Ironwood Pharmaceuticals (IRWD) financial statements
Ironwood Pharmaceuticals reported revenue of $296M in fiscal 2025, up 0.9% a year over 9 years.
Net income was $24M and the operating margin 33.3%, against -18.9% in 2016.
Free cash flow was $127M.
The diluted share count rose 12% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ironwood Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $274M | $298M | $347M | $428M | $390M | $414M | $411M | $443M | $351M | $296M |
| Cost of revenue | $2M | $19M | $33M | $24M | $3M | — | — | — | — | — |
| Gross profit | $272M | $279M | $314M | $405M | $386M | — | — | — | — | — |
| Research and development | $139M | $88M | $101M | $115M | $88M | $70M | $44M | $116M | $111M | $95M |
| Selling, general and admin | $173M | $231M | $220M | $172M | $140M | $111M | $116M | $158M | $144M | $82M |
| Operating income | -$52M | -$15M | -$151M | $120M | $143M | $232M | $250M | -$945M | $93M | $99M |
| Interest expense | $39M | $36M | $38M | $37M | $29M | $31M | $8M | $22M | $33M | $33M |
| Pre-tax income | — | — | -$194M | $59M | $109M | $201M | $252M | -$948M | $65M | $70M |
| Income tax | $0 | $0 | $0 | $0 | $3M | -$328M | $77M | $83M | $64M | $46M |
| Net income | -$82M | -$117M | -$282M | $22M | $106M | $528M | $175M | -$1.0B | $880,000 | $24M |
| EPS (diluted) | -$0.56 | -$0.78 | -$1.85 | $0.14 | $0.66 | $3.21 | $0.96 | -$6.45 | $0.01 | $0.15 |
| Diluted shares | 145M | 149M | 153M | 156M | 161M | 164M | 186M | 155M | 160M | 163M |
| Gross margin | 99.3% | 93.6% | 90.6% | 94.4% | 99.2% | — | — | — | — | — |
| Operating margin | -18.9% | -5.2% | -43.5% | 28.0% | 36.7% | 56.1% | 61.0% | -213.5% | 26.5% | 33.3% |
| Net margin | -29.8% | -39.2% | -81.5% | 5.0% | 27.3% | 127.7% | 42.6% | -226.4% | 0.3% | 8.1% |
Balance sheet
Fiscal years, from Ironwood Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $305M | $221M | $173M | $177M | $363M | $620M | $656M | $92M | $89M | $215M |
| Receivables | $933,000 | $3M | $21M | $11M | $122M | $114M | $115M | $129M | $82M | $47M |
| Inventory | $1M | $735,000 | — | $648,000 | — | — | — | — | — | — |
| Total current assets | $380M | $312M | $266M | $307M | $496M | $745M | $781M | $233M | $182M | $274M |
| Property, plant and equipment | $21M | $17M | $8M | $12M | $9M | $8M | $6M | $6M | $4M | $3M |
| Goodwill | $785,000 | $785,000 | $785,000 | $785,000 | — | — | — | — | — | — |
| Total assets | $710M | $606M | $332M | $403M | $559M | $1.1B | $1.1B | $471M | $351M | $397M |
| Total current liabilities | $91M | $66M | $120M | $41M | $32M | $162M | $26M | $276M | $39M | $242M |
| Total liabilities | $643M | $596M | $528M | $496M | $497M | $521M | $448M | $817M | $652M | $659M |
| Shareholders' equity | $67M | $10M | -$196M | -$93M | $63M | $606M | $652M | -$346M | -$301M | -$262M |
| Net debt | -$54M | -$126M | -$173M | -$177M | -$363M | -$620M | -$656M | -$92M | -$89M | -$215M |
Cash flow
Fiscal years, from Ironwood Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$26M | -$101M | -$71M | $11M | $169M | $262M | $274M | $183M | $104M | $127M |
| Capital spending | $4M | $3M | $351,000 | $7M | $2M | $265,000 | $136,000 | $273,000 | $142,000 | $34,000 |
| Free cash flow | -$30M | -$104M | -$71M | $4M | $167M | $262M | $274M | $183M | $103M | $127M |
| Stock-based compensation | $29M | $31M | $41M | $31M | $31M | $22M | $27M | $32M | $30M | $17M |
| Share buybacks (net) | — | — | — | — | — | -$24M | -$126M | — | — | — |
| Net borrowing | -$27M | $12M | — | — | — | — | — | — | — | — |
| Free cash flow margin | -11.0% | -34.7% | -20.5% | 0.8% | 42.9% | 63.2% | 66.6% | 41.4% | 29.4% | 42.9% |
Questions
What was Ironwood Pharmaceuticals's revenue in 2025?
$296M in fiscal 2025, from its 10-K filing.
How much free cash flow does Ironwood Pharmaceuticals generate?
$127M in fiscal 2025 (operating cash flow minus capital spending).
From Ironwood Pharmaceuticals's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.