rmd-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________

FORM 10-Q

______________________________________________________________________________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______to _______

Commission File Number: 001-15317

______________________________________________________________________________________________

ResMed Inc.

(Exact name of registrant as specified in its charter)

______________________________________________________________________________________________

Delaware

(State or other jurisdiction of incorporation or organization)

98-0152841

(I.R.S. Employer Identification No.)

9001 Spectrum Center Blvd.

San Diego, CA 92123

United States of America

(Address of principal executive offices, including zip code)

(858) 836-5000

(Registrant’s telephone number, including area code)

______________________________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.004 per share

RMD

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

At October 27, 2025 there were 145,966,294 shares of Common Stock ($0.004 par value) outstanding. This number excludes 44,448,959 shares held by the registrant as treasury shares.

Table of Contents

RESMED INC. AND SUBSIDIARIES

INDEX


Part I	Financial Information	3

Item 1	Financial Statements	3

	Condensed Consolidated Balance Sheets (Unaudited)	3

	Condensed Consolidated Statements of Operations (Unaudited)	4

	Condensed Consolidated Statements of Comprehensive Income (Unaudited)	5

	Condensed Consolidated Statements of Changes in Equity (Unaudited)	6

	Condensed Consolidated Statements of Cash Flows (Unaudited)	8

	Notes to the Condensed Consolidated Financial Statements (Unaudited)	9

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25

Item 3	Quantitative and Qualitative Disclosures About Market Risk	35

Item 4	Controls and Procedures	38

Part II	Other Information	39

Item 1	Legal Proceedings	39

Item 1A	Risk Factors	39

Item 2	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	39

Item 3	Defaults Upon Senior Securities	39

Item 4	Mine Safety Disclosures	39

Item 5	Other Information	39

Item 6	Exhibits	41

	Signatures	42

Table of Contents


PART I – FINANCIAL INFORMATION			Item 1

Item 1. Financial Statements

RESMED INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(In US$ and in thousands, except share and per share data)


	September 30, 2025		June 30, 2025
Assets
Current assets:
Cash and cash equivalents	$	1,383,848	$	1,209,450
Accounts receivable, net of allowances of $24,611 and $22,424 at September 30, 2025 and June 30, 2025, respectively	907,271		939,492
Inventories (note 3)	945,806		927,711
Prepaid expenses and other current assets (note 3)	388,811		428,952
Total current assets	3,625,736		3,505,605
Non-current assets:
Property, plant and equipment, net (note 3)	563,629		550,790
Operating lease right-of-use assets	162,007		167,497
Goodwill (note 4)	3,044,123		3,046,680
Other intangible assets, net (note 3)	447,067		464,861
Deferred income taxes	275,949		253,119
Prepaid taxes and other non-current assets	189,841		185,839
Total non-current assets	4,682,616		4,668,786
Total assets	$	8,308,352	$	8,174,391
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	266,775	$	278,157
Accrued expenses	395,833		402,253
Operating lease liabilities, current	29,975		30,506
Deferred revenue	167,777		166,030
Income taxes payable	135,243		132,274
Short-term debt, net (note 7)	259,899		9,900
Total current liabilities	1,255,502		1,019,120
Non-current liabilities:
Deferred revenue	159,356		156,803
Deferred income taxes	77,571		77,682
Operating lease liabilities, non-current	147,817		153,015
Other long-term liabilities	138,181		141,520
Long-term debt, net (note 7)	408,661		658,392

Total non-current liabilities	931,586		1,187,412
Total liabilities	2,187,088		2,206,532
Commitments and contingencies (note 9)
Stockholders’ equity:
Preferred stock, $0.01 par value, 2,000,000 shares authorized; none issued	—		—
Common stock, $0.004 par value, 350,000,000 shares authorized; 190,390,128 issued and 145,940,669 outstanding at September 30, 2025 and 190,311,097 issued and 146,385,350 outstanding at June 30, 2025	762		761
Additional paid-in capital	2,062,244		2,033,599
Retained earnings	6,342,276		6,081,490
Treasury stock, at cost, 44,448,959 shares at September 30, 2025 and 43,925,747 shares at June 30, 2025	(2,223,302)		(2,073,292)
Accumulated other comprehensive loss	(60,716)		(74,699)
Total stockholders’ equity	6,121,264		5,967,859
Total liabilities and stockholders’ equity	$	8,308,352	$	8,174,391

See the accompanying notes to the unaudited condensed consolidated financial statements.

