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Insulet (PODD) FY2025 results: revenue $2.7 billion, up 30.7% on the year

Insulet Corp. (PODD) reported revenue of $2.7 billion for fiscal 2025, the year ended 31 December 2025, up 30.7% on the year before. Net income was $247 million, down 40.9%, and diluted earnings per share $3.48. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue
$2.7 billion
+30.7% on the year
FY2018FY2025
Operating margin
17.5%
14.9% a year earlier
FY2018FY2025
Net income
$247 million
-40.9% on the year
FY2018FY2025
Diluted EPS
$3.48
-39.8% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 12 new.

  • Q4 revenue rose 31%, above guidance: Fourth-quarter revenue was $783.8 million, up 31.2% or 29.0% in constant currency, above the top of the 25% to 28% guidance range.
  • Adjusted EPS well above GAAP: Q4 GAAP diluted EPS was $1.44 and adjusted diluted EPS was $1.55. Full-year GAAP diluted EPS was $3.48 and adjusted diluted EPS was $4.97.
  • International revenue up 51% in Q4: International revenue was $214.0 million, up 50.7% or 41.7% in constant currency, with a 9.0 point currency effect. Full-year International revenue rose 44.1%.
  • Active users pass 600,000: The company reported more than 600,000 estimated active Omnipod users globally, as of December 31, 2025, across U.S. and international markets.
  • Full-year operating margin up 260 basis points: Full-year GAAP operating income was $473.8 million, or 17.5% of revenue, up 260 basis points. Adjusted operating margin was 17.6%, up 270 basis points.
Read the Q4 FY2025 earnings call summary

From this 10-K

Insulet develops, manufactures and sells continuous insulin delivery systems for people with insulin-dependent diabetes. The Omnipod platform is the whole of it: the Omnipod 5 Automated Insulin Delivery System, the Omnipod DASH Insulin Management System and the Classic Omnipod, which is being phased out now that most of the customer base has moved on. The company also makes pods for Amgen, used in the Neulasta Onpro kit, a delivery system that helps reduce the risk of infection after intense chemotherapy.

Insulet Corp., the 10-K for 2025

Insulet develops, manufactures and sells continuous insulin delivery systems for people with insulin-dependent diabetes. The Omnipod platform is the whole of it: the Omnipod 5 Automated Insulin Delivery System, the Omnipod DASH Insulin Management System and the Classic Omnipod, which is being phased out now that most of the customer base has moved on. The company also makes pods for Amgen, used in the Neulasta Onpro kit, a delivery system that helps reduce the risk of infection after intense chemotherapy.

What the product is

The distinguishing feature is that there is no tubing. The Pod is a small, lightweight, self-adhesive disposable device worn on the abdomen, hip, back of the upper arm, upper thigh or lower back. It can be worn for up to three days at a time and is waterproof to an IP28 rating for up to 25 feet for 60 minutes, so it does not have to come off for showering or swimming. Insulin reaches the body through an automated cannula insertion, a small flexible tube, which removes the need for multiple daily injections or for a pump and its tubing.

Omnipod 5 received clearance from the Food and Drug Administration and CE Mark approval under the European Union Medical Device Regulation in 2022, and is currently available in 19 countries. In August 2024 the regulator cleared an expanded indication covering people with type 2 diabetes aged 18 and over in the United States. It carries an automated insulin delivery algorithm inside the Pod itself. The Pod pairs by Bluetooth with a third-party continuous glucose monitor, takes its glucose readings, predicts where glucose is heading and adjusts the insulin dose automatically, with the aim of raising time in range and reducing highs and lows; the user can still add a dose for a snack, a meal or a correction. It can be controlled from an Insulet handheld device or, in the United States, from an Android or iOS app on the user's own phone, with data uploaded over a built-in SIM card or secure Wi-Fi. It currently integrates with Dexcom's G6 and G7 monitors and with Abbott's FreeStyle Libre 2 Plus sensor, depending on the market.

Omnipod DASH is the earlier system, featuring a secure wireless Bluetooth enabled Pod controlled by a smartphone-like Personal Diabetes Manager with a colour touch screen. It delivers a small constant background supply of insulin at a programmed rate through the day and night, plus an extra dose on demand to match a meal or correct a high reading.

The data around it

The company has partnered with Glooko, whose cloud-based application lets users and clinicians see insulin delivery trends, blood glucose levels and other integrated data from a kiosk, a computer or a phone. In 2026 it launched Omnipod Discover, a data analytics and reporting platform meant to identify trends, supply supplementary data for Omnipod 5 users and their healthcare providers, and make starting on the product simpler. The filing puts weight on security, citing certifications from the International Organization for Standardization and from the Diabetes Technology Society's cybersecurity and assurance programme, covering secure transfer between the Pod and the controller or phone application and secure cloud storage.

Who it sells to

In the United States, products go primarily to wholesalers supplying the pharmacy channel, and to a lesser extent to healthcare organisations, pharmacies and consumers. Elsewhere they go through distribution partners and directly to consumers. In 2025, 86% of Omnipod product sales globally were through intermediaries, and three distributors each accounted for more than a tenth of total revenue, at 27%, 26% and 25%. Selling effort runs in three directions at once: building consumer awareness, supporting physicians with clinical evidence of outcomes, and giving payors the clinical and economic case for covering the product.

From Insulet's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 18 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue2,7082,0721,697+30.7%
Cost of revenue768626537+22.7%
Gross profit1,9401,4461,160+34.2%
Gross margin71.6%69.8%68.3%
Research and development301220205+37.1%
Selling, general and administrative1,165917735+27.0%
Operating income474309220+53.4%
Operating margin17.5%14.9%13.0%
Interest expense59.442.736.2+39.1%
Pre-tax income340300215+13.1%
Income tax92.4-1188.3
Effective tax rate27.2%-39.3%3.9%
Net income247418206-40.9%
Net margin9.1%20.2%12.2%
Diluted EPS$3.48$5.78$2.94-39.8%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow569430146+32.3%
Capital expenditure19212575.6+53.4%
Free cash flow37830570.1+23.7%
Free cash flow margin13.9%14.7%4.1%
Cash from investing-223-146-119
Cash from financing-595-28.0-13.6
Depreciation and amortisation90.480.872.8+11.9%
Share-based compensation62.769.348.4-9.5%
Buybacks59.60.00.0
Diluted shares, weighted72m74m74m-2.7%
Shares outstanding at period end70m70m70m+0.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,5151,212733+25.1%
Debt9491,3801,416-31.2%
Operating lease liabilities48.940.029.5+22.2%
Finance lease liabilitiesn/a0.022.9
Other liabilities677456387+48.4%
Total liabilities and equity3,1903,0882,588+3.3%
Goodwill51.651.551.7+0.2%
Intangible assets11798.598.7+18.9%
Securities held for sale or to maturity0.04.74.7
Cash and equivalents716953704-24.9%
Receivables517n/an/a
Inventory453430403+5.2%
Other assets1,3361,5491,326-13.8%
Total assets3,1903,0882,588+3.3%

10-K for the year ended 31 December 2025, filed 18 February 2026: the filing.