What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-01-30 compared with 2025-10-31 · 141 added, 447 removed, 695 unchanged (46% of the section changed)

3 unchanged sentences

(In US$ and in thousands, except share and per share data)

September 30,

2025 June 30,

1 unchanged sentence

Cash and cash equivalents $ 1,417,069 $ 1,209,450

Accounts receivable, net of allowances of $ 24,611 and $ 22,424 at September 30, 2025 and June 30, 2025, respectively

Accounts receivable, net of allowances of $ 29,209 and $ 22,424 at December 31, 2025 and June 30, 2025, respectively

985,634 939,492

34 unchanged sentences

Common stock, $ 0.004 par value, 350,000,000 shares authorized;

190,390,128 issued and 145,940,669 outstanding at September 30, 2025 and 190,311,097 issued and 146,385,350 outstanding at June 30, 2025

190,814,410 issued and 145,661,749 outstanding at December 31, 2025 and 190,311,097 issued and 146,385,350 outstanding at June 30, 2025

Additional paid-in capital 2,102,992 2,033,599

Retained earnings 6,647,285 6,081,490

Treasury stock, at cost, 44,448,959 shares at September 30, 2025 and 43,925,747 shares at June 30, 2025

Treasury stock, at cost, 45,152,661 shares at December 31, 2025 and 43,925,747 shares at June 30, 2025

( 2,400,298 ) ( 2,073,292 )

8 unchanged sentences

Three Months Ended

September 30,

December 31, Six Months Ended

2025 2024 2025 2024

Net revenue - Sleep and Breathing Health products

9 unchanged sentences

Amortization of acquired intangible assets - Sleep and Breathing Health products

1,415 1,230 2,835 2,440

Amortization of acquired intangible assets - Residential Care Software

6,393 6,404 12,795 12,864

Amortization of acquired intangible assets 7,808 7,634 15,630 15,304

5 unchanged sentences

Restructuring expenses (note 11)

5,935 — 21,745 —

Total operating expenses 387,064 334,032 761,348 663,940

22 unchanged sentences

Three Months Ended

September 30,

December 31, Six Months Ended

2025 2024 2025 2024

Net income $ 392,593 $ 344,622 $ 741,129 $ 655,977

26 unchanged sentences

190,390 $ 762 $ 2,062,244 ( 44,449 ) $ ( 2,223,302 ) $ 6,342,276 $ ( 60,716 ) $ 6,121,264

Common stock issued on exercise of options 55 — 9,498 — — — — 9,498

Common stock issued on vesting of restricted stock units, net of shares withheld for tax 257 1 ( 20,309 ) — — — — ( 20,308 )

Common stock issued on employee stock purchase plan 112 — 22,621 — — — — 22,621

Treasury stock purchases — — — ( 704 ) ( 176,996 ) — — ( 176,996 )

Stock-based compensation costs — — 28,938 — — 28,938

Other comprehensive income (loss) — — — — 30,853 30,853

Net income — — — 392,593 — 392,593

Dividends declared ($ 0.60 per common share)

— — — ( 87,584 ) — ( 87,584 )

Balance, December 31, 2025

190,814 $ 763 $ 2,102,992 ( 45,153 ) $ ( 2,400,298 ) $ 6,647,285 $ ( 29,863 ) $ 6,320,879

See the accompanying notes to the unaudited condensed consolidated financial statements.

24 unchanged sentences

189,662 $ 758 $ 1,924,584 ( 42,886 ) $ ( 1,823,272 ) $ 5,225,111 $ ( 132,155 ) $ 5,195,026

Common stock issued on exercise of options 63 — 6,904 — — — — 6,904

Common stock issued on vesting of restricted stock units, net of shares withheld for tax 215 2 ( 16,736 ) — — — — ( 16,734 )

Common stock issued on employee stock purchase plan 109 — 19,973 — — — — 19,973

Treasury stock purchases

— — — ( 307 ) ( 74,986 ) — — ( 74,986 )

Stock-based compensation costs — — 22,634 — — — — 22,634

Other comprehensive income (loss) — — — — — — ( 166,735 ) ( 166,735 )

Net income — — — — — 344,622 — 344,622

Dividends declared ($ 0.53 per common share)

— — — — — ( 77,695 ) — ( 77,695 )

Balance, December 31, 2024

190,049 $ 760 $ 1,957,359 ( 43,193 ) $ ( 1,898,258 ) $ 5,492,038 $ ( 298,890 ) $ 5,253,009

See the accompanying notes to the unaudited condensed consolidated financial statements.

