ResMed has successfully scaled operations, achieving a 10.8% year-over-year revenue increase to $1.4 billion while expanding gross margins from 56.9% in 2024Q3 to 62.2% in 2026Q3.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 5.54B | 5.15B | 4.69B | 4.22B | 3.58B | 3.2B | 2.96B | 2.61B | 2.34B | 2.07B | 1.84B | 1.68B | 1.55B | 1.51B | 1.37B | 1.24B | 1.09B | 920.74M | 835.4M | 716.33M | 607M | 425.5M | 339.34M | 273.57M | 204.08M | 155.16M | 115.61M | 88.6M | 66.5M | 49.2M | 34.6M |
| Revenue Growth % | 10.28% | 9.84% | 10.95% | 18.02% | 11.93% | 8.11% | 13.44% | 11.38% | 13.23% | 12.4% | 9.52% | 7.97% | 2.68% | 10.66% | 10.08% | 13.8% | 18.64% | 10.22% | 16.62% | 18.01% | 42.65% | 25.39% | 24.04% | 34.05% | 31.53% | 34.2% | 30.49% | 33.23% | 35.16% | 42.2% | 47.23% |
| Cost of Goods Sold | 2.12B | 2.09B | 2.03B | 1.87B | 1.55B | 1.36B | 1.24B | 1.07B | 978.03M | 864.99M | 772.22M | 667.52M | 565.19M | 573.8M | 547.78M | 501.82M | 436.87M | 366.93M | 341.65M | 331.84M | 230.1M | 150.65M | 122.6M | 100.48M | 70.83M | 50.38M | 30.74M | 24.8M | 19.4M | 17.7M | 15.7M |
| COGS % of Revenue | - | 40.64% | 43.33% | 44.22% | 43.43% | 42.47% | 41.91% | 41.05% | 41.79% | 41.85% | 42% | 39.76% | 36.35% | 37.89% | 40.03% | 40.37% | 39.99% | 39.85% | 40.9% | 46.32% | 37.91% | 35.4% | 36.13% | 36.73% | 34.71% | 32.47% | 26.59% | 27.99% | 29.17% | 35.98% | 45.38% |
| Gross Profit | 3.42B | 3.05B | 2.66B | 2.36B | 2.02B | 1.84B | 1.72B | 1.54B | 1.36B | 1.2B | 1.07B | 1.01B | 989.79M | 940.66M | 820.74M | 741.33M | 655.48M | 553.8M | 493.75M | 384.49M | 376.89M | 274.86M | 216.74M | 173.09M | 133.25M | 104.78M | 84.87M | 63.8M | 47.1M | 31.5M | 18.9M |
| Gross Margin % | 61.69% | 59.36% | 56.67% | 55.78% | 56.57% | 57.53% | 58.09% | 58.95% | 58.21% | 58.15% | 58% | 60.24% | 63.65% | 62.11% | 59.97% | 59.63% | 60.01% | 60.15% | 59.1% | 53.68% | 62.09% | 64.6% | 63.87% | 63.27% | 65.29% | 67.53% | 73.41% | 72.01% | 70.83% | 64.02% | 54.62% |
| Gross Profit Growth % | - | 15.05% | 12.72% | 16.37% | 10.07% | 7.06% | 11.79% | 12.8% | 13.35% | 12.68% | 5.45% | 2.18% | 5.22% | 14.61% | 10.71% | 13.1% | 18.36% | 12.16% | 28.42% | 2.02% | 37.12% | 26.82% | 25.22% | 29.9% | 27.17% | 23.46% | 33.03% | 35.46% | 49.52% | 66.67% | 47.66% |
| Operating Expenses | 1.52B | 1.37B | 1.34B | 1.22B | 1.02B | 935.42M | 908.73M | 957.32M | 820.33M | 775.95M | 637.54M | 602.16M | 584.7M | 585.83M | 525.33M | 473.4M | 412.1M | 363.49M | 348.4M | 294.33M | 244.47M | 165.72M | 131.38M | 105.85M | 184.06M | 78.74M | 51.73M | 38.5M | 29.8M | 23.2M | 15.2M |
| OpEx % of Revenue | - | 26.61% | 28.5% | 28.98% | 28.62% | 29.26% | 30.73% | 36.73% | 35.05% | 37.54% | 34.67% | 35.87% | 37.6% | 38.68% | 38.39% | 38.08% | 37.73% | 39.48% | 41.7% | 41.09% | 40.28% | 38.95% | 38.72% | 38.69% | 90.19% | 50.75% | 44.75% | 43.45% | 44.81% | 47.15% | 43.93% |
| Selling, General & Admin | 1.08B | 991.02M | 917.14M | 874M | 739.37M | 670.39M | 676.69M | 645.01M | 600.37M | 553.97M | 488.06M | 472.63M | 450.41M | 430.8M | 401.62M | 371.25M | 328.86M | 289.88M | 278.09M | 237.33M | 200.17M | 135.7M | 104.71M | 85.31M | 64.48M | 49.91M | 36.99M | 27.4M | 21.1M | 16.8M | 11.1M |
