Mannkind (MNKD) Q3 FY2026 earnings: revenue $102 million, up 24.0% on the year

Mannkind Corp. (MNKD) reported revenue of $102 million for Q3 FY2026, the quarter ended 30 September 2026, up 24.0% on the same quarter a year earlier. Net income was -$23 million, and diluted earnings per share $-0.07. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$102 million

+24.0% on the year · -6.9% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

-2.1%

23.0% a year earlier

Q4 FY2024Q3 FY2026

Net income

-$23 million

Q4 FY2024Q3 FY2026

Diluted EPS

-$0.07

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new.

Revenue rose 24% to $101.9M: Total revenues were $101.9 million, up 24% from $82.1 million a year earlier. The company attributed the increase mainly to Furoscix, added after the October 2025 acquisition of scPharma, and to higher royalties.
GAAP net loss in the quarter: The company reported a GAAP net loss of $23.2 million, or $0.07 per diluted share, against net income of $8.0 million a year earlier. Operating loss was $2.2 million. Non-GAAP adjusted net loss was $3.6 million.
Furoscix revenue reached $22.4M: Furoscix generated $22.4 million in net revenue in the third quarter, with ReadyFlow shipments starting in mid-September.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	102	109	82.1	-6.9%	+24.0%
Cost of revenue	11.2	14.4	4.5	-22.2%	+149.3%
Gross profit	90.7	95.0	77.6	-4.5%	+16.8%
Gross margin	89.0%	86.8%	94.5%
Research and development	14.4	18.0	14.1	-20.2%	+2.1%
Selling, general and administrative	61.4	58.3	29.1	+5.3%	+111.1%
Operating income	-2.2	-0.3	18.9
Operating margin	-2.1%	-0.3%	23.0%
Interest expense	7.6	11.9	1.4	-35.7%	+460.3%
Pre-tax income	-23.2	-19.1	7.8
Income tax	0.1	-0.1	-0.2
Effective tax rate	n/a	n/a	-2.6%
Net income	-23.2	-19.0	8.0
Net margin	-22.8%	-17.4%	9.7%
Diluted EPS	-$0.07	-$0.06	$0.03

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	-34.5	-18.4	23.6
Capital expenditure	3.2	5.1	1.1	-36.9%	+185.1%
Free cash flow	-37.8	-23.5	22.5
Free cash flow margin	-37.1%	-21.4%	27.4%
Cash from investing	-0.3	17.9	-25.1
Cash from financing	23.1	0.6	71.8	+4,041.0%	-67.8%
Depreciation and amortisation	7.2	6.4	2.1	+13.0%	+250.8%
Share-based compensation	6.4	10.2	4.3	-37.0%	+49.2%
Diluted shares, weighted	320m	309m	312m	+3.6%	+2.7%
Shares outstanding at period end	322m	310m	307m	+3.8%	+4.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	-37.3	-67.2	-44.6
Debt	319	319	110	+0.1%	+191.3%
Operating lease liabilities	9.2	9.7	10.3	-5.3%	-10.5%
Other liabilities	431	471	419	-8.4%	+2.9%
Total liabilities and equity	723	732	495	-1.3%	+46.1%
Fixed assets	86.4	85.2	82.7	+1.4%	+4.5%
Goodwill	67.6	67.6	1.9	0.0%	+3,400.5%
Intangible assets	4.9	5.0	5.1	-1.0%	-3.8%
Investments	55.3	58.2	159	-4.9%	-65.2%
Cash and equivalents	41.3	52.9	127	-22.0%	-67.6%
Receivables	41.0	43.2	17.4	-5.0%	+136.1%
Inventory	48.5	44.4	27.0	+9.1%	+79.7%
Other assets	378	376	74.3	+0.5%	+408.1%
Total assets	723	732	495	-1.3%	+46.1%

Questions

What was Mannkind's revenue in Q3 FY2026?

Mannkind (MNKD) reported revenue of $102 million for Q3 FY2026, the quarter ended 30 September 2026, up 24.0% on the same quarter a year earlier.

How much did Mannkind earn in Q3 FY2026?

