Resmed

Resmed makes devices and software for people with sleep apnea and other breathing problems who are treated at home. Its main products are CPAP machines such as the AirSense 11, the masks and accessories that patients replace often, and ventilators such as Astral. It reports two segments: Sleep and Breathing Health, which is most of its revenue, and Residential Care Software, which includes Brightree in the U.S. and MEDIFOX DAN in Germany. Most of its devices connect to the cloud, and its AirView system lets doctors and equipment suppliers track how patients use therapy.

Revenue was $5.65 billion in fiscal 2026, which ended on June 30, 2026. Its large base of connected patients and its scale in masks and devices help it keep share against other device makers. The company has its head office in San Diego and also trades on the ASX in Australia.

The market prices Resmed for the risk that GLP-1 weight loss drugs reduce the number of people who need sleep apnea therapy. Injectable GLP-1 drugs are approved to treat sleep apnea in patients with obesity, and oral versions are in development, as Resmed itself says in its fiscal 2026 annual report. Investors fear that fewer new patients will start CPAP over time. The current results do not show this yet: in Q1 fiscal 2027, revenue grew 7% on a core constant currency basis, global sleep device revenue grew 9%, mask revenue grew 10%, and the non-GAAP gross margin rose to 62.5%.

For the gap to close, three things must be true. Device and mask sales must keep growing at a high single digit rate, which shows that GLP-1 drugs bring more patients into diagnosis than they take out. The non-GAAP gross margin must stay near 62% despite costs such as the $42 million Astral field safety notification. Resmed must return more than $1.85 billion to shareholders in fiscal 2027, as planned; it returned more than $1.0 billion in Q1, helped by the sale of MatrixCare.

The Q2 fiscal 2027 report, expected in late January 2027, gives the next test, and the reports through 2027 give more. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a fast spread of oral weight loss drugs, which could lower demand for new CPAP therapy over several years.

1. Oct 29, 2026Passed

   Q1 fiscal 2027 results: device demandRevenue growth near 8% or more in constant currency, with growth in U.S. devices and masks and a non-GAAP gross margin near 62%, passes; slower device growth or a lower margin fails.Outcome: Revenue grew 7% on a core constant currency basis, Americas device and mask revenue grew 8% and 10%, and the non-GAAP gross margin rose to 62.5%.
2. Jan 29, 2027 · est.Pending

   Q2 fiscal 2027 results: growth and guidanceCore constant currency revenue growth of 5% or more, a non-GAAP gross margin near 62% and confirmed EPS guidance of $12.00 to $12.25 pass; slower device growth or lower guidance fails.
3. Apr 2027 · est.Pending

   Q3 fiscal 2027 results: new patient startsContinued high single digit growth in device sales passes; flat or falling device sales, which would show the effect of weight loss drugs, fail.

Every passed and failed checkpoint across all picks

• October 29, 2026Resmed reported Q1 fiscal 2027 results. Revenue rose 6% to $1.41 billion, or 7% on a core constant currency basis, which excludes the Noctrix purchase and the MatrixCare sale. Global sleep device revenue rose 9% and mask revenue rose 10%. The non-GAAP gross margin rose to 62.5% from 62.0%, and non-GAAP diluted EPS rose 14% to $2.91. Resmed closed the sale of MatrixCare and returned more than $1.0 billion to shareholders in the quarter. It kept its fiscal 2027 guidance of 5% to 7% core constant currency revenue growth and non-GAAP diluted EPS of $12.00 to $12.25.
• October 1, 2026Resmed said it will report Q1 fiscal 2027 results after the market close on October 29, 2026.
• August 31, 2026Resmed entered into a $450 million accelerated share repurchase agreement with Citibank. It plans to fund it with the money from the sale of MatrixCare and cash on hand.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 30, 2026 · rmd-20260930
• 8-KEarnings release and Other company newsFiled October 29, 2026 · Press release and exhibits
• 8-KOther company newsFiled September 1, 2026 · Read it on sec.gov
• 8-KChange of auditor and Change of directors or officersFiled August 17, 2026 · Read it on sec.gov
• 10-KAnnual report for the period ended Jun 30, 2026Filed August 13, 2026 · rmd-20260630
• 8-KEarnings release and Other company newsFiled August 6, 2026 · Press release and exhibits
• 8-KEarnings release and Investor disclosureFiled July 7, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 1, 2026 · rmd-20260331
• 8-KChange of directors or officersFiled April 30, 2026 · Read it on sec.gov
• 8-KEarnings release and Other company newsFiled April 30, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 943819)

• GLP-1 weight loss drugs are approved to treat sleep apnea in patients with obesity, and oral versions may follow. If many patients lose enough weight, fewer people may start or stay on CPAP therapy.
• Resmed had a $42 million Astral field safety notification in Q4 fiscal 2026 and earlier had a field safety notification for masks with magnets. More product safety actions can bring costs and harm trust with doctors and suppliers.
• Most U.S. revenue depends on payments from Medicare and private insurers to the equipment suppliers who buy Resmed products. Lower payment rates or competitive bidding can lower demand and prices.
• Other device makers, surgical procedures, nerve stimulation devices and dental appliances compete with CPAP. New products from competitors can take share or lower prices.

Resmed has more cash than debt. At September 30, 2026, cash and cash equivalents were $1.01 billion and debt was $410 million: short-term debt of $160 million and long-term debt of $250 million. Read more

Yield at the current rate

1.1% (current annual rate, at today’s price)

Dividend yield

1.1% (last 12 months, at today’s price of $238.53)

Paid per share

$2.52 in the last 12 months (4 payments)

Current annual rate

$2.64 ($0.66 × 4 a year)

Payout ratio

23% of the last fiscal year’s earnings (the year that ended June 30, 2026)

Latest ex-dividend date

November 12, 2026, $0.66 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 7.7% a year. From 2015 to 2025, the dividend grew by about 6.9% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.