| SG&A % of Revenue | - | 19.26% | 19.57% | 20.7% | 20.66% | 20.97% | 22.88% | 24.75% | 25.65% | 26.8% | 26.54% | 28.15% | 28.97% | 28.45% | 29.35% | 29.86% | 30.11% | 31.48% | 33.29% | 33.13% | 32.98% | 31.89% | 30.86% | 31.19% | 31.6% | 32.17% | 31.99% | 30.93% | 31.73% | 34.15% | 32.08% |
| Research & Development | 359M | 331.28M | 307.52M | 287.64M | 253.57M | 225.28M | 201.95M | 180.65M | 155.15M | 144.47M | 118.65M | 114.86M | 118.23M | 120.12M | 109.73M | 92.01M | 75.2M | 63.06M | 60.52M | 50.11M | 37.22M | 30.01M | 26.17M | 20.53M | 14.91M | 11.15M | 8.5M | 6.5M | 5M | 3.8M | 2.8M |
| R&D % of Revenue | - | 6.44% | 6.56% | 6.81% | 7.09% | 7.05% | 6.83% | 6.93% | 6.63% | 6.99% | 6.45% | 6.84% | 7.6% | 7.93% | 8.02% | 7.4% | 6.88% | 6.85% | 7.24% | 6.99% | 6.13% | 7.05% | 7.71% | 7.51% | 7.31% | 7.18% | 7.35% | 7.34% | 7.52% | 7.72% | 8.09% |
| Other Operating Expenses | 4M | 47.3M | 110.75M | 62.15M | 31.08M | 39.75M | 30.09M | 131.66M | 64.81M | 77.51M | 30.84M | 14.67M | 16.06M | 34.91M | 13.97M | 10.15M | 8.04M | 10.56M | 9.79M | 6.9M | 7.09M | 0 | 500K | 0 | 104.67M | 17.68M | 6.25M | 4.6M | 3.7M | 2.6M | 1.3M |
| Operating Income | 1.9B | 1.69B | 1.32B | 1.13B | 1B | 903.68M | 809.66M | 579.26M | 541.83M | 425.8M | 428.95M | 409.24M | 405.09M | 354.82M | 294.41M | 266.92M | 240.38M | 190.31M | 142.97M | 90.16M | 131.3M | 97.35M | 85.36M | 67.24M | -51.16M | 26.04M | 33.14M | 25.3M | 17.3M | 8.3M | 3.7M |
| Operating Margin % | 34.28% | 32.75% | 28.17% | 26.8% | 27.96% | 28.27% | 27.38% | 22.22% | 23.15% | 20.6% | 23.33% | 24.38% | 26.05% | 23.43% | 21.51% | 21.47% | 22.01% | 20.67% | 17.11% | 12.59% | 21.63% | 22.88% | 25.16% | 24.58% | -25.07% | 16.78% | 28.66% | 28.56% | 26.02% | 16.87% | 10.69% |
| Operating Income Growth % | - | 27.69% | 16.61% | 13.15% | 10.69% | 11.61% | 39.77% | 6.91% | 27.25% | -0.74% | 4.82% | 1.02% | 14.17% | 20.52% | 10.3% | 11.04% | 26.31% | 33.11% | 58.57% | -31.33% | 34.87% | 14.05% | 26.95% | 231.43% | -296.45% | -21.41% | 30.98% | 46.24% | 108.43% | 124.32% | 32.14% |
| EBITDA | 2.08B | 1.92B | 1.54B | 1.33B | 1.19B | 1.1B | 991.03M | 730.06M | 661.79M | 537.96M | 515.8M | 482.29M | 414.82M | 364.97M | 308.38M | 277.07M | 248.42M | 197.37M | 202.46M | 138.3M | 172.92M | 126.48M | 103.23M | 79.82M | -41.19M | 34.49M | 39.39M | 29.9M | 21M | 10.9M | 5M |
| EBITDA Margin % | 37.61% | 37.33% | 32.79% | 31.46% | 33.37% | 34.26% | 33.51% | 28.01% | 28.28% | 26.03% | 28.05% | 28.73% | 26.68% | 24.1% | 22.53% | 22.29% | 22.74% | 21.44% | 24.23% | 19.31% | 28.49% | 29.72% | 30.42% | 29.18% | -20.18% | 22.23% | 34.07% | 33.75% | 31.58% | 22.15% | 14.45% |
| EBITDA Growth % | 13.92% | 25.07% | 15.64% | 11.24% | 9.03% | 10.51% | 35.75% | 10.32% | 23.02% | 4.3% | 6.95% | 16.27% | 13.66% | 18.35% | 11.3% | 11.53% | 25.87% | -2.51% | 46.38% | -20.02% | 36.72% | 22.52% | 29.32% | 293.81% | -219.43% | -12.44% | 31.73% | 42.38% | 92.66% | 118% | 47.06% |
