Item 5. Market for Registrant’s Common Equity
ITEM 5 MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is traded on the NYSE under the symbol “RMD”. As of July 31, 2025, there were 27 holders of record of our common stock, although the actual number of stockholders of our common stock is greater than this number of holders of record and many of these holders of record own shares as nominees on behalf of other beneficial owners.
Securities Authorized for Issuance Under Equity Compensation Plans
The information included under Item 12 of Part III of this Report, “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters,” is hereby incorporated by reference into this Item 5 of Part II of this Report.
Purchases of Equity Securities
The following table summarizes our purchases of common stock during the three months ended June 30, 2025:
Period Total Number of Shares Purchased Average Price Paid per Share (USD) Total Number of Shares Purchased as Part of Publicly Announced Programs Maximum Number of Shares that May Yet Be Purchased Under the Program
April 1 - 30, 2025 97,600 $ 234.98 43,604,613 11,111,400
May 1 - 31, 2025 321,134 239.98 43,925,747 10,790,266
June 1 - 30, 2025 — — 43,925,747 10,790,266
Total 418,734 $ 238.81 43,925,747 10,790,266
On February 21, 2014, our board of directors approved our current share repurchase program, authorizing us to acquire up to an aggregate of 20.0 million shares of our common stock. The program allows us to repurchase shares of our common stock from time to time for cash in the open market, or in negotiated or block transactions, as market and business conditions warrant and subject to applicable legal requirements. The share repurchase program may be accelerated, suspended, delayed or discontinued at any time at the discretion of our board of directors. All share repurchases after February 21, 2014 have been executed under this program. Since approval of the share repurchase program in 2014 through June 30, 2025, we have repurchased a total of 9.2 million shares for an aggregate of $862.7 million. As of June 30, 2025, 10.8 million additional shares can be repurchased under the approved share repurchase program.
Dividends
While we have historically paid dividends to holders of our common stock on a quarterly basis, the declaration and payment of future dividends will depend on many factors, including, but not limited to, our earnings, financial condition, business development needs and regulatory considerations, and are at the discretion of our board of directors pursuant to authority delegated to our audit committee.
PERFORMANCE GRAPH
This performance graph is furnished and shall not be deemed “filed” with the SEC or subject to Section 18 of the Exchange Act, nor shall it be deemed incorporated by reference in any of our filings under the Securities Act of 1933, as amended.
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PART II Item 5
RESMED INC. AND SUBSIDIARIES
The following graph compares the cumulative total stockholders return on our common stock from June 30, 2020 through June 30, 2025, with the comparable cumulative return of the S&P 500 index, the S&P 500 Health Care index, and the Dow Jones U.S. Select Medical Equipment index. The graph assumes that $100 was invested in our common stock and each index on June 30, 2020. In addition, the graph assumes the reinvestment of all dividends paid. The stock price performance on the following graph is not necessarily indicative of future stock price performance.
The following table shows total indexed return of stock price plus reinvestments of dividends, assuming an initial investment of $100 at June 30, 2020, for the indicated periods.
Index 2021 2022 2023 2024 2025
ResMed Inc. 129 109 114 100 136
S&P 500 139 122 144 176 200
S&P 500 Health Care 126 128 133 146 135
Dow Jones U.S. Select Medical Equipment 136 114 128 127 142
ITEM 6 SELECTED FINANCIAL DATA
The following table summarizes certain selected consolidated financial data for, and as of the end of, each of the fiscal years in the five-year period ended June 30, 2025. The data set forth below should be read together with Item 7 of Part II of this report, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 8 of Part II of this report, “Consolidated Financial Statements and Supplementary Data”, and related notes included elsewhere in this report. The consolidated statement of income data for the years ended June 30, 2025, 2024 and 2023 and the consolidated balance sheet data as of June 30, 2025 and 2024 are derived from our audited consolidated financial statements included elsewhere in this report. The consolidated statement of income data for the years ended June 30, 2022 and 2021 and the consolidated balance sheet data as of June 30, 2023, 2022 and 2021 are derived from our audited consolidated financial
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PART II Item 6
RESMED INC. AND SUBSIDIARIES
statements not included in this report. Historical results do not necessarily indicate the results to be expected in the future, and the results for the years presented should not be considered to indicate our future results of operations.
Consolidated Statement of Income Data Years Ended June 30,
(In thousands, except per share data): 2025 2024 2023 2022 2021
Net revenue $ 5,146,327 $ 4,685,297 $ 4,222,993 $ 3,578,127 $ 3,196,825
Cost of sales (exclusive of amortization shown separately below) 2,059,241 1,997,031 1,836,935 1,514,166 1,312,598
Amortization of acquired intangible assets 32,116 32,963 30,396 39,650 45,127
Total cost of sales 2,091,357 2,029,994 1,867,331 1,553,816 1,357,725
Gross profit 3,054,970 2,655,303 2,355,662 2,024,311 1,839,100
Selling, general and administrative expenses 991,019 917,136 874,003 737,508 670,387
Research and development expenses 331,284 307,525 287,642 253,575 225,284
Amortization of acquired intangible assets 45,273 46,521 42,020 31,078 31,078
Restructuring expenses — 64,228 9,177 — 8,673
Acquisition related expenses 2,031 — 10,949 1,864 —
Total operating expenses 1,369,607 1,335,410 1,223,791 1,024,025 935,422
Income from operations 1,685,363 1,319,893 1,131,871 1,000,286 903,678
Other income:
Interest expense, net 4,114 (45,708) (47,379) (22,312) (23,627)
Loss attributable to equity method investments 3,644 (1,848) (7,265) (8,486) (11,205)
Gain on insurance recoveries — — 20,227 — —
Gain (loss) on equity investments (10,299) (4,045) 9,922 (12,202) 14,515
Other, net (5,256) (3,494) (5,712) 3,197 301
Total other income (loss), net (7,797) (55,095) (30,207) (39,803) (20,016)
Income before income taxes 1,677,566 1,264,798 1,101,664 960,483 883,662
Income taxes 276,843 243,847 204,108 181,046 409,157
Net income $ 1,400,723 $ 1,020,951 $ 897,556 $ 779,437 $ 474,505
Basic earnings per share $ 9.55 $ 6.94 $ 6.12 $ 5.34 $ 3.27
Diluted earnings per share $ 9.51 $ 6.92 $ 6.09 $ 5.30 $ 3.24
Dividends per share $ 2.12 $ 1.92 $ 1.76 $ 1.68 $ 1.56
Weighted average:
Basic shares outstanding 146,716 147,021 146,765 146,066 145,313
Diluted shares outstanding 147,340 147,550 147,455 147,043 146,451
As of June 30,
Consolidated Balance Sheet Data (In thousands): 2025 2024 2023 2022 2021
Working capital $ 2,486,485 $ 1,447,064 $ 1,609,297 $ 1,242,179 $ 662,991
Total assets $ 8,174,391 $ 6,872,394 $ 6,751,708 $ 5,095,853 $ 4,728,125
Long-term debt, net $ 658,392 $ 697,313 $ 1,431,234 $ 765,325 $ 643,351
Total stockholders’ equity $ 5,967,859 $ 4,864,043 $ 4,129,903 $ 3,360,751 $ 2,885,679
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PART II Item 7
RESMED INC. AND SUBSIDIARIES
Management’s Discussion and Analysis of Financial Condition and Results of Operations