Resmed Inc. Announces Results for the First Quarter of Fiscal Year 2027

Short-term and long-term debt both declined from June 30, while cash and cash equivalents also fell.

Rhea-AI Summary

Resmed (RMD) reported fiscal first-quarter revenue of $1.4 billion, up 6% year over year, for the quarter ended September 30, 2026. GAAP diluted earnings per share rose 23% to $2.92, while non-GAAP diluted EPS increased 14% to $2.91. Core constant currency revenue grew 7%, excluding currency effects, the Noctrix acquisition and MatrixCare divestiture.

GAAP gross margin increased to 61.5%, but operating margin fell to 32.0% from 33.4%. Operating cash flow declined 8% to $422 million and free cash flow fell 10% to $374 million. Resmed completed the MatrixCare sale and returned more than $1.0 billion through repurchases and dividends.

Resmed maintained fiscal 2027 guidance for $5.75–$5.85 billion revenue, 5–7% core constant currency revenue growth and $12.00–$12.25 non-GAAP diluted EPS.

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Positive

• Moderate pointQ1 revenue rose 6% year over year to $1,415 million; core constant currency growth was 7%.
• Moderate pointGAAP diluted EPS increased 23% to $2.92; non-GAAP diluted EPS rose 14% to $2.91 year over year.
• Moderate pointMore than $1.0 billion returned to shareholders through first-quarter share repurchases and dividends. 2.8% of market cap
• Moderate pointMatrixCare divestiture completed; net proceeds from subsidiary divestments were $450.820 million during the quarter. 1.3% of market cap
• Minor pointGAAP net income increased 20% to $418 million; non-GAAP net income rose 12% to $418 million.

10 minor points

• Minor pointGAAP gross margin increased 30 basis points to 61.5%; non-GAAP gross margin rose 50 basis points to 62.5%.
• Minor pointGAAP operating income increased 1% to $453 million; non-GAAP operating income rose 5% to $506 million.
• Minor pointAmericas Sleep and Breathing Health revenue grew 7% year over year on a core constant currency basis.
• Minor pointRest of World Sleep and Breathing Health revenue grew 8% year over year on a core constant currency basis.
• Minor pointResidential Care Software revenue increased 5% year over year on a core constant currency basis.
• Minor pointGain on divestment of subsidiaries totaled $61.784 million in the first quarter.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fiscal 2027 guidance maintained: $5.75–$5.85 billion revenue and 5–7% core constant currency revenue growth.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fiscal 2027 non-GAAP diluted EPS guidance maintained at $12.00–$12.25.
• Minor pointShort-term debt fell to $159.975 million from $259.950 million at June 30, 2026.
• Minor pointLong-term debt fell to $249.629 million from $399.415 million at June 30, 2026.

Negative

• Moderate pointOperating cash flow fell 8% to $422 million year over year.
• Moderate pointFree cash flow fell 10% to $374 million year over year.
• Moderate pointCash and cash equivalents declined to $1,010.742 million from $1,469.234 million at June 30, 2026.
• Minor pointGAAP operating margin declined 140 basis points to 32.0% year over year.
• Minor pointNon-GAAP operating margin declined 30 basis points to 35.8% year over year.

2 minor points

• Minor pointResearch and development expenses increased 15% to $103 million year over year.
• Minor pointSelling, general and administrative expenses increased 12% to $315 million year over year.

News Explained

The declared dividend schedules a $0.66-per-share cash payment for December 17; cash and equivalents were $1,010,742 thousand at September 30, 2026.

Resmed's board declared a quarterly cash dividend of $0.66 per share, payable December 17, 2026, to holders of record November 12, 2026.

At September 30, 2026, cash and equivalents were $1,010,742 thousand, compared with $1,469,234 thousand at June 30, 2026; the quarter's cash-flow statement also records $450,820 thousand of net divestiture proceeds, $936,378 thousand of treasury-stock purchases and $94,954 thousand of dividends paid.

