What is Ironwood Pharmaceuticals' operating income?

Ironwood Pharmaceuticals' total operating income in 2025 was $98.50 million, based on the following breakdown: Total Gross Profit: $296.15 million Total Operating Expenses: $197.65 million

Ironwood Pharmaceuticals (IRWD) Financials

$4.84 -0.01 (-0.10%)

As of 11:30 AM Eastern

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Annual Income Statements for Ironwood Pharmaceuticals

This table shows Ironwood Pharmaceuticals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-143	-82	-117	-282	22	106	528	175	-1,002	0.88	24
Consolidated Net Income / (Loss)	-143	-82	-117	-282	22	106	528	175	-1,032	0.88	24
Net Income / (Loss) Continuing Operations	-143	-82	-55	-194	59	106	528	175	-1,032	0.88	24
Total Pre-Tax Income	-143	-82	-55	-194	59	109	201	252	-948	65	70
Total Operating Income	-102	-52	-15	-151	120	143	232	250	-945	93	99
Total Gross Profit	150	272	279	314	405	386	414	411	443	351	296
Total Revenue	150	274	298	347	428	390	414	411	443	351	296
Operating Revenue	150	274	298	347	428	390	414	411	443	351	296
Total Cost of Revenue	0.01	1.87	19	33	24	3.14	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	252	324	295	465	284	243	181	160	1,388	258	198
Selling, General & Admin Expense	125	173	231	220	172	140	111	116	158	144	82
Research & Development Expense	109	139	88	101	115	88	70	44	1,212	111	95
Restructuring Charge	-	-	-	15	3.62	15	-0.04	0.00	18	2.59	20
Total Other Income / (Expense), net	-41	-30	-40	-43	-61	-34	-32	2.09	-2.64	-28	-28
Interest Expense	31	39	38	38	68	29	31	7.60	22	33	33
Interest & Investment Income	0.44	1.17	2.11	2.99	2.86	1.50	0.73	9.50	19	4.47	4.08
Other Income / (Expense), net	-9.93	8.15	-3.28	-8.74	3.54	-6.11	-1.18	0.18	0.02	0.64	0.19
Income Tax Expense	-	-	-	0.00	0.00	2.69	-328	77	83	64	46
Basic Earnings per Share	($1.00)	($0.56)	($0.78)	($1.85)	$0.14	$0.67	$3.26	$1.13	($6.45)	$0.01	$0.15
Weighted Average Basic Shares Outstanding	142.16M	144.93M	148.99M	152.63M	156.02M	159.43M	162.25M	154.37M	155.44M	159.08M	161.84M
Diluted Earnings per Share	($1.00)	($0.56)	($0.78)	($1.85)	$0.14	$0.66	$3.21	$0.96	($6.45)	$0.01	$0.15
Weighted Average Diluted Shares Outstanding	142.16M	144.93M	148.99M	152.63M	156.02M	160.66M	164.42M	186.31M	155.44M	160.08M	162.98M
Weighted Average Basic & Diluted Shares Outstanding	142.16M	144.93M	148.99M	152.63M	156.02M	160.96M	159.22M	154.16M	156.53M	161.81M	163.06M

This table shows Ironwood Pharmaceuticals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-4.16	-0.86	3.65	2.26	-37	24	40	-2.28	41	51	60
Consolidated Net Income / (Loss)	-4.16	-0.86	3.65	2.26	-37	24	40	-2.28	41	51	60
Net Income / (Loss) Continuing Operations	-4.16	-0.86	3.65	2.26	-37	24	40	-2.28	41	51	60
Total Pre-Tax Income	4.96	19	17	24	-36	38	68	0.46	65	74	88
Total Operating Income	11	25	26	31	-29	45	75	6.81	73	79	93
Total Gross Profit	75	94	92	91	41	85	122	48	107	113	133
Total Revenue	75	94	92	91	41	85	122	48	107	113	133
Operating Revenue	75	94	92	91	41	85	122	48	107	113	133
Total Cost of Revenue	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00
Total Operating Expenses	64	69	66	59	70	40	47	41	34	34	40
Selling, General & Admin Expense	38	37	36	34	24	17	22	19	12	11	12
Research & Development Expense	26	30	30	25	27	23	22	22	22	22	28
Restructuring Charge	0.44	2.07	0.02	0.07	19	-0.25	2.20	-0.25	-0.04	0.00	0.00
Total Other Income / (Expense), net	-6.06	-6.10	-8.27	-7.50	-7.16	-7.50	-7.46	-6.35	-7.40	-5.58	-5.54
Interest Expense	7.23	7.47	9.42	8.91	8.07	8.36	8.43	7.89	9.14	7.20	6.20
Interest & Investment Income	1.17	1.37	1.15	0.78	0.87	0.82	0.93	1.46	1.70	1.59	0.62
Other Income / (Expense), net	0.00	0.00	0.00	0.64	0.04	0.04	0.04	0.08	0.04	0.04	0.04
Income Tax Expense	9.12	20	14	22	1.11	14	28	2.73	24	22	28
Basic Earnings per Share	($0.03)	($0.01)	$0.02	$0.03	($0.23)	$0.15	$0.25	($0.02)	$0.25	$0.31	$0.36
Weighted Average Basic Shares Outstanding	157.70M	159.01M	159.71M	159.08M	160.97M	161.72M	162.22M	161.84M	163.45M	164.41M	164.90M
Diluted Earnings per Share	($0.03)	($0.01)	$0.02	$0.03	($0.23)	$0.14	$0.23	$0.01	$0.24	$0.31	$0.36
Weighted Average Diluted Shares Outstanding	157.70M	159.01M	160.23M	160.08M	160.97M	176.84M	177.76M	162.98M	166.69M	167.18M	168.18M
Weighted Average Basic & Diluted Shares Outstanding	158.96M	159.74M	160.03M	161.81M	161.82M	162.43M	162.68M	163.06M	164.61M	165.24M	165.55M

