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Inspire Medical Systems (INSP) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 2, 2026 · Inspire Medical Systems (INSP) Q3 2026 earnings results →
Q3 2026 Revenue down 8% year over year to $207M · 12¢ of every $1 of revenue lost · operating margin -13.9%
Inspire Medical Systems made $207M in Q3 2026 (-8% Y/Y). Operating margin -13.9%, net loss $24.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $206.7M in Q3 2026, down 8% year over year and up 3% from the previous quarter.
Gross margin was 86.0%, up 0.2 points from Q3 2025. Operating costs exceeded revenue by $28.7M, an operating margin of -13.9%. Operating expenses grew 13% against a revenue fall of 8%. The fastest-growing cost line was SG&A (+16%). The quarter ended with a net loss of $24.4M, after a profit of $314K the previous quarter.
Operating cash flow was $46.4M (down 32% year over year). Non-cash charges added back $5.1M of depreciation and amortization and $26.9M of share-based compensation. Working capital and other items added $38.8M. Capital expenditures of $7.5M left free cash flow of $38.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 2, 2026 | $207M | -8% | -13.9% | −$24.4M | $46.4M |
| Q2 2026 | 10-Q | Aug 3, 2026 | $201M | -8% | -0.3% | $314K | $23.2M |
| Q1 2026 | 10-Q | May 4, 2026 | $205M | +2% | -0.5% | −$11.3M | $12.8M |
| Q4 2025 | 10-K | Feb 13, 2026 | $269M | +12% | 17.1% | $136M | $52.5M |
| Q3 2025 | 10-Q | Nov 3, 2025 | $225M | +10% | 4.3% | $9.9M | $68.5M |
| Q2 2025 | 10-Q | Aug 4, 2025 | $217M | +11% | -1.5% | −$3.6M | $2.7M |
| Q1 2025 | 10-Q | May 5, 2025 | $201M | +23% | -0.7% | $3.0M | −$6.7M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Inspire Medical Systems
We are a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea ("OSA"). Our proprietary Inspire system is the first FDA, European Union ("EU") Regulation No. 2017/745 ("MDR" or "EU Medical Devices Regulation"), and Japan Pharmaceuticals and Medical Devices Agency-approved neurostimulation technology of its kind that provides a safe and effective treatment for patients with moderate to severe OSA. We have developed a novel, closed-loop solution that continuously monitors a patient’s breathing and delivers mild hypoglossal nerve stimulation to maintain an open airway.
In its own words, from its 10-K, filed Feb 13, 2026.
Inspire Medical Systems against its Surgical & Medical Instruments & Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -8% against the peers' median +5%. Operating margin: -13.9% against the peers' median 13.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| INSP Inspire Medical Systems | Q3 2026 | $207M | -8% | -13.9% |
| MDLN Medline | Q3 2026 | $7.9B | +10% | 6.4% |
| MMM 3M | Q3 2026 | $6.6B | +1% | 23.7% |
| SYK Stryker | Q3 2026 | $6.5B | +8% | 15.9% |
| BSX Boston Scientific | Q3 2026 | $5.1B | +1% | 16.1% |
| BDX Becton Dickinson | Q3 FY26 | $5.0B | +5% | 13.3% |
| BAX Baxter International | Q3 2026 | $3.0B | +5% | 7.6% |
| SOLV Solventum | Q3 2026 | $1.9B | -7% | 3.5% |
| RMD ResMed | Q1 FY27 | $1.4B | +6% | 32.0% |
Source: Inspire Medical Systems 10-Q on SEC EDGAR · CIK 1609550 · Surgical & Medical Instruments & Apparatus
Guidance and outlook
13F: who owns INSP and who is buying
More on INSP
- How Inspire Medical Systems makes money: revenue by segment
- Inspire Medical Systems next earnings date and what analysts expect
- Inspire Medical Systems stock forecast, price target and fair value
- Who owns Inspire Medical Systems stock: holders, funds and Congress trades
- Inspire Medical Systems guidance and outlook
- Is Inspire Medical Systems a takeover target? LBO and rumors
- Inspire Medical Systems recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results