What changed in this filing

/stocks — the workspaceLOADING

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2025-08-08 compared with 2024-08-09 · 283 added, 253 removed, 1083 unchanged (33% of the section changed)

18 unchanged sentences

The initial fair value of components excluded from the assessment of hedge effectiveness will be recognized in interest (expense) income, net.

The notional value of outstanding foreign cross-currency swaps was $1,026.2 million at June 30, 2024.

The notional value of outstanding foreign cross-currency swaps was $1,128.3 million and $1,026.2 million at June 30, 2025 and June 30, 2024, respectively.

These contracts mature at various dates prior to December 31, 2029.

9 unchanged sentences

The notional value of the outstanding non-designated hedges was $1,410.2 million and $1,340.0 million at June 30, 2025 and June 30, 2024, respectively.

These contracts mature at various dates prior to September 15, 2025.

These contracts mature at various dates prior to June 15, 2026.

PART II Item 7A

34 unchanged sentences

Contract amount 258,954 (1,426) 825

contractual exchange rate SGD 1 = Euro 0.6797

contractual exchange rate SGD 1 = EUR 0.6716

Contract amount 470,000 3,031 (2,054)

9 unchanged sentences

At June 30, 2025, we held cash and cash equivalents of $1,209.5 million principally comprising of bank term deposits and at-call accounts and are invested at both short-term fixed interest rates and variable interest rates.

At June 30, 2024, there was $210.0 million outstanding under the revolving credit and term loan facilities, which were subject to variable interest rates.

At June 30, 2025, there was $170.0 million outstanding under the term loan facilities, which were subject to variable interest rates.

A hypothetical 10% change in interest rates during the year ended June 30, 2025, would not have had a material impact on pretax income.

59 unchanged sentences

We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that:

16 unchanged sentences

• considering macroeconomic conditions including gross domestic product, labor market, and inflation by key regions around the world for negative indicators

• evaluating information from analyst reports in the enterprise software and sleep and respiratory care industries, which were compared to industry and market considerations used by the Company

• evaluating information from analyst reports in the enterprise software and sleep and breathing health industries, which were compared to industry and market considerations used by the Company

• analyzing information including changes in the costs of raw materials and labor, the financial performance of the reporting units, the Company’s market capitalization, and other entity and reporting-unit specific events.

67 unchanged sentences

June 30, 2025 June 30, 2024 June 30, 2023

Net revenue - Sleep and Respiratory Care products $ 4,101,172 $ 3,725,017 $ 3,177,298

Net revenue - Software as a Service 584,125 497,976 400,829

Net revenue - Sleep and Breathing Health products

$ 4,504,890 $ 4,101,172 $ 3,725,017

Net revenue - Residential Care Software

641,437 584,125 497,976

Net revenue 5,146,327 4,685,297 4,222,993

Cost of sales - Sleep and Respiratory Care products 1,806,845 1,662,957 1,365,421

Cost of sales - Software as a Service 190,186 173,978 148,745

Cost of sales - Sleep and Breathing Health products

1,864,198 1,806,845 1,662,957

Cost of sales - Residential Care Software

195,043 190,186 173,978

Cost of sales (exclusive of amortization shown separately below) 2,059,241 1,997,031 1,836,935

Amortization of acquired intangible assets - Sleep and Respiratory Care products 5,515 5,340 4,105

Amortization of acquired intangible assets - Software as a Service 27,448 25,056 35,545

Amortization of acquired intangible assets - Sleep and Breathing Health products

6,646 5,515 5,340

Amortization of acquired intangible assets - Residential Care Software

25,470 27,448 25,056

Amortization of acquired intangible assets 32,116 32,963 30,396

5 unchanged sentences

Restructuring expenses (note 17)

— 64,228 9,177

Acquisition related expenses 2,031 — 10,949

2 unchanged sentences

Other income (loss), net:

Interest expense, net ( 45,708 ) ( 47,379 ) ( 22,312 )

Loss attributable to equity method investments (note 6)

( 1,848 ) ( 7,265 ) ( 8,486 )

(Loss) gain on equity investments (note 6) ( 4,045 ) 9,922 ( 12,202 )

Interest income (expense), net 4,114 ( 45,708 ) ( 47,379 )

Gain (loss) attributable to equity method investments (note 6) 3,644 ( 1,848 ) ( 7,265 )

Gain (loss) on equity investments (note 6) ( 10,299 ) ( 4,045 ) 9,922

Gain on insurance recoveries — — 20,227

38 unchanged sentences

Common stock issued on employee stock purchase plan (note 10) 220 1 39,445 — — — — 39,446

Stock-based compensation costs — — 65,257 — — — — 65,257

Stock-based compensation costs (note 10) — — 71,142 — — — — 71,142

Other comprehensive loss — — — — — — 40,219 40,219

7 unchanged sentences

Common stock issued on employee stock purchase plan (note 10) 323 1 39,609 — — — — 39,610

Stock-based compensation costs — — 71,142 — — — — 71,142

Treasury stock purchases — ( 2 ) 2 ( 828 ) ( 150,011 ) — — ( 150,011 )

Stock-based compensation costs (note 10) — — 80,184 — — — — 80,184

Other comprehensive income — — — — — — 20,999 20,999

4 unchanged sentences

189,565 $ 588 $ 1,896,604 ( 42,664 ) $ ( 1,773,267 ) $ 4,991,647 $ ( 251,529 ) $ 4,864,043

Adjustment to common stock amount — 170 ( 170 ) — — — — —

Common stock issued on exercise of options (note 10) 293 1 30,882 — — — — 30,883

2 unchanged sentences

Treasury stock purchases — — — ( 1,262 ) ( 300,025 ) ( 300,025 )

Stock-based compensation costs — — 80,184 — — — — 80,184

Stock-based compensation costs (note 10) — — 91,661 — — — — 91,661

Acquisition of consolidated subsidiary — — ( 10,855 ) — — — — ( 10,855 )

Other comprehensive income — — — — — — 176,830 176,830

17 unchanged sentences

Stock-based compensation costs (note 10) 91,661 80,184 71,142

Loss attributable to equity method investments, net of dividends received (note 6)

1,848 10,138 8,486

(Gain) loss attributable to equity method investments, net of dividends received (note 6) ( 3,644 ) 1,848 10,138

(Gain) loss on equity investments (note 6)

1 unchanged sentence

Restructuring expenses (note 17)

— 33,239 9,177

Gain on insurance recoveries — — ( 20,227 )

19 unchanged sentences

Payments of business combination contingent consideration ( 855 ) ( 1,293 ) ( 2,361 )

Acquisition of consolidated subsidiary

( 10,855 ) — —

Proceeds from borrowings, net of borrowing costs — 105,000 1,070,000

12 unchanged sentences

Goodwill on acquisition 101,323 92,191 786,990

Previously held equity interest — — ( 4,078 )

Deferred payments 670 ( 143 ) 2,542

6 unchanged sentences

(1) Organization and Basis of Presentation

(referred to herein as “we”, “us”, “our” or the “Company”) is a Delaware corporation formed in March 1994 as a holding company for the ResMed Group.

(referred to herein as "Resmed", “we”, “us”, “our” or the “Company”) is a Delaware corporation formed in March 1994 as a holding company for the Resmed Group.

Through our subsidiaries, we design, manufacture and market equipment for the diagnosis and treatment of sleep-disordered breathing and other respiratory disorders, including obstructive sleep apnea.

Our manufacturing operations are located in Australia, Singapore, Malaysia, France, China and the United States.

Major distribution and sales sites are located in the United States, Germany, France, the United Kingdom, Switzerland, Australia, Japan, China, Finland, Norway and Sweden.

