Short answer
ResMed (RMD) filed its fiscal 2026 10-K annual report with the SEC on Aug 13, 2026. It reported revenue of $5.7B (+9.9% year over year) and net income of $1.5B.
- Top risk flagged: Direct Medicare oversight risk due to acquisitions of VirtuOx and Noctrix, subject to Anti-Kickback Statute, Stark Law, False Claims Acts, and HIPAA compliance
FY2026 key financial metrics · XBRL
- Revenue
- $5.7B
- +9.9% YoY
- Net income
- $1.5B
- +8.8% YoY
- Operating margin
- 33.4%
- +0.6 pp YoY
- Gross margin
- 61.1%
- +1.7 pp YoY
- EPS (diluted)
- $10.43
- +9.7% YoY
- ROE
- 23.1%
- −0.3 pp YoY
- Operating cash flow
- $1.8B
- +3.1% YoY
Source: XBRL data from the ResMed (RMD) FY2026 10-K on SEC EDGAR. USD.
ResMed FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global leader in AI-powered digital health and cloud-connected medical devices for sleep and breathing health, plus residential care software
- New acquisition: Noctrix Health in June 2026, expanding portfolio into restless legs syndrome treatment with FDA De Novo classified wearable device
- Strategic shift: Sold MatrixCare business for $490 million to focus on core sleep, breathing, and connected home-based healthcare growth areas
- Employee count steady at approximately 11,370 with 31% in Americas, 31% Asia, 15% Australia, 23% Europe; 13% global turnover rate in FY 2026
- Noteworthy development: Launched Smart Comfort feature in myAir app in early 2026, first FDA-cleared AI-enabled medical device recommending personalized therapy comfort settings
Management Discussion & Analysis
- Revenue $5,653M, up 10% YoY ($507M increase); Sleep and Breathing Health +10%, Residential Care Software +5%
- Gross margin 61.1% vs 59.4%, operating margin 33.4% vs 32.7%; non-GAAP operating margin 36.1% vs 34.3%
- Best segment: Sleep and Breathing Health revenue $4,978M (+10%); worst: Residential Care Software $676M (+5%)
- Operating cash flow $1.8B; treasury stock repurchases $700M; dividends $350M paid; capex and acquisitions total $545M investing cash outflow
- Management outlook implies continued growth and strategic acquisitions; risks include foreign currency effects, global minimum tax, and regulatory environment
Risk Factors
- Direct Medicare oversight risk due to acquisitions of VirtuOx and Noctrix, subject to Anti-Kickback Statute, Stark Law, False Claims Acts, and HIPAA compliance
- Geopolitical risk from Uyghur Forced Labor Prevention Act (effective June 2022) and Russia-Ukraine conflict potentially disrupting suppliers of raw materials
- Supply chain risk from reliance on single-source suppliers and Chinese export controls on rare earth magnets, impacting cost and availability of components
- Competitive risk from Philips' product recall and re-entry, plus pharmaceuticals like GLP-1 affecting market for OSA treatment devices
- Financial risk from $660 million debt (June 30, 2026) increasing vulnerability to adverse conditions and limiting financial flexibility
Generated from the filing text; verify against the original. How to read a 10-K
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