RESMED INC
For the period ended Dec 31, 2025. Filed Jan 30, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Jan 30, 2026
RMD$235.30-1.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0000943819-25-000090
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-01-30.
0000943819-26-000007
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 93 previous paragraphs and 120 current paragraphs.
58 unchanged; 31 reworded; 22 added; 3 removed; 1 previous and 9 current paragraphs rearranged.
Tables are not compared: 17 previous and 23 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Current report
Six Months Ended December 31, 2025 Compared to the Six Months Ended December 31, 2024
Current report
Net Revenue
Current report
Sleep and Breathing Health
Current report
Net revenue from our Sleep and Breathing Health business for the six months ended December 31, 2025 was $2,425.4 million, an increase of 11% compared to net revenue for the six months ended December 31, 2024. Movements in international currencies against the U.S. dollar positively impacted net revenue by approximately $36.0 million for the six months ended December 31, 2025. Excluding the impact of currency movements, total Sleep and Breathing Health net revenue for the six months ended December 31, 2025 increased by 9% compared to the six months ended December 31, 2024. The increase in net revenue associated with our devices and masks was primarily attributable to increased demand and unit sales.
Current report
Net revenue from our Sleep and Breathing Health business in the U.S., Canada and Latin America for the six months ended December 31, 2025 increased to $1,609.8 million from $1,456.3 million for the six months ended December 31, 2024, an increase of $153.5 million or 11%. The increase in net revenue associated with our devices and masks was primarily attributable toincreased demand and unit sales.
Current report
Net revenue in combined Europe, Asia and other markets increased for the six months ended December 31, 2025 to $815.6 million from $737.1 million for the six months ended December 31, 2024, an increase of $78.5 million or 11% (a 6% increase on a constant currency basis). The constant currency increasein device and mask sales in combined Europe, Asia and other markets was primarily attributable to increased demand and unit sales.
Current report
Net revenue from devices for the six months ended December 31, 2025 increased to $1,406.5 million from $1,295.1 million for the six months ended December 31, 2024, an increase of $111.4 million or 9%, including an increase of 8% in the U.S., Canada and Latin America and an increase of 10% in combined Europe, Asia and other markets (a 6% increase on a constant currency basis). Excluding the impact of foreign currency movements, device sales for the six months ended December 31, 2025 increased by 7%.
Current report
Net revenue from masks and other for the six months ended December 31, 2025 increased to $1,018.9 million from $898.2 million for the six months ended December 31, 2024, an increase of $120.6 million or 13%, including an increase of 14% in the U.S., Canada and Latin America and an increase of 12% in combined Europe, Asia and other markets (a 6% increase on a constant currency basis). Excluding the impact of foreign currency movements, masks and other sales increased by 12%, compared to the six months ended December 31, 2024.
Current report
Residential Care Software
Current report
Net revenue from our Residential Care Software business for the six months ended December 31, 2025 increased to $333.0 million from $313.3 million for the six months ended December 31, 2024, an increase of $19.7 million or 6%. Movements in international currencies against the U.S. dollar positively impacted net revenue by approximately $5.0 million for the six months ended December 31, 2025. Excluding the impact of currency movements, net revenue from our Residential Care Software business for the six months ended December 31, 2025 increased by 5% compared to the six months ended December 31, 2024. The increase was predominantly due to continued growth in the MEDIFOX DAN vertical within our Residential Care Software business, partially offset by weaker performance in our Senior Living and Long-Term Care business vertical.
Current report
Gross profit increased for the six months ended December 31, 2025 to $1,699.5 million from $1,468.5 million for the six months ended December 31, 2024, an increase of $231.0 million or 16%. Gross margin for the six months ended December 31, 2025 was 61.6% compared to 58.6% for the six months ended December 31, 2024.
Current report
Selling, general, and administrative expenses increased for the six months ended December 31, 2025 to $537.6 million from $480.6 million for the six months ended December 31, 2024, an increase of $57.0 million or 12%. Selling, general, and administrative expenses were unfavorably impacted by the movement of international currencies against the U.S. dollar, which increased our expenses by approximately $11.0 million, as reported in U.S. dollars. Excluding the impact of foreign currency movements, selling, general, and administrative expenses for the six months ended December 31, 2025 increased by 10% compared to the six months ended December 31, 2024. As a percentage of net revenue, selling, general, and administrative expenses were 19.5% for the six months ended December 31, 2025, compared to 19.2% for the six months ended December 31, 2024.
