Filing Flows › Insulet (PODD) › Q1 2026
Insulet (PODD) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Insulet (PODD) reported revenue of $762M for the first quarter 2026 (Q1 2026), +34% from a year earlier and -3% from the quarter before. Operating margin was 16.0%, net earnings $91.1M (12.0% of revenue).
Insulet, Q1 2026: revenue $762M (+34% year over year), operating margin 16.0%, net earnings $91.1M, operating cash flow $114M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $762M | -3% | +34% |
| Gross profit | $529M | -7% | +29% |
| Operating profit | $122M | -17% | +38% |
| Net earnings | $91.1M | -10% | +157% |
| Operating cash flow | $114M | -38% | +78% |
| Free cash flow | $89.5M | — | +74% |
What changed
Revenue was $761.7M in Q1 2026, up 34% year over year and down 3% from the previous quarter. U.S. was the largest line at 68% of revenue. U.S. added $113.9M year over year (up 28%), 59% of the total change. Drug Delivery declined 78%.
Gross margin was 69.5%, down 2.4 points from Q1 2025. Operating profit was $122.1M, a 16.0% margin (up 0.4 points year over year). Of the extra revenue versus Q1 2025, 17% reached operating profit, above the 16% margin then. Operating expenses grew 27% against revenue growth of 34%. The fastest-growing cost line was Research & development (+51%). Net earnings were $91.1M, up 157% year over year. The effective tax rate was 19.4%.
Operating cash flow was $113.8M (up 78% year over year), 125% of net earnings. Non-cash charges added back $26.2M of depreciation and amortization and $21.3M of share-based compensation. Working capital and other items used $24.8M. After capital expenditures ($24.3M), free cash flow as the company reports it was $89.5M.
Questions
What was Insulet's revenue in the first quarter 2026?
Insulet (PODD) reported revenue of $762M for the first quarter 2026 (Q1 2026), +34% from a year earlier and -3% from the quarter before.
Was Insulet profitable in the first quarter 2026?
Operating profit was $122M (16.0% of revenue) and net earnings $91.1M.
Source: Insulet 10-Q on SEC EDGAR.