ResMed plans to return more than $1.85 billion to shareholders through dividends and share repurchases during fiscal 2027 after generating $1.65 billion of free cash flow in fiscal 2026.
The planned capital return represents another major increase after ResMed returned more than $1 billion during fiscal 2026, up more than 70% from the prior year. The board also increased the quarterly dividend by 10% to $0.66 per share.
ResMed generated $1.81 billion of operating cash flow and $1.65 billion of free cash flow during fiscal 2026. Full-year revenue increased 10% to $5.65 billion, or 8% on a constant-currency basis.
Profitability also improved. Fiscal 2026 GAAP gross margin increased 170 basis points to 61.1%, while non-GAAP gross margin expanded 240 basis points to 62.4%. GAAP operating margin reached 33.4%, and non-GAAP operating margin increased 180 basis points to 36.1%.
Full-year non-GAAP diluted EPS increased 17% to $11.17. ResMed generated $1.52 billion of GAAP net income and $1.63 billion of non-GAAP net income.
Fourth-quarter revenue reached a record of approximately $1.46 billion, up 9%, driven by demand across sleep devices, masks, accessories and software solutions. Americas Sleep and Breathing Health revenue increased 8%, while Rest of World Sleep and Breathing Health revenue grew 10% on a constant-currency basis.
ResMed is also reshaping its portfolio. During the period, the company announced an agreement to sell MatrixCare and completed its acquisition of Noctrix Health, a developer of wearable therapeutic devices for restless legs syndrome.
KEY QUOTES:
“We closed fiscal year 2026 with strong fourth quarter results, reflecting continued momentum of our global business, sustained demand for our market-leading products, and disciplined execution of our strategy.”
“For full year 2026, our $1.6 billion in free cash flow enabled us to invest in innovation, strengthen our market leadership, and return more than $1 billion to our shareholders.”
Mick Farrell, Chairman And Chief Executive Officer Of ResMed