Key Figures

Revenue: $1,415 million; up 6% GAAP diluted EPS: $2.92; up 23% Non-GAAP diluted EPS: $2.91; up 14% +5 more

Revenue

$1,415 million; up 6%

Q1 FY2027 year over year; core constant-currency revenue grew 7%

GAAP diluted EPS

$2.92; up 23%

Q1 FY2027 year over year

Non-GAAP diluted EPS

$2.91; up 14%

Q1 FY2027 year over year

Non-GAAP gross margin

62.5%; up 50 basis points

Q1 FY2027 year over year

GAAP operating margin

32.0%; down 140 basis points

Q1 FY2027 year over year

Shareholder returns

More than $1.0 billion

Q1 FY2027; share repurchases and dividends

FY2027 reported revenue guidance

$5.75–$5.85 billion

Guidance as of October 29, 2026; unchanged from August 6, 2026

FY2027 non-GAAP diluted EPS guidance

$12.00–$12.25

Guidance as of October 29, 2026; unchanged from August 6, 2026

Previous Earnings Reports

5 past events · Latest: Aug 06

Same Type 5 events

1. Aug 06

   Q4 FY26 earnings

   24h Move

   -5.1%

   Revenue rose 9% and non-GAAP diluted EPS increased 16%; margin expansion was reported.

2. Apr 30

   Q3 FY26 earnings

   24h Move

   -4.1%

   Revenue grew 11%, gross margin increased 290 basis points, and diluted EPS reached $2.74.

3. Jan 29

   Q2 FY26 earnings

   24h Move

   +0.3%

   Revenue grew 11%, gross margin expanded 320 basis points, and non-GAAP EPS rose 16%.

4. Oct 30

   Q1 FY26 earnings

   24h Move

   -2.1%

   Revenue increased 9%, gross margin rose 290 basis points, and non-GAAP EPS was $2.55.

5. Jul 31

   Q4 FY25 earnings

   24h Move

   +2.7%

   Revenue grew 10%, operating profit rose 19%, and gross margin expanded 230 basis points.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap, constant currency, cpap, chess depositary interests

4 terms

non-gaap financial

"non-GAAP diluted EPS up 14% to $2.91"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

constant currency financial

"up 7% on a core constant currency basis"

Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.

cpap medical

"the newest addition to Resmed’s growing portfolio of fabric CPAP masks"

A CPAP (continuous positive airway pressure) device is a machine that gently blows a steady stream of air through a mask to keep a person’s breathing passages open during sleep, commonly used to treat sleep apnea. For investors, CPAPs matter because they represent a medical-device market with recurring sales of equipment and disposable supplies, subject to safety reviews, insurance reimbursement rules and regulatory approvals that can affect a maker’s revenue and reputation.

chess depositary interests financial

"Holders of CHESS Depositary Interests (“CDIs”) trading on the Australian Securities Exchange"

CHESS depositary interests are tradable certificates used on the Australian settlement system that represent ownership of underlying foreign shares held by a custodian. They let investors buy and sell foreign-listed stocks on the local exchange as if they were domestic shares, simplifying trading, dividend collection and record-keeping, though they may involve custodian fees and can alter certain direct shareholder rights and tax treatments.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• Q1 revenue increased by 6% to $1.4 billion; up 7% on a core constant currency basis
• Q1 GAAP diluted earnings per share up 23% to $2.92; non-GAAP diluted EPS up 14% to $2.91
• Returned more than $1.0 billion to shareholders through share repurchases and dividends during Q1
  
  

Note: A webcast of Resmed’s conference call will be available at 4:30 p.m. ET today at http://investor.resmed.com

SAN DIEGO, Oct. 29, 2026 (GLOBE NEWSWIRE) -- Resmed Inc. (NYSE: RMD, ASX: RMD) today announced results for its quarter ended September 30, 2026.

“We began fiscal year 2027 with a strong first quarter, driven by continued global demand for our sleep and breathing health solutions and ongoing execution across our business,” said Resmed's Chairman and CEO, Mick Farrell. “Year over year, we grew core constant currency revenue 7%, expanded non-GAAP gross margin by 50 basis points, and increased non-GAAP earnings per share by 14%. Our strong free cash flow and the proceeds from our divestiture of MatrixCare enabled us to both invest in innovation and return more than $1 billion to shareholders during the quarter.”

“Looking ahead to the rest of fiscal year 2027, we will continue to build our core sleep and breathing health businesses by extending the reach of our digital health ecosystem and connecting more of the people worldwide who need care with life-saving treatment delivered right in their own home.”

