Slide 1: Q4 2025 earnings
Q4 2025 earnings Chloe Podder since 2021 February 18, 2026 The Pod has an IP28 rating for up to 25 feet for 60 minutes. The PDM and Controller are not waterproof.
Slide 2: Safe harbor statement
Safe harbor statement This presentation contains forward-looking statements regarding, among other things, to the future development of our non-insulin drug delivery product line; our failure or future operating and financial performance, product success and efficacy, the that of our contract manufa
Slide 3: Non-GAAP financial measures
Non-GAAP financial measures The Company uses the following non-GAAP financial measures: Insulet presents the above non-GAAP financial measures because management uses them as supplemental measures in assessing the Company’s performance, and the • Constant currency revenue growth, which represents th
Slide 4: Q4 2025 performance
Q4 2025 performance Total revenue Omnipod revenue by geography Other financial highlights U.S. Omnipod $567.8M GR OS S M AR GIN 28.0% 72.5% Total Company Total Omnipod $783.8M $781.8M up 40 bps 31.2%, 33.5%, A D JU S T E D 29.0% constant currency1 31.3% constant currency1 O P ER AT IN G M A RG IN 1
Slide 5: FY 2025 performance
FY 2025 performance Total revenue Omnipod revenue by geography Other financial highlights GR OS S M AR GIN U.S. Omnipod $1.9B 71.6% 27.2% up 180 bps Total Company Total Omnipod A D JU S T E D $2.7B $2.7B O P ER AT IN G M A RG IN 1 17.6% 30.7%, 31.6%, 29.5% constant currency1 30.3% constant currency1
Slide 6: Progress against our strategic objectives
Progress against our strategic objectives #1 in NCS in both the U.S. and Europe in 20252, with records for Q4 and full year 2025 #1 most requested and #1 most prescribed AID system in the U.S. in 20253,4 Launched Omnipod 5 in nine new markets in 2025 Achieved milestone of over 600,000 estimated acti
Slide 7: Delivered NCS growth: Q4 2025 commercial metrics
Q4 2025 commercial metrics6 Delivered YoY & QoQ NCS growth: in U.S. & international Over Over Over 85% U.S. NCS 95% U.S. customer base 60% International MDI with Omnipod 5 customer base with Omnipod 5 7
Slide 8: FY 2026 guidance
FY 2026 guidance7 Revenue guidance8 P&L guidance Assumptions & drivers Q1 2026 FY 2026 FY 2026 adjusted FY 2026 adjusted Continued strong Omnipod 5 revenue revenue operating margin9 EPS growth9 adoption globally U.S. & International annual 25% - 27% 20% - 22% ~100bps >25% NCS growth YoY Leading NCS
Slide 9: Thank you
Thank you Insulet
Slide 10: Appendix
Appendix Insulet
Slide 11: Insulet common abbreviations and acronyms
Insulet common abbreviations and acronyms A1C Blood test measures average blood glucose levels over the last 3 months iOS iPhone Operating System ADA American Diabetes Association KOL Key Opinion Leader AID Automated Insulin Delivery LRP Long-range plan ASP Average Selling Price MDI Multiple Daily I
Slide 12: Q4 2025 financial performance
Q4 2025 financial performance $s in Millions Total revenue10 Total Omnipod10 Gross profit & margin U.S. Omnipod International Omnipod10 Operating income & margin 11 12
Slide 13: FY 2025 financial performance
FY 2025 financial performance $s in Millions Total revenue10 Total Omnipod10 Gross profit & margin 11 11 U.S. Omnipod International Omnipod10 Operating income & margin 11 11 11 13
Slide 14: Non-GAAP reconciliation — revenue guidance
Non-GAAP reconciliation — revenue guidance Year Ending December 31, 2026 Revenue Growth GAAP Currency Impact Constant Currency U.S. Omnipod 20% to 22% —% 20% to 22% International Omnipod 27% to 29% 3% 24% to 26% Total Omnipod 22% to 24% 1% 21% to 23% Drug Delivery ~(50)% —% ~(50)% Total Revenue 21%
Slide 15: Reconciliation of historical non-GAAP measures
Reconciliation of historical non-GAAP measures $s in Millions FY2025 % of R evenue FY2024 % of R evenue FY2023 % of R evenue FY2022 % of R evenue Q4 2025 % of R evenue Q4 2024 % of R evenue Total Revenue GAAP Growth Rate 30.7 % 22.1 % 30.0 % 18.8 % 31.2 % 17.2% Less: Currency Impact 1.2% 0.2% 0.4% (
Slide 16: Reconciliation of historical non-GAAP measures
Reconciliation of historical non-GAAP measures FY2025 % of R evenue FY2024 % of R evenue FY2023 % of R evenue FY2022 % of R evenue Q4 2025 % of R evenue Q4 2024 % of R evenue GAAP EPS $ 3.48 $ 5.78 $ 2.94 $ 0.07 $ 1.44 $ 1.39 Voluntary MDCs 12 — — (0.16) 0.83 — — Legal Costs13 — — — 0.36 — — CEO and
Slide 17: Endnotes (1/2)
Endnotes (1/2) Page Title Marker Footnote 4,5 Q4 2025 performance; 1 Growth rates are on a YoY basis. Constant Currency, adjusted operating margin and free FY 2025 performance cash flow are non-GAAP measures. See description of non-GAAP financial measures contained in this presentation. Refer to non
Slide 18: Endnotes (2/2)
Endnotes (2/2) Page Title Marker Footnote 12, 13 Q4 2025 financial performance; 11 For the periods indicated, gross profit and operating income are adjusted to exclude FY 2025 financial performance certain items. Refer to non-GAAP reconciliations in appendix for additional information 15, 16 Reconci