Insulet Corporation (PODD) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.45	$1.66	+14.5%	—	$801.7M	—
Q1 26	$1.19	$1.42	+19.3%	—	$761.7M	—
Q4 25	$1.46	$1.55	+6.2%	—	$783.8M	—
Q3 25	$1.15	$1.24	+7.8%	—	$706.3M	—
Q2 25	$0.92	$1.17	+27.2%	—	$649.1M	—
Q1 25	$0.79	$1.02	+29.1%	—	$569M	—
Q4 24	$1.02	$1.15	+12.7%	—	$597.5M	—
Q3 24	$0.76	$0.9	+18.4%	—	$543.9M	—
Q2 24	$0.56	$0.55	-1.8%	—	$488.5M	—
Q1 24	$0.39	$0.73	+87.2%	—	$441.7M	—
Q4 23	$0.66	$1.4	+112.1%	—	$509.8M	—
Q3 23	$0.4	$0.71	+77.5%	—	$432.7M	—
Q2 23	$0.26	$0.38	+46.2%	—	$396.5M	—
Q1 23	$0.11	$0.23	+109.1%	—	$358.1M	—
Q4 22	$0.21	$0.24	+14.3%	—	$369.7M	—
Q3 22	$0.15	$0.35	+133.3%	—	$340.8M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.51	—	—	$2.7B	—
FY24	—	$5.97	—	—	$2.1B	—
FY23	—	$2.96	—	—	$1.7B	—
FY22	—	$0.07	—	—	$1.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$367M	$463.8M	$563.8M	$738.2M	$904.4M	$1.1B	$1.3B	$1.7B	$2.1B	$2.7B
YoY change	+39.1%	+26.4%	+21.6%	+30.9%	+22.5%	+21.5%	+18.8%	+30%	+22.1%	+30.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	367M	463.8M	563.8M	738.2M	904.4M	1.1B	1.3B	1.7B	2.1B	2.7B
Cost of revenue	155.9M	186.6M	193.6M	257.9M	322.1M	346.7M	499.7M	537.2M	625.9M	768.2M
Gross profit	211.1M	277.2M	370.2M	480.3M	582.3M	752.1M	805.6M	1.2B	1.4B	1.9B
Gross margin	57.5%	59.8%	65.7%	65.1%	64.4%	68.4%	61.7%	68.3%	69.8%	71.6%
Research & development	55.7M	75.7M	94.8M	132.3M	146.8M	160.1M	180.2M	205M	219.6M	301.1M
Selling, general & administrative	166.1M	208.9M	248M	298M	384M	466M	587.8M	734.9M	917.2M	1.2B
Operating expenses	221.8M	284.6M	342.8M	430.3M	530.8M	626.1M	768M	939.9M	1.1B	1.5B
Operating income	-10.7M	-7.4M	27.4M	50M	51.5M	126M	37.6M	220M	308.9M	473.8M
Operating margin	-2.92%	-1.6%	4.86%	6.77%	5.69%	11.5%	2.88%	13%	14.9%	17.5%
Non-operating income, net	-2.6M	-600K	-900K	-7.8M	3.3M	-44.3M	-1.1M	2.2M	-5.5M	-109.6M
Pretax income	-26.8M	-26.6M	5.2M	14.5M	9.7M	20.5M	9.8M	214.6M	300.2M	339.5M
Income tax	392K	200K	1.9M	2.9M	2.9M	3.7M	5.2M	8.3M	-118.1M	92.4M
Net income	-28.9M	-26.8M	3.3M	11.6M	6.8M	16.8M	4.6M	206.3M	418.3M	247.1M
Net margin	-7.87%	-5.78%	0.59%	1.57%	0.75%	1.53%	0.35%	12.2%	20.2%	9.12%
EBITDA	4M	7M	47.1M	82.9M	110.3M	182M	109M	323.6M	423.7M	600.7M
EPS	-0.51	-0.46	0.06	0.19	0.11	0.25	0.07	2.96	5.97	3.51
Diluted EPS	-0.51	-0.46	0.05	0.19	0.1	0.24	0.07	2.94	5.78	3.48

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	432.7M	509.8M	441.7M	488.5M	543.9M	597.5M	569M	649.1M	706.3M	783.8M	761.7M	801.7M
Cost of revenue	139.4M	148.6M	134.9M	157.6M	166.8M	166.6M	160M	196.9M	196.2M	215.2M	232.7M	239.1M
Gross profit	293.3M	361.2M	306.8M	330.9M	377.1M	430.9M	409M	452.2M	510.1M	568.6M	529.1M	562.6M
Gross margin	67.8%	70.9%	69.5%	67.7%	69.3%	72.1%	71.9%	69.7%	72.2%	72.5%	69.5%	70.2%
Research & development	57.8M	42M	50.2M	53.9M	54.9M	60.6M	59.6M	73.4M	77.2M	90.9M	89.7M	88.1M