Current report
Research and development expenses increased for the three months ended December 31, 2025 to $91.0 million from $81.4 million for the three months ended December 31, 2024, an increase of $9.6 million, or 12%. Research and development expenses were unfavorably impacted by the movement of international currencies against the U.S. dollar, which increased
Current report
Research and development expenses increased for the six months ended December 31, 2025 to $178.3 million from $160.9 million for the six months ended December 31, 2024, an increase of $17.4 million, or 11%. Research and development expenses were unfavorably impacted by the movement of international currencies against the U.S. dollar, which increased our expenses by approximately $1.1 million for the six months ended December 31, 2025, as reported in U.S. dollars. Excluding the impact of foreign currency movements, research and development expenses increased by 10% compared to the six months ended December 31, 2024. As a percentage of net revenue, research and development expenses were 6.5% for the six months ended December 31, 2025, compared to 6.4% for the six months ended December 31, 2024.
Current report
Amortization of acquired intangible assets for the three months ended December 31, 2025 totaled $11.8 million compared to $11.0 million for the three months ended December 31, 2024.
Current report
Amortization of acquired intangible assets for the six months ended December 31, 2025 totaled $23.7 million compared to $22.5 million for the six months ended December 31, 2024.
Current report
The increase in amortization of acquired intangible assets for the three and six months ended December 31, 2025 compared to the three and six months ended December 31, 2024 is due to amortization of intangibles from the VirtuOx acquisition during the three months ended June 30, 2025.
Current report
On January 5, 2026, the OECD issued administrative guidance regarding the Side-by-Side, or SbS, Safe Harbor under the Pillar Two global minimum tax framework, which is expected to exempt U.S. companies and their subsidiaries from certain provisions of Pillar Two beginning in fiscal year 2027. The SbS Safe Harbor does not impact us in the current fiscal year. However, we will continue to monitor regulatory developments and the implementation of the SbS Safe Harbor in the jurisdictions in which we operate.
Current report
As a result of the factors above, our net income for the six months ended December 31, 2025 was $741.1 million compared to $656.0 million for the six months ended December 31, 2024, an increase of $85.2 million, or 13%.
Current report
Our diluted earnings per share for the six months ended December 31, 2025 was $5.05 per diluted share compared to $4.45 for the six months ended December 31, 2024, an increase of $0.60, or 13%.
Current report
Details of our purchase obligations as of December 31, 2025 were as follows (in thousands):
Removed paragraphs (3)
Previous report
Amortization of acquired intangible assets for the three months ended September 30, 2025 totaled $12.0 million compared to $11.4 million for the three months ended September 30, 2024.
Previous report
On June 28, 2025, the G7 issued a joint statement in which its members agreed that Pillar Two will operate alongside the U.S. system of tax and proposed that U.S.-parented multinational groups would not be subject to the income inclusion rules and undertaxed profits rules of Pillar Two. The remaining OECD countries are likely to consider changes to existing and
Previous report
proposed tax laws to align with the recommendations and guidelines proposed by G7. We are continuing to evaluate the potential impacts of the Inclusive Framework for future periods.
Reworded paragraphs (31)
Previous wording
The following is an overview of our results of operations for the three months ended September 30, 2025. Management’s discussion and analysis of financial condition and results of operations, or the MD&A, is intended to help the reader understand our results of operations and financial condition. It is provided as a supplement to, and should be read in conjunction with, the condensed consolidated financial statements and notes included in this report.
Current wording
The following is an overview of our results of operations for the three and six months ended December 31, 2025. Management’s discussion and analysis of financial condition and results of operations, or the MD&A, is intended to help the reader understand our results of operations and financial condition. It is provided as a supplement to, and should be read in conjunction with, the condensed consolidated financial statements and notes included in this report.
Previous wording
We are committed to ongoing investment in research and development and product enhancements. During the three months ended September 30, 2025, we invested $87.3 million on research and development activities, which represents 6.5% of net revenues, with a continued focus on the development and commercialization of new, innovative products and solutions that improve patient outcomes, create efficiencies for our customers and help physicians and providers better manage chronic disease and lower healthcare costs. For example, our newest device, AirSense 11, introduced new features such as a touch screen, algorithms for patients new to therapy, digital enhancements, and over-the-air update capabilities. Our operations include residential care software platforms designed to support the professionals and caregivers who help people stay healthy in the home or care setting of their choice. These platforms comprise our Residential Care Software business and, along with our cloud-based remote monitoring and therapy management system, and a robust product pipeline, these products should continue to provide us with a strong platform for future growth.
