MannKind Corporation (MNKD) Income Statement
MNKD 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMNKD revenue and net income
Where MNKD's revenue goes
2025Each bar shows an amount and its share of revenue. MNKD kept 1.7% of revenue as net income.
MNKD profit margins
MNKD growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +22.2% | +51.8% | +39.9% | — |
| Gross profit | +37.8% | +89.5% | +48.0% | — |
| Operating income | −46.5% | — | — | — |
| Net income | −78.7% | — | — | — |
| EPS (diluted) | −30.0% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MNKD quarterly EPS vs estimates
MannKind beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: November 4, 2026 (estimate $-0.08).
MNKD income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $349.0M | $285.5M | $199.0M | $99.8M | $75.4M | $65.1M | $63.0M | $27.9M | $11.7M | $174.8M |
| Cost of revenue | $61.2M | $76.6M | $62.8M | $57.5M | $38.9M | $24.6M | $28.0M | $20.5M | $17.2M | $50.1M |
| Gross profit | $287.8M | $208.9M | $136.2M | $42.3M | $36.6M | $40.5M | $35.1M | $7.4M | −$5.5M | $124.7M |
| Research & development | $66.3M | $45.9M | $31.3M | $19.7M | $12.3M | $6.2M | $6.9M | $8.7M | $14.1M | $14.9M |
| Sales, general & admin | $144.1M | $94.3M | $94.3M | $37.7M | $31.9M | $57.2M | $74.7M | $79.7M | $75.0M | $27.1M |
| Total operating expenses | $249.0M | $136.3M | $127.5M | $106.4M | $83.6M | $88.4M | $79.7M | $88.4M | $88.9M | $59.6M |
| Operating income | $38.8M | $72.6M | $8.7M | −$64.1M | −$47.0M | −$47.9M | −$44.6M | −$76.6M | −$108.2M | $67.3M |
| Interest income | $8.1M | $12.6M | $5.4M | $2.5M | $112,000 | $167,000 | $997,000 | $501,000 | $293,000 | $85,000 |
| Interest expense | $13.8M | $38.0M | $25.2M | $24.8M | $16.6M | $9.5M | $10.9M | $9.4M | $13.3M | $18.5M |
| Income before taxes | $1.4M | $30.5M | −$10.4M | −$87.4M | −$80.9M | −$57.5M | −$51.9M | −$86.7M | −$117.3M | $125.7M |
| Income taxes | −$4.5M | $2.9M | $1.6M | $24.8M | $10.9M | −$218,000 | $7.8M | $240,000 | $51,000 | $13.7M |
| Net income | $5.9M | $27.6M | −$11.9M | −$87.4M | −$80.9M | −$57.2M | −$51.9M | −$87.0M | −$117.3M | $125.7M |
| EBITDA | $27.5M | $77.5M | $16.4M | −$56.3M | −$61.1M | −$44.7M | −$38.8M | −$75.6M | −$100.5M | $64.6M |
| EPS (diluted) | $0.07 | $0.10 | −$0.05 | −$0.34 | −$0.25 | −$0.20 | −$0.29 | −$0.63 | −$1.10 | $0.46 |
| Gross margin | 82.5% | 73.2% | 68.5% | 42.4% | 48.5% | 62.2% | 55.6% | 26.5% | −46.7% | 71.3% |
| Operating margin | 11.1% | 25.4% | 4.4% | −64.3% | −62.3% | −73.5% | −70.7% | −274.9% | −921.1% | 38.5% |
| Net margin | 1.7% | 9.7% | −6.0% | −87.6% | −107.3% | −87.9% | −82.3% | −312.2% | −999.0% | 71.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $109.4M | $90.2M | $112.0M | $82.1M | $76.5M | $78.4M | $76.8M | $70.1M | $72.4M | $66.3M | $58.5M | $51.3M |
| Cost of revenue | $29.5M | $21.8M | $24.1M | $20.2M | $20.6M | $17.5M | $19.6M | $18.0M | $20.4M | $18.6M | $18.1M | $14.3M |
| Gross profit | $79.8M | $68.3M | $87.8M | $61.9M | $56.0M | $60.8M | $57.2M | $52.1M | $52.0M | $47.7M | $40.4M | $37.0M |
| Research & development | $18.0M | $17.2M | $27.6M | $14.1M | $13.7M | $11.0M | $11.1M | $12.9M | $11.8M | $10.0M | $9.2M | $10.0M |
