# Resmed Inc. (RMD) Q4 2025 Financial Results Summary
On July 31, 2025, Resmed Inc. announced their financial results for the quarter ended June 30, 2025. Below is a summary of the company’s performance in Q4 of fiscal 2025.
### Financial Highlights
– **Revenue:**
– Increased by **10%** to **$1.348 billion** (compared to **$1.223 billion** in Q4 2024)
– Grew **9%** on a constant currency basis
– **Gross Margin:**
– Improved by **230 bps** to **60.8%**
– Non-GAAP gross margin also improved by **230 bps** to **61.4%**
– **Income from Operations:**
– Increased by **19%** to **$454.5 million**
– Non-GAAP income from operations rose by **19%** to **$476.4 million**
– **Net Income:**
– Up **30%** to **$379.7 million**
– Non-GAAP net income increased by **22%** to **$374.5 million**
– **Earnings Per Share (EPS):**
– Diluted EPS up **30%** to **$2.58** (compared to **$1.98** in Q4 2024)
– Non-GAAP diluted EPS rose by **23%** to **$2.55** (compared to **$2.08** in Q4 2024)
– **Operating Cash Flow:**
– Totaled **$539 million**, compared to **$440 million** in Q4 2024
### Full Year Highlights (FY 2025)
– **Revenue:**
– Increased by **10%** to **$5.146 billion**
– **Gross Margin:**
– Improved by **270 bps** to **59.4%**
– Non-GAAP gross margin improved by **230 bps** to **60.0%**
– **Income from Operations:**
– Increased by **28%** to **$1.685 billion**
– Non-GAAP income from operations increased by **19%** to **$1.763 billion**
– **Net Income:**
– Up **37%** to **$1.401 billion**
– Non-GAAP net income increased by **23%** to **$1.407 billion**
– **Earnings Per Share (EPS):**
– Diluted EPS grew **37%** to **$9.51**
– Non-GAAP diluted EPS rose **24%** to **$9.55**
### Additional Metrics
– **Selling, General, and Administrative Expenses (SG&A):**
– Increased by **9%** to **$265.1 million** in Q4 (up **8%** on a constant currency basis)
– **Research and Development Expenses:**
– Rose by **7%** to **$86.4 million**
– **Dividends and Share Repurchases:**
– Declared a **quarterly cash dividend** of **$0.60** per share, an increase of **13%**
– Record date: **August 14, 2025**
– Payable date: **September 18, 2025**
– Repurchased **419,000 shares** at a cost of **$100 million**
### Business Highlights
– Announced the acquisition of **VirtuOx**, a company specializing in diagnostic testing for sleep, respiratory, and cardiac conditions, aimed at strengthening their service offerings.
– Launched the **’Tackle Your Sleep’** campaign as the Official Sleep Partner of the Qatar Airways British and Irish Lions.
– Presentations at the **SLEEP 2025** conference highlighted Resmed’s leadership in sleep science and innovation.
### Conclusion
Resmed Inc.’s Q4 and full-year results for fiscal 2025 highlight strong financial performance driven by continued demand for their sleep and respiratory products, alongside advancements in their digital health ecosystem. The company’s frugal approach to expanding operations while maintaining a focus on innovation has contributed to improved margins and earnings.
