Short answer
ResMed (RMD) filed its fiscal 2025 10-K annual report with the SEC on Aug 8, 2025. It reported revenue of $5.1B (+9.8% year over year) and net income of $1.4B.
- Top risk flagged: Delaware corporate law provisions enable issuance of 2.0 million preferred shares without stockholder approval
FY2025 key financial metrics · XBRL
- Revenue
- $5.1B
- +9.8% YoY
- Net income
- $1.4B
- +37.2% YoY
- Operating margin
- 32.7%
- +4.6 pp YoY
- Gross margin
- 59.4%
- +2.7 pp YoY
- EPS (diluted)
- $9.51
- +37.4% YoY
- ROE
- 23.5%
- +2.5 pp YoY
- Operating cash flow
- $1.8B
- +25.0% YoY
Source: XBRL data from the ResMed (RMD) FY2025 10-K on SEC EDGAR. USD.
ResMed FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Design, manufacture, and distribute medical devices for respiratory care and sleep apnea management
- Emphasis on enhanced cybersecurity governance with CISO-led program and annual board updates on risk landscape and incident response
- Strategic focus on robust cybersecurity risk management involving cross-functional oversight teams for compliance and incident mitigation
- CISO with 20+ years’ experience, including prior CISO roles at Mattel and Universal Music Group, strengthening security leadership
- Detailed cybersecurity protocols and governance highlighted, reflecting increased priority on protecting information systems in fiscal 2025
Management Discussion & Analysis
- Revenue split into Sleep and Breathing Health and Residential Care Software segments; revenue recognized on shipment and service provision respectively
- Rebates, discounts, and credits reduce Sleep and Breathing Health revenue, estimated via historical data and sales targets quarterly or annually
- Deferred revenue arises from extended warranties, monitoring data, software access, and maintenance, recognized over one to five years
- No significant financing components in contracts; returns historically infrequent and insignificant, revenue adjusted accordingly
- Revenue allocation based on standalone selling prices when multiple performance obligations exist in contracts
Risk Factors
- Delaware corporate law provisions enable issuance of 2.0 million preferred shares without stockholder approval
- Charter anti-takeover provisions potentially delaying beneficial management changes or acquisition offers
- Risk of preferred stock issuance diluting common stock voting rights and depressing market price
Generated from the filing text; verify against the original. How to read a 10-K
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