INSULET CORP

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

(RULE 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities

Exchange Act of 1934 (Amendment No. )

Insulet Corporation

(Name of Registrant as Specified in its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Dear Shareholders,

For 25 years, Insulet has been finding a better way, a journey that has taken us from being the market disruptor to the market leader in automated insulin delivery (AID). 2025 was a defining year for Insulet. Guided by our mission to transform the lives of people with diabetes, we delivered exceptional financial performance, expanded global access to Omnipod, advanced innovation across our pipeline, and strengthened our leadership in AID.

Last April, I stepped into the role of President and Chief Executive Officer, and powered by the focus, dedication and rigor of our Insulet colleagues, we built on our momentum, capabilities and commitment to serve Podders, the diabetes community and all our stakeholders. Insulet stands atop one of the fastest-growing segments in medtech as not only the market leader, but the market driver—generating the majority of global category growth and leading in new customer starts across the United States and Europe.

Strong Performance, Durable Growth. 2025 marked our 10th consecutive year of 20% or greater constant currency revenue growth. This durable track record reflects the strength of our profitable recurring revenue business model and the breadth and depth of our competitive moats. Our mission-driven execution, along with the dedication of our Insulet colleagues—‘Team Podd’—have enabled us to deliver lasting value to all of our stakeholders.

We generated approximately $2.7 billion in revenue, growing roughly 30% year over year. Gross margin expanded to 71.6%, operating margin reached 17.5%, and we delivered approximately $375 million in free cash flow—translating top-tier growth into expanding profitability and capital for reinvestment and return.

Growth was broad-based and global. U.S. revenue increased approximately 27%, international revenue grew over 40%, and we added record new customer starts during the year, bringing our global community to more than 600,000 Podders. Each of those starts represents a person with diabetes whose daily burden is lighter because of our technology and solutions.

Innovation That Expands Access. Innovation remains the engine of our growth and the reason we continue to outpace the market. In 2025, we expanded Omnipod 5 into nine additional international markets, strengthened integration with leading CGM partners and enhanced our capabilities to further improve personalization and automation.

We continued advancing our next-generation platform, including meaningful progress on Omnipod 6 and our fully closed-loop offering—innovations designed to simplify therapy, promote ease of use, reduce friction for prescribers, and extend AID to more people.

Our innovation roadmap is clear and deliberate: deliver differentiated technology that improves outcomes while lowering barriers to adoption. This strategic combination is what continues to expand our addressable market and drive our strategic growth trajectory.

Momentum in Type 2 Diabetes. Type 2 diabetes represents one of the most compelling growth opportunities in our category, and we meaningfully accelerated our momentum on this front throughout 2025. We significantly grew new customer starts in U.S. Type 2 year-over-year, enabled by strong clinical outcomes and reinforced by the updated ADA guidelines that now recommend AID as the standard of care.

As the first AID system cleared for Type 2 in the United States, we are uniquely positioned to lead this market expansion. With AID penetration in Type 2 still in the low single digits, we see a substantial runway ahead to make AID available to millions more people with diabetes who can benefit.

Operational Excellence and Global Scale. Our performance is underpinned by operational strength and disciplined investment. In 2025, we expanded our global manufacturing footprint to support accelerating growth, including announcing plans to open a new facility in Costa Rica, scaling production in Malaysia and increasing capacity in Acton.

Our highly automated and scalable supply chain has been built over decades and remains a durable competitive advantage. Our commitment to safety—for our Podders and all who rely on our products—is our highest priority. As demand for Omnipod grows, we are prepared to meet it with operational excellence.

Positioned for the Future. At our Investor Day in November, we outlined a clear financial algorithm for the years ahead: approximately 20% revenue CAGR over the next three years, alongside 100 basis points of annual operating margin expansion. We remain focused on disciplined execution, category-leading innovation and expanding global access.

This outlook is supported by our continued investment in innovation, science, market development, demand generation and manufacturing, balanced with the discipline that has defined our execution over the past several years. We are committed to delivering market-leading financial performance and investing in the next wave of transformative innovation.

We enter 2026 with strong momentum and clear priorities that position us well and give us confidence in achieving our financial goals.

While we are proud of our progress, we are equally inspired by the opportunity in front of us. Millions of people worldwide still lack access to AID technology, and we will continue to innovate, keep people with diabetes at the center of everything we do, and create meaningful impact and enduring value as we find a better way.

I am deeply grateful for the commitment of ‘Team Podd,’ the trust of our customers and the support of our shareholders.

Thank you for your continued confidence.

Sincerely,

Ashley McEvoy President and Chief Executive Officer Insulet Corporation

Notice of Annual Meeting

of Shareholders

Wednesday, May 20, 2026

8:00 a.m., Eastern Time

You are cordially invited to attend the 2026 Annual Meeting of Shareholders (the “Annual Meeting”) of Insulet Corporation (the “Company”) on Wednesday, May 20, 2026, at 8:00 a.m., Eastern Time. The Annual Meeting will once again be held in a virtual format only, via live webcast, at www.virtualshareholdermeeting.com/PODD2026. Online access to the meeting will begin at 7:45 a.m., Eastern Time.

The Annual Meeting will be held for the following purposes:

Our Board of Directors has fixed the close of business on March 23, 2026, as the record date. Only shareholders of record on the record date are entitled to notice of, and to vote at, the Annual Meeting and at any adjournments or postponements thereof.

On or about April 6, 2026, we will mail to our shareholders of record as of March 23, 2026 (other than those who previously requested electronic or paper delivery on an ongoing basis) this Notice of Meeting, proxy statement, and proxy card as well as our Annual Report on Form 10-K.

For further information about how to attend the Annual Meeting and how to submit questions during the live webcast, please see page 62 of the accompanying proxy statement.

Our Board of Directors appreciates and encourages stockholder participation in the Company’s affairs. Whether or not you plan to attend the Annual Meeting, it is important that your shares be represented; we encourage you to vote your shares in advance of the meeting.

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