We also operate a Software as a Service (“SaaS”) business in the United States and Germany that includes out-of-hospital software platforms designed to support the professionals and caregivers who help people stay healthy in the home or care setting of their choice.

Our manufacturing operations are located in Australia, Singapore, Malaysia, France, China and the United States, or U.S.

Major distribution and sales sites are located in the U.S., Germany, France, the United Kingdom, Switzerland, Australia, Japan, China, Finland, Norway and Sweden.

We also operate a software as a service, or SaaS, business in the U.S.

and Germany that includes residential care software platforms designed to support the professionals and caregivers who help people stay healthy in the home or care setting of their choice.

(2) Summary of Significant Accounting Policies

7 unchanged sentences

(b) Revenue Recognition

In accordance with Accounting Standard Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers”, we account for a contract with a customer when there is a legally enforceable contract, the rights of the parties are identified, the contract has commercial substance, and collectability of the contract consideration is probable.

We have determined that we have two operating segments, which are the sleep and respiratory disorders sector of the medical device industry (“Sleep and Respiratory Care”) and the supply of business management software as a service to out-of-hospital care providers (“SaaS”).

Our Sleep and Respiratory Care revenue relates primarily to the sale of our products that are therapy-based equipment.

In accordance with Accounting Standard Codification, or ASC, Topic 606, “Revenue from Contracts with Customers”, we account for a contract with a customer when there is a legally enforceable contract, the rights of the parties are identified, the contract has commercial substance, and collectability of the contract consideration is probable.

We have determined that we have two operating segments, which are the sleep and respiratory disorders sector of the medical device industry, or Sleep and Breathing Health, and the supply of business management SaaS to residential care providers, or Residential Care Software.

Our Sleep and Breathing Health revenue relates primarily to the sale of our products that are therapy-based equipment.

Some contracts include additional performance obligations such as the provision of extended warranties and provision of data for patient monitoring.

Our SaaS revenue relates to the provision of software access with ongoing support and maintenance services as well as professional services such as training and consulting.

Our Residential Care Software revenue relates to the provision of software access with ongoing support and maintenance services as well as professional services such as training and consulting.

Disaggregation of revenue

3 unchanged sentences

generally, this occurs with the transfer of risk and/or control of our products at a point in time.

For products in our Sleep and Respiratory Care business, we transfer control and recognize a sale when products are shipped to the customer in accordance with the contractual shipping terms.

For our SaaS business, revenue associated with cloud-hosted services are recognized as they are provided.

For products in our Sleep and Breathing Health business, we transfer control and recognize a sale when products are shipped to the customer in accordance with the contractual shipping terms.

For our Residential Care Software business, revenue associated with cloud-hosted services are recognized as they are provided.

Unbilled receivables arise when revenue is recognized for goods or services transferred but the customer has not yet been invoiced, typically due to billing terms or timing differences.

We defer the recognition of a portion of the consideration received when performance obligations are not yet satisfied.

Consideration received from customers in advance of revenue recognition is classified as deferred revenue.

Performance obligations resulting in deferred revenue in our Sleep and Respiratory Care business relate primarily to extended warranties on our devices and the provision of data for patient monitoring.

Performance obligations resulting in deferred revenue in our SaaS business relate primarily to the provision of software access with maintenance and support over an agreed term and material rights associated with future discounts upon renewal of some SaaS contracts.

Performance obligations resulting in deferred revenue in our Sleep and Breathing Health business relate primarily to extended warranties on our devices and the provision of data for patient monitoring.

Performance obligations resulting in deferred revenue in our Residential Care Software business relate primarily to the provision of software access with maintenance and support over an agreed term and material rights associated with future discounts upon renewal of some Residential Care Software contracts.

Generally, deferred revenue will be recognized over a period of one year to five years .

7 unchanged sentences

Accounts receivable, net $ 939,492 $ 837,275 Accounts receivable, net

Unbilled revenue, current $ 38,183 $ 31,521 Prepaid expenses and other current assets

Unbilled revenue, non-current $ 18,450 $ 10,078 Prepaid taxes and other non-current assets

Unbilled receivables, current $ 51,175 $ 38,183 Prepaid expenses and other current assets

Unbilled receivables, non-current $ 14,581 $ 18,450 Prepaid taxes and other non-current assets

Contract liabilities

3 unchanged sentences

Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services.

In our Sleep and Respiratory Care segment, the amount of consideration received and revenue recognized varies with changes in marketing incentives (e.g.

In our Sleep and Breathing Health segment, the amount of consideration received and revenue recognized varies with changes in marketing incentives (e.g.

rebates, discounts, free goods) and returns by our customers and their customers.

2 unchanged sentences

We adjust the estimate of revenue at the earlier of when the most likely amount of consideration can be estimated, the amount expected to be received changes, or when the consideration becomes fixed.

We offer our Sleep and Respiratory Care customers cash or product rebates based on volume or sales targets measured over quarterly or annual periods.

We offer our Sleep and Breathing Health customers cash or product rebates based on volume or sales targets measured over quarterly or annual periods.

We estimate rebates based on each customer’s expected achievement of its targets.

2 unchanged sentences

For rebates measured over annual periods, we update our estimates each quarter based on actual sales results and updated forecasts for the remaining rebate periods.

We participate in programs where we issue credits to our Sleep and Respiratory Care distributors when they are required to sell our products below negotiated list prices if we have preexisting contracts with the distributors' customers.

We participate in programs where we issue credits to our Sleep and Breathing Health distributors when they are required to sell our products below negotiated list prices if we have preexisting contracts with the distributors' customers.

We reduce revenue for future credits at the time of sale to the distributor, which we estimate based on historical experience using the expected value method.

We also offer discounts to both our Sleep and Respiratory Care as well as our SaaS customers as part of normal business practice and these are deducted from revenue when the sale occurs.

When Sleep and Respiratory Care or SaaS contracts have multiple performance obligations, we generally use an observable price to determine the stand-alone selling price by reference to pricing and discounting practices for the specific product or service when sold separately to similar customers.

We also offer discounts to both our Sleep and Breathing Health as well as our Residential Care Software customers as part of normal business practice and these are deducted from revenue when the sale occurs.

When Sleep and Breathing Health or Residential Care Software contracts have multiple performance obligations, we generally use an observable price to determine the stand-alone selling price by reference to pricing and discounting practices for the specific product or service when sold separately to similar customers.

Revenue is then allocated proportionately, based on the determined stand-alone selling price, to each performance obligation.

An allocation is not required for many of our Sleep and Respiratory Care contracts that have a single performance obligation, which is the shipment of our therapy-based equipment.

An allocation is not required for many of our Sleep and Breathing Health contracts that have a single performance obligation, which is the shipment of our therapy-based equipment.

Accounting and practical expedient elections

We have elected to account for shipping and handling activities associated with our Sleep and Respiratory Care segment as a fulfillment cost within cost of sales, and record shipping and handling costs collected from customers in net revenue.

We have elected to account for shipping and handling activities associated with our Sleep and Breathing Health segment as a fulfillment cost within cost of sales, and record shipping and handling costs collected from customers in net revenue.

We have also elected for all taxes assessed by government authorities that are imposed on and concurrent with revenue-producing transactions, such as sales and value added taxes, to be excluded from revenue and presented on a net basis.

We have adopted two practical expedients including the “right to invoice” practical expedient, which is relevant for some of our SaaS contracts as it allows us to recognize revenue in the amount of the invoice when it corresponds directly with the value of performance completed to date.

The second practical expedient adopted permits relief from considering a significant financing component when the payment for the good or service is expected to be one year or less.

We have adopted two practical expedients including the “right to invoice” practical expedient, which is relevant for some of our Residential Care Software contracts as it allows us to recognize revenue in the amount of the invoice when it corresponds directly with the value of performance completed to date.

