INSM financial statements

The full income statement, balance sheet, and cash-flow statement for Insmed Incorporated (INSM), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 171.8M2024-09 178.9M2024-12 181.0M2025-03 182.1M2025-06 211.4M2025-09 213.3M2025-12 215.6M2026-03 216.8M2026-06 218.4M+27.1% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	606M YoY+66.7%	364M YoY+19.2%	305M YoY+24.4%	245M YoY+30.2%	188M YoY+14.6%
Cost of revenue	123M YoY+43.4%	85.7M YoY+30.8%	65.6M YoY+19.0%	55.1M YoY+24.9%	44.2M YoY+10.7%
Research & development	771M YoY+28.9%	598M YoY+4.8%	571M YoY+43.6%	398M YoY+45.7%	273M YoY+50.6%
Selling, general & administrative	701M YoY+52.1%	461M YoY+33.9%	345M YoY+29.6%	266M YoY+13.5%	234M YoY+15.1%
General & administrative	—	—	345M YoY+29.6%	266M YoY+13.5%	234M YoY+15.1%
Amortization of intangibles	6.00M YoY+18.8%	5.05M YoY+0.0%	5.05M YoY-0.0%	5.05M YoY+0.0%	5.05M YoY+1.0%
Operating income	-1.25B YoY-42.0%	-878M YoY-23.8%	-710M YoY-55.2%	-457M YoY-21.9%	-375M YoY-41.4%
Interest expense	83.8M YoY-1.3%	84.9M YoY+3.9%	81.7M YoY+208.9%	26.4M YoY-34.7%	40.5M YoY+36.9%
Other non-operating income	-1.84M YoY-6448.3%	29.0K YoY-98.4%	1.86M YoY+131.3%	-5.94M YoY-78.3%	-3.33M YoY-922.2%
Pre-tax income	-1.27B YoY-39.7%	-910M YoY-21.8%	-747M YoY-55.6%	-480M YoY-10.0%	-436M YoY-49.1%
Income tax	5.03M YoY+35.6%	3.71M YoY+45.1%	2.56M YoY+84.7%	1.38M YoY+178.7%	-1.76M YoY-225.4%
	-1.28B YoY-39.7%	-914M YoY-21.9%	-750M YoY-55.7%	-482M YoY-10.8%	-435M YoY-47.8%
Net income to common	-1.28B YoY-39.7%	-914M YoY-21.9%	-750M YoY-55.7%	-482M YoY-10.8%	-435M YoY-47.8%
	-$6.42 YoY-15.3%	-$5.57 YoY-4.3%	-$5.34 YoY-36.6%	-$3.91 YoY-0.8%	-$3.88 YoY-28.9%
EPS (basic)	-$6.42 YoY-15.3%	-$5.57 YoY-4.3%	-$5.34 YoY-36.6%	-$3.91 YoY-0.8%	-$3.88 YoY-28.9%
	199M YoY+21.3%	164M YoY+16.8%	140M YoY+14.1%	123M YoY+9.7%	112M YoY+14.9%
	199M YoY+21.3%	164M YoY+16.8%	140M YoY+14.1%	123M YoY+9.7%	112M YoY+14.9%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.79B YoY+10.6%	1.62B YoY+74.5%	929M YoY-27.0%	1.27B YoY+52.1%	837M YoY+34.4%
Cash & equivalents	510M YoY-8.0%	555M YoY+15.1%	482M YoY-55.1%	1.07B YoY+49.8%	717M YoY+34.5%
Short-term investments	920M YoY+4.6%	879M YoY+194.8%	298M YoY+301.5%	74.2M	0.00
Accounts receivable	141M YoY+170.8%	52.0M YoY+26.3%	41.2M YoY+38.6%	29.7M YoY+22.0%	24.4M YoY+47.0%
Inventory	132M YoY+34.0%	98.6M YoY+18.4%	83.2M YoY+19.1%	69.9M YoY+4.3%	67.0M YoY+35.1%
Prepaid expenses	91.2M YoY+145.0%	37.2M YoY+54.0%	24.2M YoY-5.1%	25.5M YoY-11.9%	28.9M YoY+20.5%