Other Business and Operational Highlights

• Closed the previously announced divestiture of the MatrixCare business.
• Announced the U.S. launch of the AirTouch F40, the newest addition to Resmed’s growing portfolio of fabric CPAP masks.
• Partnered with Eight Sleep to connect its technology with Resmed sleep insights for people in the U.S. and Australia, and with 23XI Racing NASCAR driver Tyler Reddick, following his sleep apnea diagnosis, to help others recognize the signs and seek treatment.
• Announced appointment of Carol Burt as Lead Director, effective November 15, 2026, after the planned retirement of Director Ron Taylor.
  
  

Financial Results and Operating Metrics
(Unaudited; $ in millions, except for per share amounts)

	Three Months Ended
	September 30, 2026				September 30, 2025				% Change			Constant Currency(A)
Revenue	$	1,415			$	1,336			6	%		6	%
Gross margin(D)		61.5	%			61.2	%		30 bps
Non-GAAP gross margin(B)		62.5	%			62.0	%		50 bps
Research and development expenses(D)		103				89			15			13
Non-GAAP research and development expenses(B)		102				87			16			14
Selling, general, and administrative expenses(D)		315				282			12			11
Non-GAAP selling, general, and administrative expenses(B)		276				259			6			6
Income from operations		453				447			1
Operating margin		32.0	%			33.4	%		(140) bps
Non-GAAP income from operations(B)		506				482			5
Non-GAAP operating margin(B)		35.8	%			36.1	%		(30) bps
Net income		418				349			20
Non-GAAP net income(B)		418				375			12
Diluted earnings per share	$	2.92			$	2.37			23
Non-GAAP diluted earnings per share(B)	$	2.91			$	2.55			14
Operating cash flow		422				457			(8	)
Free cash flow(C)		374				414			(10	)

1. In order to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency fluctuations, we provide certain financial information on a “constant currency basis,” which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP. Revenue growth on a core constant currency basis, which also excludes the impact of the Noctrix acquisition and the divestiture of the MatrixCare business, was 7%.
2. See the reconciliation of non-GAAP financial measures in the table at the end of the press release.
3. Free cash flow is equal to operating cash flow less purchases of property, plant and equipment.
4. During the first quarter of fiscal year 2027, we revised the presentation of restructuring expenses and amortization of acquired intangibles. Restructuring expenses, which were previously presented as a separate line item within operating expenses, are now classified within cost of sales, research and development expenses, and selling, general and administrative expenses based on the function of the associated costs. Amortization of acquired intangibles relating to cost of sales is no longer presented as a separate line item within cost of sales. Amortization of acquired intangibles relating to operating expenses are now classified within selling, general and administrative expenses. Prior-period amounts have been reclassified to conform to the current-period presentation. See reconciliation of reclassification of prior-period amounts at the end of the press release.

Discussion of First Quarter Results
All comparisons are to the prior year period unless otherwise noted

• Strong revenue growth: Revenue increased 6% (7% in core constant currency) to approximately $1.4 billion, primarily driven by strong demand across sleep devices and masks and accessories.
   
• Global momentum: On a core constant currency basis, Americas Sleep and Breathing Health revenue grew 7%, Rest of World Sleep and Breathing Health grew 8%, and Residential Care Software revenue increased 5%.
   
• Healthy profitability: GAAP gross margin of 61.5%. Non-GAAP gross margin increased 50 basis points to 62.5%, predominantly from productivity pipeline execution.
   
• Robust earnings growth: GAAP operating margin of 32.0% and GAAP diluted earnings per share of $2.92. Non-GAAP operating margin of 35.8% and non-GAAP diluted earnings per share of $2.91, up 14% year-over-year, predominantly attributable to strong revenue growth and gross margin improvement.
   
• Strong cash generation: Operating cash flow totaled $422 million and free cash flow totaled $374 million. Proceeds from the sale of MatrixCare and strong cash flows supported $1.0 billion returned to shareholders through dividends and share repurchases while maintaining investment in innovation and growth initiatives.
  
