AI Takeaway
Insulet Corporation (PODD) delivered strong FY2025 revenue growth of 30.7% to $2.71B, with operating income surging 53.4%, though net income fell 40.9% to $247.1M due to non-operating charges, while operating cash flow reached a record $569.3M.
Revenue
$2.71B
++30.73% YoY
EPS (Basic)
$3.51
-41.21% YoY
Gross Margin
71.6%
++1.85% YoY
Operating Income
$473.8M
++53.38% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Revenue grew 30.7% year-over-year from $2.07B to $2.71B in FY2025, reflecting strong demand for Insulet's Omnipod insulin management systems across global markets. This growth rate significantly outpaces the prior year's base and demonstrates continued market penetration.
Source: Source: 10-K Income Statement
Gross margin improved 185 basis points to 71.6% in FY2025 from 69.8% in the prior year, as revenue growth outpaced cost of revenue growth (30.7% vs. 22.7%). This indicates improving manufacturing efficiency and favorable product mix.
Source: Source: 10-K Income Statement
Operating income surged 53.4% to $473.8M, with operating margin expanding 258 basis points to 17.5% from 14.9%, as the company scaled its business faster than it grew SG&A ($1.17B, +27.0%) and R&D ($301.1M, +37.1%) expenses.
Source: Source: 10-K Income Statement
2 more insights available
Upgrade to unlockNet income fell 40.9% to $247.1M despite a 53.4% surge in operating income, indicating substantial non-operating headwinds such as debt extinguishment costs, foreign exchange losses, or elevated tax provisions. This divergence creates uncertainty about the company's bottom-line trajectory and could disappoint investors focused on GAAP earnings.
Source: Source: 10-K Income Statement
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $1.55 versus the $1.48 analyst consensus — a +4.5% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $2.71B | $2.07B | +30.73% |
Cost of Revenue | $768.2M | $625.9M | +22.74% |
Gross Profit | $1.94B | $1.45B | +34.18% |
Operating Income | $473.8M | $308.9M | +53.38% |
Net Income | $247.1M | $418.3M | -40.93% |
EPS (Basic) | $3.51 | $5.97 | -41.21% |
EPS (Diluted) | $3.48 | $5.78 | -39.79% |
R&D Expense | $301.1M | $219.6M | +37.11% |
SG&A Expense | $1.17B | $917.2M | +27.02% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $3.19B | $3.09B | +3.33% |
Current Assets | $1.91B | $1.89B | +1.20% |
Total Liabilities | $1.68B | $1.88B | -10.71% |
Current Liabilities | $680.1M | $528.4M | +28.71% |
Stockholders' Equity | $1.52B | $1.21B | +25.06% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $569.3M | $430.2M | +32.33% |
Investing Cash Flow | $-222.7M | $-146.2M | -52.33% |
Financing Cash Flow | $-595.3M | $-28M | -2026.07% |
Share Buybacks | $59.6M | $0 | — |
D&A | $90.4M | $80.8M | +11.88% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Gross Margin | 71.6% | 69.8% | +1.85% |
Operating Margin | 17.5% | 14.9% | +2.58% |
Net Margin | 9.1% | — | — |
ROE | 16.3% | — | — |
ROA | 7.7% | — | — |
Current Ratio | $2.814 | — | — |
Debt to Equity | $1.106 | — | — |
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Insulet Corporation's revenue grew 30.7% year-over-year to $2.71B in FY2025, up from $2.07B in the prior year. This strong growth reflects continued global adoption of its Omnipod insulin management platform across both U.S. and international markets.
Despite a 30.7% revenue increase and a 53.4% surge in operating income to $473.8M, PODD's net income fell 40.9% to $247.1M in FY2025. The divergence points to significant non-operating charges — potentially including debt-related costs, foreign exchange losses, or higher taxes — that are not reflected in the operating results.
The key takeaways from PODD's FY2025 results are strong top-line growth (+30.7% to $2.71B), meaningful margin expansion (gross margin up to 71.6%, operating margin up to 17.5%), and record operating cash flow of $569.3M. However, net income declined sharply to $247.1M due to non-operating headwinds, and investors should monitor the source of those charges.
PODD's financial health appears solid: it holds a current ratio of 2.81x indicating strong liquidity, generated $569.3M in operating cash flow, and grew stockholders' equity 25.1% to $1.52B while reducing total liabilities by 10.7%. The debt-to-equity ratio of 1.11x is moderate and manageable given the company's cash generation profile.
Yes, PODD expanded both gross and operating margins in FY2025 — gross margin improved to 71.6% from 69.8%, and operating margin rose to 17.5% from 14.9%. However, net margin contracted sharply to approximately 9.1% from around 20.2% in the prior year due to non-operating charges that significantly reduced reported net income.