Filing Flows › Insmed (INSM) › Q4 2025
Insmed (INSM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Insmed (INSM) reported revenue of $264M for the fourth quarter 2025 (Q4 2025), +153% from a year earlier and +85% from the quarter before. Operating margin was -121.2%, net loss $328M (124.5% of revenue).
Insmed, Q4 2025: revenue $264M (+153% year over year), operating margin -121.2%, net loss $328M, operating cash flow −$248M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $264M | +85% | +153% |
| Operating profit | −$320M | — | — |
| Net earnings | −$328M | — | — |
| Operating cash flow | −$248M | — | — |
What changed
Revenue was $263.8M in Q4 2025, up 153% year over year and up 85% from the previous quarter. BRINSUPRI was the largest line at 55% of revenue.
Operating costs exceeded revenue by $319.7M, an operating margin of -121.2%. Total costs grew 74% against revenue growth of 153%. The quarter ended with a net loss of $328.5M, narrower than the previous quarter's $370.0M loss.
Operating cash flow was −$247.6M. Non-cash charges added back $5.6M of depreciation and amortization and $39.0M of share-based compensation. Working capital and other items added $36.3M. Capital expenditures of $16.6M exceeded it, leaving free cash flow of −$264.2M.
Questions
What was Insmed's revenue in the fourth quarter 2025?
Insmed (INSM) reported revenue of $264M for the fourth quarter 2025 (Q4 2025), +153% from a year earlier and +85% from the quarter before.
Was Insmed profitable in the fourth quarter 2025?
Operating loss was $320M (-121.2% of revenue) and net loss $328M.
Source: Insmed 10-K on SEC EDGAR.