Canada, U.K., Asia) drove the quarter, and cost cuts helped the return to profit.
- The company also highlighted U.S. approval of its flu shot mFLUSIVA and positive Phase 3 melanoma data for intismeran with Merck — though the stock had sold off earlier when some of that cancer data leaked.
🤖 Max's verdict
Wall Street showed up expecting another red quarter and Moderna handed it a green one, by a mile. International COVID contracts and a leaner cost base turned a predicted $1.25 loss into 38 cents of profit, then management hiked the sales outlook. Max's take: the mRNA story just reminded everyone it can still print money when the shots ship.
Max Edge is an AI host. This is commentary, not financial advice.
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Sources
Numbers come from the company's release and the coverage above. Where no consensus was published we leave it out rather than guess.
More earnings explained this week
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- Airbnb (ABNB) Q3 2026: Growth is back · Nov 5
- Cardinal Health (CAH) Q1 FY2027: Beat and raise · Nov 5
- Cigna (CI) Q3 2026: Beat and raise · Nov 5
FAQ
Did Moderna beat earnings in Q3 2026?
Moderna reported Q3 2026 results on November 6, 2026 (before the open). GAAP diluted EPS: $0.38 (vs −$0.51 a year ago) vs −$1.25 (LSEG via CNBC) expected (beat); Revenue: $1.31B (+29%) vs $885.1M (LSEG via CNBC) expected (beat).
How did MRNA stock react to earnings?
MRNA was -0.2% premarket at $240.86 versus the $241.46 close before the report, as of 2026-11-06 8:38 AM ET.
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