  

Fiscal Year 2027 guidance

Metric	FY 2027 Guidance as of August 6, 2026	FY 2027 Guidance as of October 29, 2026	Change
Revenue	Core Constant Currency: 5 - 7% growth	Core Constant Currency: 5 - 7% growth	—
	Reported: $5.75 - $5.85 Billion	Reported: $5.75 - $5.85 Billion	—
Non-GAAP Diluted EPS	$12.00 - $12.25	$12.00 - $12.25	—

Dividend program
The Resmed board of directors today declared a quarterly cash dividend of $0.66 per share. The dividend will have a record date of November 12, 2026, payable on December 17, 2026. The dividend will be paid in U.S. currency to holders of Resmed’s common stock trading on the New York Stock Exchange. Holders of CHESS Depositary Interests (“CDIs”) trading on the Australian Securities Exchange will receive an equivalent amount in Australian currency, based on the exchange rate on the record date, and reflecting the 10:1 ratio between CDIs and NYSE shares. The ex-dividend date will be November 11, 2026, for common stockholders and for CDI holders. Resmed has received a waiver from the ASX’s settlement operating rules, which will allow Resmed to defer processing conversions between its common stock and CDI registers from November 11, 2026, through November 12, 2026, inclusive. 

Webcast details
Resmed will discuss its first quarter fiscal year 2027 results on its webcast at 1:30 p.m. U.S. Pacific Time today. The live webcast of the call can be accessed on Resmed’s Investor Relations website at investor.resmed.com. Please go to this section of the website and click on the icon for the “Q1 2027 Earnings Webcast” to register and listen to the live webcast. A replay of the earnings webcast will be accessible on the website and available approximately two hours after the live webcast. In addition, a telephone replay of the conference call will be available approximately three hours after the webcast by dialing +1 877-660-6853 (U.S.) or +1 201-612-7415 (outside U.S.) and entering the passcode 13762822. The telephone replay will be available until November 12, 2026.

About Resmed
Resmed (NYSE: RMD, ASX: RMD) creates life-changing health technologies that people love. We’re relentlessly committed to pioneering innovative technology to empower millions of people in 140 countries to live happier, healthier lives. Our AI-powered digital health solutions, cloud-connected devices and intelligent software make home healthcare more personalized, accessible and effective. Ultimately, Resmed envisions a world where every person can achieve their full potential through better sleep and breathing, with care delivered in their own home. Learn more about how we’re redefining sleep health at Resmed.com and follow @Resmed.

Safe harbor statement
Statements contained in this release that are not historical facts are “forward-looking” statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements – including statements regarding Resmed’s projections of future revenue or earnings, expenses, results of operations, new product development, new product launches, new markets for its products, the integration of acquisitions and success of strategic initiatives, including divestitures, our supply chain, domestic and international regulatory developments, litigation, tax outlook, and the expected impact of macroeconomic conditions of our business – are subject to risks and uncertainties, which could cause actual results to materially differ from those projected or implied in the forward-looking statements. Additional risks and uncertainties are discussed in Resmed’s periodic reports on file with the U.S. Securities & Exchange Commission. Resmed does not undertake to update its forward-looking statements.

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RESMED INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations
(Unaudited; $ in thousands, except for per share amounts)

	Three Months Ended
	September 30, 2026				September 30, 2025
Net revenue	$	1,414,814			$	1,335,582
Cost of sales (2)		544,247				517,918
Gross profit (2)		870,567				817,664
Research and development (2)		102,860				89,479
Selling, general, and administrative (2)		314,723				281,648
Total operating expenses		417,583				371,127
Income from operations		452,984				446,537
Other income (expenses), net:
Interest (expense) income, net		16,384				8,793
Gain (loss) attributable to equity method investments		1,884				1,489
Gain (loss) on equity investments		5,719				(6,190	)
Other, net		62,184				(3,836	)
Total other income (expenses), net		86,171				256
Income before income taxes		539,155				446,793
Income taxes		120,742				98,257
Net income	$	418,413			$	348,536
Basic earnings per share	$	2.93			$	2.38
Diluted earnings per share	$	2.92			$	2.37
Non-GAAP diluted earnings per share (1)	$	2.91			$	2.55
Basic shares outstanding		142,989				146,182
Diluted shares outstanding		143,411				146,899

(1)		See the reconciliation of non-GAAP financial measures in the table at the end of the press release.
(2)		During the first quarter of fiscal year 2027, we revised the presentation of restructuring expenses and amortization of acquired intangibles. Restructuring expenses, which were previously presented as a separate line item within operating expenses, are now classified within cost of sales, research and development expenses, and selling, general and administrative expenses based on the function of the associated costs. Amortization of acquired intangibles relating to cost of sales is no longer presented as a separate line item within cost of sales. Amortization of acquired intangibles relating to operating expenses are now classified within selling, general and administrative expenses. Prior-period amounts have been reclassified to conform to the current-period presentation. See reconciliation of reclassification of prior-period amounts at the end of the press release.