The second practical expedient adopted permits

PART II Item 8

1 unchanged sentence

Notes to the Consolidated Financial Statements

relief from considering a significant financing component when the payment for the good or service is expected to be one year or less.

19 unchanged sentences

(e) Cash and Cash Equivalents

Cash equivalents include certificates of deposit and other highly liquid investments and we state them at cost, which approximates market.

Cash equivalents include money market funds, certificates of deposit and other highly liquid investments and we state them at cost, which approximates market.

We consider investments with original maturities of 90 days or less to be cash equivalents for purposes of the consolidated statements of cash flows.

Our cash and cash equivalents balance at June 30, 2025 includes $ 302.7 million in institutional money market accounts that require advance notice of up to 90 days for redemption, in accordance with the terms of the investment agreements.

These cash balances earn interest rates above normal term deposit rates otherwise available and are held at highly rated financial institutions.

(f) Inventories

2 unchanged sentences

We review and provide for any product obsolescence in our manufacturing and distribution operations by assessing throughout the year individual products and components (based on estimated future usage and sales).

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(g) Property, Plant and Equipment

3 unchanged sentences

We charge maintenance and repairs to expense as we incur them.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Depreciation expense for property, plant, and equipment was $ 111.8 million, $ 88.9 million, and $ 84.7 million for the years ended June 30, 2025, 2024 and 2023, respectively.

18 unchanged sentences

If actual results vary from the estimates or assumptions used in the valuation or allocation process, we may be required to record an impairment charge or an increase in depreciation or amortization in future periods, or both.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(k) Equity Investments

3 unchanged sentences

Marketable equity securities are recorded in prepaid expenses and other current assets on the consolidated balance sheets.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Non-marketable equity securities consist of investments in privately held companies without readily determinable fair values and are recorded in prepaid taxes and other non-current assets on the consolidated balance sheets.

26 unchanged sentences

For these hedges, we excluded certain components from the assessment of hedge effectiveness that are not related to spot rates.

For fair value hedges that qualify and are designated for hedge accounting, the change in fair value of the derivative is recorded in the same line item as the hedged item, other, net, in the consolidated statement of income.

The initial fair value of hedge components excluded from the assessment of effectiveness is recognized in the statement of income under a systematic and rational method over the life of the hedging instrument and is presented in interest (expense) income, net.

Any difference between the change in the fair value of the hedge components excluded from the assessment of effectiveness and the amounts recognized in earnings is recorded as a component of other comprehensive income.

The purpose of the cross-currency swaps for the net investment hedge is to mitigate foreign currency risk associated with changes in spot rates on the net asset balances of our foreign functional subsidiaries.

For net investment hedges that qualify and are designated for hedge accounting, the change in fair value of the derivative is recorded in cumulative translation adjustment within other comprehensive loss and reclassified into earnings when the hedged net investment is either sold or

For fair value hedges that qualify and are designated for hedge accounting, the change in fair value of the derivative is recorded in the same line item

PART II Item 8

1 unchanged sentence

Notes to the Consolidated Financial Statements

substantially liquidated.

as the hedged item, other, net, in the consolidated statement of income.

The initial fair value of components excluded from the assessment of hedge effectiveness will be recognized in interest (expense) income, net.

The notional value of outstanding foreign cross-currency swaps was $ 1,026.2 million at June 30, 2024.

The notional value of outstanding foreign cross-currency swaps was $ 1,128.3 million and $ 1,026.2 million at June 30, 2025 and June 30, 2024, respectively.

These contracts mature at various dates prior to December 31, 2029.

9 unchanged sentences

The notional value of the outstanding non-designated hedges was $ 1,410.2 million and $ 1,340.0 million at June 30, 2025 and June 30, 2024, respectively.

These contracts mature at various dates prior to September 15, 2025.

These contracts mature at various dates prior to June 15, 2026.

We classified the fair values of all hedging instruments as Level 2 measurements within the fair value hierarchy.

11 unchanged sentences

Customer receivables are charged against the allowance when they are deemed uncollectible.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

We are also contingently liable, within certain limits, in the event of a customer default, to independent financing companies in connection with customer financing programs.

2 unchanged sentences

We periodically evaluate the carrying value of long-lived assets to be held and used, including certain identifiable intangible assets, when events and circumstances indicate that the carrying amount of an asset may not be recovered.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset.

1 unchanged sentence

We report assets to be disposed of at the lower of the carrying amount or fair value less costs to sell.

During the year ended June 30, 2024, we recorded $ 33.2 million of restructuring related intangible asset impairments associated with the wind down of certain business activities.

Refer to Note 18 – Restructuring Expenses for additional information regarding restructuring costs.

We did not recognize impairment charges in relation to long-lived assets during the fiscal years ended June 30, 2023 and 2022.

During the year ended June 30, 2024, we impaired $ 18.6 million of developed/core product technology intangible assets, $ 14.5 million of customer relationship intangible assets, and $ 0.1 million of other intangibles associated with restructuring activities.

These non-cash charges were recorded within restructuring expenses in the consolidated statements of income.

Refer to Note 17 – Restructuring Expenses for the facts and circumstances leading to the impairments.

We did not record any material intangible asset impairments during the years ended June 30, 2025 and 2023.

(r) Contingencies

5 unchanged sentences

(a) Recently issued accounting standards not yet adopted

2023-07 Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures

In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No.

2023-07, "Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures," which expands segment disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets.

This ASU is applicable to our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, and subsequent interim periods.

Early adoption is permitted and the amendments must be applied retrospectively to all prior periods presented.

We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and disclosures.

ASU 2023-09 Income Taxes (Topic 740):

5 unchanged sentences

We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and disclosures.

ASU 2024-03 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU No.

2024-03, "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses," which requires disclosure in the notes to the financial statements of specified information about certain costs and expenses, including amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption, as well as a qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.

2024-03 also requires disclosure of the total amount of selling expenses and, in annual periods, an entity's definition of selling expenses.

This ASU is applicable to our Annual Report on Form 10-K for the fiscal year ended June 30, 2028, and subsequent interim periods.

Early adoption is permitted and the amendments may be either applied prospectively to financial statements issued for reporting periods after the effective date of the amendment or retrospectively to all prior periods presented.

We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and disclosures .

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(b) Recently adopted accounting standards

2023-07 Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures

In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No.

2023-07, "Segment Reporting (Topic 280):

We adopted ASU No.

2023-07 during the fiscal year ended June 30, 2025.

The amendment was applied retrospectively.

See Note 13 – Segment Information for disclosure within the notes to the consolidated financial statements.

(4) Supplemental Balance Sheet Information

5 unchanged sentences

Total inventories $ 927,711 $ 822,250

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Prepaid expenses and other current assets 2025 2024

1 unchanged sentence

Prepaid inventories 48,245 172,198

Unbilled receivables, current 51,175 38,183

Other prepaid expenses and current assets 164,498 141,829

12 unchanged sentences

Property, plant and equipment, net $ 550,790 $ 548,025

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(5) Goodwill and Other Intangible Assets, net

1 unchanged sentence

Changes in the carrying amount of goodwill is comprised of the following for the year ended June 30, 2025 (in thousands):

Respiratory Care SaaS Total

Sleep and Breathing Health

Residential Care Software

Balance at the beginning of the period $ 757,529 $ 2,084,526 $ 2,842,055

Business acquisitions 101,323 — 101,323

Adjustment to fair values of preliminary purchase price allocations ( 185 ) — ( 185 )

Foreign currency translation adjustments 24,911 78,576 103,487

14 unchanged sentences

There are no expected residual values related to these intangible assets.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

These non-cash charges were recorded within restructuring expenses in the consolidated statements of income.

