Resmed (ASX:RMD) Shares Slide Over the Year Even as Record Q4 Revenue and a Higher Dividend Close Fiscal 2026

Sonal Goyal

06 October 2026 12:59 AM AEDT

Resmed (ASX:RMD) Shares Slide Over the Year Even as Record Q4 Revenue and a Higher Dividend Close Fiscal 2026

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Resmed Inc (ASX:RMD), a medical device company focused on sleep apnea and respiratory care that is also listed on the NYSE, has recorded a sizeable share price decline over the past year. Resmed Inc (ASX:RMD) shares were priced at $32.00, up 1.30% in today’s session, and are down 23.97% over the past year. The company announced its results for the fourth quarter and fiscal year 2026, ended June 30, 2026, on August 6, 2026.

Business Model and Operational Footprint

Resmed develops and sells devices, masks, accessories and software for sleep apnea, chronic obstructive pulmonary disease and other respiratory conditions, with Revenue from devices, masks and accessories, and software, including residential care software. It is headquartered in San Diego and describes its products as AI-powered digital health solutions and cloud-connected devices.

During the year it completed the Acquisition of Noctrix Health, a maker of an FDA De Novo classified wearable therapeutic for Restless Leg Syndrome, agreed to sell its MatrixCare business, with closing expected in the first quarter of fiscal 2027, and partnered with ŌURA on sleep health education. Product launches included AirSense 11 in Taiwan, AirCurve 11 ST/ST-A in the US and AirTouch F30i Comfort in Brazil and Chile.

Sector Dynamics

Sleep and respiratory device Demand depends on diagnosis rates, patient adoption, reimbursement, competition and the use of digital health. Resmed attributes growth to demand across sleep devices, masks, accessories and software solutions. Residential care software revenue grew only 2% in constant currency.

Resmed’s 23.97% one-year decline compares with a 32.24% fall for REA Group Ltd (ASX:REA) and a 11.19% fall for Sigma Healthcare Ltd (ASX:SIG), another ASX-listed healthcare name in this group. Resmed is up 1.30% today at $32.00.

Among the 20 ASX-listed companies in this group of results, Resmed Inc’s one-year change of down 23.97% ranks 16 of 20, where 1 is the strongest performer over the period.

Q4 and Fiscal 2026 Results Release

Fourth quarter revenue rose 9% to a record US$1.5 billion (US$1,464 million), or 8% in constant currency. GAAP diluted EPS rose 2% to $2.64, and non-GAAP diluted EPS rose 16% to $2.95. GAAP gross Margin was 58.8%, down 200 basis points, while non-GAAP gross margin was 62.3%, up 90 basis points. Research and Development expenses rose 22% to $106 million. Devices revenue rose 6% to $459 million. Breathing Health grew 10% in constant currency.

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 diluted EPS rose 17% to $11.17. Operating Cash Flow was $1.8 billion and free cash flow was $1.6 billion.

The company returned $1.0 billion to shareholders through repurchases and dividends in fiscal 2026, an increase of more than 70%. The board declared a quarterly Dividend of $0.66 per share, up 10%, with a Record Date of August 20, 2026 and payment on September 24, 2026. It is guiding to more than $1.85 billion of Capital returned through repurchases and dividends in fiscal 2027.

Resmed’s Chairman and CEO Mick Farrell said that the company will use its global scale and digital capabilities in fiscal 2027 to improve patient outcomes and reduce healthcare costs. Quarterly returns to shareholders were $287 million, and the company paid dividends of about $350 million in the fiscal year, alongside share repurchases.

Growth Catalysts and Critical Operating Risks

Growth catalysts identified include new device and mask launches, the Noctrix acquisition, digital capabilities, higher capital returns and global scale in sleep health.

Operating risks include the Q4 GAAP gross margin decline of 200 basis points, GAAP EPS growth of only 2% compared with 16% on a non-GAAP basis, R&D expense growth of 22%, slower growth in residential care software, the sale of MatrixCare, and the use of non-GAAP measures. The release is unaudited.

Where Things Stand

Resmed reports record quarterly revenue, higher dividends and a planned capital return above $1.85 billion, while its shares remain well below levels of a year ago. Reference points ahead include the September 24, 2026 dividend and the MatrixCare sale closing.

FAQs

Q: What did Resmed Inc (ASX:RMD) report for Q4 fiscal 2026?

A:Revenue of US$1.5 billion (up 9%), GAAP diluted EPS of $2.64 and non-GAAP diluted EPS of $2.95 (up 16%).

Q: What dividend did Resmed declare?

A:A quarterly dividend of $0.66 per share, up 10%, payable on September 24, 2026.

Q: How have Resmed (ASX:RMD) shares performed over the past year?

A:Shares are down 23.97% over twelve months and were up 1.30% today at $32.00.

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