RMD

MKT CAP:$32B

ResMed Inc.

Market Cap

$32B

Healthcare·Medical - Instruments & Supplies·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$219.84-$24.97 (-10.20%)

Apr 24, 2026

Company Details

ResMed Inc. develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It o...

CEO

Michael J. Farrell

IPO Date

Jun 2, 1995

Website

www.resmed.com

Key Metrics TTM

Revenue

$5.4B

+9.6% YoY

Net Income

$1.5B

EPS (Diluted)

$10.11

Free Cash Flow

$1.8B

Revenue / Share

$36.71

Gross Margin

61.0%

Operating Margin

33.8%

Net Margin

27.5%

FCF Margin

33.1%

P/S

5.9x

P/E

21.6x

Earnings Reports

Q3 2026

Apr 30, 2026

PENDING

Q2 2026

Jan 29, 2026

$1.4B+11.0%EPS $2.68

Q1 2026

Oct 30, 2025

$1.3B+9.1%EPS $2.37

FY 2025

Aug 7, 2025

$5.1B+9.8%EPS $9.51

Q4 2025

Aug 7, 2025

$1.3B+10.2%EPS $2.58

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 22	$865M	$491M	$234M
Q4 22	$915M	$523M	$255M
Q1 23	$950M	$541M	$276M
Q2 23	$1.0B	$580M	$280M
Q3 23	$1.1B	$618M	$301M
Q4 23	$1.1B	$617M	$275M
Q1 24	$1.1B	$600M	$289M
Q2 24	$1.2B	$669M	$275M
Q3 24	$1.2B	$682M	$375M
Q4 24	$1.2B	$704M	$381M
Q1 25	$1.2B	$717M	$387M
Q2 25	$1.3B	$751M	$417M
Q3 25	$1.3B	$766M	$426M
Q4 25	$1.3B	$820M	$455M
Q1 26	$1.3B	$821M	$447M
Q2 26	$1.4B	$885M	$498M

Valuation

Quarter	P/S	P/E
Q3 22	10.0x	45.5x
Q4 22	8.7x	39.9x
Q1 23	9.1x	41.8x
Q2 23	8.2x	38.1x
Q3 23	8.0x	37.3x
Q4 23	7.5x	35.2x
Q1 24	4.9x	23.7x
Q2 24	5.6x	28.5x
Q3 24	6.1x	29.0x
Q4 24	5.9x	26.9x
Q1 25	7.5x	32.2x
Q2 25	6.8x	27.0x
Q3 25	6.5x	25.0x
Q4 25	7.3x	27.0x
Q1 26	7.6x	27.6x
Q2 26	6.6x	23.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	$117M	$65M
Q4 22	$79M	$47M
Q1 23	$45M	$12M
Q2 23	$129M	$97M
Q3 23	$283M	$251M
Q4 23	$237M	$199M
Q1 24	$286M	$245M
Q2 24	$273M	$249M
Q3 24	$402M	$379M
Q4 24	$440M	$414M
Q1 25	$326M	$306M
Q2 25	$309M	$290M
Q3 25	$579M	$555M
Q4 25	$539M	$508M
Q1 26	$457M	$414M
Q2 26	$340M	$311M

Capital Expenditures

Quarter	CapEx
Q3 22	$52M
Q4 22	$32M
Q1 23	$32M
Q2 23	$32M
Q3 23	$31M
Q4 23	$39M
Q1 24	$41M
Q2 24	$23M
Q3 24	$23M
Q4 24	$26M
Q1 25	$20M
Q2 25	$19M
Q3 25	$24M
Q4 25	$31M
Q1 26	$43M
Q2 26	$29M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 22	+12.5%	+15.6%
Q4 22	+4.4%	+3.9%
Q1 23	+5.1%	+5.1%
Q2 23	+15.5%	+16.6%
Q3 23	+29.2%	+29.5%
Q4 23	+22.7%	+28.4%
Q1 24	+16.0%	+20.6%
Q2 24	+12.5%	+17.8%
Q3 24	+7.2%	+0.8%
Q4 24	+9.0%	-0.6%
Q1 25	+11.1%	+2.9%
Q2 25	+10.3%	-2.6%
Q3 25	+7.9%	+5.2%
Q4 25	+10.2%	+6.1%
Q1 26	+9.1%	+6.2%
Q2 26	+11.0%	+7.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$16M	1.8%
Q4 22	$16M	1.7%
Q1 23	$17M	1.8%
Q2 23	$16M	1.6%
Q3 23	$18M	1.6%
Q4 23	$20M	1.8%
Q1 24	$19M	1.7%
Q2 24	$20M	1.7%
Q3 24	$20M	1.7%
Q4 24	$21M	1.7%
Q1 25	$20M	1.6%
Q2 25	$23M	1.8%
Q3 25	$24M	1.9%
Q4 25	$25M	1.8%
Q1 26	$21M	1.6%
Q2 26	$29M	2.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q3 22	$67M	$182M
Q4 22	$64M	$195M
Q1 23	$63M	$194M
Q2 23	$70M	$212M
Q3 23	$76M	$228M
Q4 23	$78M	$241M
Q1 24	$76M	$223M
Q2 24	$74M	$222M
Q3 24	$77M	$230M
Q4 24	$81M	$242M
Q1 25	$80M	$239M
Q2 25	$81M	$242M
Q3 25	$84M	$245M
Q4 25	$86M	$265M
Q1 26	$87M	$259M
Q2 26	$91M	$278M