| Three Months Ended | Twelve Months Ended | |||
|---|---|---|---|---|
| June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |
| Net revenue | $1,347,993 | $1,223,195 | $5,146,327 | $4,685,297 |
| Cost of sales | $520,068 | $499,681 | $2,060,753 | $1,982,769 |
| Amortization of acquired | $9,367 | $7,987 | $32,116 | $32,963 |
| intangibles (1) | ||||
| Masks with magnets field safety | $(1,512) | $ | $(1,512) | $6,351 |
| notification expenses (1) | ||||
| Astral field safety notification | $ | $ | $ | $7,911 |
| expenses (1) | ||||
| Total cost of sales | $527,923 | $507,668 | $2,091,357 | $2,029,994 |
| Gross profit | $820,070 | $715,527 | $3,054,970 | $2,655,303 |
| Selling, general, and administrative | $265,125 | $242,187 | $991,019 | $917,136 |
| Research and development | $86,443 | $80,861 | $331,284 | $307,525 |
| Amortization of acquired | $11,928 | $11,262 | $45,273 | $46,521 |
| intangibles (1) | ||||
| Restructuring | $ | $ | $ | $64,228 |
| expenses (1) | ||||
| Acquisition related expenses | $2,031 | $ | $2,031 | $ |
| (1) | ||||
| Total operating expenses | $365,527 | $334,310 | $1,369,607 | $1,335,410 |
| Income from operations | $454,543 | $381,217 | $1,685,363 | $1,319,893 |
| Other income (expenses), net: | ||||
| Interest (expense) income, net | $5,757 | $(5,920) | $4,114 | $(45,708) |
| Gain (loss) attributable to equity | $1,269 | $868 | $3,644 | $(1,848) |
| method investments | ||||
| Gain (loss) on equity investments | $(2,533) | $(15,473) | $(10,299) | $(4,045) |
| Other, net | $(983) | $(2,960) | $(5,256) | $(3,494) |
| Total other income (expenses), net | $3,510 | $(23,485) | $(7,797) | $(55,095) |
| Income before income taxes | $458,053 | $357,732 | $1,677,566 | $1,264,798 |
| Income taxes | $78,348 | $65,495 | $276,843 | $243,847 |
| Net income | $379,705 | $292,237 | $1,400,723 | $1,020,951 |
| Basic earnings per share | $2.59 | $1.99 | $9.55 | $6.94 |
| Diluted earnings per share | $2.58 | $1.98 | $9.51 | $6.92 |
| Non-GAAP diluted earnings per share (1) | $2.55 | $2.08 | $9.55 | $7.72 |
| Basic shares outstanding | 146,472 | 146,915 | 146,716 | 147,021 |
| Diluted shares outstanding | 147,037 | 147,533 | 147,340 | 147,550 |
| (1) See the reconciliation of non-GAAP financial measures in the table at the end of the press release. |
| June 30, 2025 | June 30, 2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $1,209,450 | $238,361 |
| Accounts receivable, net | $939,492 | $837,275 |
| Inventories | $927,711 | $822,250 |
| Prepayments and other current assets | $428,952 | $459,833 |
| Total current assets | $3,505,605 | $2,357,719 |
| Non-current assets: | ||
| Property, plant, and equipment, net | $550,790 | $548,025 |
| Operating | $167,497 | $151,121 |
| lease right-of-use assets | ||
| Goodwill and other intangibles, net | $3,511,541 | $3,327,959 |
| Deferred income taxes and | $438,958 | $487,570 |
| other non-current assets | ||
| Total non-current assets | $4,668,786 | $4,514,675 |
| Total assets | $8,174,391 | $6,872,394 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | $278,157 | $237,728 |
| Accrued expenses | $402,253 | $377,678 |
| Operating lease liabilities, current | $30,506 | $25,278 |
| Deferred revenue | $166,030 | $152,554 |
| Income taxes payable | $132,274 | $107,517 |
| Short-term debt | $9,900 | $9,900 |
| Total current liabilities | $1,019,120 | $910,655 |
| Non-current liabilities: | ||
| Deferred revenue | $156,803 | $137,343 |
| Deferred income taxes | $77,682 | $79,339 |
| Operating lease liabilities, non-current | $153,015 | $141,444 |
| Other long-term liabilities | $141,520 | $42,257 |
| Long-term debt | $658,392 | $697,313 |
| Total non-current liabilities | $1,187,412 | $1,097,696 |
| Total liabilities | $2,206,532 | $2,008,351 |
| Stockholders’ equity | ||
| Common stock | $761 | $588 |
| Additional paid-in capital | $2,033,599 | $1,896,604 |
| Retained earnings | $6,081,490 | $4,991,647 |
| Treasury stock | $(2,073,292) | $(1,773,267) |
| Accumulated other comprehensive income | $(74,699) | $(251,529) |
| Total stockholders’ equity | $5,967,859 | $4,864,043 |
| Total liabilities and stockholders’ | $8,174,391 | $6,872,394 |
| equity |
