Free cash flow remains deeply negative, with a $226.2 million outflow in 2026Q1, highlighting a persistent cash burn that is only partially masked by $45.8 million in stock-based compensation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | -895.66M | -935.01M | -683.88M | -536.25M | -400.44M | -363.3M | -219.35M | -250.65M | -257.98M | -159.62M | -146.71M | -100.7M | -64.42M | -46.66M | -31.01M | -30.2M | -7.72M | -11.01M | -11.99M | -25.25M | -42.2M | -27.77M | -24.9M | -10.76M | -24.08M | -31.78M | -21.42M | -7.23M |
| Operating CF Margin % | - | -154.19% | -188.03% | -175.7% | -163.21% | -192.77% | -133.41% | -183.67% | -2623.05% | - | - | - | -560.14% | -405.77% | - | -683.84% | -111.57% | -106.16% | -102.5% | -335.44% | -4258.73% | -21194.66% | -18175.91% | -7174.67% | -1231.87% | -10736.49% | -35693.33% | -723333.6% |
| Operating CF Growth % | -99.99% | -36.72% | -27.53% | -33.91% | -10.22% | -65.63% | 12.49% | 2.84% | -61.62% | -8.8% | -45.69% | -56.33% | -38.04% | -50.47% | -2.67% | -291.16% | 29.88% | 8.17% | 52.52% | 40.16% | -52% | -11.5% | -131.38% | 55.31% | 24.22% | -48.39% | -196.07% | - |
| Net Income | -1.18B | -1.28B | -913.77M | -749.57M | -481.53M | -434.65M | -294.09M | -254.34M | -324.28M | -192.65M | -176.27M | -118.18M | -79.16M | -56.07M | -41.37M | -59.66M | -6.43M | 118.35M | -15.67M | -19.96M | -56.14M | -40.93M | -27.2M | -10.3M | -36.42M | -37.17M | -79.86M | -7.79M |
| Depreciation & Amortization | 18.32M | 16.45M | 11.01M | 10.58M | 10.33M | 14.18M | 14.15M | 10.18M | 4.83M | 2.9M | 2.44M | 1.98M | 1.07M | 680K | 561K | 343K | 54K | 707K | 1.04M | 406K | 3.37M | 12.9M | 34K | 96K | 346K | 1.54M | 789K | 86.57K |
| Stock-Based Compensation | 120.16M | 152.71M | 96.83M | 74.78M | 57.69M | 46.02M | 36.16M | 26.97M | 26.24M | 18.07M | 18.04M | 15.59M | 11.33M | 8.67M | 2.98M | 1.6M | 366K | 2.54M | 850K | 521K | 885K | 0 | 0 | 0 | 95K | 95K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 17.69M | 0 | 0 | 2.21M | 0 | 0 | 0 | 9K | -2K | -838K | 0 | 0 | 0 | 500K | -521K | -885K | 0 | 0 | 0 | -95K | -95K | 0 | 0 |
| Other Non-Cash Items | 228.03M | 252.9M | 125.22M | 167.18M | 6.5M | 52.04M | 27.39M | 29.5M | 17.29M | 776K | 452K | 534K | 500K | 493K | 280K | 25.99M | 0 | -127.47M | 143K | 559K | 5.98M | 48K | 33K | 119K | 15.53M | -116K | 55.55M | 294.26K |
| Working Capital Changes | -78.42M | -80.3M | -3.18M | -39.22M | 6.58M | -58.58M | -2.95M | -62.97M | 15.74M | 11.28M | 8.64M | -623K | 1.83M | -430K | 7.38M | 1.53M | -1.71M | -5.14M | 1.14M | -6.26M | 4.58M | 219K | 2.23M | -679K | -3.55M | 3.96M | 2.11M | 178.51K |
| Change in Receivables | -131.86M | -88.31M | -12.93M | -11.96M | -6.42M | -8.12M | 2.67M | -13.72M | -5.51M | 0 | 0 | 0 | 0 | 0 | 757K | -286K | 19K | -123K | 128K | -9K | -241K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -32.38M | -31.52M | -17.04M | -13.61M | -1.71M | -17.46M | -21.18M | -21.28M | -7.03M | 0 | 0 | 0 | 0 | 0 | 483K | 1.65M | -104.44M | -1.78M | 245K | 576K | -576K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 127.69M | 100.07M | 44.59M | 15.15M | 50.01M | -7.58M | 29.82M | -4.97M | 3.87M | 3.6M | 2.77M | -1.78M | 3.31M | -1.13M | 4.73M | 884K | -2.75M | -965K | 373K | -6.28M | 6.22M | -1.65M | 1.96M | -3.49M | 1.81M | 1.81M | 0 | 0 |
| Cash from Investing | 120.53M | -64.58M | -583.17M | -223.6M | -34.58M | -64.28M | -6.82M | -42.27M | -14.81M | -3M | -4.2M | -3.45M | -5.34M | 1.33M | 61.52M | 34.36M | 5.96M | 18.74M | 12.67M | 8.57M | -5.02M | 0 | 0 | 0 | 11.25M | 11.25M | -4.64M | -4.44M |
