INSULET CORP
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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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.
Sep 30, 2025 · Filed Nov 6, 2025
PODD$148.06-1.2%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows (Unaudited) for
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, | ||
|---|---|---|
| (in millions) | 2025 | 2024 |
| Cash flows from operating activities | ||
| Net income | $145.5 | $317.6 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 66.0 | 59.3 |
| Stock-based compensation expense | 42.4 | 49.3 |
| Non-cash interest expense | 5.4 | 5.4 |
| Loss on extinguishment of debt | 123.9 | — |
| Gain on derivative asset | (12.5) | — |
| Deferred income taxes | 42.7 | (140.8) |
| Provisions for credit losses | 5.2 | 0.7 |
| Unrealized loss on investments | — | 3.9 |
| Other | 5.0 | 4.9 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (43.4) | (20.5) |
| Accounts receivable — related party | (42.7) | 5.6 |
| Inventories | (4.7) | (38.6) |
| Prepaid expenses and other assets | (55.5) | (16.8) |
| Accounts payable | 25.6 | 20.0 |
| Accrued expenses and other liabilities | 83.2 | 31.8 |
| Accrued expenses and other liabilities — related party | (0.1) | 0.8 |
| Net cash provided by operating activities | 386.0 | 282.7 |
| Cash flows from investing activities | ||
| Capital expenditures | (56.5) | (71.3) |
| Investments in developed software | (13.5) | (6.7) |
| Cash paid for investments | — | (0.2) |
| Net cash used in investing activities | (69.9) | (78.2) |
| Cash flows from financing activities | ||
| Proceeds from issuance of senior unsecured notes, net of issuance costs | 440.7 | — |
| Repayment of convertible debt | (1,052.2) | — |
| Settlement of capped call options | 164.6 | — |
| Proceeds from issuance of term loan B, net of issuance costs | 15.5 | 130.0 |
| Repayment of term loan B | (19.3) | (136.0) |
| Repayment of equipment financings | (12.2) | (15.6) |
| Financing lease repayments | — | (6.0) |
| Repayment of mortgage | (1.9) | (1.8) |
| Proceeds from secured borrowing (note 3) | 49.4 | 32.6 |
| Repayment of secured borrowing (note 3) | (46.8) | (17.2) |
| Repurchase of common stock | (59.6) | — |
| Proceeds from exercise of stock options | 17.2 | 7.7 |
| Proceeds from issuance of common stock under employee stock purchase plan | 7.1 | 6.0 |
| Payment of withholding taxes in connection with vesting of restricted stock units | (25.1) | (7.0) |
| Net cash used in financing activities | (522.8) | (7.2) |
| Effect of exchange rate changes on cash and cash equivalents | 10.8 | 1.3 |
| Net (decrease) increase in cash and cash equivalents | (195.9) | 198.5 |
| Cash and cash equivalents at beginning of period | 953.4 | 704.2 |
| Cash and cash equivalents at end of period | $757.4 | $902.6 |
| Supplemental noncash information: | ||
| Purchases of property and equipment included in accounts payable and accrued expenses | $3.1 | $7.7 |
| Purchases of property, plant and equipment included in long-term debt | $3.5 | $3.5 |
| Additions to right-of-use assets resulting from new operating lease liabilities | $8.8 | $0.3 |
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