	2.26B YoY+11.8%	2.03B YoY+52.3%	1.33B YoY-19.7%	1.66B YoY+33.2%	1.24B YoY+56.2%
Property, plant & equipment	103M YoY+28.6%	80.1M YoY+22.4%	65.4M YoY+15.7%	56.5M YoY+6.7%	53.0M YoY-1.8%
Operating lease right-of-use	20.7M YoY+20.0%	17.3M YoY-4.2%	18.0M YoY-17.7%	21.9M YoY-34.3%	33.3M YoY+1.1%
Goodwill	136M YoY+0.0%	136M YoY+0.0%	136M YoY+0.0%	136M YoY+0.0%	136M
Intangible assets	97.7M YoY+66.5%	58.7M YoY-7.9%	63.7M YoY-7.3%	68.8M YoY-6.8%	73.8M YoY+49.8%
Long-term investments	—	—	—	0.00 YoY-100.0%	50.0M
	469M YoY+57.6%	298M YoY+31.9%	226M YoY+18.6%	190M YoY+40.7%	135M YoY+13.8%
Accounts payable	79.9M YoY+9.4%	73.0M YoY+11.7%	65.4M YoY+29.6%	50.5M YoY+41.0%	35.8M YoY-16.5%
Accrued liabilities	456M YoY+59.9%	285M YoY+32.7%	215M YoY+18.0%	182M YoY+200.2%	60.7M YoY+60.5%
Short-term & current debt	—	—	0.00	—	—
Current lease liability	9.47M YoY+1.2%	9.36M YoY+16.5%	8.03M YoY+16.3%	6.91M YoY-27.5%	9.53M YoY-17.0%
Finance lease liability (current)	3.35M YoY+13.0%	2.96M YoY+13.4%	2.61M YoY+114.5%	1.22M YoY+99.8%	609K YoY-43.7%
	1.53B YoY-12.3%	1.74B YoY+4.7%	1.66B YoY+5.9%	1.57B YoY+88.3%	833M YoY+60.1%
Long-term debt	541M YoY-51.0%	1.10B YoY-4.5%	1.16B YoY+2.7%	1.13B YoY+98.6%	567M YoY+59.0%
Non-current lease liability	12.2M YoY+33.6%	9.11M YoY-17.3%	11.0M YoY-25.9%	14.9M YoY-30.7%	21.4M YoY+0.9%
Operating lease liability (total)	21.6M YoY+17.2%	18.5M YoY-3.0%	19.0M YoY-12.5%	21.8M YoY-29.7%	31.0M YoY-5.4%
Finance lease liability (total)	24.1M YoY-11.0%	27.0M YoY-8.8%	29.6M YoY-3.9%	30.9M YoY+109.7%	14.7M YoY-6.9%
Finance lease liability	20.7M YoY-13.9%	24.1M YoY-11.0%	27.0M YoY-8.8%	29.6M YoY+110.1%	14.1M YoY-4.1%
Other non-current liabilities	5.65M YoY+1031.5%	499K YoY-84.1%	3.15M YoY-66.5%	9.39M YoY-53.2%	20.1M YoY+118.7%
	739M YoY+158.9%	285M YoY+186.0%	-332M YoY-477.4%	88.0M YoY-78.6%	410M YoY+48.8%
Common stock	2.14M YoY+19.5%	1.79M YoY+21.2%	1.48M YoY+9.1%	1.36M YoY+14.3%	1.19M YoY+15.5%
Additional paid-in capital	6.37B YoY+37.2%	4.65B YoY+49.2%	3.11B YoY+11.9%	2.78B YoY+4.1%	2.67B YoY+27.0%
Retained earnings	-5.64B YoY-29.3%	-4.36B YoY-26.5%	-3.45B YoY-27.8%	-2.70B YoY-19.0%	-2.27B YoY-23.7%
Accumulated other comprehensive income	1.46M YoY+163.8%	-2.29M YoY-207.2%	-745K YoY-198.5%	756K YoY-21.9%	968K YoY+401.6%
Total liabilities & equity	2.26B YoY+11.8%	2.03B YoY+52.3%	1.33B YoY-19.7%	1.66B YoY+33.2%	1.24B YoY+56.2%
	214M YoY+19.4%	179M YoY+21.2%	148M YoY+9.1%	136M YoY+14.2%	119M YoY+15.5%
	214M YoY+19.4%	179M YoY+21.2%	148M YoY+9.1%	136M YoY+14.2%	119M YoY+15.5%
