For the twelve months ended Sep 30, 2026, MannKind Corporation reported $413.37M of revenue and -$74.82M of net income.
MNKD revenue was $101.87M in fiscal Q3 2026 (ended Sep 30, 2026), up 24.0% from a year earlier and down 6.9% from the prior quarter. For the full fiscal 2025 it was $348.97M, up 22.2% from fiscal 2024. Compound annual growth was +39.9% over 5 years. It rose in 8 of the last 9 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.
MNKD net income was -$23.22M in fiscal Q3 2026 (ended Sep 30, 2026), compared with $7.99M a year earlier. For the full fiscal 2025 it was $5.86M, down 78.7% from fiscal 2024.
MNKD diluted EPS was -$0.07 in fiscal Q3 2026 (ended Sep 30, 2026), compared with $0.03 a year earlier. For the full fiscal 2025 it was $0.02, down 80.0% from fiscal 2024.
MNKD free cash flow was -$37.76M in fiscal Q3 2026 (ended Sep 30, 2026), compared with $22.52M a year earlier. For the full fiscal 2025 it was $13.69M, down 58.3% from fiscal 2024.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $348.97M | $285.50M | $198.96M | $99.77M | $75.44M | $65.14M | $63.04M | $27.86M | $11.74M | $174.76M |
| Cost of revenue | $26.80M | $17.43M | $20.86M | $16.00M | $16.83M | $15.08M | $20.08M | $19.39M | $17.23M | $17.12M |
| Gross profit | $322.17M | $268.07M | $178.10M | $83.77M | $58.61M | $50.06M | $42.96M | $8.47M | -$5.48M | $157.64M |
| Research and development | $66.35M | $45.89M | $31.28M | $19.72M | $12.31M | $6.25M | $6.90M | $8.74M | $14.12M | $14.92M |
| Selling, general and admin | $144.13M | $94.33M | $94.31M | $91.47M | $31.89M | $24.68M | $74.67M | $79.72M | $74.96M | $46.93M |
| Operating income | $38.80M | $72.59M | $8.68M | -$64.11M | -$47.02M | -$47.91M | -$44.60M | -$76.59M | -$108.19M | $67.26M |
| Interest expense | $13.83M | $11.98M | $15.15M | $15.01M | $15.20M | - | - | - | - | - |
| Pre-tax income | $1.41M | $30.52M | -$10.38M | -$87.40M | -$80.93M | -$57.46M | -$51.90M | -$86.73M | -$117.28M | $125.66M |
| Income tax | -$4.46M | $2.93M | $1.56M | $0 | $0 | -$218.0K | $0 | $240.0K | $51.0K | $0 |
| Net income | $5.86M | $27.59M | -$11.94M | -$87.40M | -$80.93M | -$57.24M | -$51.90M | -$86.97M | -$117.33M | $125.66M |
| EPS, basic | $0.02 | $0.10 | -$0.04 | -$0.34 | -$0.32 | -$0.26 | -$0.27 | -$0.60 | -$1.13 | $1.37 |
| EPS, diluted | $0.02 | $0.10 | -$0.04 | -$0.34 | -$0.32 | -$0.26 | -$0.27 | -$0.60 | -$1.13 | $1.36 |
| Diluted shares | 314.1M | 283.8M | 267.0M | 257.1M | 249.2M | 222.6M | 195.6M | 144.1M | 104.2M | 92.1M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $74.88M | $46.34M | $238.48M | $69.77M | $124.18M | $67.00M | $29.91M | $71.16M | $43.95M | $22.89M |
| Short-term investments | $96.46M | $150.92M | $56.62M | $101.08M | $79.93M | $0 | $19.98M | - | - | - |
| Receivables | $38.37M | $11.80M | $14.90M | $16.80M | $4.74M | $4.22M | $3.51M | $4.02M | $2.79M | $302.0K |
| Inventory | $35.31M | $27.89M | $28.55M | $21.77M | $7.15M | $4.97M | $4.16M | $3.60M | $2.66M | $2.33M |