Refer to Note 18 – Restructuring Expenses for the facts and circumstances leading to the impairments.

We did not record any intangible asset impairments during the years ended June 30, 2023 and 2022.

Amortization expense related to identified intangible assets for the years ended June 30, 2025 and June 30, 2024 was $ 77.4 million and $ 79.5 million, respectively.

11 unchanged sentences

Total $ 152,900 $ 151,227

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The following table shows a reconciliation of the changes in our equity investments for the year ended June 30, 2025 (in thousands):

2 unchanged sentences

Additions to investments 5,778 — 638 6,416

Observable price adjustments on non-marketable equity securities 2,315 — — 2,315

Impairment of investments ( 11,742 ) — — ( 11,742 )

Realized gains on marketable and non-marketable equity securities 389 — — 389

Proceeds from exits of investments ( 4,628 ) — — ( 4,628 )

Unrealized losses on marketable equity securities — ( 1,397 ) — ( 1,397 )

Loss attributable to equity method investments — — ( 1,848 ) ( 1,848 )

Unrealized gains on marketable equity securities — 1,054 — 1,054

Gain attributable to equity method investments — — 3,644 3,644

Foreign currency translation adjustments 106 — 6,434 6,540

Carrying value at the end of the period $ 63,642 $ 13,080 $ 76,178 $ 152,900

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The following table shows a reconciliation of the changes in our equity investments for the year ended June 30, 2024 (in thousands):

5 unchanged sentences

Impairment of investments ( 4,963 ) — — ( 4,963 )

Realized gains on marketable and non-marketable equity securities 3,937 — — 3,937

Proceeds from exits of investments ( 1,000 ) — — ( 1,000 )

1 unchanged sentence

Loss attributable to equity method investments — — ( 1,848 ) ( 1,848 )

Dividends received — — ( 2,873 ) ( 2,873 )

Foreign currency translation adjustments ( 1 ) — ( 1,181 ) ( 1,182 )

Carrying value at the end of the period $ 73,739 $ 12,026 $ 65,462 $ 151,227

(1) Includes additions from purchases and an equity method investment acquired and measured at fair value via our acquisition of MEDIFOX DAN.

Refer to Note 17 herein.

Net unrealized gains and losses recognized in the years ended June 30, 2024, 2023 and 2022 for equity investments in non-marketable and marketable securities still held as of those respective dates were a loss of $ 4.0 million, a gain of $ 6.0 million, and a loss of $ 16.2 million, respectively.

Net unrealized gains and losses recognized in the years ended June 30, 2025, 2024 and 2023 for equity investments in non-marketable and marketable securities still held as of those respective dates were a loss of $ 10.7 million, a loss of $ 4.0 million, and a gain of $ 6.0 million, respectively.

(7) Accrued Expenses

23 unchanged sentences

Credit Facility

On June 29, 2022, we entered into a second amended and restated credit agreement (the “Revolving Credit Agreement”), as borrower, with lenders MUFG Union Bank, N.A., as administrative agent, joint lead arranger, sole book runner, swing line lender and letter of credit issuer, Westpac Banking Corporation, as syndication agent and joint lead arranger, HSBC Bank USA, National Association, as syndication agent and joint lead arranger, and Wells Fargo Bank, National Association, as documentation agent.

On June 29, 2022, we entered into a second amended and restated credit agreement, or the Revolving Credit Agreement, as borrower, with lenders MUFG Union Bank, N.A., as administrative agent, joint lead arranger, sole book runner, swing line lender and letter of credit issuer, Westpac Banking Corporation, as syndication agent and joint lead arranger, HSBC Bank USA, National Association, as syndication agent and joint lead arranger, and Wells Fargo Bank, National Association, as documentation agent.

The Revolving Credit Agreement, among other things, provided a senior unsecured revolving credit facility of $ 1,500.0 million, with an uncommitted option to increase the revolving credit facility by an additional amount equal to the greater of $ 1,000.0 million or 1.0 times the EBITDA (as defined in the Revolving Credit Agreement) for the trailing twelve-month measurement period.

The Revolving Credit Agreement amends and restates that certain Amended and Restated Credit Agreement, dated as of April 17, 2018, among Resmed, MUFG Union Bank, N.A., Westpac Banking Corporation and the lenders party thereto.

Additionally, on June 29, 2022, ResMed Pty Limited entered into a Second Amendment to the Syndicated Facility Agreement and First Amendment to Unconditional Guaranty Agreement (the “Term Credit Agreement”), as borrower, with lenders MUFG Union Bank, N.A., as administrative agent, joint lead arranger and joint book runner, and Westpac Banking Corporation, as syndication agent, joint lead arranger and joint book runner, which amends that certain Syndicated Facility Agreement dated as of April 17, 2018.

Additionally, on June 29, 2022, ResMed Pty Limited entered into a Second Amendment to the Syndicated Facility Agreement and First Amendment to Unconditional Guaranty Agreement, or the Term Credit Agreement, as borrower, with lenders MUFG Union Bank, N.A., as administrative agent, joint lead arranger and joint book runner, and Westpac Banking Corporation, as syndication agent, joint lead arranger and joint book runner, which amends that certain Syndicated Facility Agreement dated as of April 17, 2018.

The Term Credit Agreement, among other things, provides ResMed Pty Limited a senior unsecured term credit facility of $ 200.0 million.

72 unchanged sentences

During fiscal year 2025, we repurchased approximately 1,262,000 shares at a cost of $ 300.0 million.

We did not repurchase any shares during fiscal year 2023.

During fiscal year 2024, we repurchased 828,000 shares at a cost of $ 150.0 million.

As of June 30, 2025, we have repurchased a total of 43.9 million shares at a cost of $ 2.1 billion.

8 unchanged sentences

Stock Options and Restricted Stock Units.

We have granted stock options, restricted stock units (“RSUs”) and performance restricted stock units (“PRSUs”) to personnel, including officers and directors, in accordance with the ResMed Inc.

2009 Incentive Award Plan (the “2009 Plan”).

We have granted stock options, restricted stock units, or RSUs, and performance restricted stock units, or PRSUs, to personnel, including officers and directors, in accordance with the ResMed Inc.

2009 Incentive Award Plan, as amended and restated, or the 2009 Plan.

Options and restricted stock units vest over one year to four years and the options have expiration dates of seven years from the date of grant.

We have granted the options with an exercise price equal to the market value as determined at the date of grant.

We have granted PRSUs that are subject to a market condition, with the ultimate realizable number of PRSUs dependent on relative total stockholder return over a period of three years .

We have granted PRSUs that are subject to market conditions, with the ultimate realizable number of PRSUs dependent on both absolute and relative total stockholder return over a period of three years .

The maximum amounts to be issued under the awards range from 200 % to 225 % of the original grant.

We have also granted PRSUs that are subject to a performance condition based on meeting threshold levels of profitability measured by our actual adjusted earnings compared to board approved targeted levels of earnings.

At the annual meeting of our stockholders in November 2017, our stockholders approved an amendment and restatement to the 2009 Plan to increase the number of shares of common stock that may be issued or transferred pursuant to awards under the 2009 Plan by 7.4 million.

The amendment and restatement imposes a maximum award amount which may be granted under the 2009 Plan to non-employee director in a calendar year, which when taken together with any other cash fees earned for services as a non-employee director during the calendar year, has a total value of $ 0.7 million, or $ 1.2 million in the case of a non-employee director who is also serving as chairman of our board of directors.

The amendment and restatement imposes a maximum award amount which may be granted under the 2009 Plan to a non-employee director in a calendar year, which when taken together with any other cash fees earned for services as a non-employee director during the calendar year, has a total value of $ 0.7 million, or $ 1.2 million in the case of a non-employee director who is also serving as chairman of our board of directors.

