RESMED INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RESMED INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	2,067	2,340	2,607	2,957	3,197	3,578	4,223	4,685	5,146	5,653
Cost of revenue	865	1,005	1,113	1,239	1,358	1,554	1,867	2,030	2,091	2,202
Gross profit	1,202	1,335	1,494	1,718	1,839	2,024	2,356	2,655	3,055	3,452
Research and development	144	155	181	202	225	254	288	308	331	378
Selling, general and administrative	554	600	645	677	670	738	874	917	993	1,120
Operating expenses	776	793	915	908	935	1,024	1,224	1,335	1,370	1,565
Operating income	426	542	579	810	904	1,000	1,132	1,320	1,685	1,887
Interest expense	28.2	28.4	36.2	40.4	24
Interest income	17.1	16.4	2.3	1.02	0.36
Other non-operating income	-7.06	-20.5	-60.4	-76.6	-20	-39.8	-30.2	-55.1	-7.8	32.7
Pre-tax income	419	521	519	733	884	960	1,102	1,265	1,678	1,919
Income tax	76.5	206	114	111	409	181	204	244	277	396
Net income	342	316	405	622	475	779	898	1,021	1,401	1,523
EBITDA	538	662	730	965	1,060	1,160	1,297	1,497	1,884	2,088
EPS, basic	2.42	2.21	2.83	4.31	3.27	5.34	6.12	6.94	9.55	10.47
EPS, diluted	2.40	2.19	2.80	4.27	3.24	5.30	6.09	6.92	9.51	10.43
Shares, basic (weighted)	141	143	143	144	145	146	147	147	147	146
Shares, diluted (weighted)	142	144	144	146	146	147	147	148	147	146
Dividend per share	1.32	1.40	1.48	1.56	1.56	1.68	1.76	1.92	2.12	2.40

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	822	189	147	463	295	274	228	238	1,209	1,469
Receivables	451	484	528	475	614	576	705	837	939	1,036
Inventory	268	269	350	417	457	744	998	822	928	946
Other current assets	103	125	120	75.3	129	131	180	142	164	185
Total current assets	1,644	1,066	1,145	1,523	1,575	1,931	2,368	2,358	3,506	4,325
Property, plant and equipment	394	387	387	417	463	498	538	548	551	582
Lease right-of-use assets				118	129	132	128	151	167	153
Goodwill	1,065	1,069	1,856	1,890	1,928	1,936	2,770	2,842	3,047	2,910
Intangible assets	262	215	522	448	393	346	552	486	465	453
Other non-current assets	42.1	274	151	149	161	172	262	284	186	215
Total assets	3,468	3,064	4,108	4,587	4,728	5,096	6,752	6,872	8,174	8,966
Accounts payable	92.8	92.7	116	136	138	159	151	238	278	309
Accrued liabilities	186	186	266	270	321	345	366	378	402	495
Deferred revenue	51.9	60.8	88.7	98.6	110	109	138	153	166	163
Short-term debt		11.5	12	12	12	9.92	9.9	9.9	9.9	260
Total current liabilities	360	511	556	603	912	689	759	911	1,019	1,395
Long-term debt	1,079
Lease liabilities				102	115	120	117	141	153	137
Other non-current liabilities	2.43	0.92	2.06	8.35	6.8	5.97	68.2	42.3	142	213
Total liabilities	1,508	1,005	2,035	2,090	1,842	1,735	2,622	2,008	2,207	2,381
Total debt	1,079	270	1,259	1,164	643	765	1,431	697	658	399
Paid-in capital	1,379	1,451	1,511	1,571	1,622	1,682	1,772	1,897	2,034	2,191
Retained earnings	2,316	2,432	2,436	2,833	3,080	3,614	4,253	4,992	6,081	7,255
Treasury stock	-1,547	-1,600	-1,623	-1,623	-1,623	-1,623	-1,623	-1,773	-2,073	-2,779
Other comprehensive income	-189	-224	-253	-284	-193	-313	-273	-252	-74.7	-82.5
Shareholders' equity	1,960	2,059	2,072	2,497	2,886	3,361	4,130	4,864	5,968	6,585
Total equity	1,960	2,059	2,072	2,497	2,886	3,361	4,130	4,864	5,968	6,585
Total liabilities and equity	3,468	3,064	4,108	4,587	4,728	5,096	6,752	6,872	8,174	8,966
Shares outstanding	142	143	144	145	146	146	147	147	146	144

