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Insmed (INSM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Insmed (INSM) reported revenue of $142M for the third quarter 2025 (Q3 2025), +52% from a year earlier and +33% from the quarter before. Operating margin was -257.1%, net loss $370M (260.0% of revenue).
Insmed, Q3 2025: revenue $142M (+52% year over year), operating margin -257.1%, net loss $370M, operating cash flow −$220M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $142M | +33% | +52% |
| Operating profit | −$366M | — | — |
| Net earnings | −$370M | — | — |
| Operating cash flow | −$220M | — | — |
What changed
Revenue was $142.3M in Q3 2025, up 52% year over year and up 33% from the previous quarter. ARIKAYCE was the largest line at 80% of revenue. ARIKAYCE added $20.9M year over year (up 22%), 43% of the total change.
Operating costs exceeded revenue by $366.0M, an operating margin of -257.1%. Total costs grew 66% against revenue growth of 52%. The fastest-growing cost line was Other operating costs (+566%). The quarter ended with a net loss of $370.0M, wider than the previous quarter's $321.7M loss.
Operating cash flow was −$219.8M. Non-cash charges added back $4.0M of depreciation and amortization and $31.4M of share-based compensation. Working capital and other items added $114.8M. Capital expenditures of $2.4M exceeded it, leaving free cash flow of −$222.2M.
Questions
What was Insmed's revenue in the third quarter 2025?
Insmed (INSM) reported revenue of $142M for the third quarter 2025 (Q3 2025), +52% from a year earlier and +33% from the quarter before.
Was Insmed profitable in the third quarter 2025?
Operating loss was $366M (-257.1% of revenue) and net loss $370M.
Source: Insmed 10-Q on SEC EDGAR.