Company file · PODD

Insulet

Insulet's revenue rose 30.7% in FY2025, to $2.7B, and net income fell 40.9% to $247M

Revenue rose 30.7% to $2.7B in FY2025, from $2.1B in FY2024. Net income fell 40.9% to $247M. Product, Omnipod was the largest product or service, at 99% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 18, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026) · Data pulled Nov 11, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, Insulet (Nasdaq: PODD) took in $2.7B of revenue (up 30.7% on fiscal 2024); net income was $247M (down 40.9%). The most recent quarter, ended Sep 30, 2026, brought revenue of $842M, up 19.2% year over year, with net income of $141M. Product, Omnipod was the biggest single line by product or service: 99% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 18, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026).

Revenue$2.7BFY2025 · +30.7% vs FY2024

Net income$247MFY2025 · −40.9% vs FY2024

Operating cash flow$569MFY2025 · +32.3% vs FY2024

Cash & equivalents$584Mat Sep 30, 2026 · −18.4% vs FY2025 end

Total debt$962Mat Sep 30, 2026 · +1.4% vs FY2025 end

Diluted shares72MFY2025 avg · −2.7% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 18, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 6, 2026 · 10-Q filed Aug 5, 2026 · 10-Q filed Nov 4, 2026

How it makes money

By product or service, FY2025

LineAmountSharevs FY2024
Product, Omnipod$2.7B99%+31.5%
Drug Delivery$34M1%−12.3%

Source: 10-K FY2025, XBRL breakdown

By product or service in FY2025: Product, Omnipod (99%) and Drug Delivery (1%), as shares of total revenue. Total revenue was $2.7B.

By product or service: three-year mixShare of the total each fiscal year

FY2023

98%

FY2024

98%

FY2025

99%

Product, OmnipodDrug Delivery

Source: 10-K FY2025

By region, FY2025

United States$2.0B72%+26.2%

Non-US$754M28%+44.1%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$842M Q3 2026

$706M Q3 2025

19.2% increase

Net income

$141M Q3 2026

$88M Q3 2025

61.1% increase

Source: Insulet 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026

By product or service

Product, Omnipod

$837M Q3 2026

$699M Q3 2025

19.7% increase

Drug Delivery

$6M Q3 2026

$7M Q3 2025

22.5% decrease

Source: Insulet 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026

Cash & equivalents $584M at Sep 30, 2026, vs $716M at FY2025 end.
Total debt $962M at Sep 30, 2026, vs $949M at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $326M vs $386M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 30.7% in FY2025 to $2.7B, from $2.1B a year earlier. 10-K, FY2025
Operating cash flow rose 32.3% in FY2025 to $569M. 10-K, FY2025
Diluted shares fell 2.7% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Total debt fell 31.2% in FY2025 to $949M. 10-K, FY2025

The bear case

Net income fell 40.9% in FY2025 to $247M, from $418M. 10-K, FY2025
Drug Delivery revenue fell 12.3% in FY2025 to $34M. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Insulet is in the health care equipment industry, part of the health care sector. The SEC files it under Surgical & Medical Instruments & Apparatus.

The full description of Insulet's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the health care equipment industry. They are not a summary of Insulet’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

RegulationApprovals, safety rules and government oversight shape what it can sell and how.
Pricing and reimbursementPayers, insurers and governments influence what it can charge.
CompetitionNew treatments, generics and rival products can take share.
LitigationProduct liability and other legal claims can lead to costs.
SupplyManufacturing and supplier problems can interrupt products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$1.7B	$2.1B	$2.7B
Net income	$206M	$418M	$247M
Operating cash flow	$146M	$430M	$569M
Cash & equivalents (year end)	$704M	$953M	$716M
Total debt (year end)	$1.4B	$1.4B	$949M
Diluted shares	74M	74M	72M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash, cash equivalents and restricted cash, the only cash total tagged in its filings.
Total debt: The current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Nov 4, 2026	Sep 30, 2026
10-Q	Aug 5, 2026	Jun 30, 2026
10-Q	May 6, 2026	Mar 31, 2026
DEF 14A	Apr 6, 2026	May 20, 2026
10-K	Feb 18, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Insulet

How does Insulet make money?

In fiscal 2025, revenue totaled $2.7B. By product or service in FY2025: Product, Omnipod (99%) and Drug Delivery (1%), as shares of total revenue. Total revenue was $2.7B. Source: 10-K for fiscal 2025, filed Feb 18, 2026.

What was Insulet's revenue in fiscal 2025?

Revenue came to $2.7B in the year ended Dec 31, 2025. Going back two years, it was $1.7B in fiscal 2023 and $2.1B in fiscal 2024, so the latest year was up 30.7%. Source: 10-K for fiscal 2025, filed Feb 18, 2026.

Is Insulet profitable?

Yes, by US accounting rules (GAAP): net income was $247M in fiscal 2025, down 40.9% from $418M a year earlier. For the quarter ended Sep 30, 2026, net income was $141M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 18, 2026.

What did Insulet report in its latest quarterly filing?

The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $842M, against $706M in the same quarter a year before (up 19.2%), and net income of $141M, against $88M (up 61.1%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026.

How much cash and debt does Insulet have?

On Sep 30, 2026, cash and cash equivalents stood at $584M and total debt at $962M. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Nov 4, 2026.

What are the main risks Insulet faces?

Insulet's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 18, 2026. Risks that are common among companies in the health care equipment industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.

Where do these Insulet numbers come from?

Two filings Insulet made with the SEC: its fiscal 2025 10-K, filed Feb 18, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Insulet

Two Sigma Investments: 1,903,734 shares, reported value $289.8M at Jun 30, 2026 (+149.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 865,387 shares, reported value $131.8M at Jun 30, 2026 (+189.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 796,746 shares, reported value $121.3M at Jun 30, 2026 (+419.3% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Baillie Gifford: 458,461 shares, reported value $59.8M at Sep 30, 2026 (−77.6% in shares since the filing for Jun 30, 2026). Form 13F filed Nov 9, 2026.
Renaissance Technologies: 202,083 shares, reported value $30.8M at Jun 30, 2026 (−52.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
Bridgewater Associates: 156,413 shares, reported value $23.8M at Jun 30, 2026 (+342.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in PODD: The editor holds no position in Insulet (PODD). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell PODD from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold PODD, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
InsuletPODD	FY2025	$2.7B	+30.7%	$247M
AbbottABT	FY2025	$44.3B	+5.7%	$6.5B
Intuitive SurgicalISRG	FY2025	$10.1B	+20.5%	$2.9B
MedtronicMDT	FY2026	$36.4B	+8.4%	$4.8B
StrykerSYK	FY2025	$25.1B	+11.2%	$3.2B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.