| Capital Expenditures | -55.97M | -32.56M | -21.92M | -13.29M | -9.88M | -7.29M | -6.82M | -42.27M | -14.81M | -3M | -4.2M | -3.45M | -5.35M | -826K | -290K | -979K | 6.73M | 0 | 0 | 0 | -5.02M | 0 | 0 | 0 | -251K | -251K | -1.29M | -109.38K |
| CapEx % of Revenue | 6.83% | 5.37% | 6.03% | 4.35% | 4.03% | 3.87% | 4.15% | 30.97% | 150.63% | - | - | - | 46.53% | 7.18% | - | 22.16% | 97.28% | - | - | - | 506.56% | - | - | - | 12.84% | 84.8% | 2156.67% | 10937.8% |
| Acquisitions | 0 | 0 | 0 | 3.42M | 24.71M | -6.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 5K | 0 | -6.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -15M | -30M | 0 | 0 | -24.71M | -57M | 0 | 0 | 0 | 0 | 0 | 0 | 10K | 0 | 0 | 0 | -6.73M | 127.47M | 0 | 0 | 0 | 0 | 0 | 0 | 11.71M | 0 | 3.61M | 0 |
| Cash from Financing | 954.59M | 954.07M | 1.34B | 168.44M | 793.27M | 612.55M | 271M | 285.28M | 386.74M | 381.09M | 30.67M | 227.8M | 115.09M | 68.45M | 45.42M | -50K | -233K | 2.87M | -2.09M | 18.12M | 52.5M | 37.38M | 4.6M | 12.95M | 170K | 153K | 97.37M | 312.14K |
| Debt Issued (Net) | -5.02M | -4.93M | 147.39M | -1.22M | 349.4M | 336.34M | 769K | 0 | 392.17M | 0 | 30M | 0 | 4.94M | -96K | 19.88M | -82K | -237K | -1.25M | -2.21M | 0 | 0 | 35M | 0 | 0 | 0 | 0 | 66K | 0 |
| Equity Issued (Net) | 959.61M | 959M | 1.08B | 152.47M | 292.15M | 269.89M | 245.87M | 261.07M | 8.81M | 377.66M | 1.08M | 222.94M | 109.01M | 67.02M | 25.66M | 32K | 4K | 580K | 121K | 17.1M | 52.21M | 4.62M | 8.19M | 12.95M | 170K | 153K | 97.3M | 312K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 109.51M | 17.18M | 151.72M | 6.32M | 25.14M | 24.2M | -14.24M | 3.43M | -411K | 4.86M | 1.14M | 1.53M | -114K | 0 | 0 | 3.53M | 0 | 1.02M | 288K | -2.24M | -3.59M | 0 | 0 | 0 | 0 | 141 |
| Net Change in Cash | 178.94M | -44.59M | 72.66M | -591.66M | 357.25M | 184.03M | 45.33M | -7.64M | 113.91M | 218.57M | -120.28M | 123.65M | 45.33M | 23.11M | 75.93M | 4.11M | -2M | 10.6M | -1.41M | 1.43M | 5.28M | 9.61M | -20.3M | 2.19M | -23.91M | -20.38M | 71.31M | -11.36M |
| Free Cash Flow | -951.63M | -967.58M | -705.8M | -549.53M | -410.32M | -370.59M | -226.17M | -292.92M | -272.79M | -162.62M | -150.91M | -104.15M | -69.77M | -47.49M | -31.3M | -31.18M | -989K | -11.01M | -11.99M | -25.25M | -47.22M | -27.77M | -24.9M | -10.76M | -24.33M | -32.03M | -22.71M | -7.34M |
| FCF Margin % | -116.11% | -159.55% | -194.06% | -180.05% | -167.23% | -196.64% | -137.56% | -214.64% | -2773.68% | - | - | - | -606.67% | -412.96% | - | -706% | -14.29% | -106.16% | -102.5% | -335.44% | -4765.29% | -21194.66% | -18175.91% | -7174.67% | -1244.71% | -10821.28% | -37850% | -734271.4% |
| FCF Growth % | -20.57% | -37.09% | -28.44% | -33.93% | -10.72% | -63.86% | 22.79% | -7.38% | -67.75% | -7.76% | -44.89% | -49.29% | -46.91% | -51.72% | -0.38% | -3053.08% | 91.02% | 8.17% | 52.52% | 46.52% | -70.08% | -11.5% | -131.38% | 55.77% | 24.03% | -41.04% | -209.29% | - |
| FCF per Share | -4.42 | -4.53 | -4.30 | -3.91 | -3.33 | -3.31 | -2.32 | -3.46 | -3.55 | -2.44 | -2.44 | -1.78 | -1.62 | -1.36 | -1.18 | -1.34 | -0.07 | -0.87 | -0.98 | -2.20 | -4.95 | -5.70 | -6.36 | -3.02 | -7.36 | -9.74 | -12.40 | -23.27 |
| FCF Conversion (FCF/Net Income) | 0.80x | 0.73x | 0.75x | 0.72x | 0.83x | 0.84x | 0.75x | 0.99x | 0.80x | 0.83x | 0.83x | 0.85x | 0.81x | 0.83x | 0.75x | 0.51x | 1.20x | -0.09x | 0.77x | 1.27x | 0.75x | 0.68x | 0.92x | 1.05x | 0.66x | 0.86x | 0.27x | 0.93x |
