Moderna, Inc. Earnings Per Share Disclosure
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Numerator: | |||||||||||||||||
Net loss | $ | (2,822) | $ | (3,561) | $ | (4,714) | |||||||||||
Denominator: | |||||||||||||||||
Basic and diluted weighted-average common shares outstanding | 389 | 384 | 382 | ||||||||||||||
Basic and diluted EPS | $ | (7.26) | $ | (9.28) | $ | (12.33) | |||||||||||
| December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Options | 27 | 26 | 26 | |||||||||||||||||
| RSUs and PSUs | 11 | 8 | 5 | |||||||||||||||||
| Total | 38 | 34 | 31 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.