Current wording
We are committed to ongoing investment in research and development and product enhancements. During the three months ended December 31, 2025, we invested $91.0 million on research and development activities, which represents 6.4% of net revenues, with a continued focus on the development and commercialization of new, innovative products and solutions that improve patient outcomes, create efficiencies for our customers and help physicians and providers better manage chronic disease and lower healthcare costs. For example, our newest device, AirSense 11, introduced new features such as a touch screen, algorithms for patients new to therapy, digital enhancements, and over-the-air update capabilities. Our operations include residential care software platforms designed to support the professionals and caregivers who help people stay healthy in the home or care setting of their choice. These platforms comprise our Residential Care Software business and, along with our cloud-based remote monitoring and therapy management system, and a robust product pipeline, these products should continue to provide us with a strong platform for future growth.
Previous wording
Net revenue for the three months ended September 30, 2025 was $1.3 billion, an increase of 9% compared to the three months ended September 30, 2024. Gross margin was 61.5% for the three months ended September 30, 2025 compared to 58.6% for the three months ended September 30, 2024. Diluted earnings per share was $2.37 for the three months ended September 30, 2025, compared to diluted earnings per share of $2.11 for the three months ended September 30, 2024.
Current wording
Net revenue for the three months ended December 31, 2025 was $1.4 billion, an increase of 11% compared to the three months ended December 31, 2024. Gross margin was 61.8% for the three months ended December 31, 2025 compared to 58.6% for the three months ended December 31, 2024. Diluted earnings per share was $2.68 for the three months ended December 31, 2025, compared to diluted earnings per share of $2.34 for the three months ended December 31, 2024.
Previous wording
At September 30, 2025, our cash and cash equivalents totaled $1.4 billion, our total assets were $8.3 billion and our stockholders’ equity was $6.1 billion.
Current wording
At December 31, 2025, our cash and cash equivalents totaled $1.4 billion, our total assets were $8.5 billion and our stockholders’ equity was $6.3 billion.
Previous wording
Net revenue for the three months ended September 30, 2025 increased to $1,335.6 million from $1,224.5 million for the three months ended September 30, 2024, an increase of $111.1 million or 9% (an 8% increase on a constant currency basis). The following table summarizes our net revenue disaggregated by segment, product and region (in thousands):
Current wording
Net revenue for the three months ended December 31, 2025 increased to $1,422.8 million from $1,282.1 million for the three months ended December 31, 2024, an increase of $140.7 million or 11% (a 9% increase on a constant currency basis). The following table summarizes our net revenue disaggregated by segment, product and region (in thousands):
Previous wording
Net revenue from our Sleep and Breathing Health business for the three months ended September 30, 2025 was $1,169.4 million, an increase of 10% compared to net revenue for the three months ended September 30, 2024. Movements in international currencies against the U.S. dollar positively impacted net revenue by approximately $15.6 million for the three months ended September 30, 2025. Excluding the impact of currency movements, total Sleep and Breathing Health net revenue for the three months ended September 30, 2025 increased by 8% compared to the three months ended September 30, 2024. The increase in net revenue associated with our devices and masks was primarily attributable to increased demand and unit sales.
Current wording
Net revenue from our Sleep and Breathing Health business for the three months ended December 31, 2025 was $1,255.9 million, an increase of 12% compared to net revenue for the three months ended December 31, 2024. Movements in international currencies against the U.S. dollar positively impacted net revenue by approximately $22.5 million for the three months ended December 31, 2025. Excluding the impact of currency movements, total Sleep and Breathing Health net revenue for the three months ended December 31, 2025 increased by 10% compared to the three months ended December 31, 2024. The increase in net revenue associated with our devices and masks was primarily attributable to increased demand and unit sales.
Previous wording
Net revenue from our Sleep and Breathing Health business in the U.S., Canada and Latin America for the three months ended September 30, 2025 increased to $774.8 million from $707.3 million for the three months ended September 30, 2024, an increase of $67.4 million or 10%. The increase in net revenue associated with our devices and masks was primarily attributable to increased demand and unit sales.