3 unchanged sentences

(In US$ and in thousands)

Three Months Ended

September 30,

Six Months Ended

Cash flows from operating activities:

16 unchanged sentences

Patent registration and acquisition costs ( 7,351 ) ( 4,592 )

Purchases of intangible assets ( 1,479 ) —

Business acquisitions, net of cash acquired ( 522 ) ( 670 )

43 unchanged sentences

The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2026.

The condensed consolidated financial statements for the three months ended September 30, 2025 and September 30, 2024 are unaudited and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K, or Form 10-K, for the year ended June 30, 2025.

The condensed consolidated financial statements for the three and six months ended December 31, 2025 and December 31, 2024 are unaudited and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K, or Form 10-K, for the year ended June 30, 2025.

Revenue Recognition

10 unchanged sentences

Three Months Ended

September 30,

December 31, Six Months Ended

2025 2024 2025 2024

U.S., Canada and Latin America

30 unchanged sentences

The following table summarizes our contract balances (in thousands):

September 30,

2025 June 30,

39 unchanged sentences

When lease contracts also include the sale of masks and accessories, we allocate contract consideration to those items on a relative standalone price basis and recognize revenue when control transfers to the customer.

Operating lease revenue was $ 25.8 million for the three months ended September 30, 2025 and $ 24.5 million for the three months ended September 30, 2024.

Operating lease revenue was $ 25.3 million and $ 51.1 million for the three and six months ended December 31, 2025, respectively, and $ 24.1 million and $ 48.6 million for the three and six months ended December 31, 2024, respectively.

PART I – FINANCIAL INFORMATION Item 1

2 unchanged sentences

Cash and Cash Equivalents

Our cash and cash equivalents balance at September 30, 2025 and June 30, 2025 includes $ 406.7 million and $ 302.7 million, respectively, in institutional money market accounts held at highly rated institutions that require advance notice of up to 90 days for redemption, in accordance with the terms of the investment agreements.

Our cash and cash equivalents balance at December 31, 2025 and June 30, 2025 includes $ 460.9 million and $ 302.7 million, respectively, in institutional money market accounts held at highly rated institutions that require advance notice of up to 90 days for redemption, in accordance with the terms of the investment agreements.

Recently Issued Accounting Standards Not Yet Adopted

ASU 2025-11 Interim Reporting (Topic 270):

Narrow-Scope Improvements

In December 2025, the Financial Accounting Standards Board, or FASB, issued ASU No.

2025-11, "Interim Reporting (Topic 270):

Narrow-Scope Improvements," to improve the navigability of the guidance in ASC Topic 270 and clarify when the guidance applies, including the form and content of interim financial statements and the interim disclosures required under GAAP, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity.

ASU 2025-11 is effective for us beginning in the first quarter of the fiscal year ending June 30, 2029.

Early adoption is permitted and the amendments may be 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.

ASU 2025-10 Government Grants (Topic 832):

Accounting for Government Grants Received by Business Entities

In December 2025, the FASB issued ASU No.

2025-10, "Government Grants (Topic 832):

Accounting for Government Grants Received by Business Entities," to establish authoritative guidance in GAAP on the recognition, measurement, presentation, and disclosure for government grants received by business entities.

This ASU defines a government grant, establishes when and how a grant related to an asset or income is recognized and measured, and includes presentation and disclosure requirements.

ASU 2025-10 is effective for us beginning in the first quarter of the fiscal year ending June 30, 2030.

Early adoption is permitted and the amendments may be applied using a modified prospective, modified retrospective or full retrospective transition method.

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

ASU 2025-09 Derivatives and Hedging (Topic 815):

Hedge Accounting Improvements

In November 2025, the FASB issued ASU No.

2025-09, "Derivatives and Hedging (Topic 815):

Hedge Accounting Improvements," which amends existing guidance to clarify and enhance the hedge accounting guidance in ASC Topic 815 and better align hedge accounting with the economics of an entity’s risk management strategies.

