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Insulet (PODD) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Insulet (PODD) Q3 2026 earnings results →

Q3 2026 Revenue up 19% year over year to $842M · 17¢ of every $1 of revenue kept as net profit · operating margin 22.5%

Insulet made $842M in Q3 2026 (+19% Y/Y): Total Omnipod products $837M, Drug Delivery $5.5M. Operating margin 22.5%, net earnings $141M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$842M
Year over year+19%
Operating margin22.5%
Net earnings$141M
Operating cash flow$124M

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 $842.0M in Q3 2026, up 19% year over year and up 5% from the previous quarter. U.S. was the largest line at 68% of revenue. U.S. added $73.3M year over year (up 15%), 54% of the total change. Drug Delivery declined 23%.

Gross margin was 75.1%, up 2.8 points from Q3 2025. Operating profit was $189.8M, a 22.5% margin (up 5.9 points year over year). Of the extra revenue versus Q3 2025, 53% reached operating profit, above the 17% margin then. Operating expenses grew 13% against revenue growth of 19%. The fastest-growing cost line was Research & development (+19%). Net earnings were $141.1M, up 61% year over year. The effective tax rate was 20.4%.

Operating cash flow was $123.5M (down 2% year over year), 88% of net earnings. Non-cash charges added back $28.2M of depreciation and amortization and $20.6M of share-based compensation. Working capital and other items used $66.4M. Capital expenditures of $57.1M left free cash flow of $66.4M.

Quarterly history

Insulet revenue by quarterInsulet revenue by quarter$569MQ1 2025$649MQ2 2025$706MQ3 2025$784MQ4 2025$762MQ1 2026$802MQ2 2026$842MQ3 2026
Insulet net earnings by quarterInsulet net earnings by quarter$35.4MQ1 2025$22.5MQ2 2025$87.6MQ3 2025$102MQ4 2025$91.1MQ1 2026$95.0MQ2 2026$141MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$842M+19%22.5%$141M$124M
Q2 202610-QAug 5, 2026$802M+24%16.2%$95.0M$88.4M
Q1 202610-QMay 6, 2026$762M+34%16.0%$91.1M$114M
Q4 202510-KFeb 18, 2026$784M+31%18.7%$102M$183M
Q3 202510-QNov 6, 2025$706M+30%16.7%$87.6M$126M
Q2 202510-QAug 7, 2025$649M+33%18.7%$22.5M$196M
Q1 202510-QMay 9, 2025$569M+29%15.6%$35.4M$63.8M

Charts

Insulet: revenue growth, year over year and quarter over quarterInsulet: revenue growth, year over year and quarter over quarterY/YQ/Q+29%Q1 2025+33%+14%Q2 2025+30%+9%Q3 2025+31%+11%Q4 2025+34%-3%Q1 2026+24%+5%Q2 2026+19%+5%Q3 2026
Latest (Q3 2026): Y/Y +19%, Q/Q +5%.
Insulet: where the cash came from (+) and went (−), TTM to Q3 2026Insulet: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$509MBuybacks−$300MCapital spending−$249MCash drawn (+) / kept (−)$173MOther financing−$62.8MOther investing−$35.8MTaxes on employees’ shares−$17.7MNet borrowing (+) / repaid (−)−$16.4MExchange rates−$2.8MShares issued$2.5MNot reconciled−$100K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Insulet: profit against cash, quarter by quarterInsulet: profit against cash, quarter by quarterNet incomeOperating cash flow$101M$148MQ4 2024$35.4M$63.8MQ1 2025$22.5M$196MQ2 2025$87.6M$126MQ3 2025$102M$183MQ4 2025$91.1M$114MQ1 2026$95.0M$88.4MQ2 2026$141M$124MQ3 2026
Latest (Q3 2026): Net income $141M, Operating cash flow $124M.
Insulet: diluted shares by fiscal yearInsulet: diluted shares by fiscal year66MFY202069MFY202170MFY202274MFY202374MFY202472MFY2025
+9.0% since FY2020: more shares outstanding (issuance, stock pay).
Insulet: long-term debt falling due (FY2025)Insulet: long-term debt falling due (FY2025)$18.4M2026$19.4M2027$12.1M2028$5.0M2029$5.0M2030
Cash $716M, short-term investments —, long-term debt $949M at 2025-12-31.
Insulet in its industry: growth against margin (111 companies, SIC 3841)Insulet in its industry: growth against margin (111 companies, SIC 3841)revenue growth, year over year →↑ operating marginmedian +10%median -9%MDLNMMMSYKBSXBDXBAXSOLVRMDDXCMWSTMMEDGMEDTFXICUIMMSIIARTPENHAETNDMEMBCIRTCATECGKOSOFIXINSPNVCRUFPTATRCBVSAORTPRCTTCMDARAYANGOKIDSSKINLMATHTFLMDXGCERSSIBNTMCISTIMINFUBBNXKMTSOSURANIKDCTHRCELSGHTIRMDXTNTLUNGNPCEPDEXTELACARLLNSRSIMOBIAPYXSSIICVRXCLPTKRMDTLSIPROFSNWVCTSOIDXGUTMDRVPSNOAPREMNEPHDRIOVVOSBTCYNXGLMDAIMDNCPMINONE.SRTSSINTIVFNMTCNSPRAURXXAIRLUCDTNONINBSRNXTVTAKUSAQICUVYCOHRGNCNSYPLSEPETVFEMYOSRHCODXOBIORDGLPAVMGUTSPODD (+19%, 22%)
Surgical & Medical Instruments & Apparatus; dot size is quarterly revenue; dashed lines are the industry's medians.

