Insulet (PODD) Q4 2025 earnings summary

Executive summary

• Achieved 10th consecutive year of 20%+ constant currency revenue growth, with Q4 and full-year 2025 revenue up 31% year-over-year, surpassing $2.7B and guidance, driven by strong Omnipod adoption in both U.S. and international markets.

• Ranked #1 in new customer starts in the U.S. and Europe, with record new customer starts and over 600,000 active Omnipod users globally.

• Omnipod 5 launches and sensor integrations fueled robust international growth, with expansion into nine new countries and strong adoption in Canada and Australia.

• Received FDA clearance for Omnipod 5 algorithm enhancements and expanded U.S. recycling program.

• Investments in innovation, clinical programs, and commercial capabilities supported margin expansion and future growth.

Financial highlights

• Q4 2025 revenue: $783.8M, up 31.2% (29.0% constant currency); full-year revenue: $2.7B, up 30.7% (29.5% constant currency).

• U.S. revenue grew 27.2% to $1.9B; international revenue rose 44.1% to $754.3M (39.3% constant currency).

• Q4 gross margin: 72.5% (+40 bps YoY); full-year: 71.6% (+180 bps YoY).

• Adjusted operating margin for the year was 17.6%, up 270 bps; adjusted EPS rose 53% to $4.97.

• Free cash flow for 2025 was $377.7M, up from $305.3M in 2024, including a $70M tax benefit.

Outlook and guidance

• FY 2026 constant currency revenue growth expected: U.S. 20–22%, International 24–26%, Total Omnipod 21–23%.

• Q1 2026 Omnipod revenue guidance: 28–30% growth; total company: 25–27%.

• Adjusted operating margin expected to expand ~100 bps YoY in 2026; adjusted EPS growth over 25%.

• Free cash flow to remain flat in 2026 due to higher capex.

• Continued strong Omnipod 5 adoption and market share gains anticipated.