| D&A (Non-Cash Add-back) | 184.32M | 235.81M | 216.21M | 196.52M | 193.84M | 191.52M | 181.37M | 150.79M | 119.96M | 112.16M | 86.85M | 73.06M | 9.73M | 10.14M | 13.97M | 10.15M | 8.04M | 7.06M | 59.48M | 48.14M | 41.62M | 29.13M | 17.87M | 12.58M | 9.97M | 8.45M | 6.25M | 4.6M | 3.7M | 2.6M | 1.3M |
| EBIT | 1.92B | 1.68B | 1.31B | 1.16B | 982.79M | 912.35M | 809.06M | 555M | 560.26M | 456.73M | 435.87M | 409.24M | 411.41M | 391.51M | 336.73M | 305.46M | 263.26M | 201.68M | 145.35M | 90.16M | 132.42M | 107.77M | 85.36M | 67.24M | -50.81M | 43.72M | 33.14M | 25.3M | 17.3M | 8.3M | 3.6M |
| Net Interest Income | -23.27M | -12.61M | -45.71M | -47.38M | -22.31M | -23.63M | -39.36M | -33.86M | -11.98M | -11.15M | 5.65M | 20.43M | 25.11M | 32.49M | 29.08M | 26.04M | 14.03M | 10.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 5.76M | 0 | 0 | 0 | 0 | 362K | 1.02M | 2.3M | 16.38M | 17.09M | 16.86M | 26.21M | 31.24M | 38.87M | 33.87M | 27.8M | 16.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 29.03M | 12.61M | 45.71M | 47.38M | 22.31M | 23.99M | 40.38M | 36.16M | 28.36M | 28.24M | 11.21M | 5.78M | 6.13M | 6.39M | 4.79M | 1.76M | 10.06M | 10.06M | 10.06M | 1.32M | 1.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 4.82M | -7.8M | -55.09M | -30.21M | -39.8M | -20.02M | -76.57M | -60.42M | -20.52M | -7.05M | 10.61M | 26.68M | 25.99M | 30.3M | 37.54M | 36.78M | 20.21M | 11.37M | 14.88M | 7.81M | 2.09M | -727K | -693K | -113K | 105.75M | 1.27M | 1.03M | -700K | -1.2M | 2.8M | 2.9M |
| Pretax Income | 1.9B | 1.68B | 1.26B | 1.1B | 960.48M | 883.66M | 733.09M | 518.85M | 521.31M | 418.74M | 439.56M | 435.92M | 431.08M | 385.12M | 331.94M | 303.71M | 260.59M | 201.68M | 157.85M | 97.97M | 133.39M | 96.63M | 84.67M | 67.13M | 54.59M | 27.31M | 34.17M | 24.6M | 16.1M | 11.1M | 6.6M |
| Pretax Margin % | 34.37% | 32.6% | 27% | 26.09% | 26.84% | 27.64% | 24.79% | 19.91% | 22.28% | 20.26% | 23.91% | 25.96% | 27.72% | 25.43% | 24.26% | 24.43% | 23.86% | 21.9% | 18.9% | 13.68% | 21.98% | 22.71% | 24.95% | 24.54% | 26.75% | 17.6% | 29.55% | 27.77% | 24.21% | 22.56% | 19.08% |
| Income Tax | 383.74M | 276.84M | 243.85M | 204.11M | 181.05M | 409.16M | 111.41M | 114.25M | 205.72M | 76.46M | 87.16M | 83.03M | 85.81M | 77.99M | 77.09M | 76.72M | 70.5M | 55.24M | 47.55M | 31.67M | 45.18M | 31.84M | 27.38M | 21.4M | 17.09M | 15.68M | 11.94M | 8.5M | 5.5M | 3.6M | 2.1M |
| Effective Tax Rate % | 20.16% | 16.5% | 19.28% | 18.53% | 18.85% | 46.3% | 15.2% | 22.02% | 39.46% | 18.26% | 19.83% | 19.05% | 19.9% | 20.25% | 23.23% | 25.26% | 27.06% | 27.39% | 30.12% | 32.33% | 33.87% | 32.95% | 32.34% | 31.88% | 31.3% | 57.42% | 34.95% | 34.55% | 34.16% | 32.43% | 31.82% |
| Net Income | 1.52B | 1.4B | 1.02B | 897.56M | 779.44M | 474.5M | 621.67M | 404.59M | 315.59M | 342.28M | 352.41M | 352.89M | 345.27M | 307.13M | 254.85M | 226.99M | 190.09M | 146.45M | 110.3M | 66.3M | 88.21M | 64.78M | 57.28M | 45.73M | 37.51M | 11.63M | 22.23M | 16.1M | 10.6M | 7.5M | 4.5M |
| Net Margin % | 27.44% | 27.22% | 21.79% | 21.25% | 21.78% | 14.84% | 21.02% | 15.52% | 13.49% | 16.56% | 19.17% | 21.02% | 22.2% | 20.28% | 18.62% | 18.26% | 17.4% | 15.91% | 13.2% | 9.26% | 14.53% | 15.23% | 16.88% | 16.72% | 18.38% | 7.5% | 19.22% | 18.17% | 15.94% | 15.24% | 13.01% |
