01—Abstract
Summary
Summary of the 10-K filed August 13, 2026. Cited figures are marked; the original filing is the authoritative source.
ResMed Inc. reported fiscal 2026 (year ended June 30, 2026) net revenue of $5.65 billiona, up 10% from $5.15 billion, with net income of $1.52 billion, or $10.43 per diluted share, versus $9.51 a year earlier.
Gross margin rose to 61.1% from 59.4%, driven by procurement, manufacturing and logistics efficiencies, partly offset by Astral field safety notification expenses. Sleep and Breathing Health revenue grew 10% to $4.98 billionb, while Residential Care Software grew 5% to $676 million. Operating cash flow was $1.81 billion and cash and cash equivalents were $1.47 billion at June 30, 2026.
Portfolio activity was significant in the year. In June 2026 the company acquired Noctrix Health, LLC, a maker of a restless legs syndrome device, for $335 millionc. On June 30, 2026 it agreed to sell its MatrixCare business for $490 million in cash, expected to close in the first quarter of fiscal 2027; the filing says MatrixCare generated about $220 million of revenue and $28 million of operating profit in fiscal 2026.
The company repurchased $700 milliond of treasury stock during the year and paid $350 million in dividends. Risk factors center on competition from Philips and new pharmaceutical treatments such as GLP-1 drugs, reimbursement and Medicare policy changes, tariffs and supply chain constraints including rare earth magnets, and ongoing patent litigation with Cleveland Medical and Fractus. Total debt was $660 million at June 30, 2026, and the company declared a quarterly dividend of $0.66 per share on August 6, 2026.
02—Key points
Key Highlights
- Net revenue rose 10% to $5.65 billion in fiscal 2026, with 8% growth on a constant currency basis.
- Gross margin expanded to 61.1% from 59.4%, though Astral field safety notification expenses partly offset procurement and manufacturing efficiencies.
- Diluted EPS was $10.43 versus $9.51, and non-GAAP diluted EPS was $11.17 versus $9.55 per the filing's reconciliation.
- Agreed to sell MatrixCare for $490 million in cash, a Residential Care Software business with about $220 million of fiscal 2026 revenue, expected to close in Q1 fiscal 2027.
- Acquired Noctrix Health for $335 million in June 2026, expanding the sleep health portfolio into restless legs syndrome.
- Returned capital through $700 million of share repurchases and $350 million of dividends, with about 7.9 million shares remaining under the repurchase authorization.
- Ended the year with $1.47 billion of cash and $2.97 billion of cash and available revolver liquidity, against $660 million of total debt.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2026, ResMed kept $0.27.
- Revenue$5.65B100.0%
- Cost of revenue−$2.20B38.9%
- Gross profit$3.45B61.1%
- Operating costs−$1.57B27.7%
- Operating income$1.89B33.4%
- Interest, other & tax−$363.7M6.4%
- Net income$1.52B26.9%
Where FY2026 revenue went
$5.65B- Cost of revenue: $2.20B, 39% of revenue
- Net income: $1.52B, 27% of revenue
- SG&A: $1.12B, 20% of revenue
- R&D: $378.3M, 6.7% of revenue
- Other operating costs: $67.2M, 1.2% of revenue
- Interest, other & tax: $363.7M, 6.4% of revenue
Kept 27% as net incomeOther operating costs $67.2M · 1.2%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2026filed August 13, 2026Financial Statements
FY2026 against FY2025
| Line item | FY2026FY2025 | Change |
|---|---|---|
| Revenue | $5.65B$5.15B | +9.9% |
| Cost of Revenue | $2.20B$2.09B | +5.3% |
| Gross Profit | $3.45B$3.05B | +13.0% |
| R&D Expenses | $378.29M$331.28M | +14.2% |
| SG&A Expenses | $1.12B$993.05M | +12.7% |
| Operating Expenses | $1.57B$1.37B | +14.3% |
| Operating Income | $1.89B$1.69B | +11.9% |
| Net Income | $1.52B$1.40B | +8.7% |
| EPS (Basic) | $10.47$9.55 | +9.6% |
| EPS (Diluted) | $10.43$9.51 | +9.7% |
| Shares Outstanding (Basic) | 145.52M146.72M | −0.8% |
| Shares Outstanding (Diluted) | 146.05M147.34M | −0.9% |
05—Questions
Frequently Asked Questions
What drove revenue growth in fiscal 2026?
Sleep and Breathing Health revenue rose 10% to $4.98 billion, led by increased demand and unit sales of devices and masks, partly offset by lower life support device unit sales. Residential Care Software revenue rose 5% to $676 million.
Why is the MatrixCare sale being made?
The filing says the sale is part of portfolio optimization to sharpen focus on core growth areas of sleep, breathing and connected home-based healthcare. The transaction is expected to close in the first quarter of fiscal year 2027.
What are the main risks flagged in the filing?
Key risks include competition from Philips and new pharmaceutical treatments such as GLP-1 drugs, changes in Medicare and other reimbursement policies, tariffs and supply disruptions including rare earth magnet export controls, product recall and FDA regulatory exposure, and patent litigation with Cleveland Medical and Fractus.
How strong is the balance sheet and cash position?
Total assets were $8.97 billion and stockholders' equity was $6.59 billion at June 30, 2026. Cash and cash equivalents were $1.47 billion, and $660 million of debt was outstanding, with $250 million of 3.24% senior notes repaid on July 10, 2026.
What is the dividend outlook?
The company paid $2.40 per share in dividends during fiscal 2026 and on August 6, 2026 declared a cash dividend of $0.66 per share, payable September 24, 2026. The filing notes future dividends remain subject to board approval.
06—Continue