| Current assets | $291.58M | $268.31M | $373.39M | $234.90M | $219.49M | $79.48M | $60.76M | $81.85M | $57.22M | $77.49M |
| Goodwill | $67.59M | $1.93M | $1.93M | $2.43M | - | - | - | - | - | - |
| Total assets | $792.18M | $393.84M | $475.20M | $295.28M | $321.16M | $108.61M | $93.72M | $107.70M | $84.58M | $107.06M |
| Current liabilities | $171.03M | $81.84M | $104.13M | $67.30M | $48.35M | $73.70M | $65.62M | $75.24M | $87.60M | $92.05M |
| Short-term debt | - | - | - | - | - | - | $5.03M | - | - | - |
| Long-term debt | - | $36.05M | $226.85M | $225.40M | $223.94M | $5.00M | $5.00M | $19.10M | $24.41M | $27.64M |
| Total debt | $354.64M | $36.05M | $226.85M | $225.40M | $223.94M | $5.00M | $10.03M | $19.10M | $24.41M | $27.64M |
| Total liabilities | $843.20M | $472.66M | $721.37M | $545.82M | $530.51M | $289.03M | $284.25M | $282.79M | $299.31M | $290.66M |
| Shareholders' equity | -$51.02M | -$78.82M | -$246.17M | -$250.54M | -$209.35M | -$180.42M | -$190.53M | -$175.08M | -$214.73M | -$183.59M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $18.25M | $42.51M | $34.09M | -$80.68M | -$61.71M | -$28.13M | -$88.48M | -$37.73M | -$64.78M | -$78.09M |
| Capital expenditures | $4.57M | $9.69M | $42.44M | $7.59M | $11.47M | $801.0K | $2.56M | $354.0K | - | $1.14M |
| Free cash flow | $13.69M | $32.82M | -$8.35M | -$88.27M | -$73.17M | -$28.93M | -$91.05M | -$38.09M | - | -$79.23M |
| Investing cash flow | -$304.80M | -$96.65M | -$1.99M | $4.87M | -$151.54M | $15.22M | -$22.84M | -$234.0K | $16.68M | -$1.13M |
| Financing cash flow | $315.10M | -$137.27M | $136.61M | $21.39M | $270.27M | $49.85M | $69.86M | $61.29M | $73.56M | $43.04M |
| Stock-based compensation | $24.20M | $21.36M | $17.65M | $13.45M | $12.20M | $6.51M | $6.20M | $6.86M | $4.85M | $5.13M |
| Depreciation and amortization | $12.28M | $7.37M | $4.54M | $3.33M | $1.99M | $2.15M | $972.0K | $2.86M | $3.53M | $4.16M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 22.2% | 43.5% | 99.4% | 32.2% | 15.8% | 3.3% | 126.3% | 137.2% | -93.3% | - |
| Net income growth, YoY | -78.7% | - | - | - | - | - | - | - | - | - |
| EPS growth, YoY | -80.0% | - | - | - | - | - | - | - | - | - |
| Gross margin | 92.3% | 93.9% | 89.5% | 84.0% | 77.7% | 76.8% | 68.1% | 30.4% | -46.7% | 90.2% |
| Operating margin | 11.1% | 25.4% | 4.4% | -64.3% | -62.3% | -73.5% | -70.7% | -274.9% | -921.1% | 38.5% |
| Net margin | 1.7% | 9.7% | -6.0% | -87.6% | -107.3% | -87.9% | -82.3% | -312.2% | -999.0% | 71.9% |
| Free cash flow margin | 3.9% | 11.5% | -4.2% | -88.5% | -97.0% | -44.4% | -144.4% | -136.7% | - | -45.3% |
| Return on assets | 0.7% | 7.0% | -2.5% | -29.6% | -25.2% | -52.7% | -55.4% | -80.8% | -138.7% | 117.4% |
| Current ratio | 1.70 | 3.28 | 3.59 | 3.49 | 4.54 | 1.08 | 0.93 | 1.09 | 0.65 | 0.84 |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $101.87M | $109.37M | $90.17M | $111.95M | $82.13M | $76.53M | $78.35M | $76.78M | $70.08M | $72.39M | $66.26M | $58.47M |