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 Insulet

Insulet Corporation (“we” or the “Company”) is primarily engaged in the development, manufacture, and sale of its proprietary continuous insulin delivery systems for people with insulin-dependent diabetes. The Omnipod platform includes: the Omnipod ® 5 Automated Insulin Delivery System (“Omnipod 5”), the Omnipod DASH ® Insulin Management System (“Omnipod DASH”), and the Omnipod Insulin Management System (“Classic Omnipod”). We also produce pods for Amgen for use in the Neulasta ® Onpro ® kit, a delivery system for Amgen’s Neulasta to help reduce the risk of infection after intense chemotherapy.

In its own words, from its 10-K, filed Feb 18, 2026.

Insulet against its Surgical & Medical Instruments & Apparatus peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +19% against the peers' median +5%. Operating margin: 22.5% against the peers' median 15.9%.

CompanyQuarterRevenueY/YOp. margin
PODD InsuletQ3 2026$842M+19%22.5%
MDLN MedlineQ3 2026$7.9B+10%6.4%
MMM 3MQ3 2026$6.6B+1%23.7%
SYK StrykerQ3 2026$6.5B+8%15.9%
BSX Boston ScientificQ3 2026$5.1B+1%16.1%
BDX Becton DickinsonQ3 FY26$5.0B+5%13.3%
BAX Baxter InternationalQ3 2026$3.0B+5%7.6%
SOLV SolventumQ3 2026$1.9B-7%3.5%
RMD ResMedQ1 FY27$1.4B+6%32.0%

Source: Insulet 10-Q on SEC EDGAR · CIK 1145197 · Surgical & Medical Instruments & Apparatus

Guidance and outlook

Insulet Revenue: guidance against what was reportedInsulet Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2025$2.7BQ3 2026$842M
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Insulet: what its forward-looking statements are about (10-Q filed 2026-11-04)Insulet: what its forward-looking statements are about (10-Q filed 2026-11-04)Costs4Other3Capital spending2Products1Deals1Demand1Margins1Buybacks & dividends1
14 statements; tone -0.07 (−1 all cautious, +1 all confident); 2 hedged.
Insulet: outlook statements against the filing beforeInsulet: outlook statements against the filing beforeConfident3Cautious4

13F: who owns PODD and who is buying

Largest holders of PODD (13F)Largest holders of PODD (13F)Vanguard Group$2.5BBlackRock$1.0BVanguard Capital Management LLC$689MState Street$487MVanguard Portfolio Management LLC$468MAQR Capital Management LLC$374MBaillie Gifford$311MGeode Capital Management, LLC$304MTwo Sigma Investments, LP$290MInvesco$258M
Funds' net buying of PODD by quarter (13F)Funds' net buying of PODD by quarter (13F)$536M2024-09−$176M2024-12$31.3M2025-03−$157M2025-06−$319M2025-09$269M2025-12−$29.2M2026-03$114M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on PODD

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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