Current wording
Net revenue from our Sleep and Breathing Health business in the U.S., Canada and Latin America for the three months ended December 31, 2025 increased to $835.0 million from $748.9 million for the three months ended December 31, 2024, an increase of $86.1 million or 11%. The increase in net revenue associated with our devices and masks was primarily attributable to increased demand and unit sales.
Previous wording
Net revenue from our Sleep and Breathing Health business in combined Europe, Asia and other markets increased for the three months ended September 30, 2025 to $394.7 million from $360.4 million for the three months ended September 30, 2024, an increase of $34.3 million or 10% (a 6% increase on a constant currency basis). The constant currency increase in device and mask sales in combined Europe, Asia and other was primarily attributable to increased demand and unit sales.
Current wording
Net revenue from our Sleep and Breathing Health business in combined Europe, Asia and other markets increased for the three months ended December 31, 2025 to $420.9 million from $376.6 million for the three months ended December 31, 2024, an increase of $44.3 million or 12% (a 6% increase on a constant currency basis). The constant currency increase in device and mask sales in combined Europe, Asia and other was primarily attributable to increased demand and unit sales.
Previous wording
Net revenue from devices for the three months ended September 30, 2025 increased to $680.3 million from $625.8 million for the three months ended September 30, 2024, an increase of $54.5 million or 9%, including an increase of 8% in the U.S., Canada and Latin America and an increase of 11% in combined Europe, Asia and other markets (a 7% increase on a constant currency basis). Excluding the impact of foreign currency movements, device sales for the three months ended September 30, 2025 increased by 7%.
Current wording
Net revenue from devices for the three months ended December 31, 2025 increased to $726.2 million from $669.3 million for the three months ended December 31, 2024, an increase of $56.9 million or 9%, including an increase of 8% in the U.S., Canada and Latin America and an increase of 9% in combined Europe, Asia and other markets (a 5% increase on a constant currency basis). Excluding the impact of foreign currency movements, device sales for the three months ended December 31, 2025 increased by 7%.
Previous wording
Net revenue from masks and other for the three months ended September 30, 2025 increased to $489.1 million from $442.0 million for the three months ended September 30, 2024, an increase of $47.2 million or 11%, including an increase of 12% in the U.S., Canada and Latin America and an increase of 7% in combined Europe, Asia and other markets (a 4% increase on a constant currency basis). Excluding the impact of foreign currency movements, masks and other sales for the three months ended September 30, 2025 increased by 10%.
Current wording
Net revenue from masks and other for the three months ended December 31, 2025 increased to $529.7 million from $456.3 million for the three months ended December 31, 2024, an increase of $73.4 million or 16%, including an increase of 16% in the U.S., Canada and Latin America and an increase of 17% in combined Europe, Asia and other markets (an 8% increase on a constant currency basis). Excluding the impact of foreign currency movements, masks and other sales for the three months ended December 31, 2025 increased by 14%.
Previous wording
Net revenue from our Residential Care Software business for the three months ended September 30, 2025 increased to $166.1 million from $156.8 million for the three months ended September 30, 2024, an increase of $9.4 million or 6% (a 5% increase on a constant currency basis). The increase was predominantly due to strong growth in the MEDIFOX DAN business vertical, partially offset by weaker performance in our Senior Living and Long-Term Care business vertical.
Current wording
Net revenue from our Residential Care Software business for the three months ended December 31, 2025 increased to $166.9 million from $156.5 million for the three months ended December 31, 2024, an increase of $10.4 million or 7%. Movements in international currencies against the U.S. dollar positively impacted net revenue by approximately $3.0 million for the three months ended December 31, 2025. Excluding the impact of currency movements, net revenue from our Residential Care Software business for the three months ended December 31, 2025 increased by 5% compared to the three months ended December 31, 2024. The increase was predominantly due to strong growth in the MEDIFOX DAN and Home and Hospice business verticals, partially offset by weaker performance in our Senior Living and Long-Term Care business vertical.
Previous wording
Gross profit increased for the three months ended September 30, 2025 to $820.8 million from $717.2 million for the three months ended September 30, 2024, an increase of $103.6 million or 14%. Gross margin, which is gross profit as a percentage of net revenue, for the three months ended September 30, 2025 was 61.5% compared to 58.6% for the three months ended September 30, 2024.
Current wording
Gross profit increased for the three months ended December 31, 2025 to $878.7 million from $751.3 million for the three months ended December 31, 2024, an increase of $127.4 million or 17%. Gross margin, which is gross profit as a percentage of net revenue, for the three months ended December 31, 2025 was 61.8% compared to 58.6% for the three months ended December 31, 2024.
