Resmed — Financial Results
Revenue Grew 10% Across All Business Lines and Geographies
| Metric | FY2025 | FY2024 | Change |
|---|---|---|---|
| Total Net Revenue | $5,146.3M | $4,685.3M | +10% |
| Sleep and Breathing Health | $4,504.9M | $4,101.2M | +10% |
| Residential Care Software | $641.4M | $584.1M | +10% |
| Devices | $2,665.2M | $2,444.0M | +9% |
| Masks and other | $1,839.7M | $1,657.2M | +11% |
Growth was broad-based — every segment, product category, and region hit roughly 10%. Importantly, currency movements had almost no effect, meaning the growth reflects real increases in units sold rather than favourable exchange rates. Masks grew slightly faster than devices, which can signal patients are staying engaged with therapy long-term (replacement masks are a recurring purchase).
Gross Margin Jumped Nearly 3 Percentage Points, Lifting Profits Sharply
| Metric | FY2025 | FY2024 |
|---|---|---|
| Gross Profit | $3,055.0M | $2,655.3M |
| Gross Margin | 59.4% | 56.7% |
| Net Income | $1,400.7M | $1,021.0M |
| Diluted EPS | $9.51 | $6.92 |
Revenue grew 10%, but gross profit grew 15% — meaning the company kept more of each dollar earned. The improvement came from manufacturing and supply chain efficiencies, plus the absence of $14.3 million in one-off safety recall costs that hit FY2024. Net income surged 37%, a much faster rate than revenue, showing strong operating leverage (the ability to grow profits faster than sales).
A $64 Million Restructuring Charge in FY2024 Doesn't Repeat, Flattering the Comparison
In FY2024, ResMed took a $64.2 million restructuring charge — a one-time cost to cut staff and wind down certain business activities. There were no equivalent charges in FY2025. This is worth keeping in mind: part of why FY2025 net income looks so much better is simply the absence of these non-recurring costs, not purely underlying improvement.
Cash Position More Than Quintupled, Debt Paid Down Significantly
| Metric | June 30, 2025 | June 30, 2024 |
|---|---|---|
| Cash and equivalents | $1,209.5M | $238.4M |
| Operating cash flow | $1,751.6M | $1,401.3M |
| Total available liquidity | $2,709.5M | — |
The company generated $1.75 billion in operating cash and used far less to pay down debt than the prior year ($40M net repayment vs. $730M in FY2024). A $124.4 million tax refund from the IRS also boosted cash. The balance sheet is now in a noticeably stronger position, with over $2.7 billion in combined cash and available credit facility (a pre-arranged borrowing line).
Capital Returned to Shareholders Rose, With Dividend Increase Signalled
ResMed paid $310.9 million in dividends ($2.12 per share) during FY2025 and repurchased $300 million of its own shares — double the $150 million buyback in FY2024. After the reporting period closed, the board declared a dividend of $0.60 per share for the September 2025 quarter, up from the $0.53 quarterly rate paid throughout FY2025, suggesting management is confident in continued cash generation.