The amendment and restatement also increased the maximum amount payable pursuant to cash-denominated performance awards granted in any calendar year from $ 3.0 million to $ 5.0 million.

In addition, the amendment and restatement extended the existing prohibition on the payment of dividends or dividend equivalents on unvested awards to apply to all awards, including time-based restricted stock, deferred stock and stock payment.

The term of the 2009 Plan was extended by four years so that the plan expires on September 11, 2027.

The term of the 2009 Plan was extended by four years so that the plan expires on September 11, 2027, unless otherwise amended or extended.

The maximum number of shares of our common stock authorized for issuance under the 2009 Plan is 51.1 million.

7 unchanged sentences

Shares withheld by us as a result of the net settlement are not considered issued and outstanding and are added to the shares available for future issuance under the 2009 Plan.

The total fair value of RSUs and PRSUs that vested during the years ended June 30, 2024, 2023 and 2022, was $ 51.0 million, $ 66.8 million and $ 65.5 million, respectively.

The following table summarizes the activity of RSUs, including PRSUs, during year ended June 30, 2024 (in thousands, except years and per share amounts):

Units Weighted

Fair Value Weighted

Term in Years

The total fair value of RSUs that vested during the years ended June 30, 2025, 2024 and 2023, was $ 45.3 million, $ 38.0 million and $ 28.7 million, respectively.

The total fair value of PRSUs that vested during the years ended June 30, 2025, 2024 and 2023, was $ 10.3 million, $ 13.0 million, and $ 38.1 million, respectively.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The following table summarizes the activity of RSUs and PRSUs during year ended June 30, 2025 (in thousands, except years and per share amounts):

Weighted Average Grant-Date

Weighted Average Remaining

Contractual Term in Years

Units Performance Restricted Stock Units

Outstanding at beginning of period 791 348 $ 175.09 $ 204.02 1.6 1.7

3 unchanged sentences

Outstanding at end of period 833 342 $ 201.05 $ 213.28 1.5 1.5

* Includes 60 thousand shares netted for tax.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

* Includes 53 thousand RSUs and 20 thousand PRSUs netted for tax.

The following table summarizes option activity during the year ended June 30, 2025 (in thousands, except years and per share amounts):

9 unchanged sentences

Options vested and expected to vest at end of period 512 $ 175.35 2.7

* Includes 1 thousand shares netted for tax.

The aggregate intrinsic value of options exercised during the fiscal years 2025, 2024 and 2023, was $ 37.7 million, $ 17.9 million and $ 25.4 million, respectively.

As at June 30, 2025, the aggregate intrinsic value of options outstanding, exercisable, and vested and expected to vest were $ 42.8 million, $ 36.8 million and $ 42.5 million respectively.

Employee Stock Purchase Plan (the “ESPP”).

Employee Stock Purchase Plan, or the ESPP.

Under the ESPP, we offer participants the right to purchase shares of our common stock at a discount during successive offering periods.

7 unchanged sentences

We estimate the fair value of stock options and purchase rights granted under the ESPP using the Black-Scholes valuation model.

The fair value of restricted stock units is equal to the market value of the underlying shares as determined at the grant date less the fair value of dividends that holders are not entitled to, during the vesting period.

The fair value of performance restricted stock units is measured using a Monte-Carlo simulation valuation model.

The fair values of RSUs and PRSUs subject to performance conditions are equal to the market value of the underlying shares as determined at the grant date less the fair value of dividends that holders are not entitled to during the vesting period.

The fair value of PRSUs that are subject to market conditions is measured using a Monte-Carlo simulation valuation model.

We recognize the fair value as compensation expense using the straight-line method over the service period for awards expected to vest.

We estimate the fair value of stock options granted under our stock option plans and purchase rights granted under the ESPP using the assumptions in the following tables.

For the years ended June 30, 2025, 2024 and 2023, we estimated the fair value of PRSUs that are measured using a Monte-Carlo simulation valuation model, stock options granted under our stock option plans and purchase rights granted under the

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

ESPP using the assumptions in the following tables.

The risk-free interest rate is estimated using the U.S.

2 unchanged sentences

Expected volatility is estimated based upon the historical volatility of Resmed stock.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

We estimate the fair value of stock options granted under our stock option plans and purchase rights granted under the ESPP using the following assumptions for the years ended June 30, 2024, 2023 and 2022:

2025 2024 2023

Performance restricted stock units

Weighted average grant date fair value $ 272.47 $ 168.14 $ 208.40

Weighted average risk-free interest rate 4.23 % 4.50 % 3.75 %

Expected life in years 3 - 4

Dividend yield (1)

0.88 % 1.29 % 0.78 % - 0.84 %

Expected volatility 32 % - 34 %

Average peer volatility (2)

Average peer correlation coefficient (3)

0.5189 0.5385 —

Stock options:

7 unchanged sentences

Weighted average risk-free interest rate 4.7 % 5.4 % 3.6 %

Expected life in years 6 months 6 months 6 months

Expected life in years 0.5 0.5 0.5

Dividend yield 0.87 % - 0.90 %

2 unchanged sentences

Expected volatility 34 % - 39 %

The following table summarizes the total stock-based compensation costs incurred and the associated tax benefit recognized during the years ended June 30, 2024, 2023 and 2022 (in thousands):

(1) The dividend yield used to project the value of the stock delivered to the holder is based on historical dividends and the expectation of future dividend payouts.

Total stockholder return is determined assuming the reinvestment of dividends over the performance period, which is mathematically equivalent to a 0 % dividend yield.

(2) The correlation coefficients are based upon the stock price data used to estimate the volatility assumptions.

(3) The average peer volatility is estimated based upon the historical volatility of each peer company.

The following table summarizes total stock-based compensation costs incurred and the associated tax benefit recognized during the years ended June 30, 2025, 2024 and 2023 (in thousands):

2025 2024 2023

9 unchanged sentences

We compute basic earnings per share by dividing the net income available to common stockholders by the weighted average number of shares of common stock outstanding.

For purposes of calculating diluted earnings per share, the denominator includes both the weighted average number of shares of common stock outstanding and the number of dilutive common stock equivalents such as stock options and restricted stock units.

The weighted average number of outstanding stock options and restricted stock units not included in the computation of diluted earnings per share were 603,859 , 272,104 and 67,000 for the years ended June 30, 2024, 2023 and 2022, respectively, as the effect would have been anti-dilutive.

For purposes of calculating diluted earnings per share, the denominator includes both the weighted average number of shares of common stock outstanding and the number of dilutive

PART II Item 8

1 unchanged sentence

Notes to the Consolidated Financial Statements

common stock equivalents such as stock options and restricted stock units.

The weighted average number of outstanding stock options and restricted stock units not included in the computation of diluted earnings per share were 154,567 , 603,859 and 272,104 for the years ended June 30, 2025, 2024 and 2023, respectively, as the effect would have been anti-dilutive.

Basic and diluted earnings per share for the years ended June 30, 2025, 2024 and 2023 are calculated as follows (in thousands except per share data):

24 unchanged sentences

Provision for income taxes $ 276,843 $ 243,847 $ 204,108

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S.

12 unchanged sentences

Stock-based compensation expense 1,735 4,875 ( 6,282 )

Cessation of business ( 35,847 ) — —

Net refunds for prior tax years ( 29,976 ) — —

Other ( 2,612 ) 15,823 4,051

Provision for income taxes $ 276,843 $ 243,847 $ 204,108

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

We reported net deferred tax assets and liabilities in our consolidated balance sheets at June 30, 2025 and June 30, 2024, as follows (in thousands):

2 unchanged sentences

Net deferred tax asset $ 175,437 $ 124,230

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The components of our deferred tax assets and liabilities at June 30, 2025 and June 30, 2024, are as follows (in thousands):

26 unchanged sentences

net operating loss carryforwards, which expire in various years beginning in 2026 or carry forward indefinitely.