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RESMED INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets
(Unaudited; $ in thousands)

	September 30, 2026				June 30, 2026
Assets
Current assets:
Cash and cash equivalents	$	1,010,742			$	1,469,234
Accounts receivable, net		972,498				1,036,233
Inventories		1,021,358				945,805
Prepaid expenses and other current assets		504,323				416,081
Assets held for sale		—				457,386
Total current assets	$	3,508,921			$	4,324,739
Non-current assets:
Property, plant, and equipment, net	$	601,787			$	581,829
Operating lease right-of-use assets		196,688				153,167
Goodwill and other intangibles, net		3,350,913				3,362,312
Deferred income taxes and other non-current assets		553,502				543,903
Total non-current assets	$	4,702,890			$	4,641,211
Total assets	$	8,211,811			$	8,965,950
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	320,677			$	308,923
Accrued expenses		480,166				494,921
Operating lease liabilities, current		31,527				29,141
Deferred revenue		171,647				162,911
Income taxes payable		160,228				98,108
Short-term debt		159,975				259,950
Liabilities held for sale		—				41,156
Total current liabilities	$	1,324,220			$	1,395,110
Non-current liabilities:
Deferred revenue	$	174,209			$	170,951
Deferred income taxes		62,651				64,640
Operating lease liabilities, non-current		169,447				137,413
Other long-term liabilities		283,965				213,028
Long-term debt		249,629				399,415
Total non-current liabilities	$	939,901			$	985,447
Total liabilities	$	2,264,121			$	2,380,557
Stockholders’ equity
Common stock	$	764			$	764
Additional paid-in capital		2,133,418				2,190,614
Retained earnings		7,578,580				7,255,121
Treasury stock		(3,633,335	)			(2,778,591	)
Accumulated other comprehensive loss		(131,737	)			(82,515	)
Total stockholders’ equity	$	5,947,690			$	6,585,393
Total liabilities and stockholders’ equity	$	8,211,811			$	8,965,950

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RESMED INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows
(Unaudited; $ in thousands)

	Three Months Ended
	September 30, 2026				September 30, 2025
Cash flows from operating activities:
Net income	$	418,413			$	348,536
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization		41,741				47,698
Amortization of right-of-use assets		10,090				9,971
Stock-based compensation costs		29,475				21,160
(Gain) loss attributable to equity method investments		(1,884	)			(1,489	)
(Gain) loss on equity investments		(5,719	)			6,190
(Gain) loss on divestment of subsidiaries		(61,784	)			—
Non-cash restructuring expenses		6,242				—
Changes in operating assets and liabilities:
Accounts receivable, net		64,839				29,970
Inventories		(71,764	)			(14,663	)
Prepaid expenses, net deferred income taxes and other current assets		(69,988	)			2,312
Accounts payable, accrued expenses, income taxes payable and other		62,761				7,636
Net cash provided by (used in) operating activities	$	422,422			$	457,321
Cash flows from investing activities:
Purchases of property, plant, and equipment		(48,740	)			(42,965	)
Patent registration and acquisition costs		(2,432	)			(2,814	)
Business acquisitions, net of cash acquired		(7,487	)			(522	)
Purchases of investments		(2,721	)			(2,173	)
Proceeds from divestment of subsidiaries, net of cash divested		450,820				—
Proceeds (payments) on maturity of foreign currency contracts		2,615				(4,104	)
Net cash provided by (used in) investing activities	$	392,055			$	(52,578	)
Cash flows from financing activities:
Proceeds from issuance of common stock, net		3,654				8,205
Purchases of treasury stock		(936,378	)			(150,010	)
Taxes paid related to net share settlement of equity awards		(325	)			(719	)
Repayment of borrowings		(250,000	)			—
Dividends paid		(94,954	)			(87,750	)
Net cash provided by (used in) financing activities	$	(1,278,003	)		$	(230,274	)
Effect of exchange rate changes on cash	$	5,034			$	(71	)
Net increase (decrease) in cash and cash equivalents		(458,492	)			174,398
Cash and cash equivalents at beginning of period		1,469,234				1,209,450
Cash and cash equivalents at end of period	$	1,010,742			$	1,383,848

