Filing Flows › Inspire Medical Systems (INSP) › Q4 2025
Inspire Medical Systems (INSP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
Inspire Medical Systems (INSP) reported revenue of $269M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +20% from the quarter before. Operating margin was 17.1%, net earnings $136M (50.6% of revenue).
Inspire Medical Systems, Q4 2025: revenue $269M (+12% year over year), operating margin 17.1%, net earnings $136M, operating cash flow $52.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $269M | +20% | +12% |
| Gross profit | $233M | +21% | +14% |
| Operating profit | $46.1M | +378% | +45% |
| Net earnings | $136M | 14× | +286% |
| Operating cash flow | $52.5M | -23% | -24% |
| Free cash flow | $41.8M | -28% | -33% |
What changed
Revenue was $269.1M in Q4 2025, up 12% year over year and up 20% from the previous quarter.
Gross margin was 86.6%, up 1.6 points from a year earlier. Operating profit was $46.1M, a 17.1% margin (up 3.8 points year over year). Of the extra revenue versus a year earlier, 48% reached operating profit, above the 13% margin then. Operating expenses grew 9% against revenue growth of 12%. The fastest-growing cost line was SG&A (+14%). Net earnings were $136.1M, up 286% year over year. The tax line was a benefit of $85.8M on pre-tax earnings of $50.3M.
Operating cash flow was $52.5M (down 24% year over year), 39% of net earnings. Non-cash charges added back $3.8M of depreciation and amortization and $28.0M of share-based compensation. Working capital and other items used $115.5M. Capital expenditures of $10.7M left free cash flow of $41.8M.
Questions
What was Inspire Medical Systems' revenue in the fourth quarter 2025?
Inspire Medical Systems (INSP) reported revenue of $269M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +20% from the quarter before.
Was Inspire Medical Systems profitable in the fourth quarter 2025?
Operating profit was $46.1M (17.1% of revenue) and net earnings $136M.