Previous wording
Selling, general, and administrative expenses increased for the three months ended September 30, 2025 to $259.2 million from $239.0 million for the three months ended September 30, 2024, an increase of $20.2 million or 8%. Selling, general, and administrative expenses were unfavorably impacted by the movement of international currencies against the U.S. dollar, which increased our expenses by approximately $3.5 million, as reported in U.S. dollars. Excluding the impact of foreign currency movements, selling, general, and administrative expenses for the three months ended September 30, 2025 increased by 7% compared to the three months ended September 30, 2024. As a percentage of net revenue, selling, general, and administrative expenses were 19.4% for the three months ended September 30, 2025, compared to 19.5% for the three months ended September 30, 2024.
Current wording
Selling, general, and administrative expenses increased for the three months ended December 31, 2025 to $278.4 million from $241.6 million for the three months ended December 31, 2024, an increase of $36.8 million or 15%. Selling, general, and administrative expenses were unfavorably impacted by the movement of international currencies against the U.S. dollar, which increased our expenses by approximately $7.5 million, as reported in U.S. dollars. Excluding the impact of foreign currency movements, selling, general, and administrative expenses for the three months ended December 31, 2025 increased by 12% compared to the three months ended December 31, 2024. As a percentage of net revenue, selling, general, and administrative expenses were 19.6% for the three months ended December 31, 2025, compared to 18.8% for the three months ended December 31, 2024.
Previous wording
The constant currency increase in selling, general, and administrative expenses during the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was primarily due to additional expenses associated with our VirtuOx acquisition during the three months ended June 30, 2025 and employee-related costs, in addition to marketing and technology investments.
Current wording
The constant currency increase in selling, general, and administrative expenses during the three months ended December 31, 2025 compared to the three months ended December 31, 2024 was primarily due to employee-related costs, additional expenses associated with our VirtuOx acquisition during the three months ended June 30, 2025 and marketing and technology investments.
Previous wording
Research and development expenses increased for the three months ended September 30, 2025 to $87.3 million from $79.5 million for the three months ended September 30, 2024, an increase of $7.8 million, or 10%. Research and development expenses were minimally impacted by the movement of international currencies against the U.S. dollar. As a percentage of net revenue, research and development expenses were 6.5% for the three months ended September 30, 2025 and 2024.
Current wording
our expenses by approximately $1.1 million for the three months ended December 31, 2025, as reported in U.S. dollars Excluding the impact of foreign currency movements, research and development expenses increased by 10% compared to the three months ended December 31, 2024. As a percentage of net revenue, research and development expenses were 6.4% for the three months ended December 31, 2025 and 6.3% for the three months ended December 31, 2024.
Previous wording
During the three months ended September 30, 2025, we recorded $15.8 million of restructuring related charges for employee severance and one-time termination benefits associated with workforce planning activities. We did not record any restructuring expenses during the three months ended September 30, 2024.
Current wording
During the three and six months ended December 31, 2025, we recorded $5.9 million and $21.7 million of restructuring related charges, respectively, for employee severance and one-time termination benefits associated with workforce planning activities.
Previous wording
Total other income (loss), net for the three months ended September 30, 2025 was income of $0.3 million compared to a loss of $3.8 million for the three months ended September 30, 2024. We recorded interest income, net of $8.8 million for the three months ended September 30, 2025 compared to interest expense, net of $1.7 million for the three months ended September 30, 2024 due to lower debt levels following repayments on our revolving credit facility. Interest income, net was partially offset by a loss associated with our equity investments of $6.2 million for the three months ended September 30, 2025 compared to a loss of $0.7 million for the three months ended September 30, 2024.
Current wording
Total other income (loss), net for the three months ended December 31, 2025 was income of $4.5 million compared to income of $1.1 million for the three months ended December 31, 2024. We recorded interest income, net of $7.9 million for the three months ended December 31, 2025 compared to interest expense, net of $0.8 million for the three months ended December 31, 2024 due to lower debt levels following repayments on our revolving credit facility. Additionally, we recorded a gain associated with our equity investments of $0.3 million for the three months ended December 31, 2025 compared to a loss of $1.4 million for the three months ended December 31, 2024.