This table details how cash moves in and out of Ironwood Pharmaceuticals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	187	-208	71	48	-1.60	186	257	36	-566	-3.60	127
Net Cash From Operating Activities	-107	-26	-101	-71	11	169	262	274	183	104	127
Net Cash From Continuing Operating Activities	-107	-26	-108	-83	-0.64	169	262	274	183	104	127
Net Income / (Loss) Continuing Operations	-143	-82	-117	-282	22	106	528	175	-1,032	0.88	24
Consolidated Net Income / (Loss)	-143	-82	-117	-282	22	106	528	175	-1,032	0.88	24
Depreciation Expense	12	10	6.44	3.86	5.58	3.56	1.52	1.42	1.58	2.01	1.88
Non-Cash Adjustments To Reconcile Net Income	53	27	35	200	54	38	37	16	1,121	19	14
Changes in Operating Assets and Liabilities, net	-38	1.62	-55	-30	-102	-1.27	-329	80	90	82	87
Net Cash From Investing Activities	-9.15	-178	151	89	-11	-1.84	-0.27	-0.14	-1,026	-0.14	-0.03
Net Cash From Continuing Investing Activities	-9.15	-178	153	97	-6.92	-1.84	-0.27	-0.14	-1,026	-0.14	-0.03
Purchase of Property, Plant & Equipment	-4.05	-4.21	-2.80	-0.35	-7.19	-1.84	-0.27	-0.14	-0.27	-0.14	-0.03
Net Cash From Financing Activities	303	-4.18	20	30	-1.19	19	-4.55	-238	277	-107	0.22
Net Cash From Continuing Financing Activities	303	-4.18	20	30	-1.19	19	-4.55	-238	277	-107	0.22
Repayment of Debt	-26	-29	-138	-1.82	-393	0.00	0.00	-121	-103	-267	0.00
Issuance of Debt	336	-	146	0.00	400	-	0.00	0.00	400	150	0.00
Issuance of Common Equity	71	-	-	-	-	-	20	9.54	6.36	11	0.22
Other Financing Activities, net	-78	25	11	32	-8.39	19	-	0.00	0.00	-0.74	0.00
Other Net Changes in Cash	-	-	-	-	-	-	0.00	0.00	-0.05	-	-0.33
Cash Interest Paid	23	24	20	18	18	7.22	7.22	5.75	14	33	30
Cash Income Taxes Paid	-	-	-	0.00	0.00	1.85	3.45	4.62	9.95	8.41	3.54

This table details how cash moves in and out of Ironwood Pharmaceuticals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Change in Cash & Equivalents	29	-16	-15	0.35	20	-16	48	75	5.02	-141	7.25
Net Cash From Operating Activities	45	33	9.89	15	20	-15	48	75	5.12	58	67
Net Cash From Continuing Operating Activities	45	33	9.89	15	20	-15	48	75	5.12	58	67
Net Income / (Loss) Continuing Operations	-4.16	-0.86	3.65	2.26	-37	24	40	-2.28	41	51	60
Consolidated Net Income / (Loss)	-4.16	-0.86	3.65	2.26	-37	24	40	-2.28	41	51	60
Depreciation Expense	0.51	0.51	0.51	0.49	0.48	0.47	0.48	0.46	0.44	0.46	0.46
Non-Cash Adjustments To Reconcile Net Income	-0.07	4.38	10	0.07	4.49	3.83	3.30	2.03	2.79	4.57	5.42
Changes in Operating Assets and Liabilities, net	49	29	-4.42	12	52	-43	3.73	74	-39	1.96	1.68
Net Cash From Financing Activities	-16	-49	-27	-15	0.01	0.09	-	0.12	0.00	-200	-60
Net Cash From Continuing Financing Activities	-16	-49	-25	-15	0.01	0.09	-	0.12	0.00	-200	-60
Repayment of Debt	-25	-200	-25	-15	-	-	-	-	-	-	-60
Effect of Exchange Rate Changes	0.02	-0.05	-	-	-0.01	-0.65	-0.03	-	-0.11	0.08	-0.15

This table presents Ironwood Pharmaceuticals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	619	710	606	332	403	559	1,127	1,101	471	351	397
Total Current Assets	500	380	312	266	307	496	745	781	233	182	274
Cash & Equivalents	261	54	126	173	177	363	620	656	92	89	215
Accounts Receivable	55	65	82	81	117	122	114	115	129	82	47
Prepaid Expenses	6.29	9.03	7.29	10	11	9.19	8.69	7.72	12	12	12
Plant, Property, & Equipment, net	21	21	17	7.65	12	8.93	7.58	6.29	5.59	4.50	3.41
Total Noncurrent Assets	98	309	277	58	83	54	374	314	232	164	119
Intangible Assets	-	166	160	-	-	-	-	0.00	3.68	2.86	2.04
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	0.00	333	284	212	144	103
Other Noncurrent Operating Assets	89	142	116	48	51	31	17	15	16	17	14
Total Liabilities & Shareholders' Equity	619	710	606	332	403	559	1,127	1,101	471	351	397
Total Liabilities	524	643	596	528	496	497	521	448	817	652	659
Total Current Liabilities	76	91	66	120	41	32	162	26	276	39	242
Short-Term Debt	28	20	4.32	48	-	0.00	117	0.00	200	0.00	200
Accounts Payable	8.59	18	16	15	5.49	0.66	0.94	0.48	7.83	2.13	2.90
Accrued Expenses	28	45	46	41	33	28	39	22	66	34	36
Other Current Liabilities	-	-	-	-	1.15	3.13	4.44	3.08	3.13	3.19	3.25
Total Noncurrent Liabilities	448	552	530	409	455	464	359	423	541	613	417
Long-Term Debt	354	366	396	366	408	430	337	396	498	584	385
Capital Lease Obligations	0.31	0.08	-	0.16	22	20	-	17	15	12	9.87
Other Noncurrent Operating Liabilities	85	185	128	36	25	14	22	9.77	28	17	22
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	95	67	9.85	-196	-93	63	606	652	-346	-301	-262
Total Preferred & Common Equity	95	67	9.85	-196	-93	63	606	652	-346	-301	-262
Total Common Equity	95	67	9.85	-196	-93	63	606	652	-346	-301	-262
Common Stock	1,205	1,259	1,319	1,395	1,479	1,529	1,544	1,349	1,355	1,395	1,413
Retained Earnings	-1,110	-1,192	-1,309	-1,591	-1,572	-1,466	-938	-696	-1,699	-1,698	-1,674
Accumulated Other Comprehensive Income / (Loss)	-0.09	-0.01	-0.08	-	-	-	-	0.00	-3.03	0.92	-1.06