	216M YoY+19.1%	181M YoY+21.9%	148M YoY+8.9%	136M YoY+14.7%	119M YoY+15.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	-935M YoY-36.7%	-684M YoY-27.5%	-536M YoY-33.9%	-400M YoY-10.2%	-363M YoY-65.6%
Depreciation & amortization	16.4M YoY+49.4%	11.0M YoY+100.2%	5.50M YoY+3.8%	5.30M YoY-41.8%	9.10M YoY+0.0%
Intangible amortization	6.00M YoY+18.8%	5.05M YoY+0.0%	5.05M YoY-0.0%	5.05M YoY+0.0%	5.05M YoY+1.0%
Share-based compensation	153M YoY+57.7%	96.8M YoY+29.5%	74.8M YoY+29.6%	57.7M YoY+25.3%	46.0M YoY+27.3%
Deferred income taxes	-27.0K YoY+6.9%	-29.0K YoY+46.3%	-54.0K YoY+76.6%	-231K YoY+93.3%	-3.45M
Change in receivables	88.3M YoY+582.9%	12.9M YoY+8.1%	12.0M YoY+86.3%	6.42M YoY-20.9%	8.12M YoY+404.0%
Change in inventory	31.5M YoY+84.9%	17.0M YoY+25.2%	13.6M YoY+694.2%	1.71M YoY-90.2%	17.5M YoY-17.6%
Change in payables	—	44.6M YoY+194.2%	15.2M YoY-69.7%	50.0M YoY+760.2%	-7.58M YoY-125.4%
	-64.6M YoY+88.9%	-583M YoY-160.8%	-224M YoY-546.6%	-34.6M YoY+46.2%	-64.3M YoY-842.3%
Capital expenditure	32.6M YoY+48.5%	21.9M YoY+65.0%	13.3M YoY+34.5%	9.88M YoY+35.5%	7.29M YoY+16.8%
Free cash flow	-968M YoY-37.1%	-706M YoY-28.4%	-550M YoY-33.9%	-410M YoY-10.7%	-371M YoY-64.3%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Sales/maturities of investments	—	—	375M YoY+400.0%	75.0M	0.00
	954M YoY-28.9%	1.34B YoY+696.1%	168M YoY-78.8%	793M YoY+29.5%	613M YoY+126.0%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	823M YoY-24.1%	1.08B YoY+611.0%	152M YoY-47.8%	292M YoY+8.3%	270M YoY+9.8%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00
Other financing activities	—	—	—	-601K YoY+44.4%	-1.08M YoY-15.5%
FX effect on cash	931K YoY+171.2%	-1.31M YoY-422.8%	-250K YoY+74.9%	-996K YoY-6.8%	-933K YoY-288.9%
Net change in cash	-44.6M YoY-161.4%	72.7M YoY+112.3%	-592M YoY-265.6%	357M YoY+94.1%	184M YoY+306.0%
Interest paid	55.4M YoY+36.4%	40.6M YoY+13.4%	35.8M YoY+252.3%	10.2M YoY-6.7%	10.9M YoY+18.5%
Income taxes paid	4.14M YoY+65.7%	2.50M YoY+27.8%	1.96M YoY+13.9%	1.72M YoY+10.2%	1.56M YoY+91.4%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	37.5B YoY+200.2%	12.5B YoY+181.9%	4.43B YoY+63.8%	2.71B YoY-16.4%	3.24B YoY-5.6%
P/S	61.9× YoY+80.1%	34.4× YoY+117.6%	15.8× YoY+41.3%	11.2× YoY-35.0%	17.2× YoY-17.6%
P/B	50.8× YoY+15.9%	43.8×	—	—	7.9× YoY-36.5%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: INSM's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all INSM filings on SEC EDGAR → Not investment advice.