Previous wording
Our effective income tax rate for the three months ended September 30, 2025 was 22.0%, as compared to 18.8% for the three months ended September 30, 2024. Our effective rate of 22.0% for the three months ended September 30, 2025 differs from the statutory rate of 21.0% primarily due to foreign operations and research credits. The increase in our effective tax rate for the three months ended September 30, 2025 was primarily due to the impact of global minimum taxes implemented in accordance with Pillar Two and a shift in our global mix of earnings.
Current wording
Our effective income tax rate for the three and six months ended December 31, 2025 was 20.9% and 21.4%, respectively, as compared to 17.6% and 18.2% for the three and six months ended December 31, 2024, respectively. Our effective rate of 20.9% for the three months ended December 31, 2025 differs from the statutory rate of 21.0% primarily due to foreign operations and research credits. The increase in our effective tax rate for the three and six months ended December 31, 2025 was primarily due to the impact of global minimum taxes implemented in accordance with Pillar Two and a shift in our global mix of earnings.
Previous wording
As a result of the factors above, our net income for the three months ended September 30, 2025 was $348.5 million compared to $311.4 million for the three months ended September 30, 2024, an increase of $37.2 million, or 12%.
Current wording
As a result of the factors above, our net income for the three months ended December 31, 2025 was $392.6 million compared to $344.6 million for the three months ended December 31, 2024, an increase of $48.0 million, or 14%.
Previous wording
Our diluted earnings per share for the three months ended September 30, 2025 was $2.37 per diluted share compared to $2.11 for the three months ended September 30, 2024, an increase of $0.26, or 12%.
Current wording
Our diluted earnings per share for the three months ended December 31, 2025 was $2.68 per diluted share compared to $2.34 for the three months ended December 31, 2024, an increase of $0.34, or 15%.
Previous wording
The measure “non-GAAP net income” is equal to GAAP net income once adjusted for amortization of acquired intangibles, restructuring expenses and associated tax effects. The measure “non-GAAP diluted earnings per share” is the ratio of non-GAAP net income to diluted shares outstanding. These non-GAAP measures are reconciled to their most directly comparable GAAP financial measures below (in thousands, except for per share amounts):
Current wording
The measure “non-GAAP net income” is equal to GAAP net income once adjusted for amortization of acquired intangibles, restructuring expenses and associated tax effects. The measure “non-GAAP diluted earnings per share” is the
Previous wording
As of September 30, 2025 and June 30, 2025, we had cash and cash equivalents of $1,383.8 million and $1,209.5 million, respectively. Our cash and cash equivalents held within the U.S. at September 30, 2025 and June 30, 2025 were $696.7 million and $555.0 million, respectively. Our remaining cash and cash equivalent balances at September 30, 2025 and June 30, 2025, were $687.1 million and $654.5 million, respectively. Our cash and cash equivalent balances are held at highly rated financial institutions.
Current wording
As of December 31, 2025 and June 30, 2025, we had cash and cash equivalents of $1,417.1 million and $1,209.5 million, respectively. Our cash and cash equivalents held within the U.S. at December 31, 2025 and June 30, 2025 were $794.5 million and $555.0 million, respectively. Our remaining cash and cash equivalent balances at December 31, 2025 and June 30, 2025, were $622.6 million and $654.5 million, respectively. Our cash and cash equivalent balances are held at highly rated financial institutions.
Previous wording
As of September 30, 2025, we had $1,500.0 million available for draw down under the revolving credit facility and a combined total of $2,883.8 million in cash and available liquidity under the revolving credit facility.
Current wording
As of December 31, 2025, we had $1,500.0 million available for draw down under the revolving credit facility and a combined total of $2,917.1 million in cash and available liquidity under the revolving credit facility.
Previous wording
On June 29, 2022, we entered into a second amended and restated credit agreement, or as amended from time to time, the Revolving Credit Agreement. The Revolving Credit Agreement, among other things, provided a senior unsecured revolving credit facility of $1,500.0 million, with an uncommitted option to increase the revolving credit facility by an additional amount equal to the greater of $1,000.0 million or 1.00 times the EBITDA for the trailing twelve-month measurement period. Additionally, on June 29, 2022, ResMed Pty Limited entered into a Second Amendment to the Syndicated Facility Agreement, or the Term Credit Agreement. The Term Credit Agreement, among other things, provides ResMed Pty Limited a senior unsecured term credit facility of $200.0 million. The Revolving Credit Agreement and Term Credit Agreement each terminate on June 29, 2027, when all unpaid principal and interest under the loans must be repaid. As of September 30, 2025, we had $1,500.0 million available for draw down under the revolving credit facility.