This table presents Ironwood Pharmaceuticals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026	9/30/2026
Total Assets	603	524	439	396	390	327	343	396	435	285	291
Total Current Assets	318	254	208	178	179	161	192	274	332	199	226
Cash & Equivalents	175	110	122	106	88	108	93	140	220	79	86
Accounts Receivable	119	125	72	58	76	40	86	120	106	113	133
Prepaid Expenses	23	18	15	15	14	12	13	13	5.98	7.34	6.90
Plant, Property, & Equipment, net	5.88	5.63	5.29	5.07	4.80	4.26	3.93	3.67	3.17	2.91	2.66
Total Noncurrent Assets	280	265	225	212	206	162	147	119	99	83	62
Intangible Assets	4.10	3.89	3.48	3.27	3.07	2.66	2.45	2.25	1.84	1.63	1.43
Noncurrent Deferred & Refundable Income Taxes	258	244	206	193	185	144	129	102	84	69	49
Other Noncurrent Operating Assets	18	17	16	16	18	16	15	15	13	12	12
Total Liabilities & Shareholders' Equity	603	524	439	396	390	327	343	396	435	285	291
Total Liabilities	950	850	769	717	701	661	651	660	652	447	388
Total Current Liabilities	305	281	252	46	49	48	233	243	236	33	35
Short-Term Debt	199	199	200	0.00	0.00	-	199	200	200	0.00	0.00
Accounts Payable	3.51	4.70	6.22	3.23	3.24	5.83	1.39	1.61	3.24	0.91	3.62
Accrued Expenses	100	73	43	39	43	39	29	38	30	29	28
Other Current Liabilities	3.10	3.11	3.14	3.16	3.17	3.20	3.22	3.24	3.27	3.29	3.30
Total Noncurrent Liabilities	645	569	517	672	651	613	419	418	415	414	353
Long-Term Debt	598	523	473	624	599	584	385	385	385	385	325
Capital Lease Obligations	16	15	14	13	13	12	11	10	9.23	8.58	7.91
Other Noncurrent Operating Liabilities	31	31	29	35	40	17	22	22	21	21	20
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-347	-326	-331	-322	-311	-334	-308	-264	-217	-162	-97
Total Preferred & Common Equity	-346	-323	-331	-322	-311	-334	-308	-264	-217	-162	-97
Total Common Equity	-346	-323	-331	-322	-311	-334	-308	-264	-217	-162	-97
Common Stock	1,367	1,375	1,373	1,382	1,391	1,401	1,405	1,409	1,417	1,420	1,424
Retained Earnings	-1,713	-1,698	-1,703	-1,704	-1,700	-1,735	-1,712	-1,671	-1,633	-1,582	-1,522
Accumulated Other Comprehensive Income / (Loss)	-	-0.75	-0.92	-0.47	-2.05	0.29	-2.03	-1.71	-0.80	-0.32	0.20