The valuation allowance at June 30, 2024 relates to a provision for uncertainty of the utilization of net operating loss carryforwards of $ 0.8 million and capital loss and other items of $ 8.6 million.

The valuation allowance at June 30, 2025 relates to a provision for uncertainty of the utilization of net operating loss carryforwards of $ 0.6 million, capital loss of $ 28.8 million and other items of $ 0.6 million.

We believe that it is more likely than not that the benefits of deferred tax assets, net of any valuation allowance, will be realized.

2 unchanged sentences

The net impact of these tax holidays and tax incentive programs increased our net income by $ 67.4 million ($ 0.46 per diluted share) for the year ended June 30, 2025, $ 49.6 million ($ 0.34 per diluted share) for the year ended June 30, 2024, and $ 40.5 million ($ 0.27 per diluted share) for the year ended June 30, 2023.

As a result of the Tax Cuts and Jobs Act of 2017 (“TCJA”), we have treated all non-U.S.

As a result of the Tax Cuts and Jobs Act of 2017, or the TCJA, we have treated all non-U.S.

historical earnings as taxable.

3 unchanged sentences

The total amount of these undistributed earnings at June 30, 2025 amounted to approximately $ 4.7 billion.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

the event our non-U.S.

In the event our non-U.S.

earnings had not been permanently reinvested, approximately $ 5.9 million in U.S.

1 unchanged sentence

The TCJA also introduced U.S.

taxation on certain global intangible low-taxed income (“GILTI”).

taxation on certain global intangible low-taxed income, or GILTI.

We have elected to account for tax expense attributable to GILTI tax as a period cost when incurred.

In accounting for uncertainty in income taxes, we recognize a tax benefit in the financial statements for an uncertain tax position only if management’s assessment is that the position is “more likely than not” (that is, a likelihood greater than 50 percent) to be allowed by the tax jurisdiction based solely on the technical merits of the position.

The term “tax position” refers to a position in a previously filed tax return or a position expected to be taken in a future tax return that is reflected in measuring current or deferred income tax assets and liabilities for annual periods.

The term “tax position”

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

refers to a position in a previously filed tax return or a position expected to be taken in a future tax return that is reflected in measuring current or deferred income tax assets and liabilities for annual periods.

We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying consolidated statements of income.

4 unchanged sentences

We regularly assess the potential outcomes of examinations by tax authorities in determining the adequacy of our provision for income taxes.

Any final assessment resulting from tax audits may result in material changes to our past or future taxable income, tax payable or deferred tax assets, and may require us to pay penalties and interest that could materially adversely affect our financial results.

On September 19, 2021, we concluded the settlement agreement with the Australian Taxation Office (“ATO”) in relation to the previously disclosed transfer pricing dispute for the tax years 2009 through 2018 (“ATO settlement”).

The ATO settlement fully resolved the dispute for all prior years, with no admission of liability and provides clarity in relation to certain future taxation principles.

The final net impact of the ATO settlement was recorded during the years ended June 30, 2021 and 2022 in the amount of $ 238.7 million, which represents a gross amount of $ 381.7 million, including interest and penalties of $ 48.1 million, and adjustments for credits and deductions of $ 143.0 million.

As a result of the ATO settlement and due to movements in foreign currencies, we recorded a benefit of $ 14.1 million within other comprehensive income, and a $ 4.1 million reduction of tax credits, which was recorded to income tax expense.

As a result of the ATO settlement, we reversed our previously recorded uncertain tax position.

On September 28, 2021, we remitted final payment to the ATO of $ 284.8 million, consisting of the agreed settlement amount of $ 381.7 million less prior remittances made to the ATO of $ 96.9 million.

We are currently under audit by the ATO for the 2018 tax year.

If any ongoing tax audits are resolved in a manner not consistent with management’s expectations, the result could be a material adjustment to our past or future taxable income, tax payable or deferred tax assets, and may require us to pay penalties and interest that could materially adversely affect our financial results.

Tax years 2018 to 2024 remain subject to examination by the major tax jurisdictions in which we are subject to tax.

(13) Segment Information

We have two operating segments, which are the Sleep and Respiratory Care segment and the SaaS segment.

We evaluate the performance of our segments based on net sales and income from operations.

We have two operating segments, which are the Sleep and Breathing Health segment and the Residential Care Software segment.

During fiscal year 2025, we renamed our operating segments from Sleep and Respiratory Care to Sleep and Breathing Health and from Software as a Service to Residential Care Software in alignment with our 2030 strategy.

There have been no changes in the preparation and disclosure of financial information by operating segment.

The identification of operating segments is based on our internal organizational structure and the information regularly reviewed by our Chief Executive Officer, who is our Chief Operating Decision Maker (CODM).

Our CODM evaluates segment performance and makes resource allocation decisions based on net revenue and net operating profit.

Impacts to segment net operating profit are referenced by our CODM when deciding to enter new markets, launch new products, reinvest profits, acquire or otherwise invest in other companies, and for monitoring actual results against forecasts.

The accounting policies of the segments are the same as those described in Note 2 – Summary of Significant Accounting Policies.

Segment net sales and segment income from operations do not include inter-segment profits and revenue is allocated to a geographic area based on where the products are shipped to or where the services are performed.

Segment net sales and segment net operating profit do not include inter-segment profits and revenue is allocated to a geographic area based on where the products are shipped to or where the services are performed.

Certain items are maintained at the corporate level and are not allocated to the segments.

The non-allocated items include corporate headquarters costs, stock-based compensation, amortization expense from acquired intangibles, restructuring expenses, field safety notification expenses, acquisition related expenses, net interest expense (income), gains and losses attributable to equity method investments, gains and losses on equity investments, and other, net.

We neither discretely allocate assets to our operating segments, nor does our Chief Operating Decision Maker evaluate the operating segments using discrete asset information.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

We neither discretely allocate assets to our operating segments, nor does our CODM evaluate the operating segments using discrete asset information.

Additionally, effective in the third quarter of fiscal year 2024, we updated the method of attribution of certain costs that are principally managed at the segment level as part of our evaluation of segment operating performance.

1 unchanged sentence

The financial information presented herein reflects the impact of the preceding reporting change for all periods presented.

The table below presents a reconciliation of net revenues, depreciation and amortization and net operating profit by reportable segments for the years ended June 30, 2024, 2023 and 2022 (in thousands):

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The table below presents a reconciliation of net revenues, significant expenses, net operating profit and depreciation and amortization by reportable segments for the years ended June 30, 2025, 2024 and 2023 (in thousands):

2025 2024 2023

Net revenue by segment

Sleep and Respiratory Care $ 4,101,172 $ 3,725,017 $ 3,177,298

Software as a Service 584,125 497,976 400,829

Sleep and Breathing Health

$ 4,504,890 $ 4,101,172 $ 3,725,017

Residential Care Software

641,437 584,125 497,976

Total $ 5,146,327 $ 4,685,297 $ 4,222,993

Depreciation and amortization by segment

Sleep and Respiratory Care $ 86,070 $ 82,544 $ 79,367

Software as a Service 10,241 9,119 7,315

Amortization of acquired intangible assets and corporate assets 80,559 73,493 72,927

Significant segment expenses

Cost of Sales

Sleep and Breathing Health

$ 1,852,574 $ 1,782,023 $ 1,659,037

Residential Care Software

195,043 190,186 174,718

Total $ 2,047,617 $ 1,972,209 $ 1,833,755

Selling, general, and administrative

Sleep and Breathing Health

$ 491,591 $ 451,334 $ 443,467

Residential Care Software (1)