Selling, general & administrative	180.7M	212.8M	199.7M	222.4M	234.1M	261M	260.6M	257.7M	315.2M	331.4M	317.2M	344.8M
Operating expenses	238.5M	254.8M	249.9M	276.3M	289M	321.6M	320.2M	331.1M	392.4M	422.3M	406.9M	432.9M
Operating income	54.8M	106.4M	56.9M	54.6M	88.1M	109.3M	88.8M	121.1M	117.7M	146.3M	122.2M	129.7M
Operating margin	12.7%	20.9%	12.9%	11.2%	16.2%	18.3%	15.6%	18.7%	16.7%	18.7%	16%	16.2%
Non-operating income, net	700K	1.9M	-700K	-1.8M	-3.4M	400K	-41.8M	-83.1M	12.1M	3.1M	700K	-1.1M
Pretax income	53.7M	107.8M	54.9M	51.1M	82.9M	111.3M	48.1M	28.4M	122.8M	140.2M	113M	118.7M
Income tax	1.8M	4.5M	3.4M	-137.5M	5.4M	10.6M	12.7M	5.9M	35.2M	38.5M	21.9M	23.7M
Net income	51.9M	103.3M	51.5M	188.6M	77.5M	100.7M	35.4M	22.5M	87.6M	101.6M	91.1M	95M
Net margin	12%	20.3%	11.7%	38.6%	14.2%	16.9%	6.22%	3.47%	12.4%	13%	12%	11.8%
EBITDA	82.8M	133.3M	84.4M	81.3M	116.5M	141.5M	118.5M	154.7M	160.4M	167M	153.9M	158.9M
EPS	0.74	1.48	0.74	2.69	1.11	1.44	0.5	0.32	1.24	1.44	1.3	1.37
Diluted EPS	0.74	1.44	0.73	2.59	1.08	1.39	0.5	0.32	1.24	1.44	1.3	1.37

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.2B	4B	4.7B	10.4B	16.5B	18B	20.4B	15.1B	18.3B	20B	9.2B
Enterprise value	2.2B	4.1B	5B	10.9B	16.7B	18.5B	21.2B	15.8B	18.7B	20.2B	9.9B
Shares outstanding	57.3M	58M	58.9M	60.6M	64.7M	67.7M	69.4M	69.8M	70.1M	70.3M	70.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	1.4K	894.3	2.4K	1.1K	4.4K	73.4	43.7	80.9	24.9
P/S	5.88	8.63	8.28	14.1	18.3	16.4	15.6	8.92	8.83	7.38	3.02
P/B	34.2	25.2	22	136.7	27.4	32.4	42.9	20.7	15.1	13.2	6.49
EV/EBITDA	554.3	589.8	105.6	131.3	151	101.6	194	49	44.2	33.7	16
EV/Sales	5.97	8.9	8.82	14.7	18.4	16.8	16.2	9.34	9.04	7.47	3.23
Earnings yield	—	—	0.07%	0.11%	0.04%	0.09%	0.02%	1.36%	2.29%	1.24%	4.01%
FCF yield	-0.29%	-0.9%	-2.71%	-0.7%	-0.5%	-1.06%	-0.19%	0.24%	1.62%	1.75%	2.57%
PEG	—	—	—	—	—	—	—	—	—	—	0.08

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	57.5%	59.8%	65.7%	65.1%	64.4%	68.4%	61.7%	68.3%	69.8%	71.6%	70.2%
Operating margin	-2.92%	-1.6%	4.86%	6.77%	5.69%	11.5%	2.88%	13%	14.9%	17.5%	16.2%
Net margin	-7.87%	-5.78%	0.59%	1.57%	0.75%	1.53%	0.35%	12.2%	20.2%	9.12%	12.3%
ROE	-45.7%	-16.9%	1.56%	15.3%	1.13%	3.02%	0.97%	28.2%	34.5%	16.3%	26%
ROA	-6.32%	-3.28%	0.36%	1.01%	0.36%	0.82%	0.2%	7.97%	13.5%	7.75%	9.71%
ROIC	-11%	-2.6%	3.38%	6.81%	5.05%	9.93%	1.47%	14.6%	18.7%	19.7%	21.3%
Return on tangible assets	-7.74%	-3.68%	0.4%	1.12%	0.39%	0.89%	0.23%	9.02%	15%	8.66%	13.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	6.64	6.24	3.99	3.75	6.01	5.81	3.6	3.51	3.58	2.81	2.48
Quick ratio	6	5.85	3.37	3.11	5.27	4.49	2.65	2.62	2.76	2.15	1.83
Debt / equity	5.27	3.57	2.79	11.7	1.75	2.29	2.94	1.93	1.15	0.63	0.67
Debt / assets	0.73	0.69	0.64	0.78	0.57	0.62	0.62	0.55	0.45	0.3	0.3
Net debt / EBITDA	8.72	18	6.44	6.17	1.01	2.66	6.68	2.2	1.04	0.39	0.65