| Cost of revenue | $11.21M | $14.41M | $7.51M | $13.93M | $4.50M | $4.61M | $3.77M | $4.81M | $3.20M | $5.61M | $3.82M | $6.11M |
| Gross profit | $90.66M | $94.97M | $82.66M | $98.03M | $77.63M | $71.92M | $74.59M | $71.97M | $66.88M | $66.78M | $62.44M | $52.36M |
| Research and development | $14.36M | $18.00M | $17.23M | $27.59M | $14.06M | $13.68M | $11.02M | $11.14M | $12.93M | $11.82M | $10.01M | $9.24M |
| Selling, general and admin | $61.41M | $58.30M | $54.09M | $58.41M | $29.09M | $31.62M | $25.01M | $23.97M | $23.92M | $24.11M | $22.33M | $61.29M |
| Operating income | -$2.18M | -$350.0K | -$1.67M | -$7.69M | $18.90M | $5.30M | $22.29M | $26.50M | $12.76M | $16.61M | $16.72M | $7.86M |
| Interest expense | $7.64M | $11.89M | $7.48M | $7.54M | $1.36M | $285.0K | $4.64M | $1.56M | $1.80M | $6.05M | $2.57M | $2.68M |
| Pre-tax income | -$23.17M | -$19.14M | -$16.37M | -$20.93M | $7.78M | $940.0K | $13.62M | $8.45M | $12.87M | -$1.69M | $10.89M | $2.96M |
| Income tax | $51.0K | -$106.0K | $253.0K | -$4.98M | -$204.0K | $272.0K | $459.0K | $1.02M | $1.32M | $323.0K | $264.0K | $1.56M |
| Net income | -$23.22M | -$19.03M | -$16.62M | -$15.95M | $7.99M | $668.0K | $13.16M | $7.42M | $11.55M | -$2.01M | $10.63M | $1.40M |
| EPS, basic | -$0.07 | -$0.06 | -$0.05 | -$0.05 | $0.03 | $0.00 | $0.04 | $0.03 | $0.04 | -$0.01 | $0.04 | - |
| EPS, diluted | -$0.07 | -$0.06 | -$0.05 | -$0.05 | $0.03 | $0.00 | $0.04 | $0.03 | $0.04 | -$0.01 | $0.04 | - |
| Diluted shares | 320.2M | 309.2M | 308.3M | - | 311.6M | 311.5M | 320.9M | - | 284.7M | 273.1M | 324.7M | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $41.28M | $52.93M | $52.83M | $74.88M | $127.39M | $57.01M | $47.31M | $46.34M | $62.37M | $96.64M | $193.27M | $238.48M |
| Short-term investments | $55.33M | $58.20M | $81.03M | $96.46M | $132.64M | $121.98M | $134.23M | $150.92M | $189.22M | $151.12M | $107.46M | $56.62M |
| Receivables | $41.03M | $43.21M | $28.14M | $38.37M | $17.38M | $27.14M | $28.90M | $11.80M | $18.18M | $23.35M | $19.91M | $14.90M |
| Inventory | $48.47M | $44.42M | $49.17M | $35.31M | $26.97M | $28.49M | $28.89M | $27.89M | $26.66M | $24.75M | $26.44M | $28.55M |
| Current assets | $240.48M | $245.71M | $251.16M | $291.58M | $358.84M | $279.03M | $273.74M | $268.31M | $327.66M | $325.94M | $383.10M | $373.39M |
| Goodwill | $67.59M | $67.59M | $67.59M | $67.59M | $1.93M | $1.93M | $1.93M | $1.93M | $1.93M | $1.93M | $1.93M | $1.93M |
| Total assets | $722.62M | $732.30M | $744.40M | $792.18M | $494.64M | $411.70M | $410.14M | $393.84M | $464.20M | $443.84M | $480.88M | $475.20M |
| Current liabilities | $108.52M | $142.90M | $134.56M | $171.03M | $109.13M | $111.83M | $115.94M | $81.84M | $72.10M | $80.01M | $99.90M | $104.13M |
| Long-term debt | - | - | - | - | - | - | - | $36.05M | $227.94M | $227.58M | $227.21M | $226.85M |
| Total debt | $319.45M | $319.08M | $318.72M | $354.64M | $109.65M | $36.17M | $36.11M | $36.05M | $227.94M | $227.58M | $227.21M | $226.85M |
