Insulet (PODD) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $842.0M, up 19.2% reported and 19.6% in constant currency; net income was $141.1M versus $87.6M a year earlier.

• Adjusted operating margin expanded 490 bps to 22.0%; adjusted diluted EPS rose 59.9% to $1.99.

• Global customer base grew more than 20% YoY; type 2 patients accounted for over 40% of U.S. new starts.

• FY26 is expected to mark an 11th consecutive year of 20%+ revenue growth; growth is expected to moderate in 2027.

Financial highlights

• Total revenue was $842.0M versus $706M in Q3'25; total Omnipod revenue was $836.6M versus $699M.

• Adjusted gross profit was $624.9M and adjusted gross margin was 74.2%, compared with $510.1M and 72.2% in Q3'25.

• Adjusted operating income was $185.2M versus $120.7M; adjusted operating margin was 22.0% versus 17.1%.

• GAAP net income was $141.1M and diluted EPS was $2.03, versus $87.6M and $1.24; adjusted diluted EPS was $1.99 versus $1.24.

• Nine-month revenue rose 25.0% to $2.405B; net income was $327.1M versus $145.5M, with prior-year results including a $123.9M debt-extinguishment loss.

Outlook and guidance

• FY26 constant-currency revenue growth guidance is 21%–22%, revised from 20%–22%; GAAP growth is 22%–23%, including a 1% currency impact.

• FY26 constant-currency Omnipod growth guidance is 21.5%–22.5% overall, 17.5%–18.5% in the U.S. and 32%–33% internationally.

• Q4 total revenue growth guidance is 13.5%–17%; Omnipod growth is 13%–16.5%, with U.S. growth of 10%–13.5% and international growth of 21%–24%.

• FY26 adjusted operating margin expansion is expected at ~150 bps, adjusted EPS growth above 30%, free cash flow at ~$275M and ~70M shares outstanding.

• 2027 growth is expected below the prior mid-teens framework; international growth is expected to moderate meaningfully, and U.S. growth is forecast toward the low end of the prior 9%–14% framework.