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Insmed cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$42.1M in Q3 2026 · −$628M over twelve months

Operating cash flow−$36.5M
Capital spending−$5.6M
Free cash flow−$42.1M
Cash conversion cycle128 days

Analysis

In Q3 2026, Insmed generated −$36.5M of operating cash flow and spent $5.6M on capital projects, leaving free cash flow of −$42.1M. That is $180M more than in Q3 2025 (−$222M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$596M; the largest uses were operating cash flow ($596M), capital spending ($32.0M), net borrowing (+) / repaid (−) ($3.2M); besides operations, cash came from other investing ($576M), shares issued ($117M); the cash balance rose by $61.8M.

Operating cash flow was −$36.5M against net income of −$100M. The largest differences: payables +$87.1M, receivables −$43.1M, stock-based pay +$41.2M.

Its cash conversion cycle was 128 days (receivables 42 + inventory 180 − payables 93).

Free cash flow

Insmed: free cash flow by quarterInsmed: free cash flow by quarter−$203MQ4 2024−$272MQ1 2025−$209MQ2 2025−$222MQ3 2025−$264MQ4 2025−$226MQ1 2026−$95.1MQ2 2026−$42.1MQ3 2026
Operating cash flow less capital spending.
Insmed: operating cash flow against capital spendingInsmed: operating cash flow against capital spendingOperating cash flowCapital spending−$196M$6.8MQ4 2024−$262M$10.1MQ1 2025−$206M$3.5MQ2 2025−$220M$2.4MQ3 2025−$248M$16.6MQ4 2025−$223M$3.5MQ1 2026−$88.8M$6.3MQ2 2026−$36.5M$5.6MQ3 2026
Latest (Q3 2026): Operating cash flow −$36.5M, Capital spending $5.6M.

Capital allocation, year by year

Insmed: where the cash came from (up) and went (down), by fiscal yearInsmed: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$363MFY2021: Net borrowing −$226MFY2021: Shares issued $292MFY2021: Capital spending −$7.3MFY2021: Acquisitions −$6.7M$292MFY2021FY2022: Operating cash flow −$400MFY2022: Net borrowing $349MFY2022: Shares issued $312MFY2022: Capital spending −$9.9M$661MFY2022FY2023: Operating cash flow −$536MFY2023: Net borrowing −$1.2MFY2023: Shares issued $171MFY2023: Capital spending −$13.3M$171MFY2023FY2024: Operating cash flow −$684MFY2024: Net borrowing $147MFY2024: Shares issued $1.2BFY2024: Capital spending −$21.9M$1.3BFY2024FY2025: Operating cash flow −$935MFY2025: Net borrowing −$4.9MFY2025: Shares issued $959MFY2025: Capital spending −$32.6M$959MFY2025
Over these 5 years operating cash flow totalled −$2.9B; the largest uses were operating cash flow ($2.9B) and net borrowing ($232M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.1B
Debt$547M
Net cash$600M
Due within a year$10.2M
Cash runway22 months

Insmed is burning cash: its operations consume cash, a free cash flow of −$628M a year at the current rate against $1.1B of cash and investments: a runway of about 22 months; $10.2M of debt also comes due within a year, which the cash covers before any new financing.

Insmed: debt maturities by year (FY2025)Insmed: debt maturities by year (FY2025)$342MYear 3$205MYear 4
Principal due in each year as disclosed in the annual report, against $1.1B of cash and investments now.

Where the cash came from and went

Insmed: sources (+) and uses (−) of cash, Q3 2026Insmed: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$148MOther investing−$130MOperating cash flow−$36.5MShares issued$24.5MCapital spending−$5.6MNet borrowing (+) / repaid (−)−$843KExchange rates$269K
Insmed: sources (+) and uses (−) of cash, TTM to Q3 2026Insmed: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$596MOther investing$576MShares issued$117MCash drawn (+) / kept (−)−$61.8MCapital spending−$32.0MNet borrowing (+) / repaid (−)−$3.2MExchange rates−$564K

From profit to cash

Insmed: net income to operating cash flow, Q3 2026Insmed: net income to operating cash flow, Q3 2026Net income−$100MDepreciation & amortization$8.4MStock-based pay$41.2MReceivables−$43.1MInventory−$18.0MPayables$87.1MPrepaid and other assets−$20.6MOther liabilities−$769KOperating cash flow−$36.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264218093128
Q2 202642186100128
Q1 202647251145153
Q4 202536263166133
Q3 202539358241156
Q2 202544338214168
Q1 202548421276193
Q4 202442347243145

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$36.5M−$5.6M−$843K$24.5M$148M−$42.1M
Q2 2026−$88.8M−$6.3M−$827K$28.0M$37.4M−$95.1M
Q1 2026−$223M−$3.5M−$799K$30.3M−$71.7M−$226M
Q4 2025−$248M−$16.6M−$776K$34.6M−$176M−$264M
Q3 2025−$220M−$2.4M−$747K$34.2M$950M−$222M
Q2 2025−$206M−$3.5M−$732K$37.0M−$881M−$209M
Q1 2025−$262M−$10.1M−$706K$29.7M$152M−$272M
Q4 2024−$196M−$6.8M−$686K$13.7M−$93.6M−$203M

Insmed: income statement and cash flow

Insmed, Q3 2026: revenue $524M (+268% year over year), operating margin -17.0%. The chart follows the revenue to costs, profit and cash.

Insmed: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.