This table displays calculated financial ratios and metrics derived from Ironwood Pharmaceuticals' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	95.66%	83.18%	8.88%	16.21%	23.59%	-9.08%	6.22%	-0.76%	7.83%	-20.63%	-15.72%
EBITDA Growth	40.69%	81.39%	159.03%	-1,398.25%	214.48%	9.29%	57.71%	-1.07%	-471.08%	110.37%	5.01%
EBIT Growth	33.60%	60.97%	57.35%	-754.90%	177.57%	10.65%	68.88%	8.41%	-477.38%	109.92%	5.26%
NOPAT Growth	39.72%	49.19%	70.38%	-880.73%	213.89%	16.06%	338.75%	-71.62%	-481.18%	100.19%	2,587.82%
Net Income Growth	24.76%	42.73%	-43.12%	-141.47%	107.62%	393.73%	397.71%	-66.87%	-689.24%	100.09%	2,629.20%
EPS Growth	28.06%	44.00%	-43.12%	-141.47%	107.57%	371.43%	386.36%	-70.09%	-771.88%	100.16%	1,400.00%
Operating Cash Flow Growth	31.27%	75.75%	-288.50%	29.65%	115.13%	1,474.23%	55.12%	4.53%	-33.00%	-43.55%	22.69%
Free Cash Flow Firm Growth	15.67%	-65.08%	67.35%	168.45%	-71.38%	1,390.37%	115.94%	-36.44%	-358.10%	113.03%	78.61%
Invested Capital Growth	447.59%	421.78%	27.13%	-74.35%	227.38%	-6.08%	194.61%	-7.05%	-32.82%	-24.66%	-43.19%
Revenue Q/Q Growth	11.34%	14.24%	2.32%	11.76%	-1.01%	-2.41%	0.11%	-2.36%	2.39%	-7.14%	-12.64%
EBITDA Q/Q Growth	18.35%	20.60%	112.39%	-64.79%	15.88%	-0.85%	1.02%	3.49%	-3.34%	-5.47%	-20.08%
EBIT Q/Q Growth	13.42%	14.93%	82.33%	-44.36%	20.12%	-1.88%	0.97%	6.06%	-3.36%	-5.50%	-20.37%
NOPAT Q/Q Growth	21.10%	-0.92%	85.57%	-34.13%	2.69%	-1.23%	1.05%	-1.67%	-3.36%	129.05%	-10.12%
Net Income Q/Q Growth	14.20%	0.65%	17.95%	-10.82%	151.39%	-4.20%	-0.35%	4.47%	-5.16%	128.20%	-15.87%
EPS Q/Q Growth	15.25%	1.75%	17.95%	-10.82%	151.85%	-4.35%	-1.53%	3.23%	-3.37%	-66.67%	-11.76%
Operating Cash Flow Q/Q Growth	-1.64%	0.66%	9.01%	20.69%	241.45%	16.52%	5.25%	5.64%	-19.12%	-16.61%	87.70%
Free Cash Flow Firm Q/Q Growth	-6.56%	-8.21%	52.69%	41.34%	-84.60%	46.20%	9.19%	2.05%	-3.00%	-18.48%	107.28%
Invested Capital Q/Q Growth	135.13%	23.12%	22.59%	-4.45%	54.35%	4.93%	-3.04%	-4.85%	-8.95%	-2.71%	-38.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	99.99%	99.32%	93.60%	90.55%	94.43%	99.19%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-60.96%	-6.19%	3.36%	-37.51%	34.74%	41.76%	62.00%	61.81%	-212.72%	27.80%	33.96%
Operating Margin	-68.26%	-18.93%	-5.15%	-43.47%	28.04%	36.70%	56.13%	60.97%	-213.54%	26.50%	33.26%
EBIT Margin	-74.90%	-15.96%	-6.25%	-45.99%	28.86%	35.13%	55.85%	61.01%	-213.54%	26.68%	33.33%
Profit (Net Income) Margin	-95.40%	-29.83%	-39.20%	-81.46%	5.02%	27.26%	127.72%	42.64%	-233.00%	0.25%	8.11%
Tax Burden Percent	100.00%	100.00%	212.94%	145.44%	36.48%	97.53%	263.36%	69.35%	108.81%	1.35%	34.30%
Interest Burden Percent	127.36%	186.87%	294.50%	121.79%	47.67%	79.56%	86.83%	100.76%	100.28%	69.53%	70.95%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	2.47%	-163.36%	30.65%	0.00%	98.65%	65.70%
Return on Invested Capital (ROIC)	-424.51%	-41.02%	-6.37%	-88.90%	116.07%	90.69%	208.18%	41.02%	-194.15%	0.52%	20.88%
ROIC Less NNEP Spread (ROIC-NNEP)	-329.57%	-645.34%	-87.84%	-172.38%	76.35%	71.02%	413.90%	40.32%	-391.01%	0.46%	18.67%
Return on Net Nonoperating Assets (RNNOA)	269.16%	-59.86%	-298.50%	391.67%	-130.92%	-784.40%	-50.09%	-13.19%	-479.89%	-0.80%	-29.41%
Return on Equity (ROE)	-155.35%	-100.88%	-304.87%	302.77%	-14.85%	-693.71%	158.09%	27.83%	-674.04%	-0.27%	-8.53%
Cash Return on Invested Capital (CROIC)	-562.74%	-176.69%	-30.27%	29.46%	9.66%	96.95%	109.55%	48.33%	-154.90%	28.65%	75.96%
Operating Return on Assets (OROA)	-23.62%	-6.58%	-2.84%	-34.00%	33.66%	28.45%	27.41%	22.49%	-120.31%	22.81%	26.40%
Return on Assets (ROA)	-30.08%	-12.30%	-17.78%	-60.22%	5.85%	22.07%	62.68%	15.72%	-131.28%	0.21%	6.42%
Return on Common Equity (ROCE)	-155.11%	-100.70%	-304.28%	302.77%	-14.85%	-693.71%	158.09%	27.83%	-674.04%	-0.27%	-8.53%
Return on Equity Simple (ROE_SIMPLE)	-149.98%	-122.20%	-1,187.42%	143.79%	-23.06%	169.50%	87.22%	26.83%	297.88%	-0.29%	0.00%
Net Operating Profit after Tax (NOPAT)	-71	-36	-11	-105	120	139	612	174	-662	1.26	34
NOPAT Margin	-47.78%	-13.25%	-3.61%	-30.43%	28.04%	35.79%	147.84%	42.28%	-149.48%	0.36%	11.41%
Net Nonoperating Expense Percent (NNEP)	-94.94%	604.31%	81.47%	83.48%	39.72%	19.66%	-205.72%	0.70%	196.86%	0.07%	2.20%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	16.30%	-180.76%	0.43%	10.15%
Cost of Revenue to Revenue	0.01%	0.68%	6.40%	9.45%	5.57%	0.81%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	83.75%	63.25%	77.51%	63.37%	40.25%	35.94%	26.86%	28.25%	35.76%	41.06%	27.78%
R&D to Revenue	72.71%	50.92%	29.55%	29.15%	26.85%	22.61%	17.02%	10.78%	273.65%	31.71%	32.12%
Operating Expenses to Revenue	168.25%	118.25%	98.75%	134.02%	66.39%	62.50%	43.87%	39.03%	313.54%	73.50%	66.74%
Earnings before Interest and Taxes (EBIT)	-112	-44	-19	-159	124	137	231	251	-945	94	99
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-91	-17	10	-130	149	163	257	254	-942	98	101
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	17.42	33.51	227.95	0.00	0.00	29.11	3.15	2.91	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	17.42	0.00	0.00	0.00	0.00	29.11	3.15	2.91	0.00	0.00	0.00
Price to Revenue (P/Rev)	11.07	8.16	7.53	4.60	4.87	4.68	4.61	4.63	4.03	2.02	1.85
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	97.06	17.17	3.61	10.86	0.00	805.60	22.83
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	1.03%	5.82%	27.69%	9.21%	0.00%	0.12%	4.38%
Enterprise Value to Invested Capital (EV/IC)	56.09	15.60	12.83	37.90	14.75	12.82	3.97	4.06	8.78	5.89	7.91
Enterprise Value to Revenue (EV/Rev)	10.68	8.46	8.13	5.30	5.46	4.90	4.21	4.03	5.44	3.46	3.13
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	242.05	0.00	15.72	11.74	6.79	6.52	0.00	12.46	9.22
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	18.92	13.96	7.53	6.61	0.00	12.98	9.40
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	19.47	13.70	2.85	9.54	0.00	967.96	27.45
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	218.09	11.31	6.65	6.05	13.12	11.75	7.30
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	52.52	233.88	12.81	5.41	8.10	0.00	17.68	7.54
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.01	5.79	40.66	-2.11	-4.61	7.19	0.75	0.63	-2.06	-1.98	-2.27
Long-Term Debt to Equity	3.72	5.48	40.22	-1.87	-4.61	7.19	0.56	0.63	-1.48	-1.98	-1.51
Financial Leverage	-0.82	0.09	3.40	-2.27	-1.71	-11.04	-0.12	-0.33	1.23	-1.74	-1.57
Leverage Ratio	5.16	8.20	17.15	-5.03	-2.54	-31.43	2.52	1.77	5.13	-1.27	-1.33
Compound Leverage Factor	6.58	15.33	50.50	-6.12	-1.21	-25.00	2.19	1.78	5.15	-0.88	-0.94
Debt to Total Capital	80.04%	85.27%	97.60%	190.24%	127.69%	87.79%	42.84%	38.76%	194.59%	202.16%	178.70%
Short-Term Debt to Total Capital	5.79%	4.51%	1.05%	21.91%	0.00%	0.00%	11.02%	0.00%	54.51%	0.00%	60.02%
Long-Term Debt to Total Capital	74.25%	80.76%	96.55%	168.33%	127.69%	87.79%	31.82%	38.76%	140.08%	202.16%	118.68%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	19.93%	14.70%	2.40%	-90.24%	-27.69%	12.21%	57.16%	61.24%	-94.59%	-102.16%	-78.70%
Debt to EBITDA	-4.18	-22.82	39.99	-3.18	2.89	2.77	1.77	1.63	-0.76	6.10	5.91
Net Debt to EBITDA	0.64	-4.82	17.87	-1.84	1.69	0.53	-0.65	-0.96	-0.66	5.20	3.77
Long-Term Debt to EBITDA	-3.88	-21.61	39.55	-2.82	2.89	2.77	1.31	1.63	-0.54	6.10	3.93
Debt to NOPAT	-5.34	-10.66	-37.23	-3.93	3.58	3.23	0.74	2.38	-1.08	474.40	17.60
Net Debt to NOPAT	0.81	-2.25	-16.64	-2.27	2.10	0.62	-0.27	-1.41	-0.94	403.95	11.22
Long-Term Debt to NOPAT	-4.95	-10.10	-36.83	-3.47	3.58	3.23	0.55	2.38	-0.77	474.40	11.69
Altman Z-Score	-0.15	0.41	0.11	-4.91	-0.07	1.03	2.70	3.61	-9.53	-3.75	-3.74
Noncontrolling Interest Sharing Ratio	0.15%	0.18%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.54	4.17	4.72	2.23	7.50	15.41	4.61	30.58	0.84	4.69	1.13
Quick Ratio	6.46	4.06	4.60	2.13	7.19	15.07	4.54	30.23	0.80	4.39	1.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-95	-156	-51	35	10	149	322	205	-528	69	123
Operating Cash Flow to CapEx	-2,740.31%	-651.44%	-3,776.35%	0.00%	154.96%	9,165.91%	98,828.30%	201,296.32%	67,189.38%	72,921.83%	373,658.82%
Free Cash Flow to Firm to Interest Expense	-3.05	-3.99	-1.33	0.93	0.15	5.06	10.33	26.92	-24.41	2.08	3.75
Operating Cash Flow to Interest Expense	-3.44	-0.66	-2.63	-1.88	0.16	5.73	8.41	36.03	8.48	3.13	3.88
Operating Cash Flow Less CapEx to Interest Expense	-3.56	-0.76	-2.69	-1.85	0.06	5.67	8.40	36.01	8.47	3.13	3.88