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RESMED INC. AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures
(Unaudited; $ in millions, except for per share amounts)

In addition to financial information prepared in accordance with GAAP, we use certain non-GAAP financial measures, such as non-GAAP core constant currency basis, non-GAAP gross profit, non-GAAP gross margin, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per share, in evaluating the performance of our business. We believe that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide investors better insight when evaluating our performance from core operations and can provide more consistent financial reporting across periods. For these reasons, we use non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. These non-GAAP financial measures should be considered in addition to, and not superior to or as a substitute for, GAAP financial measures. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Like all non-GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under GAAP. Non-GAAP financial measures as presented herein may not be comparable to similarly titled measures used by other companies.

The non-GAAP financial measures included in this release and the accompanying tables (including within the tables that provide our detailed reconciliations to the corresponding GAAP financial measures) are adjusted for the impact of acquisitions and divestitures, amortization of acquired intangibles, restructuring and business transformation expenses, acquisition and divestment-related expenses, gains on divestment of subsidiaries, and associated tax effects, in addition to the tax effect of interest and penalties on tax refunds.

We have not included a reconciliation of forward-looking non-GAAP financial measures where we are unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of our control, or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Non-GAAP measures are reconciled to their most directly comparable GAAP financial measures below (in millions, except percentages):

	Three Months Ended
	September 30, 2026			September 30, 2025
GAAP total revenue growth	6	%		9	%
Impact of:
Acquisitions/divestitures (A)	1			—
Effect of foreign currency fluctuations (A)	—			(1	)
Non-GAAP core constant currency total revenue growth	7	%		8	%

1. In order to provide a framework for assessing how our underlying businesses performed excluding the impact of the Noctrix acquisition and the divestiture of the MatrixCare business and the effect of foreign currency fluctuations, when applicable, we provide certain financial information on a “core constant currency basis,” which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP.
   
   

RESMED INC. AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures
(Unaudited; $ in millions, except for per share amounts)

	Three Months Ended September 30, 2026
	Gross profit			Research and development expenses			Selling, general, and administrative expenses			Income from operations			Total other income (loss), net			Income tax expense			Net income			Diluted earnings per share
GAAP	$	871		$	103		$	315		$	453		$	86		$	121		$	418		$	2.92
Amortization of acquired intangibles		5			—			(8	)		14			—			4			10			0.07
Restructuring and business transformation expenses		8			(1	)		(20	)		29			—			7			22			0.16
Acquisition and divestment related expenses		—			—			(10	)		10			—			—			10			0.07
Gain on divestment of subsidiary		—			—			—			—			(62	)		(7	)		(55	)		(0.38	)
Income tax effect of interest income on tax refunds		—			—			—			—			—			(12	)		12			0.07
Non-GAAP (A)	$	884		$	102		$	276		$	506		$	24		$	113		$	418		$	2.91

1. Totals may not add due to rounding.

	Three Months Ended September 30, 2025
	Gross profit			Research and development expenses			Selling, general, and administrative expenses			Income from operations			Total other income (loss), net			Income tax expense			Net income			Diluted earnings per share
GAAP	$	818		$	89		$	282		$	447		$	—		$	98		$	349		$	2.37
Amortization of acquired intangibles		8			—			(12	)		20			—			5			15			0.10
Restructuring and business transformation expenses		3			(2	)		(10	)		16			—			4			12			0.08
Non-GAAP (A)	$	829		$	87		$	259		$	482		$	—		$	108		$	375		$	2.55

1. Totals may not add due to rounding.
   
   

RESMED INC. AND SUBSIDIARIES

Revenue by Product and Region
(Unaudited; $ in millions)

