Resmed Inc

Company facts

Industry

Surgical & Medical Instruments & Apparatus

Headquarters

San Diego, California

Most recent report

8-K, filed Sep 1, 2026

Incorporated

Delaware

Filings on record

1,003+ filings

On EDGAR

CIK 943819

Fiscal year ends

June

Filer status

Large accelerated filer

What to read: FY2026 10-K

SECSift found 5 of 27 sections worth reading, with 5 positive, 11 notable, and 7 negative flags.

• Business (Item 1)

  MatrixCare sale, Noctrix buy, installed base growth, revenue mix shifts, and updated regulatory risks all material.
  Positive

  • Cloud-connected device base grew to 35M patients on AirView (up from 30M) and 12M on myAir, signaling strong adoption.
  Notable

  • Acquired Noctrix (restless legs device) in June 2026 for $XX, expanding sleep health into an adjacent neurological area.
  • Agreed to sell MatrixCare for $490M cash, exiting residential care software to sharpen focus on sleep/breathing.
  • Device revenue dropped to 51% of total revenue in FY2026 from 52% in FY2025, while masks/accessories rose to 37%.
  • Round 2028 competitive bidding does NOT include CPAP, removing a near-term Medicare pricing risk for core devices.
  • Noctrix is a DME supplier, making Stark Law directly apply to its referring-physician relationships, a new compliance exposure.

• Risk Factors (Item 1A)

  Multiple material risk events: VirtuOx CIA ongoing, Pillar Two hit FY2026 results, Noctrix adds DME exposure.
  Notable

  • Noctrix acquisition (June 2026) adds DME supplier regulations: Stark Law, direct billing, and Medicare oversight.
  • ATO audit ongoing for 2018 tax year; tax years 2018-2025 remain open in major jurisdictions.
  Negative

  • VirtuOx is under a $3M False Claims Act settlement and a 5-year CIA through 2027; non-compliance risks penalties.
  • Pillar Two minimum tax materially impacted income tax expense and cash flows in FY2026.

• Market for the Stock (Item 5)

  Repurchase pace doubled and stock underperformed peers sharply.
  Notable

  • Q4 2026 repurchases rose to 971,964 shares from 418,734 in Q4 2025, at a lower avg price ($205.75 vs $238.81).
  Negative

  • ResMed's 5-year indexed total return fell to 78 in FY2026 (from 105 in FY2025), lagging S&P 500's 175.

• Management's Discussion (Item 7)

  Full-year results: revenue +10%, net income +9%. MatrixCare sale for $490M.
  Positive

  • Revenue +10% to $5.65B in FY2026, constant currency +8%.
  • Net income $1.52B, diluted EPS $10.43, up 9% from $9.51.
  • Operating cash flow $1.8B, up $54M from prior year.
  • Gross margin 61.1% vs 59.4% from procurement and logistics efficiencies.
  Notable

  • Quarterly dividend raised to $0.60 from $0.53, total $350M paid.
  • Share repurchases more than doubled to $700M from $300M in FY2025.
  Negative

  • Astral field safety notification expense of $41.9M in FY2026.
  • Restructuring charges of $22M for workforce planning in FY2026 (none prior).
  • Effective tax rate rose to 20.6% from 16.5%, driven by Pillar Two global minimum tax.

• Financial Statements (Item 8)

  Core financials with major M&A, divestiture, buyback, and safety costs.
  Notable

  • Singapore tax holiday benefit fell from $67M to $37M, and global minimum tax added $63.6M to the tax bill.
  Negative

  • Recorded $22M restructuring charge in FY2026, compared to nil in FY2025.

What changed: FY2026 vs. FY2025

About 9% of RMD's FY2026 10-K is new information. 99 paragraphs were added, 367 changed, and 118 removed. Below are the most important lines SECSift identified.

• Financial Statements (Item 8) 132
• Business (Item 1) 91
• Risk Factors (Item 1A) 80
• Management's Discussion (Item 7) 60
• Exhibits (Item 15) 17
• Form 10-K Summary (Item 16) 13
• Market Risk (Item 7A) 8
• Controls and Procedures (Item 9A) 6
• Market for the Stock (Item 5) 5
• Directors and Officers (Item 10) 3
• Other Information (Item 9B) 1