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 guidance and more than doubling the base over three years.

• 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 recognized as the most requested and prescribed AID system, maintaining leadership in both Type 1 and Type 2 markets.

• Expanded Omnipod 5 into nine new markets, received FDA clearance for algorithm enhancements, and expanded U.S. recycling program.

• Hosted Investor Day outlining multi-year strategic priorities and innovation roadmap.

Financial highlights

• Q4 2025 revenue reached $784 million, up 31.2% (29% constant currency); full-year revenue was $2.7 billion, up 30.7% (29.5% constant currency).

• U.S. revenue grew 27% to $1.9 billion; international revenue rose 44.1% to $754.3 million (39.3% constant currency).

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

• Adjusted EPS for Q4 was $1.55 (up 35%); full-year adjusted EPS was $4.97 (up 53%).

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

Outlook and guidance

• FY 2026 Omnipod revenue expected to grow 21%-23%; total company revenue to grow 20%-22% (constant currency).

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

• U.S. Omnipod revenue projected to grow 20%-22%; international Omnipod revenue to grow 24%-26% in 2026.

• 2026 adjusted EPS expected to increase by more than 25%; adjusted operating margin to expand ~100 bps YoY.

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