greeksoup/ stock research
Stock research / United States / RMD / FY2026

Resmed (RMD) FY2026 results: revenue $5.7 billion, up 9.9% on the year

Resmed Inc. (RMD) reported revenue of $5.7 billion for fiscal 2026, the year ended 30 June 2026, up 9.9% on the year before. Net income was $1.5 billion, up 8.8%, and diluted earnings per share $10.43. The figures are the company's own, from the 10-K it filed with the SEC on 13 August 2026.

Revenue
$5.7 billion
+9.9% on the year
FY2019FY2026
Operating margin
33.4%
32.7% a year earlier
FY2019FY2026
Net income
$1.5 billion
+8.8% on the year
FY2019FY2026
Diluted EPS
$10.43
+9.7% on the year
FY2019FY2026

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 kept.

  • Revenue rose 9% to $1.5 billion: Revenue was $1,464 million, up 9% reported and 8% in constant currency, with demand across sleep devices, masks, accessories and software solutions.
  • Non-GAAP diluted EPS up 16%: Non-GAAP diluted EPS was $2.95 against $2.55, up 16%; management attributed the increase predominantly to sales growth and gross margin improvement. GAAP diluted EPS was $2.64, up 2%.
  • Non-GAAP gross margin up 90 basis points: Non-GAAP gross margin was 62.3%, up 90 basis points; management attributed this predominantly to productivity pipeline execution. GAAP gross margin was 58.8%, down 200 basis points.
  • Quarter free cash flow down 21%: Operating cash flow was $455 million, down 16%; free cash flow was $404 million, down 21%. Purchases of property, plant and equipment were $51.1 million against $30.6 million.
  • Shareholder returns above $1 billion: Management said returns to shareholders were over $1.0 billion in FY2026 through repurchases and dividends, up more than 70%. Dividends paid were $349.7 million and treasury stock purchases $700.0 million.
Read the Q4 FY2026 earnings call summary

From this 10-K

Resmed makes cloud-connected medical devices and the software around them, mostly for sleep and breathing disorders treated at home. It was formed in 1989 and commercialised continuous positive airway pressure treatment for obstructive sleep apnea, which was the first successful non-invasive treatment for the condition: a device delivers pressurised air, usually through a mask, to stop the upper airway collapsing during sleep. It employs approximately 11,370 people and sells in more than 140 countries through a mix of wholly owned subsidiaries and independent distributors. There are two segments, Sleep and Breathing Health and Residential Care Software.

Resmed Inc., the 10-K for 2026

Resmed makes cloud-connected medical devices and the software around them, mostly for sleep and breathing disorders treated at home. It was formed in 1989 and commercialised continuous positive airway pressure treatment for obstructive sleep apnea, which was the first successful non-invasive treatment for the condition: a device delivers pressurised air, usually through a mask, to stop the upper airway collapsing during sleep. It employs approximately 11,370 people and sells in more than 140 countries through a mix of wholly owned subsidiaries and independent distributors. There are two segments, Sleep and Breathing Health and Residential Care Software.

Sleep and Breathing Health

The devices run from a night-time CPAP machine to non-invasive and invasive ventilators used for life support, and are used predominantly in the home and to a lesser extent in general and respiratory hospital wards. The range covers CPAP and bilevel systems, automatic positive airway pressure, adaptive servo-ventilation, high flow therapy devices, humidifiers and the accessories that go with them: masks, nasal cannula, headgear and tubing. The automatic devices, known as AutoSet, use patented technology to monitor breathing and in some countries can also be used in diagnosing and managing sleep apnea. AirMini, launched in fiscal 2017, is a small portable machine using the same therapy modes with waterless humidification. AirSense 11, launched in fiscal 2021, added a touch screen, algorithms for patients new to therapy and over-the-air updates. AirCurve 11 devices deliver different pressures for inhalation and exhalation. Devices were approximately 51% of net revenues in fiscal 2026, against 52% in each of the two preceding years.