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.32	0.41	0.45	0.74	1.17	0.81	0.49	0.37	0.56	0.86	0.79
Accounts Receivable Turnover	3.72	4.59	4.06	4.25	4.32	3.25	3.50	3.58	3.62	3.33	4.60
Inventory Turnover	0.00	0.00	21.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	5.88	13.18	15.79	27.81	42.67	36.48	50.14	59.24	74.58	69.72	74.95
Accounts Payable Turnover	0.00	0.14	1.13	2.12	2.34	1.02	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	98.06	79.52	89.95	85.87	84.43	112.26	104.27	102.01	100.82	109.58	79.27
Days Inventory Outstanding (DIO)	0.00	0.00	17.35	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	279,088.13	2,568.68	321.68	171.90	155.77	357.78	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	-278,990.07	-2,489.16	-214.38	-86.03	-71.34	-245.53	104.27	102.01	100.82	109.58	79.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	28	149	189	48	159	149	439	408	274	206	117
Invested Capital Turnover	8.88	3.10	1.77	2.92	4.14	2.53	1.41	0.97	1.30	1.46	1.83
Increase / (Decrease) in Invested Capital	23	120	40	-140	110	-9.64	290	-31	-134	-68	-89
Enterprise Value (EV)	1,597	2,318	2,424	1,836	2,339	1,910	1,741	1,656	2,406	1,217	927
Market Capitalization	1,655	2,236	2,245	1,596	2,087	1,824	1,908	1,901	1,786	709	548
Book Value per Share	$0.67	$0.46	$0.07	($1.27)	($0.59)	$0.39	$3.70	$4.25	($2.22)	($1.88)	($1.61)
Tangible Book Value per Share	$0.67	($0.69)	($1.01)	($1.28)	($0.59)	$0.39	$3.70	$4.25	($2.24)	($1.90)	($1.62)
Total Capital	477	454	410	218	337	513	1,060	1,065	366	295	333
Total Debt	381	387	400	414	430	451	454	413	712	596	595
Total Long-Term Debt	354	367	396	366	430	451	337	413	513	596	395
Net Debt	-58	82	179	240	252	86	-167	-245	620	508	379
Capital Expenditures (CapEx)	3.90	3.98	2.67	-1.21	6.92	1.84	0.27	0.14	0.27	0.14	0.03
Debt-free, Cash-free Net Working Capital (DFCFNWC)	12	4.31	28	20	88	99	79	98	65	55	16
Debt-free Net Working Capital (DFNWC)	451	310	250	195	266	464	700	755	157	144	232
Net Working Capital (NWC)	424	289	246	147	266	464	584	755	-43	144	32
Net Nonoperating Expense (NNE)	71	45	106	177	99	33	83	-1.45	370	0.38	9.77
Net Nonoperating Obligations (NNO)	-67	82	179	245	252	86	-167	-245	620	508	379
Total Depreciation and Amortization (D&A)	21	27	29	29	25	26	25	3.27	3.64	3.92	1.88
Debt-free, Cash-free Net Working Capital to Revenue	7.98%	1.57%	9.55%	5.82%	20.46%	25.51%	19.10%	23.78%	14.59%	15.64%	5.46%
Debt-free Net Working Capital to Revenue	301.79%	112.98%	83.78%	56.14%	62.07%	119.03%	169.28%	183.90%	35.40%	40.84%	78.22%
Net Working Capital to Revenue	283.33%	105.51%	82.33%	42.38%	62.07%	119.03%	141.03%	183.90%	-9.67%	40.84%	10.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.86)	($0.48)	($0.67)	($1.59)	$0.14	$0.67	$3.26	$1.13	($6.45)	$0.01	$0.15
Adjusted Weighted Average Basic Shares Outstanding	166.58M	171.77M	175.30M	179.66M	158.21M	159.43M	162.25M	154.37M	155.44M	159.08M	161.84M
Adjusted Diluted Earnings per Share	($0.86)	($0.48)	($0.67)	($1.59)	$0.14	$0.66	$3.21	$0.96	($6.45)	$0.01	$0.15
Adjusted Weighted Average Diluted Shares Outstanding	166.58M	171.77M	175.30M	179.66M	158.21M	160.66M	164.42M	186.31M	155.44M	160.08M	162.98M
Adjusted Basic & Diluted Earnings per Share	($0.86)	($0.48)	($0.67)	($1.59)	$0.14	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	165.15M	168.37M	173.09M	177.32M	156.02M	160.96M	159.22M	154.16M	156.53M	161.81M	163.06M
Normalized Net Operating Profit after Tax (NOPAT)	-71	-29	-33	-11	87	154	163	174	-649	67	83
Normalized NOPAT Margin	-47.78%	-10.74%	-10.95%	-3.07%	20.22%	39.64%	39.29%	42.28%	-146.58%	19.07%	28.07%
Pre Tax Income Margin	-95.40%	-29.83%	-18.41%	-56.01%	13.76%	27.95%	48.50%	61.48%	-214.14%	18.55%	23.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.60	-1.12	-0.49	-4.23	1.83	4.64	7.42	32.97	-43.71	2.84	3.01
NOPAT to Interest Expense	-2.30	-0.93	-0.28	-2.80	1.78	4.73	19.64	22.85	-30.60	0.04	1.03
EBIT Less CapEx to Interest Expense	-3.73	-1.22	-0.56	-4.19	1.73	4.58	7.41	32.95	-43.72	2.83	3.01
NOPAT Less CapEx to Interest Expense	-2.42	-1.03	-0.35	-2.76	1.68	4.67	19.63	22.83	-30.61	0.03	1.03
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2.55%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.57%	72.20%	-2.55%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Ironwood Pharmaceuticals' official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
DEI Shares Outstanding	156,129,046.00	158,957,123.00	159,739,001.00	-	161,809,432.00	161,819,848.00	162,434,130.00	-	163,058,316.00	164,613,406.00	165,239,947.00
DEI Adjusted Shares Outstanding	156,129,046.00	158,957,123.00	159,739,001.00	-	161,809,432.00	161,819,848.00	162,434,130.00	-	163,058,316.00	164,613,406.00	165,239,947.00
DEI Earnings Per Adjusted Shares Outstanding	-0.03	-0.01	0.02	-	-0.23	0.15	0.25	-	0.25	0.31	0.36
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-28.05%	-12.09%	-19.47%	-22.98%	-45.05%	-9.70%	33.26%	-47.31%	158.87%	32.62%	9.00%
EBITDA Growth	-81.03%	102.35%	-36.42%	-14.62%	-347.91%	79.83%	190.71%	-77.49%	355.52%	74.15%	23.20%
EBIT Growth	-81.67%	102.31%	-35.95%	-14.52%	-363.80%	81.61%	194.60%	-78.58%	349.79%	74.93%	23.37%
NOPAT Growth	-122.18%	99.85%	-69.22%	237.04%	-120.26%	2,584.96%	726.52%	-1,249.70%	322.83%	95.10%	43.04%
Net Income Growth	-109.10%	99.92%	-73.86%	229.28%	-798.27%	2,844.07%	999.29%	-200.89%	209.06%	117.34%	49.30%
EPS Growth	-112.00%	99.85%	-77.78%	-40.00%	-666.67%	1,500.00%	1,050.00%	-66.67%	204.35%	121.43%	56.52%
Operating Cash Flow Growth	-43.89%	-4.28%	-69.55%	-57.54%	-55.64%	-145.03%	381.37%	390.17%	-74.34%	486.75%	41.65%
Free Cash Flow Firm Growth	28.43%	107.52%	-35.14%	-46.43%	-53.94%	-44.54%	-29.68%	-21.87%	-31.27%	122.00%	58.21%
Invested Capital Growth	-37.77%	-27.58%	-29.49%	-24.66%	-34.81%	-7.34%	-10.24%	-43.19%	2.04%	-21.51%	-21.58%
Revenue Q/Q Growth	-36.30%	26.07%	-2.97%	-1.14%	-54.56%	107.18%	43.20%	-60.91%	123.24%	6.14%	17.69%
EBITDA Q/Q Growth	-70.19%	120.96%	2.59%	24.68%	-186.56%	260.28%	65.84%	-90.34%	895.07%	9.24%	17.33%
EBIT Q/Q Growth	-70.68%	126.65%	2.64%	25.34%	-190.48%	256.03%	66.50%	-90.89%	955.14%	9.27%	17.42%
NOPAT Q/Q Growth	-328.18%	87.70%	572.89%	-44.98%	-788.19%	238.78%	57.29%	-176.53%	233.38%	21.51%	15.32%
Net Income Q/Q Growth	-138.51%	79.34%	523.95%	-38.12%	-1,757.18%	163.12%	69.84%	-105.68%	1,891.43%	25.80%	16.66%
EPS Q/Q Growth	-160.00%	66.67%	300.00%	50.00%	-866.67%	160.87%	64.29%	-95.65%	2,300.00%	29.17%	16.13%
Operating Cash Flow Q/Q Growth	25.54%	-25.61%	-70.46%	53.91%	31.16%	-175.51%	415.79%	56.73%	-93.13%	1,037.98%	15.66%
Free Cash Flow Firm Q/Q Growth	1.44%	-41.01%	19.48%	-25.08%	-12.79%	-28.96%	51.50%	-16.76%	-23.28%	129.45%	7.97%
Invested Capital Q/Q Growth	-14.14%	-10.79%	1.10%	-2.71%	-25.71%	26.80%	-2.05%	-38.43%	33.44%	-2.47%	-2.14%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	15.40%	27.00%	28.54%	36.48%	-69.49%	53.76%	62.26%	15.39%	68.60%	70.60%	70.38%
Operating Margin	14.72%	26.46%	27.99%	34.78%	-70.75%	53.17%	61.84%	14.26%	68.14%	70.16%	70.00%
EBIT Margin	14.72%	26.46%	27.99%	35.49%	-70.66%	53.22%	61.87%	14.43%	68.18%	70.19%	70.04%
Profit (Net Income) Margin	-5.56%	-0.91%	3.98%	2.49%	-90.87%	27.69%	32.84%	-4.77%	38.28%	45.37%	44.98%
Tax Burden Percent	-83.95%	-4.56%	20.99%	9.40%	103.07%	62.39%	58.92%	-500.22%	62.56%	69.57%	68.31%
Interest Burden Percent	44.99%	75.57%	67.75%	74.68%	124.77%	83.38%	90.06%	6.61%	89.75%	92.92%	94.01%
Effective Tax Rate	183.95%	104.56%	79.01%	90.60%	0.00%	37.61%	41.08%	600.22%	37.44%	30.44%	31.69%
Return on Invested Capital (ROIC)	-16.66%	-1.93%	8.67%	4.78%	-80.98%	50.63%	61.36%	-130.57%	99.49%	109.50%	112.68%
ROIC Less NNEP Spread (ROIC-NNEP)	-12.37%	-1.89%	8.37%	4.66%	-84.21%	49.73%	60.47%	-123.41%	98.41%	108.55%	111.60%
Return on Net Nonoperating Assets (RNNOA)	-7.79%	3.29%	-15.10%	-8.12%	133.44%	-81.65%	-102.76%	194.33%	-153.73%	-188.70%	-216.53%
Return on Equity (ROE)	-24.45%	1.36%	-6.44%	-3.33%	52.47%	-31.01%	-41.40%	63.76%	-54.24%	-79.20%	-103.86%
Cash Return on Invested Capital (CROIC)	-180.47%	35.79%	32.91%	28.65%	5.33%	0.96%	29.46%	75.96%	74.98%	108.61%	121.91%
Operating Return on Assets (OROA)	7.64%	21.22%	23.19%	30.34%	-58.60%	44.46%	53.40%	11.43%	64.71%	87.02%	81.66%
Return on Assets (ROA)	-2.88%	-0.73%	3.30%	2.13%	-75.37%	23.13%	28.34%	-3.78%	36.34%	56.25%	52.44%