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	342	316	405	622	475	779	898	1,021	1,401	1,523
Depreciation and amortization	112	120	151	155	157	160	165	177	198	201
Stock-based compensation	45.9	48.4	52.1	57.6	63.9	65.3	71.1	80.2	91.7	104
Deferred income tax	-4.46	6.95	-49.5	-29.9	-16.6	-11.8	-45.4	-49.9	-61	3.88
Change in receivables	-63.6	-32.4	-18	54.4	-129	19.3	-107	-134	-76.7	-96.8
Change in inventory	-41.6	1.49	-84.2	-69.9	-22	-312	-249	172	-80.2	-9.92
Change in payables	34.6	201	-27.3	-23.4	211	-248	31.3	122	91	173
Cash from operations	414	505	459	802	737	351	693	1,401	1,752	1,806
Capital expenditures	-62.2	-62.6	-68.7	-95.3	-103	-135	-120	-99.5	-89.9	-156
Acquisitions	-7.27	-0.9	-951	-27.9	-39.1	-42.8	-1,013	-133	-139	-351
Purchases of investments	-6.46	-14.5	-46.7	-31.6	-21.8	-20.7	-32.2	-12.8	-6.42	-28.5
Sales and maturities of investments				0	0	6.8	3.94	1	4.63	2.75
Cash from investing	-81.9	-102	-1,076	-180	-158	-230	-1,160	-270	-200	-545
Debt issued	450	350	1,519	1,190	90	288	1,070	105	0	0
Debt repaid	-545	-1,146	-712	-1,284	-612	-166	-405	-835	-40	-10
Stock issued	38.3	38.7	36.7	48.2	37.8	47.4	49.1	53.1	74.4	74.5
Share buybacks		-53.8	-22.8			0	0	-150	-300	-700
Dividends paid	-186	-199	-212	-225	-227	-245	-258	-282	-311	-350
Cash from financing	-263	-1,027	581	-317	-765	-128	423	-1,119	-606	-1,007
Exchange rate effect	21.2	-9.74	-5.56	10.9	18.5	-14.4	-2.15	-1.72	25.8	6.18
Net change in cash	90.5	-633	-41.6	316	-168	-21.6	-45.8	10.5	971	260
Free cash flow	352	442	390	707	634	216	574	1,302	1,662	1,650
Interest paid	28.2	28.4	36.2	40.4	24	22.3	47.4	45.7	28.4	27.1
Income taxes paid	92.9	171	243	180	221	478	217	278	214	357

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $222.10 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	61.1%	Gross profit / revenue.
Operating margin	33.4%	Operating income / revenue.
EBITDA margin	36.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	34.0%	Pre-tax income / revenue.
Net margin	26.9%	Net income / revenue.
FCF margin	29.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.9%	Cash from operations / revenue.
Effective tax rate	20.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	24.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	17.8%	Net income / average total assets.
Return on invested capital (ROIC)	27.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	6.7%	Research and development expense / revenue.
SG&A / revenue	19.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.8%	Capital expenditures / revenue.
D&A / revenue	3.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	11.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	18.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	15.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	10.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	17.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	8.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	19.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	26.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	9.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	19.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	26.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	3.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	37.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-0.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	42.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	21.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	13.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	9.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	17.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.10x	Current assets / current liabilities.
Quick ratio	1.80x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.05x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.06x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	4.5%	Total debt / total assets.
Liabilities / assets	26.6%	Total liabilities / total assets.
Net debt	-$1.07B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.51x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$2.93B	Current assets - current liabilities.
Goodwill and intangibles / assets	37.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.22B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.66x	Revenue / average total assets.
Fixed asset turnover	9.98x	Revenue / average property, plant and equipment.
Inventory turnover	2.35x	Cost of revenue / average inventory.
Days inventory	155 days	365 x average inventory / cost of revenue.
Receivables turnover	5.72x	Revenue / average receivables.
Days sales outstanding	64 days	365 x average receivables / revenue.
Days payables	49 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	170 days	Days inventory + days sales outstanding - days payables.
FCF conversion	108.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$10.43	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$10.47	Net income per basic share, as reported (split-adjusted).
Revenue per share	$38.71	Revenue / diluted weighted shares.
FCF per share	$11.29	Free cash flow / diluted weighted shares.
Operating cash flow per share	$12.36	Cash from operations / diluted weighted shares.
Book value per share	$45.66	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$22.35	Tangible book value / shares outstanding.
Cash per share	$10.19	(Cash + short-term investments) / shares outstanding.
Dividend per share	$2.40	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	23.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	21.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	42.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$32.04B	Share price x shares outstanding.
Enterprise value	$30.97B	Market cap + total debt - cash - short-term investments.
P/E	21.0x	Market cap / net income. Only when net income is positive.
P/S	5.67x	Market cap / revenue.
P/B	4.87x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.94x	Market cap / tangible book value, when positive.
P/FCF	19.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.7x	Market cap / cash from operations, when positive.
EV/Sales	5.48x	Enterprise value / revenue.
EV/EBIT	16.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.1%	Free cash flow / market cap.
Earnings yield	4.8%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	3.3%	(Dividends paid + share buybacks) / market cap.
PEG	1.07x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was RESMED INC's revenue in fiscal 2026?

RESMED INC reported revenue of $5.65B for fiscal 2026, 9.9% higher than the year before.

Was RESMED INC profitable in fiscal 2026?

Yes. Net income was $1.52B, a net margin of 26.9%.

How much free cash flow did RESMED INC generate in fiscal 2026?

Cash from operations of $1.81B minus capital expenditures of $156.3M left free cash flow of $1.65B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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