Filing Flows › Mannkind (MNKD) › Q3 2025
Mannkind (MNKD) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Mannkind (MNKD) reported revenue of $82.1M for the third quarter 2025 (Q3 2025), +17% from a year earlier and +7% from the quarter before. Operating margin was 23.0%, net earnings $8.0M (9.7% of revenue).
Mannkind, Q3 2025: revenue $82.1M (+17% year over year), operating margin 23.0%, net earnings $8.0M, operating cash flow $23.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $82.1M | +7% | +17% |
| Operating profit | $18.9M | +257% | +48% |
| Net earnings | $8.0M | 12× | -31% |
| Operating cash flow | $23.6M | +164% | +153% |
| Free cash flow | $22.5M | +187% | +184% |
What changed
Revenue was $82.1M in Q3 2025, up 17% year over year and up 7% from the previous quarter. Royalty was the largest line at 41% of revenue. Royalty added $6.2M year over year (up 23%), 52% of the total change.
Operating profit was $18.9M, a 23.0% margin (up 4.8 points year over year). Of the extra revenue versus a year earlier, 51% reached operating profit, above the 18% margin then. Total costs grew 10% against revenue growth of 17%. The fastest-growing cost line was Cost of revenue (+41%). Net earnings were $8.0M, down 31% year over year. The effective tax rate was -2.6%.
Operating cash flow was $23.6M (up 153% year over year), 296% of net earnings. Non-cash charges added back $2.1M of depreciation and amortization and $4.3M of share-based compensation. Working capital and other items added $9.3M. Capital expenditures of $1.1M left free cash flow of $22.5M.
Questions
What was Mannkind's revenue in the third quarter 2025?
Mannkind (MNKD) reported revenue of $82.1M for the third quarter 2025 (Q3 2025), +17% from a year earlier and +7% from the quarter before.
Was Mannkind profitable in the third quarter 2025?
Operating profit was $18.9M (23.0% of revenue) and net earnings $8.0M.
Source: Mannkind 10-Q on SEC EDGAR.