What Did ResMed (ASX:RMD) Report for Fiscal 2026, and Why Are Its Shares Lower Over the Past Year?

Sonal Goyal

20 October 2026 12:47 PM AEDT

What Did ResMed (ASX:RMD) Report for Fiscal 2026, and Why Are Its Shares Lower Over the Past Year?

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Key highlights

ResMed Inc. (ASX:RMD) the shares closed at $34.07, down approximately 0.82% on 19 October 2026, and the shares are down approximately 17.06% over the past year.
The 6 August 2026 release reports fiscal 2026 revenue of $5.7 billion, up 10%, and non-GAAP diluted EPS of $11.17, up 17%.
The quarterly dividend was increased 10% to $0.66, and the company guides more than $1.85 billion of capital returns in fiscal 2027.

ResMed Inc. (ASX:RMD) supplies devices and software for sleep apnoea and respiratory care, and is listed on both the NYSE and the ASX. On 19 October 2026, the shares closed at $34.07, down approximately 0.82%. Over the longer term, the shares are down approximately 17.06% over the past year. On 6 August 2026, the company announced results for the fourth quarter and fiscal year ended 30 June 2026, covering revenue, margins, cash flow, capital returns and acquisitions.

Fourth quarter and full-year results

Fourth-quarter revenue rose 9% to a record $1.5 billion (8% in constant currency), GAAP diluted EPS was $2.64, up 2%, and non-GAAP diluted EPS was $2.95, up 16%. For fiscal 2026, revenue rose 10% to $5.7 billion, or 8% in constant currency. GAAP gross margin rose 170 basis points to 61.1% and non-GAAP gross margin rose 240 basis points to 62.4%. GAAP operating margin was 33.4% and non-GAAP operating margin was 36.1%. GAAP diluted EPS was $10.43 and non-GAAP was $11.17.

Cash flow and capital returns

Operating cash flow was $1.8 billion and free cash flow was $1.6 billion. The company returned $1.0 billion to shareholders through share repurchases and dividends, an increase of more than 70%. It guides to more than $1.85 billion of capital returned in fiscal 2027 and announced a 10% increase in the quarterly dividend to $0.66.

Business developments

ResMed agreed to divest its MatrixCare business, with closing expected in the first quarter of fiscal 2027, and completed the acquisition of Noctrix Health, which supplies a wearable therapy for restless leg syndrome cleared under an FDA De Novo classification. It partnered with Oura to expand sleep health education and launched AirSense 11 in Taiwan following other launches in Asia-Pacific, Europe, the Middle East, Africa and the Americas.

Among other items, the company reports non-GAAP gross margin of 62.4%, up 240 basis points, and non-GAAP operating margin of 36.1%, up 180 basis points. The fourth-quarter non-GAAP diluted EPS of $2.95 was up 16%, compared with GAAP diluted EPS of $2.64, up 2%, and the gap reflects adjustments described in the release. The company says its portfolio and digital capabilities will support growth in fiscal 2027.

Reading the share price change

The share price of ResMed Inc. is down approximately 17.06% over the past year. That figure measures price movement only. It does not include dividends or franking credits, and the exact amount depends on the start and end dates used, which is why it is described as approximate here. A share price that is approximately 17.06% lower over the period reflects market expectations and conditions across many factors at once, not only the company’s most recent results.

On 19 October 2026 the shares moved approximately 0.82% on the day, which is one session within that longer period. The results referred to in this article cover a period that ended before 19 October 2026 and were released on a different date to the share price figures quoted. For that reason, this article does not treat the share price change as a response to the announcement.

Sector backdrop

The S&P/ASX 200 (ASX: XJO) stood at 8,845.70 at 4:25 pm (GMT+11) on 19 October 2026, up 0.44%, or 39.00 points, for the day. On the sector map, Health Care fell 0.13%. On the sector map for the session, Energy rose 2.16%, Industrials 0.93%, Financials 0.85%, Utilities 0.38% and Consumer Staples 0.25%, while Information Technology fell 1.35%, A-REIT 0.34%, Consumer Discretionary 0.18%, Telecommunication Services 0.16% and Health Care 0.13%.

Risks shareholders should weigh

Growth in constant currency was lower than reported growth, and the company refers to a non-GAAP measure alongside GAAP figures. The MatrixCare disposal needs to close, and capital return guidance depends on cash generation.

What’s next

The company expects the MatrixCare disposal to close in the first quarter of fiscal 2027 and will return capital through dividends and repurchases.

FAQs

Q: What was fiscal 2026 revenue?

A:$5.7 billion, up 10%.

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