Net loss for Q3 FY2026 was $23 million, and the diluted loss per share $0.07.

When did Mannkind report Q3 FY2026 results?

Mannkind filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	12.5	12.0	18.9	32.8	36.1	40.6	48.6	51.3	58.5	66.3	72.4	70.1	76.8	78.4	76.5	82.1	112	90.2	109	102
Cost of revenue	4.3	2.3	4.6	5.0	4.1	5.5	5.2	4.0	6.1	3.8	5.6	3.2	4.8	3.8	4.6	4.5	13.9	7.5	14.4	11.2
Gross profit	8.2	9.7	14.3	27.8	32.0	35.1	43.4	47.3	52.4	62.4	66.8	66.9	72.0	74.6	71.9	77.6	98.0	82.7	95.0	90.7
Gross margin	66%	81%	76%	85%	89%	86%	89%	92%	90%	94%	92%	95%	94%	95%	94%	95%	88%	92%	87%	89%
R&D	3.9	3.5	4.9	4.1	7.2	5.6	6.5	10.0	9.2	10.0	11.8	12.9	11.1	11.0	13.7	14.1	27.6	17.2	18.0	14.4
SG&A	22.7	20.7	26.0	22.6	22.1	n/a	n/a	n/a	n/a	22.3	24.1	23.9	24.0	25.0	31.6	29.1	58.4	54.1	58.3	61.4
Operating income	-24.0	-21.3	-20.5	-9.6	-12.8	-6.0	1.7	5.1	7.9	16.7	16.6	12.8	26.5	22.3	5.3	18.9	-7.7	-1.7	-0.3	-2.2
Operating margin	-192%	-177%	-108%	-29%	-35%	-15%	4%	10%	13%	25%	23%	18%	35%	28%	7%	23%	-7%	-2%	-0%	-2%
Interest expense	n/a	2.4	6.6	2.8	-2.3	2.8	6.9	2.8	n/a	2.6	6.1	1.8	1.6	4.6	0.3	1.4	7.5	7.5	11.9	7.6
Pre-tax income	-28.1	-26.0	-29.0	-14.4	-17.9	-9.8	-5.3	1.7	3.0	10.9	-1.7	12.9	8.4	13.6	0.9	7.8	-20.9	-16.4	-19.1	-23.2
Tax rate	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0%	53%	2%	n/a	10%	12%	3%	29%	-3%	n/a	n/a	n/a	n/a
Net income	-28.1	-26.0	-29.0	-14.4	-17.9	-9.8	-5.3	1.7	1.4	10.6	-2.0	11.6	7.4	13.2	0.7	8.0	-15.9	-16.6	-19.0	-23.2
Net margin	-224%	-217%	-154%	-44%	-50%	-24%	-11%	3%	2%	16%	-3%	16%	10%	17%	1%	10%	-14%	-18%	-17%	-23%
Diluted EPS	-$0.11	-$0.10	-$0.11	-$0.06	-$0.07	-$0.04	-$0.02	$0.01	$0.00	$0.04	-$0.01	$0.04	$0.03	$0.04	$0.00	$0.03	-$0.05	-$0.05	-$0.06	-$0.07
Operating cash flow	-12.3	-18.2	-32.0	-28.1	-2.4	1.2	2.6	8.7	21.7	6.7	3.8	9.3	22.6	-6.4	8.9	23.6	-8.0	-5.4	-18.4	-34.5
Capital expenditure	5.2	5.1	n/a	0.3	5.1	8.3	16.9	11.4	5.9	2.4	3.0	1.4	2.9	0.3	1.1	1.1	2.0	1.9	5.1	3.2
Free cash flow	-17.5	-23.3	n/a	-28.3	-7.5	-7.2	-14.3	-2.7	15.8	4.3	0.9	7.9	19.7	-6.7	7.8	22.5	-10.0	-7.2	-23.5	-37.8
Shares outstanding	251m	252m	257m	263m	264m	264m	268m	270m	270m	271m	274m	276m	303m	304m	306m	307m	308m	309m	310m	322m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.