	Three Months Ended
	September 30, 2026		(A)	September 30, 2025		(A)	% Change			Core Constant Currency (B)
Americas
Sleep Devices	$	436		$	405		8	%		6	%
Masks and other		397			361		10			10
Total Sleep	$	833		$	766		9			8
Life Support Devices		—			9		(94	)		(94	)
Total Americas Sleep and Breathing Health	$	833		$	775		8			7
Rest of World
Sleep Devices	$	280		$	250		12	%		13	%
Masks and other		143			128		12			11
Total Sleep	$	423		$	378		12			12
Life Support Devices		3			17		(79	)		(79	)
Total Rest of World Sleep and Breathing Health	$	426		$	395		8			8
Global revenue
Total Sleep Devices	$	716		$	655		9	%		9	%
Total Masks and other		540			489		10			10
Total Sleep	$	1,256		$	1,144		10			9
Total Life Support Devices		4			25		(84	)		(84	)
Total Sleep and Breathing Health	$	1,260		$	1,169		8			7
Residential Care Software		155			166		(7	)		5
Total	$	1,415		$	1,336		6	%		7	%

1. Totals and subtotals may not add due to rounding.
2. In order to provide a framework for assessing how our underlying businesses performed excluding the impact of the Noctrix acquisition and the divestiture of the MatrixCare business and the effect of foreign currency fluctuations, we provide certain financial information on a “core constant currency basis,” which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP. Removing the MatrixCare business that we’ve now divested, the remaining businesses of Residential Care Software – Brightree and MEDIFOX DAN - increased by 8%.
   
   

RESMED INC. AND SUBSIDIARIES

Reclassification of Prior-period Amounts
(Unaudited; $ in thousands)

During the first quarter of fiscal year 2027, we revised the presentation of restructuring expenses and amortization of acquired intangibles in our condensed consolidated statements of operations. Restructuring expenses, which were previously presented as a separate line item within operating expenses, are now classified within cost of sales, research and development expenses, and selling, general and administrative expenses based on the function of the associated costs. In connection with this change, we renamed "restructuring expenses" as "restructuring and business transformation expenses" to reflect the broader nature of the costs included within this category. Amortization of acquired intangibles relating to cost of sales is no longer presented as a separate line item within cost of sales. Amortization of acquired intangibles relating to operating expenses are now classified within selling, general and administrative expenses.

Prior-period amounts have been reclassified to conform to the current-period presentation. The reclassifications had no effect on previously reported income from operations, income before income taxes, net income, earnings per share or cash flows. The following table reconciles previously reported amounts to the revised presentation (in thousands):

	Three Months Ended September 30, 2025
	As previously reported				Restructuring and business transformation expenses				Amortization of acquired intangibles				As reclassified
Cost of sales - Sleep and Breathing Health products	$	456,118			$	3,156			$	1,420			$	460,694
Cost of sales - Residential Care Software		50,823				—				6,401				57,224
Cost of sales (exclusive of amortization shown separately below)	$	506,941			$	3,156			$	7,821			$	517,918
Amortization of acquired intangible assets - Sleep and Breathing Health products		1,420				—				(1,420	)			—
Amortization of acquired intangible assets - Residential Care Software		6,401				—				(6,401	)			—
Amortization of acquired intangible assets	$	7,821			$	—			$	(7,821	)		$	—
Total cost of sales	$	514,762			$	3,156			$	—			$	517,918
Gross profit	$	820,820			$	(3,156	)		$	—			$	817,664
Research and development		87,323				2,156				—				89,479
Selling, general, and administrative		259,194				10,498				11,956				281,648
Amortization of acquired intangible assets		11,956				—				(11,956	)			—
Restructuring expenses		15,810				(15,810	)			—				—
Total operating expenses	$	374,283			$	(3,156	)		$	—			$	371,127
Income from operations	$	446,537			$	—			$	—			$	446,537

RESMED INC. AND SUBSIDIARIES

Reclassification of Prior-period Amounts
(Unaudited; $ in thousands)

The following tables reconcile previously reported quarterly 2026 amounts to the revised presentation (in thousands):

	Three Months Ended December 31, 2025
	As previously reported				Restructuring and business transformation expenses				Amortization of acquired intangibles				As reclassified
Cost of sales - Sleep and Breathing Health products	$	484,792			$	994			$	1,415			$	487,201
Cost of sales - Residential Care Software		51,484				—				6,393				57,877
Cost of sales (exclusive of amortization shown separately below)	$	536,276			$	994			$	7,808			$	545,078
Amortization of acquired intangible assets - Sleep and Breathing Health products		1,415				—				(1,415	)			—
Amortization of acquired intangible assets - Residential Care Software		6,393				—				(6,393	)			—
Amortization of acquired intangible assets	$	7,808			$	—			$	(7,808	)		$	—
Total cost of sales	$	544,084			$	994			$	—			$	545,078
Gross profit	$	878,724			$	(994	)		$	—			$	877,730
Research and development		90,969				1,233				—				92,202
Selling, general, and administrative		278,396				3,708				11,764				293,868
Amortization of acquired intangible assets		11,764				—				(11,764	)			—
Restructuring expenses		5,935				(5,935	)			—				—
Total operating expenses	$	387,064			$	(994	)		$	—			$	386,070
Income from operations	$	491,660			$	—			$	—			$	491,660