| Sales, general & admin | $58.3M | $54.1M | $58.4M | $29.1M | $31.6M | $25.0M | $34.2M | $23.9M | $24.1M | $10.7M | $20.5M | $10.5M |
| Total operating expenses | $80.2M | $71.3M | $95.5M | $43.2M | $50.7M | $38.5M | $30.7M | $39.3M | $35.4M | $30.9M | $32.5M | $31.9M |
| Operating income | −$350,000 | −$3.0M | −$7.7M | $18.8M | $5.3M | $22.3M | $26.5M | $12.8M | $16.6M | $16.7M | $7.9M | $5.1M |
| Interest income | $1.0M | $1.4M | $1.6M | $2.6M | $1.8M | $2.0M | $2.8M | $3.2M | $3.2M | $3.4M | $1.7M | $1.6M |
| Interest expense | $11.9M | $12.4M | $13.1M | $7.3M | $6.2M | $10.6M | $7.5M | $8.4M | $12.9M | $9.3M | $5.4M | $5.3M |
| Income before taxes | −$19.1M | −$16.4M | −$20.9M | $7.8M | $940,000 | $13.6M | $8.4M | $12.9M | −$1.7M | $10.9M | $3.0M | $1.7M |
| Income taxes | −$106,000 | $253,000 | −$5.0M | −$204,000 | $272,000 | $459,000 | $1.0M | $1.3M | $323,000 | $264,000 | $1.6M | $5.6M |
| Net income | −$19.0M | −$16.6M | −$15.9M | $8.0M | $668,000 | $13.2M | $7.4M | $11.6M | −$2.0M | $10.6M | $1.4M | $1.7M |
| EBITDA | $13.4M | $2.5M | −$3.6M | $17.9M | $9.7M | $26.9M | $18.6M | $23.8M | $13.2M | $21.8M | $9.9M | $8.3M |
| EPS (diluted) | −$0.06 | −$0.02 | −$0.05 | $0.03 | $0.05 | $0.04 | $0.03 | $0.04 | −$0.01 | $0.04 | $0.00 | $0.01 |
| Gross margin | 73.0% | 75.8% | 78.5% | 75.4% | 73.1% | 77.6% | 74.5% | 74.3% | 71.8% | 71.9% | 69.1% | 72.2% |
| Operating margin | −0.3% | −3.3% | −6.9% | 22.9% | 6.9% | 28.5% | 34.5% | 18.2% | 22.9% | 25.2% | 13.4% | 9.9% |
| Net margin | −17.4% | −18.4% | −14.2% | 9.7% | 0.9% | 16.8% | 9.7% | 16.5% | −2.8% | 16.0% | 2.4% | 3.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MNKD's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MNKD financial results
In fiscal year 2025 (ended December 31, 2025), MannKind reported revenue of $349.0 million, up 22.2% from the year before. It had net income of $5.9 million (down 78.7%), a net profit margin of 1.7%. Diluted earnings per share came to $0.07. Over five years revenue grew at an average rate of 39.9% a year.
See the MNKD stock overview for the latest quote and news, or the MNKD chart for price history and technical indicators.
MNKD income statement FAQ
What is MannKind's annual revenue?
MannKind reported total revenue of $349.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 22.2% from $285.5 million the previous year.
Is MannKind profitable?
Yes. MannKind reported net income of $5.9 million in fiscal 2025, a net profit margin of 1.7%; its operating margin was 11.1%.
What is MannKind's gross margin?
MannKind's gross margin was 82.5% in fiscal 2025: for every $100 of revenue, MannKind kept $82 after the direct cost of its products and services.
How much does MannKind spend on research and development?
MannKind spent $66.3 million on research and development in fiscal 2025, 19.0% of revenue.
How fast is MannKind growing?
Revenue grew 39.9% a year on average over the last five fiscal years, from $65.1 million to $349.0 million.
What are MannKind's earnings per share?
MannKind earned $0.07 per diluted share in fiscal 2025, compared with $0.10 a year earlier.
When will MannKind report its next earnings?
MannKind is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does MannKind's fiscal year end?
MannKind's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.