Interest coverage	-0.86	-0.39	1.2	1.46	1.21	1.33	1.27	6.93	8.03	6.72	9.43
Effective tax rate	0%	0%	36.5%	20%	29.9%	18%	53.1%	3.87%	0%	27.2%	24.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.41	8	9.58	12.2	14	16.2	18.8	24.3	29.6	38.5	43.6
EPS (basic)	-0.51	-0.46	0.06	0.19	0.11	0.25	0.07	2.96	5.97	3.51	3.51
EPS (diluted)	-0.51	-0.46	0.05	0.19	0.1	0.24	0.07	2.94	5.78	3.48	5.34
Book value per share	1.1	2.73	3.6	1.25	9.32	8.22	6.87	10.5	17.3	21.5	20.5
FCF per share	-0.11	-0.62	-2.15	-1.2	-1.27	-2.82	-0.55	0.52	4.23	4.97	3.83
Cash per share	5.22	7.59	4.91	6.21	14.6	11.7	9.72	10.1	13.6	10.2	7.71
Capex per share	0.39	1.33	2.76	—	—	—	—	—	—	2.72	3.13

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	6.03%	16.7%	28.8%	—	—	—	—	—	—	7.08%	7.12%
Capex / operating cash flow	288.1%	183.4%	629.4%	—	—	—	—	—	—	33.7%	42.5%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$432.7M	$509.8M	$441.7M	$488.5M	$543.9M	$597.5M	$569M	$649.1M	$706.3M	$783.8M	$761.7M	$801.7M
YoY change	+27%	+37.9%	+23.3%	+23.2%	+25.7%	+17.2%	+28.8%	+32.9%	+29.9%	+31.2%	+33.9%	+23.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	298.6M	440.1M	288.9M	376.1M	947.6M	790M	674.2M	704.2M	953.4M	716.1M
Receivables	28.8M	53.4M	63.3M	69.3M	95.3M	161M	205.6M	359.7M	357.2M	511.3M
Inventory	35.5M	33.8M	71.4M	101M	154.3M	303.2M	346.8M	402.6M	430.4M	452.6M
Total current assets	370M	537.2M	461.3M	591M	1.2B	1.3B	1.3B	1.6B	1.9B	1.9B
Property, plant & equipment	44.8M	107.9M	214.2M	282.5M	331.4M	377M	436M	459.6M	496.3M	585.7M
Goodwill & intangibles	83.4M	88.4M	100M	106M	137M	152.8M	254.4M	300.8M	300M	337.4M
Total assets	456.6M	816.7M	928.7M	1.1B	1.9B	2B	2.3B	2.6B	3.1B	3.2B
Accounts payable	13.2M	24.4M	25.5M	54.5M	54.1M	37.7M	30.8M	19.2M	19.8M	75M
Short-term debt	269K	—	—	—	15.6M	25.1M	27.5M	49.4M	96M	18.4M
Total current liabilities	55.7M	86M	115.7M	157.7M	207.8M	228.8M	364.7M	451.2M	528.4M	680.1M
Long-term debt	332.8M	566.2M	592M	887.9M	1B	1.2B	1.4B	1.4B	1.3B	930.8M
Total liabilities	393.5M	658.2M	716.6M	1.1B	1.3B	1.5B	1.8B	1.9B	1.9B	1.7B
Shareholders' equity	63.1M	158.5M	212.1M	75.9M	603.6M	556.3M	476.4M	732.7M	1.2B	1.5B
Total debt	333M	566.2M	592M	887.9M	1.1B	1.3B	1.4B	1.4B	1.4B	949.2M
Net debt	195.9M	293.6M	478.1M	674.2M	152.1M	483.9M	727.6M	711.6M	438.7M	233.1M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	669.8M	704.2M	751.2M	821M	902.6M	953.4M	1.3B	1.1B	757.5M	716.1M	480.4M	534.9M
Receivables	270.3M	359.7M	320.5M	348.6M	375.6M	357.2M	392.4M	430.7M	453.1M	511.3M	542.1M	580.4M
Inventory	410.8M	402.6M	430.6M	430.9M	444.9M	430.4M	440.8M	447M	446.3M	452.6M	462.5M	484.8M
Total current assets	1.5B	1.6B	1.6B	1.7B	1.9B	1.9B	2.3B	2.3B	1.9B	1.9B	1.7B	1.8B
Property, plant & equipment	—	459.6M	—	—	—	496.3M	—	—	—	585.7M	—	—
Goodwill & intangibles	302.4M	300.8M	300.4M	300.4M	302.6M	300M	302.6M	308M	313.6M	337.4M	333.8M	333.2M