Comfort is treated as a clinical problem, because patients historically found masks sore and struggled to fall asleep at the prescribed pressure. The answers named are more comfortable interfaces, delay timers that raise pressure gradually, bilevel devices, heated humidification and auto-titration that varies the average pressure through the night. myAir is the patient application, giving personalised coaching, daily therapy insights and a Smart Comfort feature that recommends settings such as ramp time and pressure relief so the patient does less trial and error. AirView is the clinician side, letting them remotely monitor patients on some ventilation and bilevel devices. The company reports an installed base of more than 35 million patients using cloud-connected devices on AirView and over 12 million patients registered on myAir.

Residential Care Software

Cloud-based software for providers in the residential care market: home medical equipment and home infusion providers, home health and hospice providers, skilled nursing facilities, private duty nursing organisations, senior living facilities and life plan communities. The platforms cover billing and business management, electronic medical records, revenue cycle management, operational analytics, patient engagement and workforce management, and are aimed at providers dealing with changing reimbursement rules, workforce constraints and demographic shifts. Brightree serves durable and home medical equipment providers in the United States, automating clinical workflows and billing and compliance. MEDIFOX DAN is the care management platform for residential care providers in Germany. MatrixCare covers senior living, skilled nursing, life plan communities, home health and hospice in the United States.

Two changes at the end of fiscal 2026

On 30 June 2026 the company agreed to sell the MatrixCare business for $490 million in cash, subject to closing adjustments. The sale covers MatrixCare and the related software sold under that brand, including Healthcare First, Citus and the home health and hospice products, and the filing describes it as portfolio optimisation to sharpen focus on sleep, breathing and connected home-based healthcare. It is expected to close in the first quarter of fiscal 2027.

In June 2026 the company acquired Noctrix Health, which holds a medical device classified by the Food and Drug Administration through the De Novo route that treats restless legs syndrome. Noctrix operates as a wholly owned subsidiary. Earlier, the 2025 acquisition of VirtuOx added a software-enabled independent diagnostic testing facility providing in-home and remote testing for sleep, respiratory, cardiac and other conditions across the United States.

From Resmed's annual report on Form 10-K for the year ended 30 June 2026. The filing

Written from the 10-K filed 13 August 2026: read the full 10-K.

The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026

Income statement (profit and loss)

$ millionFY2026FY2025FY2024On the yearLast 8 years
Revenue5,6535,1464,685+9.9%
Cost of revenue2,2022,0912,030+5.3%
Gross profit3,4523,0552,655+13.0%
Gross margin61.1%59.4%56.7%
Research and development378331308+14.2%
Selling, general and administrative1,120993917+12.7%
Operating income1,8871,6851,320+11.9%
Operating margin33.4%32.7%28.2%
Pre-tax income1,9191,6781,265+14.4%
Income tax396277244+43.1%
Effective tax rate20.6%16.5%19.3%
Net income1,5231,4011,021+8.8%
Net margin26.9%27.2%21.8%
Diluted EPS$10.43$9.51$6.92+9.7%
$ 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

$ millionFY2026FY2025FY2024On the yearLast 8 years
Operating cash flow1,8061,7521,401+3.1%
Capital expenditure15689.999.5+73.9%
Free cash flow1,6501,6621,302-0.7%
Free cash flow margin29.2%32.3%27.8%
Cash from investing-545-200-270
Cash from financing-1,007-606-1,119
Depreciation and amortisation201198177+1.4%
Share-based compensation10491.780.2+13.8%
Buybacks700300150+133.3%
Dividends paid350311282+12.5%
Dividend per share$2.40$2.12$1.92+13.2%
Diluted shares, weighted146m147m148m-0.9%
Shares outstanding at period end144m146m147m-1.5%

Balance sheet

$ millionFY2026FY2025FY2024On the yearLast 8 years
Shareholders' equity6,5855,9684,864+10.3%
Debt659668707-1.3%
Operating lease liabilities137153141-10.2%
Other liabilities1,5841,3851,160+14.3%
Total liabilities and equity8,9668,1746,872+9.7%
Fixed assets582551548+5.6%
Goodwill2,9103,0472,842-4.5%
Intangible assets453465486-2.6%
Cash and equivalents1,4691,209238+21.5%
Receivables1,036939837+10.3%
Inventory946928822+2.0%
Other assets1,5711,0351,099+51.7%
Total assets8,9668,1746,872+9.7%

10-K for the year ended 30 June 2026, filed 13 August 2026: the filing.