Resmed Inc. · NYSE:RMD
Resmed — Q1 2026 Earnings Presentation
22 slides from Resmed's earnings presentation, Oct 30, 2025
Slide 1: Q1 FY2026 Earnings
Q1 FY2026 Earnings October 30, 2025
Slide 2: Presentation of financial information & forward-looking statements
Presentation of financial information & forward-looking statements Historical financial and operating data in this presentation reflect the consolidated results of ResMed Inc., its subsidiaries, and its legal entities for the periods indicated. This presentation includes financial information prepar
Slide 3: Resmed | The global leader in connected and digital health
Resmed | The global leader in connected and digital health Key Statistics1 Headquarters San Diego, CA 12% 12% Founded 1989 Revenue Revenue LTM 1Q26 revenue $5.3B 36% by business 30% by region LTM 1Q26 52% LTM 1Q26 58% Listed (NYSE, ASX) 1995, RMD LTM 1Q26 operating margin 33% | 35% (GAAP/Non-GAAP) C
Slide 4: 2030 Our Strategy
2030 OUR STRATEGY STRATEGY OUR OUR KEY FOCUS CAPABILITIES AREAS We will create products people love as well as Sleep Health seamless, personalized Empower our teams pathways for access to Breathing Health life-changing care Prioritize AI OUR OUR Health Tech at Home Build trust FINANCIAL MISSION GOAL
Slide 5: We integrate intelligent products and solutions to drive better experience, lower costs, and improve outcomes
We integrate intelligent products and solutions to drive better experience, lower costs, and improve outcomes Mask/accessory Driving value for patients, resupply within providers, and Resmed ecosystem Intelligent Consumer Engagement Improve patient Increase Scale in adoption experience1 long-term an
Slide 6: More than 24 billion nights of respiratory medical data
Resmed is the global leader in connected & digital health More than 24 billion nights of respiratory medical data 34+ million 31.5+ million patients in AirView 100% cloud connectable devices worldwide v 4.3+ million v 170+ million diagnostic tests processed in the cloud accounts in Residential Care
Slide 7: Resmed's 2030 operating model accelerates ability to reach consumers where they are
Resmed’s 2030 operating model accelerates ability to reach consumers where they are, execute and unlock value Focused and strategic roadmap PRODUCT-LED … increase product velocity Dynamic global revenue team CUSTOMER-CENTRIC … increase profitable growth Unified global marketing team BRAND-ENHANCED …
Slide 8: Our goal is to empower 500 million lives in 2030
Our goal is to empower 500 million lives in 2030 We're proud to offer connected and digital heath tech solutions that help those with sleep and breathing health challenges live happier, healthier lives with care in the comfort of the home or care setting of their choice During the last 12 months, we
Slide 9: Q1 Financial Results
Q1 Financial Results
Slide 10: Q1 FY26 financial results
Q1 FY26 financial results Revenue by Business Q1 FY26 Revenue ($M) 12% Devices Masks and other $1,335.6 51% 37% RCS $1,224.5 Revenue by Region Q1 FY26 U.S., Canada, & 12% Latin America Europe, Asia, & Q1 FY25 Q1 FY26 30% 58% Other RCS (U.S. & Germany) NOTE: See reconciliation to GAAP in Appendix © 2
Slide 11: Q1 FY26 financial results (continued)
Q1 FY26 financial results (continued) GAAP Gross Margin (%) GAAP Operating Income GAAP EPS ($M) 61.5% 58.6% $446.5 $2.37 $387.3 $2.11 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Non-GAAP Gross Margin (%) Non-GAAP Operating Non-GAAP EPS Income ($M) 62.0% $482.1 59.2% $2.55 $406.4 $2.20 Q1 FY25 Q1
Slide 12: Strong free cash flow and balance sheet
Strong free cash flow and balance sheet Operating Cash Flow Capital Expenditures Free Cash Flow ($M) ($M) ($M) Total debt outstanding $669M $1,883.4 $1,768.4 $1,440.5 $1,353.3 Less: Cash & cash equiv. $1,384M $934.9 $120.7 $814.3 $115.0 Net Cash $715M $87.3 Unused borrowing capacity $1,500M LTM 1Q24
Slide 13: Track record of strong financial returns for shareholders
Track record of strong financial returns for shareholders (Financial data as of September 30, 2025) Revenue ($M) GAAP / Non-GAAP Operating Income ($M) GAAP / Non-GAAP EPS $1,745 $9.77 15% CAGR 16% CAGR GAAP GAAP $5,257 $855 $4.66 12% CAGR $3,028 LTM 1Q21 LTM 1Q26 LTM 1Q21 LTM 1Q26 $9.90 $1,839 14% C
Slide 14: Strategic capital allocation framework prioritizes innovation
Strategic capital allocation framework prioritizes innovation Strategic • Reinvest in product development for Capital deployed over last 3 years Reinvest high-return organic growth Growth (through September 30, 2025) Priorities for Growth • 6-7% of revenue invested in R&D (B) 16% • Actively evaluate
Slide 15: A compelling investment amid global macro uncertainty
A compelling investment amid global macro uncertainty Free cash flow totaled ~$1.8B for LTM Q1 FY26, up ~31% year-over-year; free cash flow yield1 of more than 4%, above peer and historic levels Balance sheet in a net cash position of $715M as of Q1 FY26 Gross margins continue to improve throu
Slide 16: Contact Investor Relations
Contact Investor Relations Phone: (858) 221-3304 Email: investorrelations@Resmed.com Website: investor.Resmed.com 16
Slide 17: Appendix
APPENDIX
Slide 18: Global OSA prevalence
Resmed has a very large, under-penetrated opportunity to reach and serve OSA patients globally, including a broad range of pharma impact scenarios Global OSA patient prevalence from latest epidemiology data 1.4 B ~1.4B[2] patients 1.3 B ~1.3B[3] patients 1.2 B ~1.2B[3] patients 1.1 B Global OSA prev
Slide 19: Real-world data analysis in Sleep Apnea population shows positive correlation between GLP-1s and PAP therapy
Real-world data analysis in Sleep Apnea population shows significant positive correlation between GLP-1s and PAP therapy GLP-1 initiated1,2 vs. non-GLP-1 initiated OSA patients1 Patients with an OSA diagnosis and prescribed a Likely to initiate PAP resupply rates4 PAP resupply rates4 GLP-1 drug are
Slide 20: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures The measures “non-GAAP gross profit” and “non-GAAP gross margin” exclude amortization expense from acquired intangibles related to cost of sales and are reconciled below: (Unaudited; $ in thousands, except for per share amounts) Three Months Ended Septem
Slide 21: Reconciliation of non-GAAP financial measures, cont'd
Reconciliation of non-GAAP financial measures, cont’d The measure “non-GAAP income from operations” is reconciled with GAAP income from operations below: (Unaudited; $ in thousands, except for per share amounts) Three Months Ended September September 30, 2025 30, 2024 GAAP income from operations $ 4
Slide 22: Reconciliation of non-GAAP financial measures, cont'd
Reconciliation of non-GAAP financial measures, cont’d The measure “non-GAAP net income” and “non-GAAP diluted earnings per share” are reconciled with GAAP net income and GAAP diluted earnings per share in the table below: (Unaudited; $ in thousands, except for per share amounts) Three Months Ended S