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Moderna reports Q4 earnings beat, upbeat 2026 outlook

The report comes after Moderna said the FDA is refusing to consider an application for its mRNA flu vaccine.

J. Edward Moreno

Moderna reported Q4 earnings results on Friday that beat Wall Street estimates and also gave cheery full-year sales guidance for 2026, which comes as the company faces major regulatory headwinds.

For the last three months of 2025, Moderna reported:

  • A loss per share of $2.11, less than the $2.54 loss per share analysts polled by FactSet had been expecting.

  • Revenue of $678 million, more than the $635 million the Street was expecting. The company had already disclosed preliminary full-year 2025 sales in January, which was in line with the $1.9 billion the company reported on Friday.

For the full year in 2026, the company expects:

  • Revenue to grow 10%. Currently, analysts are penciling in $2 billion in 2026 sales, which is about a 5% increase.

The company’s 2025 sales came in higher than analysts had initially expected, driven by lower-than-anticipated declines in vaccination rates despite attacks from the Trump administration.

Moderna was tapped by the US government to quickly develop a vaccine for COVID-19 in 2020, a product that remains its single source of revenue. Investors have been eager to see the company roll out new products in its pipeline, but a hostile regulatory environment has complicated those plans.

Moderna said earlier this week that the Food and Drug Administration is refusing to consider an application for its mRNA flu vaccine. The company said in that announcement that it would not have an impact on its 2026 guidance.

The company reported that the filing was accepted by the European Union, Canada, and Australia. Company guidance predicts 2026 sales will be 50% international.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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