RMD Analysis: ResMed Q1 FY26 Earnings Release

Published 3 Nov 2025 • 3 min • rmd

NOTE: Should be over-valued vs our $155 valuation. We have used the incorrect share price (referencing CDI instead of NYSE) which i will attend to shortly.

Event: ResMed Q1 FY26 Earnings Release | Date: 2025-10-30 | Source: ResMed Investor Relations

Q1 Revenue Climbs 9% with Gross Margin Expansion

ResMed released its Q1 FY26 financial results on 30 October 2025, reporting revenue of $1.3 billion, up 9% year-over-year or 8% on a constant currency basis. Gross margin improved to 61.5% (up 290 basis points), while non-GAAP gross margin reached 62.0% (up 280 basis points), driven by manufacturing efficiencies and favourable product mix. Income from operations rose 17% to $427 million, and non-GAAP operating income increased 15% to $439 million. Diluted EPS came in at $2.11, with non-GAAP diluted EPS at $2.20, reflecting solid operational performance. The company also declared a quarterly dividend of $0.53 per share. These results align with the earnings release and validate ongoing demand in sleep and breathing health segments.