| Total liabilities | $759.88M | $799.50M | $803.60M | $843.20M | $539.19M | $466.74M | $468.76M | $472.66M | $674.13M | $669.62M | $710.85M | $721.37M |
| Shareholders' equity | -$37.27M | -$67.20M | -$59.20M | -$51.02M | -$44.55M | -$55.04M | -$58.62M | -$78.82M | -$209.93M | -$225.78M | -$229.97M | -$246.17M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$34.55M | -$18.37M | -$5.37M | -$7.96M | $23.64M | $8.95M | -$6.38M | $22.64M | $9.33M | $3.83M | $6.70M | $21.68M |
| Capital expenditures | $3.21M | $5.08M | $1.88M | $1.99M | $1.13M | $1.12M | $330.0K | $2.90M | $1.42M | $2.97M | $2.41M | $5.87M |
| Free cash flow | -$37.76M | -$23.45M | -$7.25M | -$9.95M | $22.52M | $7.83M | -$6.71M | $19.75M | $7.91M | $861.0K | $4.29M | $15.80M |
| Investing cash flow | -$252.0K | $17.91M | $18.73M | -$291.96M | -$25.06M | $6.26M | $5.96M | $48.22M | -$41.26M | -$55.18M | -$48.44M | -$7.89M |
| Financing cash flow | $23.15M | $559.0K | -$35.41M | $247.41M | $71.81M | -$5.51M | $1.39M | -$86.90M | -$2.34M | -$44.55M | -$3.47M | $141.68M |
| Stock-based compensation | $6.44M | $10.23M | $6.46M | $6.97M | $4.32M | $7.52M | $5.38M | $5.82M | $5.23M | $6.43M | $3.88M | $3.81M |
| Depreciation and amortization | $7.23M | $6.40M | $6.38M | $6.03M | $2.06M | $2.09M | $2.11M | $2.16M | $2.12M | $1.73M | $1.36M | $1.23M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 24.0% | 42.9% | 15.1% | 45.8% | 17.2% | 5.7% | 18.2% | 31.3% | 36.7% | 48.9% | 63.1% | 62.2% |
| Net income growth, YoY | - | - | - | - | -30.9% | - | 23.8% | 429.8% | 571.1% | - | - | - |
| EPS growth, YoY | - | - | - | - | -25.0% | - | 0.0% | - | 300.0% | - | - | - |
| Gross margin | 89.0% | 86.8% | 91.7% | 87.6% | 94.5% | 94.0% | 95.2% | 93.7% | 95.4% | 92.3% | 94.2% | 89.5% |
| Operating margin | -2.1% | -0.3% | -1.8% | -6.9% | 23.0% | 6.9% | 28.5% | 34.5% | 18.2% | 22.9% | 25.2% | 13.4% |
| Net margin | -22.8% | -17.4% | -18.4% | -14.2% | 9.7% | 0.9% | 16.8% | 9.7% | 16.5% | -2.8% | 16.0% | 2.4% |
| Free cash flow margin | -37.1% | -21.4% | -8.0% | -8.9% | 27.4% | 10.2% | -8.6% | 25.7% | 11.3% | 1.2% | 6.5% | 27.0% |
| Current ratio | 2.22 | 1.72 | 1.87 | 1.70 | 3.29 | 2.50 | 2.36 | 3.28 | 4.54 | 4.07 | 3.84 | 3.59 |
Source: XBRL data MannKind Corporation files with the SEC, latest filing dated Nov 5, 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 and share counts are restated for stock splits the filings show: 1-for-5, first reported Mar 16, 2017.
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.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| MNKD | $413.37M | +31.7% | -$74.82M | -18.1% | $1.35B |
| LLY | $86.46B | +45.5% | $27.58B | 31.9% | $1.33T |
| JNJ | $99.33B | +7.8% | $16.09B | 16.2% | $679.13B |
| ABBV | $66.01B | +10.7% | $10.34B | 15.7% | $518.44B |
| MRK | $67.38B | +4.9% | $2.45B | 3.6% | $366.73B |
| NVS | $54.53B | +8.4% | $13.98B | 25.6% | $312.35B |
| AZN | $58.74B | +8.6% | $10.22B | 17.4% | $293.69B |
| ABT | $48.23B | +10.0% | $4.70B | 9.7% | $191.40B |
| NVO | DKK 309.06B | +6.4% | DKK 102.43B | 33.1% | $183.23B |