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Insmed INSM Q4 2025 Annual earnings

Reported February 19, 2026 · Before market open

Revenue$263.8MBeat by $32.6MDiluted EPS-$1.54Miss by $0.47
Revenue estimate$231.2M
EPS estimate-$1.07

Next report

Aug 6, 2026 (In 3 weeks)
Revenue estimate$390.1M
EPS estimate-$0.75

Financials

Q4 2025

Income statement

See full
Revenue$263.8M+153%
Gross profit$219.6M+181%
Operating income-$319.7M-38.8%
Net income-$328.5M-39.5%
EPS (diluted)-$1.53-17.7%

Balance sheet

See full
Cash & equivalents$510.4M-8.0%
Total debt$590.0M-48.8%
Total equity$739.0M+159%
Total assets$2.3B+11.8%

Cash flow

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Operating cash flow-$247.6M-26.3%
CapEx$16.6M+145%
Free cash flow-$264.2M-30.3%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$37.12B+201%
Enterprise value$37.2B+187%
P/S61.2×+27.2×

Profitability

See full
Gross margin79.7%+3.3pp
Operating margin-205.6%-26.6pp
Net margin-210.5%-29.4pp
FCF margin-159.6%-24.1pp

Returns & leverage

See full
Return on equity-249.3%—
Debt / equity0.8×-3.2×
Current ratio3.8×-1.6×

Segments

By product

See full
ARIKAYCE external R&D expenses$119.2M+14.2%

Versus estimates

Revenue

Q1 2026$306.0MBeat by $5.2M
Q4 2025$263.8MBeat by $32.6M
Q3 2025$142.3MBeat by $26.9MQ2 2025$107.4MBeat by $3.3MQ1 2025$92.8MBeat by $1.4MQ4 2024$104.4MBeat by $2.4M

Diluted EPS

Q1 2026-$0.76Beat by $0.14
Q4 2025-$1.54Miss by $0.47
Q3 2025-$1.75Miss by $0.42Q2 2025-$1.70Miss by $0.40Q1 2025-$1.42Miss by $0.08Q4 2024-$1.32Miss by $0.15

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Questions, answered.

When did Insmed report Q4 2025 earnings?
Insmed (INSM) reported Q4 2025 earnings on February 19, 2026 before market open.
What were Insmed's Q4 2025 revenue and EPS?
Insmed reported revenue of $263.8M and diluted EPS of $-1.54 for Q4 2025.
Did Insmed beat estimates in Q4 2025?
Revenue beat the consensus estimate of $231.2M by $32.6M. EPS missed the consensus estimate of $-1.07 by $0.47.
How did Insmed's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 152.6% from $104.4M a year earlier and diluted EPS declined 16.7% from $-1.32.
Where can I find Insmed's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001140361-26-006116) and the 10-K periodic report (0001104506-26-000009) directly on SEC EDGAR. The filing index links above go to sec.gov.