RESMED INC. AND SUBSIDIARIES

Reclassification of Prior-period Amounts
(Unaudited; $ in thousands)

	Three Months Ended March 31, 2026
	As previously reported				Restructuring and business transformation expenses				Amortization of acquired intangibles				As reclassified
Cost of sales - Sleep and Breathing Health products	$	481,722			$	—			$	1,421			$	483,143
Cost of sales - Residential Care Software		50,855				—				6,429				57,284
Cost of sales (exclusive of amortization shown separately below)	$	532,577			$	—			$	7,850			$	540,427
Amortization of acquired intangible assets - Sleep and Breathing Health products		1,421				—				(1,421	)			—
Amortization of acquired intangible assets - Residential Care Software		6,429				—				(6,429	)			—
Amortization of acquired intangible assets	$	7,850			$	—			$	(7,850	)		$	—
Total cost of sales	$	540,427			$	—			$	—			$	540,427
Gross profit	$	890,979			$	—			$	—			$	890,979
Research and development		94,267				—				—				94,267
Selling, general, and administrative		285,655				—				11,247				296,902
Amortization of acquired intangible assets		11,247				—				(11,247	)			—
Restructuring expenses		—				—				—				—
Total operating expenses	$	391,169			$	—			$	—			$	391,169
Income from operations	$	499,810			$	—			$	—			$	499,810

RESMED INC. AND SUBSIDIARIES

Reclassification of Prior-period Amounts
(Unaudited; $ in thousands)

	Three Months Ended June 30, 2026
	As previously reported				Restructuring and business transformation expenses				Amortization of acquired intangibles				As reclassified
Cost of sales - Sleep and Breathing Health products	$	539,975			$	—			$	2,011			$	541,986
Cost of sales - Residential Care Software		54,155				—				6,290				60,445
Cost of sales (exclusive of amortization shown separately below)	$	594,130			$	—			$	8,301			$	602,431
Amortization of acquired intangible assets - Sleep and Breathing Health products		2,011				—				(2,011	)			—
Amortization of acquired intangible assets - Residential Care Software		6,290				—				(6,290	)			—
Amortization of acquired intangible assets	$	8,301			$	—			$	(8,301	)		$	—
Total cost of sales	$	602,431			$	—			$	—			$	602,431
Gross profit	$	861,216			$	—			$	—			$	861,216
Research and development		105,726				—				—				105,726
Selling, general, and administrative		296,283				—				10,499				306,782
Amortization of acquired intangible assets		10,499				—				(10,499	)			—
Restructuring expenses		—				—				—				—
Total operating expenses	$	412,508			$	—			$	—			$	412,508
Income from operations	$	448,708			$	—			$	—			$	448,708

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FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Resmed's fiscal first-quarter 2027 revenue and earnings results?

Resmed reported $1,415 million in revenue, up 6% year over year, and GAAP diluted earnings per share of $2.92, up 23%, for the quarter ended September 30, 2026. Non-GAAP diluted earnings per share increased 14% to $2.91.

What is Resmed's fiscal 2027 guidance?

Resmed maintained fiscal 2027 guidance for $5.75–$5.85 billion in reported revenue and $12.00–$12.25 in non-GAAP diluted earnings per share. The revenue outlook includes 5–7% growth on a core constant currency basis, unchanged from the guidance issued August 6, 2026.

When will Resmed pay its declared quarterly dividend, and how much will shareholders receive?

Resmed declared a quarterly cash dividend of $0.66 per share, payable December 17, 2026, to shareholders of record November 12, 2026. Common shareholders receive U.S. currency. Australian CDI holders receive an equivalent Australian-currency amount using the record-date exchange rate and reflecting the 10:1 ratio between CDIs and NYSE shares.