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Financials · INSM

Insmed Incorporated (INSM) financials

For the twelve months ended Sep 30, 2026, Insmed Incorporated reported $1.52B of revenue and -$605.61M of net income.

Revenue, TTM
$1.52B
Revenue growth, YoY
+240.0%
Net income, TTM
-$605.61M
Net margin
-39.9%
Free cash flow, TTM
-$627.58M
EPS, diluted, TTM
-$2.83
Cash
$396.56M
Total debt
$555.09M
P/S
16.76
Market cap
$25.47B
Annual revenue$606.42M
FY2016FY2025
Annual net income-$1.28B
FY2016FY2025
Annual free cash flow-$967.58M
FY2016FY2025

INSM revenue and earnings growth

INSM revenueQ3 2026$524.43M

Quarter YoY
+268.4%
QoQ
+23.3%
FY YoY
+66.7%
5Y CAGR
+29.8%

INSM revenue was $524.43M in fiscal Q3 2026 (ended Sep 30, 2026), up 268.4% from a year earlier and up 23.3% from the prior quarter. For the full fiscal 2025 it was $606.42M, up 66.7% from fiscal 2024. Compound annual growth was +29.8% over 5 years. It rose in each of the last 7 fiscal years. Fiscal 2025 is the highest of the 14 fiscal years on file.

INSM net incomeQ3 2026-$100.32M

INSM net income was -$100.32M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$370.02M a year earlier. For the full fiscal 2025 it was -$1.28B, compared with -$913.77M in fiscal 2024.

INSM EPSQ3 2026-$0.46

INSM diluted EPS was -$0.46 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$1.75 a year earlier. For the full fiscal 2025 it was -$6.42, compared with -$5.57 in fiscal 2024.

INSM free cash flowQ3 2026-$42.09M

INSM free cash flow was -$42.09M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$222.18M a year earlier. For the full fiscal 2025 it was -$967.58M, compared with -$705.80M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$606.42M$363.71M$305.21M$245.36M$188.46M$164.41M$136.47M$9.84M$0$0
Cost of revenue$122.94M$85.74M$65.57M$55.13M$44.15M$39.87M$24.21M$2.42M$0$0
Gross profit$483.49M$277.96M$239.63M$190.23M$144.31M$124.54M$112.25M$7.41M$0$0
Research and development$771.09M$598.37M$571.01M$397.52M$272.74M$181.16M$131.71M$145.28M$109.75M$122.72M
Selling, general and admin$701.17M$461.12M$344.50M$265.78M$234.27M$203.61M$210.80M$168.22M$79.17M$50.68M
Operating income-$1.25B-$878.25M-$709.63M-$457.32M-$375.09M-$265.23M-$235.25M-$307.34M-$188.92M-$173.40M
Interest expense$83.80M$84.91M$81.69M$26.45M$40.47M$29.56M$27.70M$25.47M$5.92M$3.50M
Pre-tax income-$1.27B-$910.07M-$747.01M-$480.15M-$436.41M-$292.69M-$253.56M-$324.08M-$192.92M-$176.18M
Income tax$5.03M$3.71M$2.56M$1.38M-$1.76M$1.40M$777.0K$201.0K-$272.0K$98.0K
Net income-$1.28B-$913.77M-$749.57M-$481.53M-$434.65M-$294.09M-$254.34M-$324.28M-$192.65M-$176.27M
EPS, basic-$6.42-$5.57-$5.34-$3.91-$3.88-$3.01-$3.01-$4.22-$2.89-$2.85
EPS, diluted-$6.42-$5.57-$5.34-$3.91-$3.88-$3.01-$3.01-$4.22-$2.89-$2.85
Diluted shares199.0M164.0M140.4M123.0M112.1M97.6M84.6M76.9M66.6M61.9M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$510.44M$555.03M$482.37M$1.07B$716.78M$532.76M$487.43M$495.07M$381.17M$162.59M
Short-term investments$919.60M$878.80M$298.07M$74.24M$0-----
Receivables$140.86M$52.01M$41.19M$29.71M$24.35M$16.56M$19.23M$5.51M$0-
Inventory$132.07M$98.58M$83.25M$69.92M$67.01M$49.59M$28.31M$7.03M$0-
Current assets$1.79B$1.62B$929.06M$1.27B$837.04M$622.89M$555.19M$518.95M$389.44M$168.41M
Goodwill$136.11M$136.11M$136.11M$136.11M$136.11M$0----
Total assets$2.26B$2.03B$1.33B$1.66B$1.24B$796.15M$742.30M$604.56M$462.05M$237.96M
Current liabilities$468.87M$297.53M$225.63M$190.24M$135.17M$118.81M$85.24M$79.73M$44.66M$27.99M
Short-term debt$0-$0-----$0-
Long-term debt$540.96M$1.10B$1.16B$1.13B$566.59M$356.32M$335.94M$316.56M$55.57M$54.79M
Total debt$540.96M$1.10B$1.16B$1.13B$566.59M$356.32M$335.94M$316.56M$55.57M$54.79M
Total liabilities$1.53B$1.74B$1.66B$1.57B$833.04M$520.27M$480.63M$396.29M$100.99M$83.47M
Shareholders' equity$738.98M$285.38M-$331.92M$87.95M$410.47M$275.88M$261.67M$208.27M$361.06M$154.48M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow-$935.01M-$683.88M-$536.25M-$400.44M-$363.30M-$219.35M-$250.65M-$257.98M-$159.62M-$146.71M
Capital expenditures$32.56M$21.92M$13.29M$9.88M$7.29M$6.24M$42.27M$13.09M$3.00M$4.20M
Free cash flow-$967.58M-$705.80M-$549.53M-$410.32M-$370.59M-$225.59M-$292.92M-$271.07M-$162.62M-$150.91M
Investing cash flow-$64.58M-$583.17M-$223.60M-$34.58M-$64.28M-$6.82M-$42.27M-$14.81M-$3.00M-$4.20M
Financing cash flow$954.07M$1.34B$168.44M$793.27M$612.55M$271.00M$285.28M$386.74M$381.09M$30.67M
Stock-based compensation$152.71M$96.83M$74.78M$57.69M$46.02M$36.16M$26.97M$26.24M$18.07M$18.04M
Depreciation and amortization--$5.50M$5.30M$9.10M$9.10M$5.20M$3.60M$2.90M$2.40M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY66.7%19.2%24.4%30.2%14.6%20.5%1287.6%---
Gross margin79.7%76.4%78.5%77.5%76.6%75.7%82.3%75.4%--
Operating margin-205.6%-241.5%-232.5%-186.4%-199.0%-161.3%-172.4%-3124.9%--
Net margin-210.5%-251.2%-245.6%-196.3%-230.6%-178.9%-186.4%-3297.2%--
Free cash flow margin-159.6%-194.1%-180.1%-167.2%-196.6%-137.2%-214.6%-2756.1%--
Return on equity-172.8%-320.2%--547.5%-105.9%-106.6%-97.2%-155.7%-53.4%-114.1%
Return on assets-56.4%-45.1%-56.4%-29.1%-35.0%-36.9%-34.3%-53.6%-41.7%-74.1%
Current ratio3.835.454.126.696.195.246.516.518.726.02
Debt to equity0.733.87-12.791.381.291.281.520.150.35