Revenue Segments

Quarter	Sleep And Respiratory	Software As Service	Residential Care Software
Q3 22	$763M	$101M	—
Q4 22	$812M	$103M	—
Q1 23	$844M	$106M	—
Q2 23	$917M	$117M	—
Q3 23	$980M	$137M	—
Q4 23	$983M	$139M	—
Q1 24	$963M	$139M	—
Q2 24	$1.0B	$145M	—
Q3 24	$1.0B	$148M	—
Q4 24	$1.1B	$152M	—
Q1 25	$1.1B	—	$157M
Q2 25	$1.1B	—	$156M
Q1 26	$1.2B	—	$166M
Q2 26	$1.3B	—	$167M

Revenue by Geography

Quarter	Combined Europe Asia And Other Markets	Us Canada And Latin America	Software As Service	Global	Sleep And Respiratory
Q3 22	$288M	$577M	—	—	—
Q1 23	$266M	$684M	—	—	—
Q2 23	$302M	$615M	$117M	—	—
Q3 23	$351M	$629M	$137M	—	—
Q4 23	—	—	—	$1.1B	—
Q2 24	$349M	$669M	—	—	$145M
Q3 24	$362M	$687M	—	—	$148M
Q1 25	$360M	$707M	—	$157M	—
Q2 25	$377M	$749M	—	$156M	—
Q1 26	$395M	$775M	—	$166M	—
Q2 26	$421M	$835M	—	$167M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$202M	$0	$202M
Q4 22	$274M	$0	$274M
Q1 23	$207M	$0	$207M
Q2 23	$253M	$0	$253M
Q3 23	$228M	$0	$228M
Q4 23	$228M	$0	$228M
Q1 24	$209M	$0	$209M
Q2 24	$210M	$0	$210M
Q3 24	$238M	$0	$238M
Q4 24	$238M	$0	$238M
Q1 25	$426M	$0	$426M
Q2 25	$522M	$0	$522M
Q3 25	$933M	$12M	$945M
Q4 25	$1.2B	$0	$1.2B
Q1 26	$1.4B	$0	$1.4B
Q2 26	$1.4B	$9M	$1.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 22	147M	-0.1%	+1.0%
Q4 22	147M	+0.0%	+0.3%
Q1 23	147M	+0.1%	+0.2%
Q2 23	147M	+0.2%	+0.2%
Q3 23	147M	-0.0%	+0.3%
Q4 23	148M	+0.1%	+0.4%
Q1 24	147M	-0.0%	+0.2%
Q2 24	148M	+0.0%	+0.1%
Q3 24	147M	-0.1%	+0.0%
Q4 24	148M	+0.1%	-0.0%
Q1 25	148M	+0.0%	+0.1%
Q2 25	148M	0.0%	+0.0%
Q3 25	147M	-0.3%	-0.2%
Q4 25	147M	-0.1%	-0.3%
Q1 26	147M	0.0%	-0.4%
Q2 26	147M	0.0%	-0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 22	$108.5K	8K
Q4 22	$112.1K	8K
Q1 23	$116.5K	8K
Q2 23	$126.7K	8K
Q3 23	$136.9K	8K
Q4 23	$110.7K	10K
Q1 24	$108.7K	10K
Q2 24	$114.7K	10K
Q3 24	$118.0K	10K
Q4 24	$122.6K	10K
Q1 25	$122.7K	10K
Q2 25	$128.5K	10K
Q3 25	$129.4K	10K
Q4 25	$127.2K	11K
Q1 26	$126.0K	11K
Q2 26	$134.2K	11K

Revenue / Employee