143,435 143,999 120,483

Total $ 635,026 $ 595,333 $ 563,950

Research and development

Sleep and Breathing Health

$ 196,340 $ 186,461 $ 175,393

Residential Care Software

97,959 95,490 87,120

Total $ 294,299 $ 281,951 $ 262,513

Net operating profit by segment

Sleep and Respiratory Care $ 1,681,354 $ 1,447,120 $ 1,279,591

Software as a Service (1)

Sleep and Breathing Health

$ 1,964,385 $ 1,681,354 $ 1,447,120

Residential Care Software

205,000 154,450 115,655

Total $ 2,169,385 $ 1,835,804 $ 1,562,775

4 unchanged sentences

Masks with magnets field safety notification expenses (2)

( 1,512 ) 6,351 —

Astral field safety notification expenses (3)

Acquisition related expenses 2,031 — 10,949

Interest expense (income), net 45,708 47,379 22,312

Loss attributable to equity method investments 1,848 7,265 8,486

Interest (income) expense, net ( 4,114 ) 45,708 47,379

(Gain) loss attributable to equity method investments ( 3,644 ) 1,848 7,265

(Gain) loss on equity investments 10,299 4,045 ( 9,922 )

2 unchanged sentences

Income before income taxes $ 1,677,566 $ 1,264,798 $ 1,101,664

(1) During the fiscal year ended June 30, 2024, we recorded $ 4.1 million of operating lease right-of-use asset impairments within our SaaS segment.

The impairments related to leases for office space and were recorded within net operating profit.

(2) The masks with magnets field safety notification expenses relate to estimated costs to provide alternative masks to patients in response to updated contraindications for use of masks that incorporate magnets.

(3) The Astral field safety notification expenses relate to estimated costs associated with the replacement of a certain component in some of our Astral ventilation devices that were manufactured between 2013 to 2019.

Depreciation and amortization by segment

Sleep and Breathing Health

$ 110,543 $ 86,070 $ 82,544

Residential Care Software

9,467 10,241 9,119

Amortization of acquired intangible assets and corporate assets 78,463 80,559 73,493

Total $ 198,473 $ 176,870 $ 165,156

PART II Item 8

1 unchanged sentence

Notes to the Consolidated Financial Statements

(1) During the fiscal year ended June 30, 2024, we recorded $ 4.1 million of operating lease right-of-use asset impairments within our Residential Care Software segment.

The impairments related to leases for office space and were recorded within selling, general and administrative expenses.

The following table summarizes our net revenue disaggregated by segment, product and region for the years ended June 30, 2025, 2024 and 2023 (in thousands):

11 unchanged sentences

Masks and other 1,839,717 1,657,161 1,454,315

Total Sleep and Respiratory Care $ 4,101,172 $ 3,725,017 $ 3,177,298

Software as a Service 584,125 497,976 400,829

Total Sleep and Breathing Health

$ 4,504,890 $ 4,101,172 $ 3,725,017

Residential Care Software

641,437 584,125 497,976

Total $ 5,146,327 $ 4,685,297 $ 4,222,993

11 unchanged sentences

Total $ 550,790 $ 548,025

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(14) Employee Retirement Plans

6 unchanged sentences

United States We sponsor a defined contribution plan available to substantially all domestic employees.

Company contributions to this plan are based on a percentage of employee contributions to a maximum of 4.0 % of the employee’s

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

eligible compensation, subject to the annual IRS limit.

Company contributions to this plan are based on a percentage of employee contributions to a maximum of 4.0 % of the employee’s eligible compensation, subject to the annual IRS limit.

Our total contributions to the plan were $ 12.7 million, $ 13.8 million and $ 12.7 million in fiscal 2025, 2024 and 2023, respectively.

5 unchanged sentences

While the results of this litigation cannot be predicted with certainty, we believe that their final outcome will not, individually or in aggregate, have a material adverse effect on our consolidated financial statements taken as a whole.

On June 2, 2021, New York University ("NYU") filed a complaint for patent infringement in the United States District Court, District of Delaware against ResMed Inc., case no.

On June 2, 2021, New York University, or NYU, filed a complaint for patent infringement in the United States District Court, District of Delaware against Resmed, case no.

1:21-cv-00813 (JPM).

5 unchanged sentences

The motion to dismiss was granted in part and denied in part.

In December 2022, the Patent Trial and Appeal Board (“PTAB”) of the Patent and Trademark Office granted our request to review the validity of the claims in the patents asserted by NYU against us, determining that there is a reasonable likelihood that we will prevail.

In December 2022, the Patent Trial and Appeal Board, or PTAB, of the Patent and Trademark Office granted our request to review the validity of the claims in the patents asserted by NYU against us, determining that there is a reasonable likelihood that we will prevail.

In December 2023, the PTAB issued written decisions invalidating each of the challenged claims in each of the NYU patents asserted against us.

1 unchanged sentence

On January 31, 2024, NYU appealed the PTAB’s rulings to the Court of Appeals for the Federal Circuit.

The appeals are not expected to be resolved before March 2025.

On January 27, 2021, the International Trade Commission ("ITC") instituted In Re Certain UMTS and LTE Cellular Communications Modules and Products Containing the Same, Investigation No.

337-TA-1240, by complainants Philips RS North America, LLC and Koninklijke Philips N.V.

(collectively “Philips”) against Quectel Wireless Solutions Co., Ltd;

Thales DIS AIS USA, LLC, Thales DIS AIS Deutschland GmbH;

Telit Wireless Solutions, Inc., Telit Communications PLC, CalAmp.

Corp., Xirgo Technologies, LLC, and Laird Connectivity, Inc.

(collectively “respondents”).

In the ITC investigation, Philips seeks an order excluding communications modules, and products that contain them, from importation into the United States based on alleged infringement of 3G and 4G standard essential patents held by Philips.

On October 6-14, 2021, the administrative law judge held a hearing on the merits.

The administrative law judge issued an initial determination on April 1, 2022, finding no violation of any of the Philips' patents asserted in the ITC.

Philips sought review by the full ITC.

On July 6, 2022, the Commission affirmed the administrative law judge’s determination that there was no violation of asserted Philips' patents.

The Commission terminated the ITC proceedings.

Philips did not appeal the ITC’s decision.

On December 17, 2020, Philips filed companion cases for patent infringement against the same defendants in the United States District Court for the District of Delaware, case nos.

1:20-cv-01707, 01708, 01709, 01710, 01711, and 01713 (CFC) seeking damages, an injunction, and a declaration from the court on the amount of a fair reasonable and non-discriminatory license rate for the standard essential patents it is asserting against the communications module defendants.

The district court cases were stayed pending the resolution of the ITC proceedings.

The parties have returned to the district court for further proceedings.

We were not a party to the ITC investigation, and we are not a party to the district court cases, but we sell products that incorporate communications modules at issue in the district court case.

The first trial in the cases by Philips against the communications module defendants was originally set for August 12, 2024.

On August 5, 2024, the court issued an order vacating the trial date.

On June 16, 2022, Cleveland Medical Devices Inc.

("Cleveland Medical") filed suit for patent infringement against ResMed Inc.

in the United States District Court for the District of Delaware, case no.

Briefing has been completed and oral argument before the Court of Appeals for the Federal Circuit has been scheduled in August 2025.

On June 16, 2022, Cleveland Medical Devices Inc., or Cleveland Medical, filed suit for patent infringement against Resmed in the United States District Court for the District of Delaware, case no.

1:22-cv-00794.