Source: XBRL data Insmed Incorporated files with the SEC, latest filing dated Oct 29, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

INSM peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
INSM$1.52B+240.0%-$605.61M-39.9%$25.47B
VRTX$12.95B+10.5%$3.98B30.7%$139.67B
UTHR$3.19B+1.9%$1.23B38.6%$24.81B
LQDA$450.91M+2233.6%$138.61M30.7%$4.28B
GOSS$53.29M+32.4%-$125.22M-235.0%$65.1M
MRK$67.38B+4.9%$2.45B3.6%$366.73B

INSM FAQ

9 questions
  • What is INSM revenue?
    Insmed Incorporated (INSM) reported $1.52B of revenue for the twelve months ended Sep 30, 2026. That is up 240.0% from the year before. Revenue for fiscal 2025 was $606.42M.
  • Is INSM profitable?
    No. Insmed Incorporated reported a net loss of $605.61M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does INSM have?
    Insmed Incorporated reported $396.56M in cash and cash equivalents and $555.09M of debt on its most recent balance sheet in SEC filings.
  • How fast is INSM revenue growing?
    Insmed Incorporated's revenue changed +66.7% in fiscal 2025, to $606.42M. Its compound annual growth rate was +29.8% over 5 years.
  • What is INSM gross margin?
    Insmed Incorporated's gross profit was $1.28B on $1.52B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 84.4%.
  • What is INSM free cash flow?
    Insmed Incorporated generated -$627.58M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$595.62M less capital expenditures.
  • What is INSM earnings per share?
    Diluted earnings per share were -$2.83 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did INSM last report financial results?
    The latest statements here come from Insmed Incorporated's 10-Q filed on Oct 29, 2026, covering the period ended Sep 30, 2026.
  • Where does this INSM financial data come from?
    Quantisnow builds these statements from the structured XBRL data Insmed Incorporated files with the SEC. It is provided for information only and is not investment advice.