Return on Common Equity (ROCE)	-24.45%	1.36%	-6.41%	-3.33%	52.47%	-31.01%	-41.40%	63.76%	-54.24%	-79.20%	-103.86%
Return on Equity Simple (ROE_SIMPLE)	327.19%	0.00%	0.00%	0.00%	9.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-9.25	-1.14	5.38	2.96	-20	28	44	-34	45	55	64
NOPAT Margin	-12.35%	-1.21%	5.88%	3.27%	-49.52%	33.17%	36.44%	-71.35%	42.63%	48.81%	47.82%
Net Nonoperating Expense Percent (NNEP)	-4.30%	-0.05%	0.30%	0.13%	3.23%	0.90%	0.90%	-7.16%	1.08%	0.95%	1.08%
Return On Investment Capital (ROIC_SIMPLE)	-2.59%	-0.36%	1.79%	1.00%	-7.78%	9.84%	13.44%	-10.23%	12.05%	23.81%	26.99%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	50.22%	39.16%	39.43%	37.10%	58.97%	19.70%	17.95%	40.44%	11.30%	10.01%	8.68%
R&D to Revenue	34.48%	32.19%	32.57%	28.04%	66.67%	27.42%	18.41%	45.83%	20.60%	19.83%	21.31%
Operating Expenses to Revenue	85.28%	73.54%	72.01%	65.22%	170.75%	46.83%	38.16%	85.74%	31.86%	29.84%	30.00%
Earnings before Interest and Taxes (EBIT)	11	25	26	32	-29	45	76	6.88	73	79	93
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	12	25	26	33	-29	46	76	7.34	73	80	94
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.29	2.59	1.74	2.02	0.75	0.38	0.63	1.85	1.58	1.78	1.64
Price to Earnings (P/E)	0.00	112.51	0.00	805.60	0.00	0.00	7.45	22.83	5.60	5.34	4.38
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.89%	0.00%	0.12%	0.00%	0.00%	13.42%	4.38%	17.85%	18.74%	22.81%
Enterprise Value to Invested Capital (EV/IC)	8.19	7.47	5.57	5.89	4.73	3.18	3.50	7.91	6.05	6.60	6.04
Enterprise Value to Revenue (EV/Rev)	4.66	3.91	3.12	3.46	2.28	2.01	1.97	3.13	2.62	2.59	2.25
Enterprise Value to EBITDA (EV/EBITDA)	0.00	13.56	11.67	12.46	13.03	8.14	5.30	9.22	4.68	4.27	3.56
Enterprise Value to EBIT (EV/EBIT)	0.00	13.80	11.91	12.98	13.51	8.35	5.38	9.40	4.72	4.30	3.58
Enterprise Value to NOPAT (EV/NOPAT)	0.00	165.48	0.00	967.96	0.00	0.00	17.76	27.45	7.93	6.87	5.44
Enterprise Value to Operating Cash Flow (EV/OCF)	12.99	10.69	9.52	11.75	9.24	20.63	9.86	7.30	8.43	5.43	4.39
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	17.54	14.00	17.68	69.98	319.30	11.25	7.54	8.14	5.35	4.36
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-2.08	-1.98	-1.96	-1.98	-1.78	-1.93	-2.25	-2.27	-2.74	-2.43	-3.43
Long-Term Debt to Equity	-1.47	-1.98	-1.96	-1.98	-1.78	-1.29	-1.50	-1.51	-1.82	-2.43	-3.43
Financial Leverage	0.63	-1.75	-1.81	-1.74	-1.58	-1.64	-1.70	-1.57	-1.56	-1.74	-1.94
Leverage Ratio	4.24	-1.49	-1.43	-1.27	-1.15	-1.17	-1.37	-1.33	-1.38	-1.34	-1.90
Compound Leverage Factor	1.91	-1.13	-0.97	-0.95	-1.44	-0.98	-1.23	-0.09	-1.24	-1.24	-1.79
Debt to Total Capital	192.64%	202.02%	203.65%	202.16%	227.59%	207.27%	179.84%	178.70%	157.61%	169.84%	141.23%
Short-Term Debt to Total Capital	56.00%	0.00%	0.00%	0.00%	0.00%	69.38%	60.30%	60.02%	53.02%	0.00%	0.00%
Long-Term Debt to Total Capital	136.64%	202.02%	203.65%	202.16%	227.59%	137.88%	119.54%	118.68%	104.59%	169.84%	141.23%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-92.64%	-102.02%	-103.65%	-102.16%	-127.59%	-107.27%	-79.84%	-78.70%	-57.61%	-69.84%	-41.23%
Debt to EBITDA	-0.69	5.51	6.04	6.10	10.71	7.84	4.73	5.91	2.94	1.67	1.31
Net Debt to EBITDA	-0.57	4.60	5.17	5.20	8.76	6.61	3.61	3.77	1.85	1.33	0.97
Long-Term Debt to EBITDA	-0.49	5.51	6.04	6.10	10.71	5.21	3.14	3.93	1.95	1.67	1.31
Debt to NOPAT	-0.99	67.24	-141.36	474.40	-8.33	-44.19	15.83	17.60	4.98	2.68	2.01
Net Debt to NOPAT	-0.81	56.10	-120.97	403.95	-6.82	-37.30	12.09	11.22	3.13	2.14	1.49
Long-Term Debt to NOPAT	-0.70	67.24	-141.36	474.40	-8.33	-29.40	10.52	11.69	3.30	2.68	2.01
Altman Z-Score	-3.47	-3.54	-3.96	-4.33	-6.12	-5.69	-4.13	-4.50	-3.09	-3.85	-3.09
Noncontrolling Interest Sharing Ratio	0.00%	0.16%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.82	3.92	3.62	4.69	3.34	0.82	1.13	1.13	1.41	6.06	6.51
Quick Ratio	0.77	3.60	3.33	4.39	3.08	0.77	1.08	1.08	1.38	5.84	6.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	134	79	94	71	62	44	66	55	42	97	105
Operating Cash Flow to CapEx	66,154.41%	57,698.28%	61,781.25%	0.00%	64,367.74%	-753,400.00%	2,379,150.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	18.47	10.55	9.99	7.91	7.62	5.23	7.85	6.99	4.62	13.47	16.90
Operating Cash Flow to Interest Expense	6.22	4.48	1.05	1.71	2.47	-1.80	5.64	9.46	0.56	8.09	10.87
Operating Cash Flow Less CapEx to Interest Expense	6.21	4.47	1.05	1.71	2.47	-1.80	5.64	9.46	0.56	8.09	10.87
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.52	0.80	0.83	0.86	0.83	0.84	0.86	0.79	0.95	1.24	1.17
Accounts Receivable Turnover	4.41	4.52	3.77	3.33	5.68	4.28	3.45	4.60	4.97	3.91	3.16
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	73.18	73.20	72.60	69.72	66.57	68.58	80.13	74.95	97.42	113.80	126.56
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	82.86	80.69	96.81	109.58	64.22	85.35	105.83	79.27	73.51	93.24	115.39
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	82.86	80.69	96.81	109.58	64.22	85.35	105.83	79.27	73.51	93.24	115.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	235	210	212	206	153	194	190	117	156	153	149
Invested Capital Turnover	1.35	1.60	1.48	1.46	1.64	1.53	1.68	1.83	2.33	2.24	2.36
Increase / (Decrease) in Invested Capital	-143	-80	-89	-68	-82	-15	-22	-89	3.13	-42	-41
Enterprise Value (EV)	1,926	1,568	1,182	1,217	725	619	667	927	946	1,007	903
Market Capitalization	1,360	1,036	658	709	238	116	213	548	572	693	656
Book Value per Share	($2.10)	($2.02)	($1.95)	($1.88)	($2.09)	($1.90)	($1.63)	($1.61)	($1.33)	($0.98)	($0.59)
Tangible Book Value per Share	($2.12)	($2.04)	($1.97)	($1.90)	($2.10)	($1.92)	($1.64)	($1.62)	($1.34)	($0.99)	($0.60)
Total Capital	357	315	300	295	262	287	331	333	377	232	236
Total Debt	687	637	612	596	596	595	595	595	594	394	333
Total Long-Term Debt	487	637	612	596	596	396	395	395	394	394	333
Net Debt	566	532	523	508	487	503	455	379	374	314	247
Capital Expenditures (CapEx)	0.07	0.06	0.02	0.00	0.03	0.00	0.00	-0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	34	27	41	55	4.00	66	90	16	75	87	105
Debt-free Net Working Capital (DFNWC)	156	133	129	144	112	159	231	232	296	166	191
Net Working Capital (NWC)	-44	133	129	144	112	-41	31	32	96	166	191
Net Nonoperating Expense (NNE)	-5.09	-0.28	1.74	0.70	17	4.68	4.40	-32	4.63	3.88	3.78
Net Nonoperating Obligations (NNO)	566	532	523	508	487	503	455	379	374	314	247
Total Depreciation and Amortization (D&A)	0.51	0.51	0.51	0.90	0.48	0.47	0.48	0.46	0.44	0.46	0.46
Debt-free, Cash-free Net Working Capital to Revenue	8.22%	6.78%	10.84%	15.64%	1.26%	21.30%	26.68%	5.46%	20.85%	22.40%	26.20%
Debt-free Net Working Capital to Revenue	37.61%	33.12%	34.15%	40.84%	35.41%	51.39%	68.10%	78.22%	81.83%	42.73%	47.78%
Net Working Capital to Revenue	-10.70%	33.12%	34.15%	40.84%	35.41%	-13.22%	9.25%	10.79%	26.55%	42.73%	47.78%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.03)	($0.01)	$0.02	$0.03	($0.23)	$0.15	$0.25	($0.02)	$0.25	$0.31	$0.36
Adjusted Weighted Average Basic Shares Outstanding	157.70M	159.01M	159.71M	159.08M	160.97M	161.72M	162.22M	161.84M	163.45M	164.41M	164.90M
Adjusted Diluted Earnings per Share	($0.03)	($0.01)	$0.02	$0.03	($0.23)	$0.14	$0.23	$0.01	$0.24	$0.31	$0.36
Adjusted Weighted Average Diluted Shares Outstanding	157.70M	159.01M	160.23M	160.08M	160.97M	176.84M	177.76M	162.98M	166.69M	167.18M	168.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	158.96M	159.74M	160.03M	161.81M	161.82M	162.43M	162.68M	163.06M	164.61M	165.24M	165.55M
Normalized Net Operating Profit after Tax (NOPAT)	8.02	19	18	22	-7.38	28	46	4.59	45	55	64
Normalized NOPAT Margin	10.71%	20.05%	19.60%	24.40%	-17.95%	32.99%	37.50%	9.61%	42.61%	48.81%	47.82%
Pre Tax Income Margin	6.62%	20.00%	18.96%	26.50%	-88.16%	44.37%	55.73%	0.95%	61.19%	65.23%	65.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.52	3.34	2.72	3.60	-3.60	5.43	8.95	0.87	7.94	11.02	15.03
NOPAT to Interest Expense	-1.28	-0.15	0.57	0.33	-2.52	3.38	5.27	-4.32	4.97	7.66	10.26
EBIT Less CapEx to Interest Expense	1.51	3.34	2.72	3.60	-3.61	5.43	8.95	0.87	7.94	11.02	15.03
NOPAT Less CapEx to Interest Expense	-1.29	-0.16	0.57	0.33	-2.53	3.38	5.27	-4.32	4.97	7.66	10.26
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Ironwood Pharmaceuticals’ recent results show improving profitability and revenue growth, but the balance sheet remains highly leveraged and cash declined sharply in the second quarter of 2026.