Table of Contents


PART I – FINANCIAL INFORMATION			Item 1

RESMED INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(In US$ and in thousands, except per share data)


	Three Months Ended September 30,
	2025		2024
Net revenue - Sleep and Breathing Health products	$	1,169,446	$	1,067,737
Net revenue - Residential Care Software	166,136		156,772
Net revenue	1,335,582		1,224,509

Cost of sales - Sleep and Breathing Health products	456,118		451,312
Cost of sales - Residential Care Software	50,823		48,308
Cost of sales (exclusive of amortization shown separately below)	506,941		499,620

Amortization of acquired intangible assets - Sleep and Breathing Health products	1,420		1,210
Amortization of acquired intangible assets - Residential Care Software	6,401		6,460
Amortization of acquired intangible assets	7,821		7,670
Total cost of sales	514,762		507,290
Gross profit	820,820		717,219

Selling, general, and administrative	259,194		238,979
Research and development	87,323		79,524
Amortization of acquired intangible assets	11,956		11,404
Restructuring expenses (note 11)	15,810		—


Total operating expenses	374,283		329,907
Income from operations	446,537		387,312
Other income (loss), net:
Interest (expense) income, net	8,793		(1,661)
Gain (loss) attributable to equity method investments (note 5)	1,489		963
Gain (loss) on equity investments (note 5)	(6,190)		(680)
Other, net	(3,836)		(2,437)
Total other income (loss), net	256		(3,815)
Income before income taxes	446,793		383,497
Income taxes	98,257		72,142
Net income	$	348,536	$	311,355
Basic earnings per share (note 8)	$	2.38	$	2.12
Diluted earnings per share (note 8)	$	2.37	$	2.11
Dividend declared per share	$	0.60	$	0.53
Basic shares outstanding (000's)	146,182		146,861
Diluted shares outstanding (000's)	146,899		147,599

See the accompanying notes to the unaudited condensed consolidated financial statements.

Table of Contents


PART I – FINANCIAL INFORMATION			Item 1

RESMED INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(In US$ and in thousands)


	Three Months Ended September 30,
	2025		2024
Net income	$	348,536	$	311,355
Other comprehensive income, net of taxes:
Unrealized gains (losses) on designated hedging instruments	1,603		(21,802)
Foreign currency translation gain (loss) adjustments	12,380		141,176
Comprehensive income	$	362,519	$	430,729

See the accompanying notes to the unaudited condensed consolidated financial statements.

Table of Contents


PART I – FINANCIAL INFORMATION			Item 1

RESMED INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(In US$ and in thousands)


	Common Stock			Additional Paid-in Capital		Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
	Shares	Amount				Shares	Amount
Balance, June 30, 2025	190,311	$	761	$	2,033,599	(43,926)	$	(2,073,292)	$	6,081,490	$	(74,699)	$	5,967,859
Common stock issued on exercise of options	69	1		8,204		—	—		—		—		8,205
Common stock issued on vesting of restricted stock units, net of shares withheld for tax	10	—		(719)		—	—		—		—		(719)
Treasury stock purchases	—	—		—		(523)	(150,010)		—		—		(150,010)
Stock-based compensation costs	—	—		21,160		—	—		—		—		21,160
Other comprehensive income (loss)	—	—		—		—	—		—		13,983		13,983
Net income	—	—		—		—	—		348,536		—		348,536
Dividends declared ($0.60 per common share)	—	—		—		—	—		(87,750)		—		(87,750)
Balance, September 30, 2025	190,390	$	762	$	2,062,244	(44,449)	$	(2,223,302)	$	6,342,276	$	(60,716)	$	6,121,264

See the accompanying notes to the unaudited condensed consolidated financial statements.

Table of Contents


PART I – FINANCIAL INFORMATION			Item 1

RESMED INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(In US$ and in thousands)


	Common Stock			Additional Paid-in Capital		Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
	Shares	Amount				Shares	Amount
Balance, June 30, 2024	189,565	$	588	$	1,896,604	(42,664)	$	(1,773,267)	$	4,991,647	$	(251,529)	$	4,864,043
Adjustment to common stock	—	170		(170)		—	—		—		—		—
Common stock issued on exercise of options	92	—		8,383		—	—		—		—		8,383
Common stock issued on vesting of restricted stock units, net of shares withheld for tax	5	—		(389)		—	—		—		—		(389)
Treasury stock purchases	—	—		—		(222)	(50,005<

SEC Form 10-Q filed by ResMed Inc.