Total assets	2.5B	2.6B	2.6B	2.9B	3B	3.1B	3.5B	3.5B	3B	3.2B	3B	3.2B
Accounts payable	77.8M	19.2M	75.9M	76.8M	40.3M	19.8M	57.6M	96.1M	48.2M	75M	149.8M	123.3M
Short-term debt	49.8M	49.4M	38.9M	37.9M	42M	96M	83.1M	460.7M	79.9M	18.4M	18.6M	18.9M
Total current liabilities	451.4M	451.2M	432.4M	486M	506.2M	528.4M	520.4M	1B	647.7M	680.1M	687.5M	744.2M
Long-term debt	1.4B	1.4B	1.4B	1.4B	1.4B	1.3B	1.6B	939M	934.9M	930.8M	929.5M	929.5M
Total liabilities	1.9B	1.9B	1.8B	1.9B	1.9B	1.9B	2.2B	2B	1.6B	1.7B	1.7B	1.7B
Shareholders' equity	607.5M	732.7M	790.7M	998.4M	1.1B	1.2B	1.3B	1.5B	1.4B	1.5B	1.3B	1.4B
Total debt	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.7B	1.4B	1B	949.2M	948.1M	948.4M
Net debt	750.6M	711.6M	650.3M	576.8M	495.7M	438.7M	412.3M	278.2M	257.3M	233.1M	467.7M	413.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-28.9M	-26.8M	3.3M	11.6M	6.8M	16.8M	4.6M	206.3M	418.3M	247.1M
Depreciation & amortization	13.8M	13.9M	15.6M	27.9M	55.4M	57.4M	63.2M	72.8M	80.8M	90.4M
Stock-based compensation	23.6M	31.9M	37.5M	28.7M	35.9M	34.4M	40.9M	48.3M	69.3M	62.7M
Change in working capital	-11M	5M	-59.5M	-8.4M	-57.1M	-241.3M	-103.3M	-218.8M	-40.6M	-101.6M
Operating cash flow	7.7M	42.1M	25.8M	96.5M	87M	-91.3M	14M	115.2M	403.1M	569.3M
Capital expenditure	-22.1M	-77.2M	-162.4M	—	—	—	—	—	—	-191.6M
Investing cash flow	-178M	-210.8M	-184.5M	97.3M	180.5M	40M	-33.8M	-10.2M	-12.2M	-194.9M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	-59.6M
Financing cash flow	176.6M	304.5M	-24.5M	22.6M	573.8M	17.2M	-56.6M	-40.5M	-48.2M	-767.7M
Net change in cash	6.2M	135.8M	-183.2M	216.4M	841.3M	-34.1M	-76.4M	64.5M	342.7M	-393.3M
Free cash flow	-6.2M	-35.9M	-126.5M	-72.5M	-82.5M	-190.8M	-38.3M	36.5M	296.3M	349.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	51.9M	103.3M	51.5M	188.6M	77.5M	100.7M	35.4M	22.5M	87.6M	101.6M	91.1M	95M
Depreciation & amortization	18.7M	18.8M	18.8M	19.2M	21.3M	21.5M	21.7M	22.3M	22M	24.4M	26.2M	26.7M
Stock-based compensation	10.5M	12.6M	14.2M	17M	18.1M	20M	18.2M	7.5M	16.7M	20.3M	21.3M	19.6M
Change in working capital	-57.6M	-127.7M	62.5M	-27.7M	-50.4M	-7.1M	-3.5M	4.5M	-66.2M	-36.4M	29.3M	-101.2M
Operating cash flow	24.7M	9.2M	149.1M	203.3M	67.1M	140.7M	81M	196.5M	125.7M	183.3M	113.8M	88.4M
Capital expenditure	—	—	—	—	—	—	—	-18.6M	-25.6M	-135.1M	-24.3M	-32.5M
Investing cash flow	-200K	0	0	0	-200K	-12M	—	-18.6M	-25.6M	-138.5M	-24.2M	-32.5M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	-30.1M	-29.5M	0	-300M	0
Financing cash flow	-7M	-6.8M	-19.9M	-8M	-2.7M	-27.3M	252.2M	-413.3M	-550.5M	-82.1M	-320.3M	-5M
Net change in cash	17.5M	2.4M	129.2M	195.3M	64.2M	101.4M	333.2M	-235.4M	-450.4M	-37.3M	-230.7M	50.9M
Free cash flow	33.6M	13.6M	63.6M	71.6M	79.1M	91.7M	48.1M	173.3M	94.6M	33.9M	86M	51.1M

Insulet Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement