IRONWOOD PHARMACEUTICALS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data IRONWOOD PHARMACEUTICALS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	274	298	347	428	390	414	411	443	351	296
Cost of revenue	1.87	19.1	32.8	23.9	3.14
Gross profit	272	279	314	405	386
Research and development	139	88.1	101	115	88.1	70.4	44.3	116	111	95.1
Selling, general and administrative	173	231	220	172	140	111	116	158	144	82.3
Operating income	-51.9	-15.4	-151	120	143	232	250	-945	93.1	98.5
Interest expense	39.2	36.4	37.7	36.6	29.5	31.2	7.6	21.6	33	32.7
Other non-operating income	-29.8	-39.6	-43.5	-61.2	-34.1	-31.6	2.09	-2.64	-27.9	-28.5
Pre-tax income			-194	58.9	109	201	252	-948	65.2	70
Income tax	0	0	0	0	2.69	-328	77.4	83.5	64.3	46
Net income to minority interests								-29.3
Net income	-81.7	-117	-282	21.5	106	528	175	-1,002	0.88	24
EBITDA	-41.6	-8.96	-147	126	145	234	252	-944	94.3	99.6
EPS, basic	-0.56	-0.78	-1.85	0.14	0.67	3.26	1.13	-6.45	0.01	0.15
EPS, diluted	-0.56	-0.78	-1.85	0.14	0.66	3.21	0.96	-6.45	0.01	0.15
Shares, basic (weighted)	145	149	153	156	159	162	154	155	159	162
Shares, diluted (weighted)	145	149	153	156	161	164	186	155	160	163

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	54	126	173	177	363	620	656	92.2	88.6	215
Short-term investments		95.7
Receivables	0.93	3.19	21	11.3	122	114	115	129	81.9	46.7
Inventory	1.08	0.74		0.65
Other current assets	9.03	7.29	10.2	10.7	9.19	8.69	7.72	12	11.9	12
Total current assets	380	312	266	307	496	745	781	233	182	274
Property, plant and equipment	20.5	17.3	7.65	12.4	8.93	7.58	6.29	5.59	4.5	3.41
Lease right-of-use assets				17.7	16.6	15.4	14	12.6	11	9.34
Goodwill	0.79	0.79	0.79	0.79
Intangible assets	166	160						3.68	2.86	2.04
Other non-current assets	1.46	0.87	0.09	0.79	0.94	1	0.85	3.61	5.92	4.5
Total assets	710	606	332	403	559	1,127	1,101	471	351	397
Accounts payable	17.7	16	14.9	3.98	0.66	0.94	0.48	7.83	2.13	2.9
Accrued liabilities	38.3				13.4	16.7	12.3	19.9	14.5	11.6
Deferred revenue				0.88				2.62	2.03	1.11
Total current liabilities	91.1	66	120	40.9	32.2	162	25.5	276	38.8	242
Long-term debt	132	147	101
Lease liabilities				22.1	20.3	18.5	16.6	14.5	12.3	9.87
Other non-current liabilities	8.19	5.06	2.53	0.73	1.76	3.5	9.77	28.4	17.1	21.6
Total liabilities	643	596	528	496	497	521	448	817	652	659
Total debt					430	454	396	398	199
Paid-in capital	1,258	1,319	1,395	1,479	1,529	1,543	1,349	1,355	1,395	1,413
Retained earnings	-1,192	-1,309	-1,591	-1,572	-1,466	-938	-696	-1,699	-1,698	-1,674
Other comprehensive income	-0.01	-0.08						-3.03	0.92	-1.06
Shareholders' equity	66.7	9.85	-196	-93.3	62.6	606	652	-346	-301	-262
Total equity	66.7	9.85	-196	-93.3	62.6	606	652	-346	-301	-262
Total liabilities and equity	710	606	332	403	559	1,127	1,101	471	351	397
Shares outstanding			154	158	161	162	154	156	160	163

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-81.7	-117	-282	21.5	106	528	175	-1,032	0.88	24
Depreciation and amortization	10.3	6.4	3.9	5.6	2.3	1.5	1.4	1.2	1.2	1.1
Stock-based compensation	29.2	30.9	40.5	31.3	31.2	22.3	27	32	29.9	17.3
Deferred income tax						-333	65.7	72.6	68.1	40.8
Change in receivables	-10.3	-17.3	1.21	-68.9	4.09	7.71	7.99	0.92	47.2	35.1
Change in inventory		0.35	-0.81		0.65
Change in payables	19.7	-7.73	2.68	-32.7	-7.52	-2.64	-8.12	12.4	-20.2	6.2
Cash from operations	-25.9	-101	-70.9	10.7	169	262	274	183	104	127
Capital expenditures	-4.21	-2.8	-0.35	-7.19	-1.84	-0.27	-0.14	-0.27	-0.14	-0.03
Acquisitions	-100
Purchases of investments	-311	-191	-3.24
Sales and maturities of investments	0	0	0
Cash from investing	-178	151	88.9	-11.1	-1.84	-0.27	-0.14	-1,026	-0.14	-0.03
Debt issued		146
Debt repaid	-26.9	-134
Stock issued	24.8	26.4	32.1	13.6	18.5	19.6	9.54
Share buybacks						-24.1	-126
Cash from financing	-4.18	19.8	30.1	-1.19	18.5	-4.55	-238	277	-107	0.22
Net change in cash	-208	70.5	48.1	-1.6	186	257	36.1	-566	-3.6	127
Free cash flow	-30.1	-104	-71.2	3.54	167	262	274	183	103	127
Interest paid	24.5	20.4	18.2	17.6	7.22	7.22	5.75	13.6	32.6	30.3
Income taxes paid					1.85	3.45	4.62	9.95	8.41	3.54

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.13 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	60.1%	Operating income / revenue.
EBITDA margin	60.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	53.3%	Pre-tax income / revenue.
Net margin	33.4%	Net income / revenue.
Operating cash flow margin	47.7%	Cash from operations / revenue.
Effective tax rate	37.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	45.5%	Net income / average total assets.
R&D / revenue	22.8%	Research and development expense / revenue.
SG&A / revenue	16.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.7%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	0.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-15.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-10.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-5.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	5.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-26.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-7.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-26.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-7.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	2,629.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-48.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-25.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	1,400.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-46.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-25.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	22.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-22.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-5.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	22.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-22.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-5.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	13.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-28.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-6.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	6.06x	Current assets / current liabilities.
Quick ratio	5.84x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.41x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	156.8%	Total liabilities / total assets.
Interest coverage	7.17x	Operating income / interest expense.
Working capital	$166.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$163.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.37x	Revenue / average total assets.
Fixed asset turnover	134x	Revenue / average property, plant and equipment.
Receivables turnover	3.45x	Revenue / average receivables.
Days sales outstanding	106 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.77	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.33	Revenue / diluted weighted shares.
Operating cash flow per share	$1.11	Cash from operations / diluted weighted shares.
Book value per share	-$0.98	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.99	Tangible book value / shares outstanding.
Cash per share	$0.48	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$682.4M	Share price x shares outstanding.
Enterprise value	$603.3M	Market cap + total debt - cash - short-term investments.
P/E	5.25x	Market cap / net income. Only when net income is positive.
P/S	1.75x	Market cap / revenue.
P/OCF	3.68x	Market cap / cash from operations, when positive.
EV/Sales	1.55x	Enterprise value / revenue.
EV/EBIT	2.58x	Enterprise value / operating income, when both are positive.
EV/EBITDA	2.56x	Enterprise value / EBITDA, when both are positive.
Earnings yield	19.0%	Net income / market cap (the inverse of P/E).

What was IRONWOOD PHARMACEUTICALS INC's revenue in fiscal 2025?

IRONWOOD PHARMACEUTICALS INC reported revenue of $296.2M for fiscal 2025, 15.7% lower than the year before.

Was IRONWOOD PHARMACEUTICALS INC profitable in fiscal 2025?

Yes. Net income was $24.0M, a net margin of 8.1%.

How much free cash flow did IRONWOOD PHARMACEUTICALS INC generate in fiscal 2025?

Cash from operations of $127.0M minus capital expenditures of $34.0K left free cash flow of $127.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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