Current wording
On June 29, 2022, we entered into a second amended and restated credit agreement, or as amended from time to time, the Revolving Credit Agreement. The Revolving Credit Agreement, among other things, provided a senior unsecured revolving credit facility of $1,500.0 million, with an uncommitted option to increase the revolving credit facility by an additional amount equal to the greater of $1,000.0 million or 1.00 times the EBITDA for the trailing twelve-month measurement period. Additionally, on June 29, 2022, ResMed Pty Limited entered into a Second Amendment to the
Previous wording
On September 30, 2025, there was a total of $670.0 million outstanding under the Revolving Credit Agreement, Term Credit Agreement and Senior Notes and we were in compliance with our debt covenants. We expect to satisfy all of our liquidity and long-term debt requirements through a combination of cash on hand, cash generated from operations and debt facilities.
Current wording
On December 31, 2025, there was a total of $665.0 million outstanding under the Revolving Credit Agreement, Term Credit Agreement and Senior Notes and we were in compliance with our debt covenants. We expect to satisfy all of our liquidity and long-term debt requirements through a combination of cash on hand, cash generated from operations and debt facilities.
Previous wording
Cash provided by operating activities was $457.3 million for the three months ended September 30, 2025, compared to cash provided of $325.5 million for the three months ended September 30, 2024. The $131.8 million increase in cash flow from operations was primarily due to increased net income and improvements in working capital during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.
Current wording
Cash provided by operating activities was $797.1 million for the six months ended December 31, 2025, compared to cash provided of $634.2 million for the six months ended December 31, 2024. The $162.9 million increase in cash flow from operations was primarily due to increased net income and improvements in working capital during the six months ended December 31, 2025 compared to the six months ended December 31, 2024.
Previous wording
Cash used in investing activities was $52.6 million for the three months ended September 30, 2025, compared to cash provided of $2.1 million for the three months ended September 30, 2024. The $54.7 million increase in cash flow used in investing activities was primarily due to increased purchases of property, plant and equipment during the three months ended September 30, 2025 in addition to net payments from maturity of foreign currency contracts during the three months
Current wording
Cash used in investing activities was $103.5 million for the six months ended December 31, 2025, compared to cash used of $34.5 million for the six months ended December 31, 2024. The $69.0 million increase in cash flow used in investing activities was primarily due to increased purchases of property, plant and equipment during the six months ended December 31, 2025 in addition to net payments from maturity of foreign currency contracts during the six months ended December 31, 2025 compared to net proceeds from maturity of foreign currency contracts duringthesix months ended December 31, 2024.
Previous wording
Cash used in financing activities was $230.3 million for the three months ended September 30, 2025, compared to cash used of $150.8 million for the three months ended September 30, 2024. We repurchased $150.0 million of treasury stock during the three months ended September 30, 2025 compared to repurchases of $50.0 million during the three months ended September 30, 2024. Cash outflows for treasury stock repurchases were partially offset by no net repayments under our Revolving Credit Agreement for the three months ended September 30, 2025, compared to net repayments of $30.0 million for the three months ended September 30, 2024.
Current wording
Cash used in financing activities was $488.6 million for the six months ended December 31, 2025, compared to cash used of $298.3 million for the six months ended December 31, 2024. We repurchased $325.0 million of treasury stock during the six months ended December 31, 2025 compared to repurchases of $125.0 million during the six months ended December 31, 2024. Cash outflows for treasury stock repurchases were partially offset by repayments of $5.0 million under our Revolving Credit Agreement for the six months ended December 31, 2025, compared to repayments of $35.0 million for the six months ended December 31, 2024.
Previous wording
During the three months ended September 30, 2025, we paid cash dividends of $0.60 per common share totaling $87.8 million. On October 30, 2025, our board of directors declared a cash dividend of $0.60 per common share, to be paid on December 18, 2025, to shareholders of record as of the close of business on November 13, 2025. Future dividends are subject to approval by our board of directors.
Current wording
During the three months ended December 31, 2025, we paid cash dividends of $0.60 per common share totaling $87.6 million. On January 29, 2026, our board of directors declared a cash dividend of $0.60 per common share, to be paid on March 19, 2026, to shareholders of record as of the close of business on February 12, 2026. Future dividends are subject to approval by our board of directors.