Revenue growth has accelerated. Q2 2026 revenue was $113.0 million, up from $106.5 million in Q1 2026 and $85.2 million in Q2 2025. Revenue also exceeded Q2 2024’s $94.4 million, although it remained below Q3 2025’s $122.1 million and Q4 2023’s $117.6 million.
Profitability improved substantially. Q2 2026 net income was $51.3 million, compared with $40.8 million in Q1 2026, $23.6 million in Q2 2025 and a $2.3 million loss in Q4 2025. Basic EPS increased to $0.31 from $0.25 in Q1.
Operating margins remain strong. The company reported $113.0 million of gross profit and $79.3 million of operating income in Q2 2026. Operating expenses were $33.7 million, or roughly 30% of revenue, and no restructuring charge was recorded in the quarter.
Operating cash flow rebounded. Cash generated from operations rose to $58.3 million in Q2 2026 from $5.1 million in Q1. This compares with $47.6 million in Q3 2025, $74.6 million in Q4 2025 and negative $15.1 million in Q2 2025.
Interest expense decreased sequentially. Interest expense fell to $7.2 million in Q2 2026 from $9.1 million in Q1, suggesting some benefit from the reduction or reclassification of short-term debt during the quarter.
Accounts receivable increased modestly. Receivables rose to $112.7 million at June 30, 2026, from $105.8 million at March 31, but remained below the $120.4 million recorded in Q3 2025. Investors should monitor whether receivables continue to grow faster than revenue.
Research and development spending is relatively stable. R&D expense was $22.4 million in Q2 2026, compared with $21.9 million in Q1 and $23.4 million in Q2 2025. Continued investment supports potential future products but limits near-term operating leverage.
Cash declined sharply during Q2. Cash and equivalents fell from $220.5 million at March 31, 2026, to $79.1 million at June 30. The company reported a $141.3 million decrease in cash, primarily because financing activities used $199.7 million, overwhelming $58.3 million of operating cash flow.
Ironwood continues to carry significant debt. Long-term debt was $385.0 million at the end of Q2 2026, in addition to $8.6 million of capital lease obligations. Although reported short-term debt fell to zero from $199.9 million in Q1, total liabilities still stood at $447.0 million versus $285.1 million of assets.
Shareholders’ equity remains negative. Total common equity was negative $161.8 million in Q2 2026. This was an improvement from negative $217.1 million in Q1 and negative $308.2 million in Q2 2025, but the company remains technically undercapitalized, with liabilities exceeding assets.