Cleveland Medical asserts that numerous Resmed connected devices, when combined with certain Resmed data platforms and/or software, including AirView and ResScan, infringe one or more of seven Cleveland Medical patents, including U.S.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

and 11,234,637.

4 unchanged sentences

On May 6, 2024, the PTAB granted the petition and instituted an Inter Partes Review proceeding against the patent.

On June 21, 2024, the District Court of Delaware granted ResMed’s motion to stay the case until the PTAB issues its final written decision in the Inter Partes Review proceeding.

The PTAB decision is expected by May 6, 2025.

On June 21, 2024, the District Court of Delaware granted Resmed's motion to stay the case until the PTAB issues its final written decision in the Inter Partes

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Review proceeding.

On May 2, 2025, the PTAB issued its decision finding all claims of U.S.

10,076,269 unpatentable.

On March 20, 2023, ResMed Corp.

11 unchanged sentences

11,602,284, which the PTAB denied on June 24, 2024.

On July 24, 2024, ResMed Corp.

requested rehearing of the PTAB's denial of the petition for post-grant review of US Patent No.

On October 17, 2024, the PTAB denied ResMed Corp.’s request for rehearing of its decision to deny the petition for post-grant review of U.S.

On October 11, 2024, ResMed Corp.

filed a request for ex parte reexamination of U.S.

11,375,921, and on November 15, 2024, the United States Patent and Trademark Office, or the Patent Office, ordered reexamination of the patent.

On October 17, 2024, ResMed Corp.

filed a request for ex parte reexamination of U.S.

11,786,680, and on December 3, 2024, the Patent Office ordered reexamination of the patent.

Between November 15, 2024, and January 10, 2025, ResMed Corp.

filed petitions with the PTAB seeking Inter Partes Review of the validity of all six patents asserted by Cleveland Medical in the District Court of the Northern District of Ohio proceedings.

On March 7, 2025, the District Court of the Northern District of Ohio granted ResMed Corp.'s motion to stay the case pending the conclusion of all Patent Office proceedings related to the asserted patents.

On June 10, 2025, the PTAB denied institution of Inter Partes Review directed to U.S.

On June 12, 2025, the PTAB instituted an Inter Partes Review proceeding against U.S.

On June 13, 2025, the PTAB instituted Inter Partes Review proceedings against U.S.

11,690,512 and 11,786,680.

On July 30, 2025, the PTAB instituted Inter Partes Review proceedings against U.S.

11,857,333 and 11,872,029.

The PTAB’s final written decisions in the instituted Inter Partes Review proceedings are expected by July 2026.

Based on currently available information, we are unable to make a reasonable estimate of loss or range of losses, if any, arising from matters that remain open.

13 unchanged sentences

Minimum purchase obligations $ 963,763 $ 927,365 $ 26,090 $ 4,430 $ 2,339 $ 2,154 $ 1,385

(16) Derivative Instruments and Hedging Activities

Fair Values of Derivative Instruments

The following table presents our assets and liabilities related to derivative instruments on a gross basis within the consolidated balance sheets (in thousands):

PART II Item 8

1 unchanged sentence

Notes to the Consolidated Financial Statements

(16) Derivative Instruments and Hedging Activities

Fair Values of Derivative Instruments

The following table presents our assets and liabilities related to derivative instruments on a gross basis within the consolidated balance sheets (in thousands):

2025 June 30,

2 unchanged sentences

Not Designated as Hedging Instruments

Foreign currency hedging instruments $ 2,343 $ 2,126 Prepaid expenses and other current assets

Foreign currency hedging instruments $ 6,810 $ 2,343 Prepaid taxes and other non-current assets

Foreign currency hedging instruments — 89 Prepaid taxes and other non-current assets

Total derivative assets $ 6,810 $ 2,432

23 unchanged sentences

We recognized the following gains (losses) in the consolidated statement of income on derivatives not designated as hedging instruments (in thousands):

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Twelve Months Ended

3 unchanged sentences

Total $ ( 7,089 ) $ ( 4,149 ) $ ( 4,204 )

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(17) Business Combinations

On November 21, 2022, we completed our acquisition of 100 % of the shares in MediFox-Dan Investment GmbH and its subsidiaries (“MEDIFOX DAN”), a German leader in software solutions for a wide variety of out-of-hospital care providers, for $ 997.5 million.

This acquisition has been accounted for as a business combination using purchase accounting and included in our consolidated financial statements from November 21, 2022.

The acquisition was paid for using funds drawn down from our Revolving Credit Agreement.

The total purchase price was allocated to MEDIFOX DAN's tangible and identifiable intangible assets and liabilities based upon estimated fair values as of the November 21, 2022 closing date, as follows (in thousands):

Final Intangible assets - useful life

Accounts receivable 16,096

Property, plant and equipment 7,731

Equity method investment 57,298

Other assets 18,523

Accounts payable and accrued expenses ( 19,359 )

Deferred revenue ( 18,349 )

Other liabilities ( 11,623 )

Identifiable intangible assets:

Developed technology 43,081 6 - 7 years

Customer relationships 175,445 11 - 13 years

Trade names 32,050 10 years

Deferred tax liabilities ( 78,458 )

Goodwill 767,709

Purchase price $ 997,516

We completed the purchase price allocation in relation to this acquisition during the quarter ended June 30, 2023.

The cost of the acquisition was allocated to the assets acquired and liabilities assumed based on estimates of their fair values at the date of acquisition.

Key assumptions used to determine the fair value of intangible assets acquired included forecast revenue growth rates, forecast earnings before interest, tax, depreciation, and amortization, and weighted average cost of capital.

The goodwill recognized as part of the acquisition is reflected in our SaaS segment and is not deductible for tax purposes.

It mainly represents the synergies that are unique to our combined businesses and the potential for new products and services to be developed in the future.

Pro forma results of operations have not been presented because the effects of this acquisition were not material to our consolidated statements of income.

We did not have material acquisition related expenses during the year ended June 30, 2024.

We recorded acquisition related expenses of $ 10.9 million and $ 1.9 million during the years ended June 30, 2023 and June 30, 2022, respectively.

(17) Restructuring Expenses

1 unchanged sentence

These costs are separately presented as restructuring expenses within our consolidated statement of income for all periods presented.

Although the costs associated with restructuring plans have not been allocated to our business segments' results in Note 13 – Segment Information, the restructuring plans impacted both our Sleep and Respiratory Care and SaaS segments.

We did not incur material restructuring expenses during the year ended June 30, 2025.

During the year ended June 30, 2024, we recorded $ 64.2 million of restructuring related charges associated with an evaluation of our existing operations to increase operational efficiency, decrease costs and increase profitability.

Restructuring charges for the year ended June 30, 2024 are comprised of $ 28.6 million of employee severance and other one-time termination benefits, $ 33.2 million of intangible asset impairments associated with the wind down of certain

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

business activities, and $ 2.4 million of other miscellaneous asset impairments.

As of June 30, 2024, there were no restructuring expenses remaining in our accruals.

3 unchanged sentences

As of June 30, 2023, we had $ 7.8 million in restructuring expenses remaining in our accruals which were paid during the year ended June 30, 2024.

We did not incur material restructuring expenses during the year ended June 30, 2022.

PART II Item 8

14 unchanged sentences

Allowance for trade accounts receivable $ 23,259 $ 5,770 $ ( 5,426 ) $ 23,603

$ 32,138 $ 2,620 $ ( 11,499 ) $ 23,259

(1) Beginning balance is adjusted to reflect the cumulative pre-tax effect of adopting Accounting Standards Update No.

2016-13, “Financial Instruments - Credit Losses:

Measurement of Credit Losses on Financial Instruments” (Topic 326), effective July 1, 2021.

See accompanying report of independent registered public accounting firm.

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk