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Insmed (INSM) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Insmed (INSM) Q3 2026 earnings results →
Q3 2026 Revenue up 268% year over year to $524M · 19¢ of every $1 of revenue lost · operating margin -17.0%
Insmed made $524M in Q3 2026 (+268% Y/Y): BRINSUPRI $400M, ARIKAYCE $124M. Operating margin -17.0%, net loss $100M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $524.4M in Q3 2026, up 268% year over year and up 23% from the previous quarter. BRINSUPRI was the largest line at 76% of revenue. BRINSUPRI added $372.0M year over year (up 1326%), 97% of the total change.
Operating costs exceeded revenue by $89.4M, an operating margin of -17.0%. Total costs grew 21% against revenue growth of 268%. The fastest-growing cost line was Cost of revenue (+166%). The quarter ended with a net loss of $100.3M, wider than the previous quarter's $13.2M loss.
Operating cash flow was −$36.5M. Non-cash charges added back $8.4M of depreciation and amortization and $41.2M of share-based compensation. Working capital and other items added $14.2M. Capital expenditures of $5.6M exceeded it, leaving free cash flow of −$42.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $524M | +268% | -17.0% | −$100M | −$36.5M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $425M | +296% | -0.4% | −$13.2M | −$88.8M |
| Q1 2026 | 10-Q | May 7, 2026 | $306M | +230% | -50.1% | −$164M | −$223M |
| Q4 2025 | 10-K | Feb 19, 2026 | $264M | +153% | -121.2% | −$328M | −$248M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $142M | +52% | -257.1% | −$370M | −$220M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $107M | +19% | -291.3% | −$322M | −$206M |
| Q1 2025 | 10-Q | May 8, 2025 | $92.8M | +23% | -267.3% | −$257M | −$262M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Insmed
We are a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases. Our commercial portfolio and clinical pipeline are organized around three therapeutic areas: Respiratory, Immunology & Inflammation, and Neuro & Other Rare. To complement our internal research and development, we also actively evaluate in-licensing and acquisition opportunities for commercial products, product candidates and technologies. Our two commercial products, ARIKAYCE ® and BRINSUPRI ® , are both part of the Respiratory therapeutic area. ARIKAYCE is approved in the US as ARIKAYCE (amikacin liposome inhalation suspension), in Europe as ARIKAYCE Liposomal 590 mg Nebuliser Dispersion and in Japan as ARIKAYCE inhalation 590mg (amikacin sulfate inhalation drug product).
In its own words, from its 10-K, filed Feb 19, 2026.
Insmed against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +268% against the peers' median +10%. Operating margin: -17.0% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| INSM Insmed | Q3 2026 | $524M | +268% | -17.0% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Insmed 10-Q on SEC EDGAR · CIK 1104506 · Pharmaceutical Preparations
13F: who owns INSM and who is buying
More on INSM
- How Insmed makes money: revenue by segment
- Insmed next earnings date and what analysts expect
- Insmed stock forecast, price target and fair value
- Who owns Insmed stock: holders, funds and Congress trades
- Insmed guidance and outlook
- Is Insmed a takeover target? LBO and rumors
- Insmed recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results