| Net Income Growth % | 15.71% | 37.2% | 13.75% | 15.15% | 64.26% | -23.67% | 53.65% | 28.2% | -7.8% | -2.87% | -0.14% | 2.2% | 12.42% | 20.52% | 12.28% | 19.41% | 29.8% | 32.77% | 66.36% | -24.84% | 36.16% | 13.09% | 25.27% | 21.92% | 222.49% | -47.67% | 38.05% | 51.89% | 41.33% | 66.67% | 60.71% |
| Net Income (Continuing) | 1.52B | 1.4B | 1.02B | 897.56M | 779.44M | 474.5M | 621.67M | 404.59M | 315.59M | 342.28M | 352.41M | 352.89M | 345.27M | 307.13M | 254.85M | 226.99M | 190.09M | 146.45M | 110.3M | 66.3M | 88.21M | 64.78M | 57.28M | 45.73M | 37.51M | 11.63M | 22.23M | 16.1M | 10.6M | 7.5M | 4.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 10.33 | 9.51 | 6.92 | 6.09 | 5.30 | 3.24 | 4.27 | 2.80 | 2.19 | 2.40 | 2.49 | 2.47 | 2.39 | 2.10 | 1.71 | 1.44 | 1.23 | 0.95 | 0.70 | 0.43 | 0.58 | 0.46 | 0.41 | 0.33 | 0.28 | 0.09 | 0.17 | 0.13 | 0.09 | 0.06 | 0.04 |
| EPS Growth % | 16.05% | 37.43% | 13.63% | 14.91% | 63.58% | -24.12% | 52.5% | 27.85% | -8.75% | -3.61% | 0.81% | 3.35% | 13.81% | 22.81% | 18.75% | 17.07% | 29.47% | 35.71% | 62.79% | -25.86% | 26.09% | 12.2% | 24.24% | 17.86% | 220% | -48.53% | 30.77% | 47.56% | 38.09% | 59.5% | 0% |
| EPS (Basic) | - | 9.55 | 6.94 | 6.12 | 5.34 | 3.27 | 4.31 | 2.83 | 2.21 | 2.42 | 2.51 | 2.51 | 2.44 | 2.15 | 1.75 | 1.49 | 1.26 | 0.97 | 0.72 | 0.43 | 0.61 | 0.47 | 0.43 | 0.35 | 0.29 | 0.09 | 0.19 | 0.14 | 0.09 | 0.06 | 0.04 |
| Diluted Shares Outstanding | 147.04M | 147.34M | 147.55M | 147.46M | 147.04M | 146.45M | 145.65M | 144.48M | 143.99M | 142.45M | 141.67M | 142.69M | 144.36M | 146.41M | 149.32M | 157.19M | 155.1M | 154.23M | 157.42M | 156.51M | 154.32M | 149.88M | 140.5M | 137.76M | 136.32M | 133.94M | 129.21M | 124.27M | 120.28M | 117.07M | 112.5M |
| Basic Shares Outstanding | 146.47M | 146.72M | 147.02M | 146.76M | 146.07M | 145.31M | 144.34M | 143.11M | 142.76M | 141.36M | 140.24M | 140.47M | 141.47M | 142.95M | 145.9M | 152.47M | 150.91M | 151.26M | 154.76M | 153.42M | 144.61M | 137.29M | 134.78M | 132.22M | 128.7M | 124.52M | 120.61M | 117.66M | 116.16M | 117.07M | 112.5M |
| Dividend Payout Ratio | - | 22.19% | 27.65% | 28.78% | 31.48% | 47.78% | 36.21% | 52.33% | 63.21% | 54.44% | 47.71% | 44.56% | 40.99% | 31.65% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Competitive Re-entry and Reimbursement
According to recent quarterly filings, ResMed has maintained a steady revenue growth trajectory, with the most recent period showing a 10.8% year-over-year increase to $1.4 billion, suggesting that the company is successfully navigating the transition from pandemic-era demand surges to a more normalized growth environment.
The consistent mid-to-high single-digit revenue growth indicates that the company's core sleep apnea business remains resilient despite the re-entry of major competitors into the U.S. market. This stability appears to be supported by the recurring nature of mask and accessory sales, which helps buffer the volatility often seen in hardware-centric medical device models.
