Filing Flows › Mannkind (MNKD) › Q4 2025
Mannkind (MNKD) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Mannkind (MNKD) reported revenue of $112M for the fourth quarter 2025 (Q4 2025), +46% from a year earlier and +36% from the quarter before. Operating margin was -6.9%, net loss $15.9M (14.2% of revenue).
Mannkind, Q4 2025: revenue $112M (+46% year over year), operating margin -6.9%, net loss $15.9M, operating cash flow −$8.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $112M | +36% | +46% |
| Operating profit | −$7.7M | -141% | — |
| Net earnings | −$15.9M | -300% | — |
| Operating cash flow | −$8.0M | -134% | — |
What changed
Revenue was $112.0M in Q4 2025, up 46% year over year and up 36% from the previous quarter. Product was the largest line at 45% of revenue.
Operating costs exceeded revenue by $7.7M, an operating margin of -6.9%. Total costs grew 138% against revenue growth of 46%. The fastest-growing cost line was Cost of revenue (+190%). The quarter ended with a net loss of $15.9M, after a profit of $8.0M the previous quarter. Net interest and other expense of $13.2M was the main reason.
Operating cash flow was −$8.0M. Non-cash charges added back $6.0M of depreciation and amortization and $7.0M of share-based compensation. Working capital and other items used $5.0M. Capital expenditures of $2.0M exceeded it, leaving free cash flow of −$10.0M.
Questions
What was Mannkind's revenue in the fourth quarter 2025?
Mannkind (MNKD) reported revenue of $112M for the fourth quarter 2025 (Q4 2025), +46% from a year earlier and +36% from the quarter before.
Was Mannkind profitable in the fourth quarter 2025?
Operating loss was $7.7M (-6.9% of revenue) and net loss $15.9M.
Source: Mannkind 10-K on SEC EDGAR.