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ResMed cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$374M in Q1 FY27 · $1.6B over twelve months

Operating cash flow$422M
Capital spending−$48.7M
Free cash flow+$374M
Cash / net income1.0×
Cash conversion cycle178 days

Analysis

In Q1 FY27, ResMed generated $422M of operating cash flow and spent $48.7M on capital projects, leaving free cash flow of $374M. That is $40.7M less than in Q1 FY26 ($414M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.8B; the largest uses were buybacks ($1.5B), acquisitions ($358M), dividends ($357M); besides operations, cash came from other investing ($419M), shares issued ($70.0M); the cash balance fell by $373M.

Operating cash flow was $422M against net income of $418M — 1.0× profit, roughly in line with earnings. The largest differences: inventory −$71.8M, prepaid and other assets −$70.0M, receivables +$64.8M.

Its cash conversion cycle was 178 days (receivables 65 + inventory 166 − payables 53).

Free cash flow

ResMed: free cash flow by quarterResMed: free cash flow by quarter$288MQ2 FY25$558MQ3 FY25$508MQ4 FY25$414MQ1 FY26$311MQ2 FY26$520MQ3 FY26$404MQ4 FY26$374MQ1 FY27
Operating cash flow less capital spending.
ResMed: operating cash flow against capital spendingResMed: operating cash flow against capital spendingOperating cash flowCapital spending$309M$20.6MQ2 FY25$579M$20.8MQ3 FY25$539M$30.6MQ4 FY25$457M$43.0MQ1 FY26$340M$28.5MQ2 FY26$554M$33.7MQ3 FY26$455M$51.1MQ4 FY26$422M$48.7MQ1 FY27
Latest (Q1 FY27): Operating cash flow $422M, Capital spending $48.7M.

Capital allocation, year by year

ResMed: where the cash came from (up) and went (down), by fiscal yearResMed: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $351MFY22: Net borrowing $122MFY22: Shares issued $47.4MFY22: Capital spending −$135MFY22: Acquisitions −$42.8MFY22: Dividends −$245M$521MFY22FY23: Operating cash flow $693MFY23: Net borrowing $665MFY23: Shares issued $49.1MFY23: Capital spending −$120MFY23: Acquisitions −$1.0BFY23: Dividends −$258M$1.4BFY23FY24: Operating cash flow $1.4BFY24: Net borrowing −$730MFY24: Shares issued $53.1MFY24: Capital spending −$99.5MFY24: Acquisitions −$133MFY24: Buybacks −$150MFY24: Dividends −$282M$1.5BFY24FY25: Operating cash flow $1.8BFY25: Net borrowing −$40.0MFY25: Shares issued $74.4MFY25: Capital spending −$89.9MFY25: Acquisitions −$139MFY25: Buybacks −$300MFY25: Dividends −$311M$1.8BFY25FY26: Operating cash flow $1.8BFY26: Net borrowing −$10.0MFY26: Shares issued $74.5MFY26: Capital spending −$156MFY26: Acquisitions −$351MFY26: Buybacks −$700MFY26: Dividends −$350M$1.9BFY26
Over these 5 years operating cash flow totalled $6.0B; the largest uses were acquisitions ($1.7B) and dividends ($1.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.0B
Debt$410M
Net cash$601M

ResMed funds itself: free cash flow was $1.6B over the last twelve months, and $1.0B of cash and investments stands against $410M of debt.

Where the cash came from and went

ResMed: sources (+) and uses (−) of cash, Q1 FY27ResMed: sources (+) and uses (−) of cash, Q1 FY27Buybacks−$936MCash drawn (+) / kept (−)$458MAsset & business sales$451MOperating cash flow$422MNet borrowing (+) / repaid (−)−$250MDividends−$95.0MCapital spending−$48.7MAcquisitions−$7.5MExchange rates$5.0MShares issued$3.7MOther investing−$2.5MTaxes on employees’ shares−$325K
ResMed: sources (+) and uses (−) of cash, TTM to Q1 FY27ResMed: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$1.8BBuybacks−$1.5BOther investing$419MCash drawn (+) / kept (−)$373MAcquisitions−$358MDividends−$357MNet borrowing (+) / repaid (−)−$260MCapital spending−$162MShares issued$70.0MTaxes on employees’ shares−$21.4MExchange rates$11.3M

From profit to cash

ResMed: net income to operating cash flow, Q1 FY27ResMed: net income to operating cash flow, Q1 FY27Net income$418MDepreciation & amortization$41.7MStock-based pay$29.5MReceivables$64.8MInventory−$71.8MPayables$62.8MPrepaid and other assets−$70.0MOperating cash flow$422M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY276516653178
Q4 FY266314044160
Q3 FY266215344171
Q2 FY266115844175
Q1 FY266416648182
Q4 FY256215443174
Q3 FY256214938173
Q2 FY256015641175

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$422M−$48.7M−$7.5M−$936M−$95.0M−$250M$3.7M$458M$374M
Q4 FY26$455M−$51.1M−$325M−$200M−$87.1M−$5.0M$29.3M$191M$404M
Q3 FY26$554M−$33.7M−$24.9M−$175M−$87.2M—$7.4M−$243M$520M
Q2 FY26$340M−$28.5M—−$175M−$87.6M−$5.0M$29.6M−$33.2M$311M
Q1 FY26$457M−$43.0M−$522K−$150M−$87.8M—$8.2M−$174M$414M
Q4 FY25$539M−$30.6M−$139M−$100M−$77.6M−$5.0M$30.2M−$277M$508M
Q3 FY25$579M−$20.8M—−$75.0M−$77.7M—$9.0M−$411M$558M
Q2 FY25$309M−$20.6M−$670K−$75.0M−$77.7M−$5.0M$26.9M−$95.6M$288M

ResMed: income statement and cash flow

ResMed, Q1 FY27: revenue $1.4B (+6% year over year), operating margin 32.0%. The chart follows the revenue to costs, profit and cash.

ResMed: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.