As reported in financial statements, ResMed's gross margin has expanded from 56.9% in 2024Q3 to 62.2% in 2026Q3, reflecting a significant improvement in pricing power and manufacturing efficiency that distinguishes the firm from its lower-margin peers in the medical instrument and supply industry.
This margin expansion suggests that the company is successfully leveraging its integrated digital health ecosystem to command premium pricing. Investors should monitor whether this trend is sustainable or if it reflects a temporary benefit from product mix shifts toward higher-margin software and accessory components.
Based on the provided income statement data, operating income has scaled from $374.6 million in 2024Q3 to $499.8 million in 2026Q3, demonstrating that the company is effectively managing its SG&A expenses while simultaneously growing its top-line revenue at a healthy, consistent pace.
The ability to expand operating margins while maintaining R&D investment suggests a high degree of operational discipline. This efficiency implies that the company's digital infrastructure is likely reducing the need for intensive field support, allowing for a more scalable cost structure than traditional hardware-only competitors.
Analysis of the reported figures reveals that net income has grown in tandem with operating performance, with stock-based compensation remaining relatively contained at $26.8 million in 2026Q3, representing a small fraction of the $398.7 million in net income reported for the same period.
The modest level of stock-based compensation relative to net income suggests that management is not overly diluting shareholders to incentivize performance. This indicates a high quality of earnings, as the reported EPS growth appears to be driven by core operational success rather than accounting adjustments or excessive equity-based incentives.
While current margins appear robust, a critical challenge to the narrative is the potential for margin compression as competitors re-enter the market and pricing pressure increases, as evidenced by the historical volatility in quarterly operating margins which dipped to 23.7% in 2024Q2.
Short-term investors should be wary of the assumption that current 62.2% gross margins are a permanent floor. Any shift in the competitive landscape or changes in U.S. healthcare reimbursement policies could force the company to sacrifice margin to protect its dominant market share, warranting further investigation into long-term pricing durability.
Quick answers to the most common questions about buying RMD stock.
For fiscal year 2025, ResMed Inc. (RMD) reported total revenue of $5.15B. This represents a 14773.8% increase compared to $34.6M in 1996.
ResMed Inc. (RMD) is profitable, generating $1.40B in net income for the fiscal year ending 2025 with a net profit margin of 27.2%.
ResMed Inc. (RMD) reported an operating income of $1.69B, resulting in an operating profit margin of 32.7%. This margin reflects the operational efficiency of the business before interest and taxes.
ResMed Inc. (RMD) generated $3.05B in gross profit for the year, representing a gross profit margin of 59.4%. This demonstrates the company's core pricing power and production efficiency.