Insulet
PODD · NasdaqSurgical & Medical Instruments & Apparatus · Fiscal year ends Dec 31
Insulet reported revenue of $2.7B in the fiscal year ended Dec 2025, up 30.7% from the year before. Operating income was $474M, an operating margin of 17.5%, and net income was $247M. Operating cash flow of $569M less capital expenditure of $192M left free cash flow of $378M. Net debt was $233M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1B | $1.1B | $1.7B | $2.1B | $2.7B |
| Cost of revenue | $347M | $500M | $537M | $626M | $768M |
| Gross profit | $752M | $806M | $1.2B | $1.4B | $1.9B |
| Research & development | $160M | $180M | $205M | $220M | $301M |
| Selling, general & admin | $466M | $588M | $735M | $917M | $1.2B |
| Operating income | $126M | $38M | $220M | $309M | $474M |
| Net interest incomeBanks | −$61M | −$27M | – | – | – |
| Interest expense | $62M | $36M | $36M | $43M | $59M |
| Pre-tax income | $21M | $10M | $215M | $300M | $340M |
| Income tax | $4M | $5M | $8M | −$118M | $92M |
| Net income | $17M | $5M | $206M | $418M | $247M |
| Diluted EPS | 0.24 | 0.07 | 2.94 | 5.78 | 3.48 |
| Diluted shares | 69M | 70M | 74M | 74M | 72M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $806M | $690M | $704M | $953M | $716M |
| Receivables | $135M | $141M | – | – | $517M |
| Inventory | $303M | $347M | $403M | $430M | $453M |
| Current assets | $1.3B | $1.3B | $1.6B | $1.9B | $1.9B |
| Net PP&E | $537M | $600M | – | – | – |
| Goodwill | $40M | $52M | $52M | $52M | $52M |
| Total assets | $2B | $2.3B | $2.6B | $3.1B | $3.2B |
| Payables | $38M | $31M | $19M | $20M | $75M |
| Deferred revenue | $4M | $16M | $15M | $12M | $14M |
| Current liabilities | $229M | $365M | $451M | $528M | $680M |
| Short-term debt | $25M | $28M | $49M | $84M | $18M |
| Long-term debt | $1.2B | $1.4B | $1.4B | $1.3B | $931M |
| Total liabilities | $1.5B | $1.8B | $1.9B | $1.9B | $1.7B |
| Shareholders' equity | $556M | $476M | $733M | $1.2B | $1.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$68M | $119M | $146M | $430M | $569M |
| Capital expenditure | $112M | $123M | $76M | $125M | $192M |
| Free cash flow | −$180M | −$4M | $70M | $305M | $378M |
| Depreciation & amortisation | $57M | $63M | $73M | $81M | $90M |
| Stock-based compensation | $34M | $41M | $48M | $69M | $63M |
| Share buybacks | – | – | $0 | $0 | $60M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.4% | 60.8% | 22.1% | 30.7% |
| Operating income growth (YoY) | – | −70.2% | 485.4% | 40.3% | 53.4% |
| EPS growth (YoY) | – | −70.8% | 4100.0% | 96.6% | −39.8% |
| Gross margin | 72.3% | 76.3% | 68.3% | 69.8% | 71.6% |
| Operating margin | 12.1% | 3.6% | 13.0% | 14.9% | 17.5% |
| Net margin | 1.6% | 0.4% | 12.2% | 20.2% | 9.1% |
| Return on equityBlank when equity is negative | 3.0% | 1.0% | 28.2% | 34.5% | 16.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.9% | 2.0% | 10.3% | 12.1% | 18.9% |
| Free cash flow margin | −17.3% | −0.4% | 4.1% | 14.7% | 13.9% |
| Cash conversion (CFO ÷ net income) | −4.05x | 25.9x | 0.71x | 1.03x | 2.30x |
| Receivable days | 47 | 49 | – | – | 70 |
| Inventory days | 319 | 253 | 274 | 251 | 215 |
| Payable days | 40 | 22 | 13 | 12 | 36 |
| Interest cover | 2.04x | 1.04x | 6.08x | 7.23x | 7.98x |
| Debt ÷ equity | 2.29x | 2.94x | 1.93x | 1.14x | 0.63x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $468M | $712M | $712M | $427M | $233M |
| Current ratio | 5.81x | 3.60x | 3.51x | 3.58x | 2.81x |
Recent filings
More in Surgical & Medical Instruments & Apparatus
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.