| Interest Paid | 13.27M | 0 | 40.57M | 35.79M | 10.16M | 10.89M | 9.19M | 7.88M | 6.29M | 5.17M | 3.61M | 0 | 1.8M | 0 | 0 | 0 | 0 | 82K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 677K | 0 | 2.5M | 1.96M | 1.72M | 1.56M | 814K | 339K | 154K | 166K | 85K | 0 | 9.43M | 0 | 0 | 0 | 1.88M | 2.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Clinical Pipeline Dependency
As reported in recent financial statements, the company's OCF/NI ratio has fluctuated significantly, reaching 1.36 in 2026Q1, which suggests that net income losses are being exacerbated by cash-based operational outflows rather than mitigated by non-cash accounting adjustments typical of mature, profitable pharmaceutical entities.
The consistent gap between net income and operating cash flow indicates that the company's losses are not merely accounting artifacts but represent actual cash consumption. Investors should monitor this relationship closely, as the inability to bridge this divide suggests that the underlying commercial business is not yet generating the cash required to offset the heavy R&D burden.
Based on the provided quarterly data, Insmed's free cash flow remains deeply negative, with a 2025Q4 outflow of $294.2 million, highlighting a trajectory that is heavily dependent on external capital to sustain its current clinical development and commercial scaling efforts.
The persistent negative FCF margins, which frequently exceed -100%, underscore the company's status as a growth-stage biotech prioritizing pipeline advancement over self-funding. This trajectory warrants further investigation into how long the current cash position can support operations before additional dilutive financing becomes a structural necessity.
According to the latest quarterly filings, working capital changes have been highly erratic, swinging from a $66.1 million outflow in 2025Q1 to a $28.1 million inflow in 2024Q4, which suggests significant variability in inventory management and the timing of commercial collections.
This volatility in working capital appears to reflect the challenges of scaling a specialized orphan drug distribution network. The inconsistent cash impact from these changes suggests that the company's operational efficiency is still maturing and remains sensitive to the timing of patient starts and specialty pharmacy stocking patterns.
Data from the last ten quarters reveals that stock-based compensation, which reached $45.8 million in 2026Q1, consistently masks the true extent of the company's cash burn by providing a non-cash expense that does not alleviate the underlying pressure on the balance sheet.
While SBC is a standard tool for talent retention in biotech, its magnitude relative to the company's negative operating cash flow suggests that the true cost of operations is higher than the headline cash flow figures imply. Analysts should adjust for this dilution when evaluating the long-term sustainability of the current cash burn rate.
Quick answers to the most common questions about buying INSM stock.
Insmed Incorporated (INSM) generated $-935.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Insmed Incorporated (INSM) reported negative free cash flow of $967.6M in 2025, indicating capital requirements exceeded cash from operations.
Insmed Incorporated (INSM) spent $32.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.