Previous wording
On February 21, 2014, our board of directors approved our current share repurchase program, authorizing us to acquire up to an aggregate of 20.0 million shares of our common stock. Since approval of the share repurchase program in 2014 through September 30, 2025, we have repurchased a total of 9.7 million shares under this repurchase program for an aggregate of $1.0 billion. During the three months ended September 30, 2025, we repurchased 523,212 shares at a cost of $150.0 million. Shares that are repurchased are classified as treasury stock pending future use and reduce the number of shares of common stock outstanding used in calculating earnings (loss) per share. The share repurchase program may be accelerated, suspended, delayed or discontinued at any time at the discretion of our board of directors. At September 30, 2025, 10.3 million additional shares remain available for us to repurchase under the approved share repurchase program.
Current wording
On February 21, 2014, our board of directors approved our current share repurchase program, authorizing us to acquire up to an aggregate of 20.0 million shares of our common stock. Since approval of the share repurchase program in 2014 through December 31, 2025, we have repurchased a total of 10.4 million shares under this repurchase program for an aggregate of $1.2 billion. During the six months ended December 31, 2025, we repurchased 1,226,914 shares at a cost of $325.0 million. Shares that are repurchased are classified as treasury stock pending future use and reduce the number of shares of common stock outstanding used in calculating earnings (loss) per share. The share repurchase program may be accelerated, suspended, delayed or discontinued at any time at the discretion of our board of directors. At December 31, 2025, 9.6 million additional shares remain available for us to repurchase under the approved share repurchase program.
Previous wording
There have been no material changes outside the ordinary course of business in our outstanding contractual obligations from those disclosed within “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025.
Current wording
Other than for purchase obligations, there have been no material changes outside the ordinary course of business in our outstanding contractual obligations from those disclosed within “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025.
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Current report — wording carried from elsewhere
Net revenue for the six months ended December 31, 2025 increased to $2,758.4 million from $2,506.6 million for the six months ended December 31, 2024, an increase of $251.8 million or 10% (an 8% increase on a constant currency basis). The following table summarizes our net revenue disaggregated by segment, product and region (in thousands):
Current report — wording carried from elsewhere
*Constant currency numbers exclude the impact of movements in international currencies.
Current report — wording carried from elsewhere
The increase in gross margin for the six months ended December 31, 2025 compared to the six months ended December 31, 2024 was due primarily to manufacturing and logistics efficiencies and component cost improvements.
Current report — wording carried from elsewhere
The constant currency increase in selling, general, and administrative expenses during the six months ended December 31, 2025 compared to the six months ended December 31, 2024 was primarily due to employee-related costs, additional expenses associated with our VirtuOx acquisition during the three months ended June 30, 2025 and marketing and technology investments.
Current report — wording carried from elsewhere
The increase in research and development expenses in constant currency terms was primarily due to increases in employee-related costs.
Current report — wording carried from elsewhere
We did not record any restructuring expenses during the three and six months ended December 31, 2024.
Current report — wording carried from elsewhere
Total other income (loss), net for the six months ended December 31, 2025 was income of $4.7 million compared to a loss of $2.7 million for the six months ended December 31, 2024. We recorded interest income, net of $16.7 million for the six months ended December 31, 2025 compared to interest expense, net of $2.4 million for the six months ended December 31, 2024 due to lower debt levels following repayments on our revolving credit facility. Interest income, net, was partially offset by a loss associated with our equity investments of $5.9 million for the six months ended December 31, 2025 compared to a loss of $2.1 million for the six months ended December 31, 2024.
Current report — wording carried from elsewhere
ratio of non-GAAP net income to diluted shares outstanding. These non-GAAP measures are reconciled to their most directly comparable GAAP financial measures below (in thousands, except for per share amounts):
Current report — wording carried from elsewhere
Syndicated Facility Agreement, or the Term Credit Agreement. The Term Credit Agreement, among other things, provides ResMed Pty Limited a senior unsecured term credit facility of $200.0 million. The Revolving Credit Agreement and Term Credit Agreement each terminate on June 29, 2027, when all unpaid principal and interest under the loans must be repaid. As of December 31, 2025, we had $1,500.0 million available for draw down under the revolving credit facility.
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Previous report — wording carried elsewhere
ended September 30, 2025 compared to net proceeds from maturity of foreign currency contracts duringthe three months ended September 30, 2024.