Insulet (PODD) financial statements
Insulet reported revenue of $2.7B in fiscal 2025, up 24.9% a year over 9 years.
Net income was $247M and the operating margin 17.5%, against -2.9% in 2016.
Free cash flow was $358M, and the company returned $60M in net buybacks.
The diluted share count rose 26% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Insulet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $367M | $464M | $564M | $738M | $904M | $1.0B | $1.1B | $1.7B | $2.1B | $2.7B |
| Cost of revenue | $156M | $187M | $194M | $258M | $322M | $347M | $500M | $537M | $626M | $768M |
| Gross profit | $211M | $277M | $370M | $480M | $582M | $752M | $806M | $1.2B | $1.4B | $1.9B |
| Research and development | $56M | $76M | $95M | $132M | $147M | $160M | $180M | $205M | $220M | $301M |
| Selling, general and admin | $166M | $209M | $248M | $298M | $384M | $466M | $588M | $735M | $917M | $1.2B |
| Operating income | -$11M | -$7M | $27M | $50M | $52M | $126M | $38M | $220M | $309M | $474M |
| Interest expense | $14M | $21M | $29M | $35M | $48M | $62M | $36M | $36M | $43M | $59M |
| Pre-tax income | -$27M | -$27M | $5M | $14M | $10M | $20M | $10M | $215M | $300M | $340M |
| Income tax | $392,000 | $200,000 | $2M | $3M | $3M | $4M | $5M | $8M | -$118M | $92M |
| Net income | -$29M | -$27M | $3M | $12M | $7M | $17M | $5M | $206M | $418M | $247M |
| EPS (diluted) | -$0.48 | -$0.46 | $0.05 | $0.19 | $0.10 | $0.24 | $0.07 | $2.94 | $5.78 | $3.48 |
| Diluted shares | 57M | 58M | 61M | 62M | 66M | 69M | 70M | 74M | 74M | 72M |
| Gross margin | 57.5% | 59.8% | 65.7% | 65.1% | 64.4% | 72.3% | 76.3% | 68.3% | 69.8% | 71.6% |
| Operating margin | -2.9% | -1.6% | 4.9% | 6.8% | 5.7% | 12.1% | 3.6% | 13.0% | 14.9% | 17.5% |
| Net margin | -7.9% | -5.8% | 0.6% | 1.6% | 0.8% | 1.6% | 0.4% | 12.2% | 20.2% | 9.1% |
Balance sheet
Fiscal years, from Insulet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $299M | $440M | $289M | $376M | $948M | $806M | $690M | $704M | $953M | $716M |
| Receivables | $29M | $53M | $63M | $69M | $95M | $135M | $141M | — | — | $517M |
| Inventory | $36M | $34M | $71M | $101M | $154M | $303M | $347M | $403M | $430M | $453M |
| Total current assets | $370M | $537M | $461M | $591M | $1.2B | $1.3B | $1.3B | $1.6B | $1.9B | $1.9B |
| Property, plant and equipment | $45M | $108M | $258M | $399M | $479M | $536M | $600M | $665M | $723M | $820M |
| Goodwill | $40M | $40M | $40M | $40M | $40M | $40M | $52M | $52M | $52M | $52M |
| Total assets | $457M | $817M | $929M | $1.1B | $1.9B | $2.0B | $2.3B | $2.6B | $3.1B | $3.2B |
| Total current liabilities | $56M | $86M | $116M | $158M | $208M | $229M | $365M | $451M | $528M | $680M |
| Long-term debt | $333M | $566M | $592M | $888M | $1.0B | $1.2B | $1.4B | $1.4B | $1.3B | $931M |
| Total liabilities | $393M | $658M | $717M | $1.1B | $1.3B | $1.5B | $1.8B | $1.9B | $1.9B | $1.7B |
| Shareholders' equity | $63M | $158M | $212M | $76M | $604M | $556M | $476M | $733M | $1.2B | $1.5B |
| Net debt | $196M | $294M | $478M | $674M | $152M | $468M | $712M | $712M | $426M | $233M |
Cash flow
Fiscal years, from Insulet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $16M | $41M | $36M | $98M | $84M | -$68M | $119M | $146M | $430M | $569M |
| Capital spending | $22M | $74M | $157M | $164M | $166M | $123M | $136M | $84M | $134M | $211M |
| Free cash flow | -$6M | -$32M | -$122M | -$65M | -$82M | -$191M | -$17M | $62M | $296M | $358M |
| Stock-based compensation | $24M | $32M | $38M | $29M | $36M | $34M | $41M | $48M | $69M | $63M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | -$60M |
| Net borrowing | $334M | $392M | $0 | $780M | — | — | — | — | — | — |
| Free cash flow margin | -1.7% | -7.0% | -21.6% | -8.8% | -9.1% | -18.3% | -1.6% | 3.6% | 14.3% | 13.2% |
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Open PODD in InvestinglyQuestions
What was Insulet's revenue in 2025?
$2.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Insulet generate?
$358M in fiscal 2025 (operating cash flow minus capital spending).
From Insulet's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.