Filing Flows › Insmed (INSM) › Q1 2026
Insmed (INSM) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Insmed (INSM) reported revenue of $306M for the first quarter 2026 (Q1 2026), +230% from a year earlier and +16% from the quarter before. Operating margin was -50.1%, net loss $164M (53.5% of revenue).
Insmed, Q1 2026: revenue $306M (+230% year over year), operating margin -50.1%, net loss $164M, operating cash flow −$223M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $306M | +16% | +230% |
| Operating profit | −$153M | — | — |
| Net earnings | −$164M | — | — |
| Operating cash flow | −$223M | — | — |
What changed
Revenue was $306.0M in Q1 2026, up 230% year over year and up 16% from the previous quarter. BRINSUPRI was the largest line at 68% of revenue. ARIKAYCE added $5.3M year over year (up 6%), 2% of the total change.
Operating costs exceeded revenue by $153.3M, an operating margin of -50.1%. Total costs grew 35% against revenue growth of 230%. The quarter ended with a net loss of $163.6M, narrower than the previous quarter's $328.5M loss.
Operating cash flow was −$222.7M. Non-cash charges added back $5.0M of depreciation and amortization and $45.8M of share-based compensation. Working capital and other items used $109.9M. Capital expenditures of $3.5M exceeded it, leaving free cash flow of −$226.2M.
Questions
What was Insmed's revenue in the first quarter 2026?
Insmed (INSM) reported revenue of $306M for the first quarter 2026 (Q1 2026), +230% from a year earlier and +16% from the quarter before.
Was Insmed profitable in the first quarter 2026?
Operating loss was $153M (-50.1% of revenue) and net loss $164M.
Source: Insmed 10-Q on SEC EDGAR.