Overall, the income statement and operating cash flow point to a stronger earnings profile than Ironwood had in early 2024 and early 2025. However, the improvement is paired with substantial leverage, negative book equity and a large quarterly cash outflow tied to financing activity. Retail investors should focus on whether revenue and operating cash flow remain consistent enough to support debt obligations and rebuild the company’s balance sheet.

11/13/26 11:30 AM ETAI Generated. May Contain Errors.

Ironwood Pharmaceuticals Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Ironwood Pharmaceuticals' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Over the last 10 years, Ironwood Pharmaceuticals' net income changed from -$142.67 million in 2015 to $24.02 million in 2025. Find out what analysts predict for Ironwood Pharmaceuticals in the coming months.

Ironwood Pharmaceuticals' total operating income in 2025 was $98.50 million, based on the following breakdown:

Total Gross Profit: $296.15 million
Total Operating Expenses: $197.65 million

Over the last 10 years, Ironwood Pharmaceuticals' total revenue changed from $149.56 million in 2015 to $296.15 million in 2025, a change of 98.0%.

In the past 13 quarters, Ironwood Pharmaceuticals' cash and equivalents has ranged from $79.13 million in Q2 2026 to $220.47 million in Q1 2026, and is currently $86.38 million as of their latest financial filing in Q3 2026.

Ironwood Pharmaceuticals had total debt of $594.55 million at the end of 2025, a 0.3% decrease from 2024, and a 55.9% increase since 2015.

Over the last 10 years, Ironwood Pharmaceuticals' book value per share changed from 0.67 in 2015 to -1.61 in 2025.

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Financial statements for NASDAQ:IRWD last updated on 11/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Ironwood Pharmaceuticals (IRWD) Financials

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