ASU 2025-09 is effective for us beginning in the first quarter of the fiscal year ending June 30, 2028.

Early adoption is permitted and the amendments should be applied prospectively.

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

ASU 2025-06 Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40):

8 unchanged sentences

Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses for Accounts Receivable and Contract Assets," providing all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606.

In July 2025, the FASB issued ASU No.

2025-05, "Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses for Accounts Receivable and Contract Assets," providing all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606.

ASU 2025-05 is effective for us beginning in the first quarter of the fiscal year ending June 30, 2027.

Early adoption is permitted and entities should apply the practical expedient, if elected, prospectively to financial statements issued for reporting periods after the effective date.

Early adoption is permitted and entities should apply the practical expedient, if elected, prospectively to financial

PART I – FINANCIAL INFORMATION Item 1

AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements

statements issued for reporting periods after the effective date.

We are currently evaluating the impact of electing the practical expedient and the impact it may have on our consolidated financial statements and disclosures.

13 unchanged sentences

Improvements to Income Tax Disclosures," which updates income tax disclosure requirements primarily by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid.

This ASU is applicable to our Annual Report on Form 10-K for the fiscal year ended June 30, 2026, with early application permitted.

This ASU is applicable to our Annual Report on Form 10-K for the fiscal year ended June 30, 2026.

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

1 unchanged sentence

We have quantitatively and qualitatively determined that we operate in two operating segments, which are the Sleep and Breathing Health segment and the Residential Care Software segment.

PART I – FINANCIAL INFORMATION Item 1

AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements

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).

11 unchanged sentences

Three Months Ended

September 30,

December 31, Six Months Ended

2025 2024 2025 2024

Net revenue by segment

31 unchanged sentences

Loss on equity investments

( 306 ) 1,439 5,884 2,119

Other, net 5,282 ( 2,216 ) 9,117 219

5 unchanged sentences

Total $ 49,885 $ 46,439 $ 97,583 $ 91,169

(1) During the three and six months ended December 31, 2025, we recorded $ 2.7 million of operating lease right-of-use asset impairments within our Residential Care Software segment.

The impairments related to a lease for office space and was recorded within selling, general, and administrative expenses.

PART I – FINANCIAL INFORMATION Item 1

3 unchanged sentences

Components of selected captions in the condensed consolidated balance sheets consisted of the following (in thousands):

Inventories September 30,

Inventories December 31,

2025 June 30,

3 unchanged sentences

Total inventories $ 922,045 $ 927,711

Prepaid expenses and other current assets September 30,

Prepaid expenses and other current assets December 31,

2025 June 30,

4 unchanged sentences

Total prepaid expenses and other current assets $ 494,053 $ 428,952

Property, Plant and Equipment September 30,

Property, Plant and Equipment December 31,

2025 June 30,

2 unchanged sentences

Property, plant and equipment, net $ 564,254 $ 550,790

Other Intangible Assets September 30,

Other Intangible Assets December 31,

2025 June 30,

12 unchanged sentences

A reconciliation of changes in our goodwill by reportable segment is as follows (in thousands):

Three Months Ended September 30, 2025

Six Months Ended December 31, 2025

Sleep and Breathing Health

20 unchanged sentences

Equity investments by measurement category were as follows (in thousands):

Measurement category September 30,

Measurement category December 31,

2025 June 30,

7 unchanged sentences

The following tables show a reconciliation of the changes in our equity investments (in thousands):

Three Months Ended September 30, 2025

Six Months Ended December 31, 2025

Non-marketable securities Marketable securities Equity method investments Total

1 unchanged sentence

Additions to investments 5,022 1,000 382 6,404

Proceeds from exits of investments ( 2,752 ) — — ( 2,752 )

Impairment of investments ( 1,128 ) — — ( 1,128 )

4 unchanged sentences

Carrying value at the end of the period $ 64,781 $ 9,324 $ 79,363 $ 153,468

Three Months Ended September 30, 2024

Six Months Ended December 31, 2024

Non-marketable securities Marketable securities Equity method investments Total

10 unchanged sentences

Gain attributable to equity method investments

— — 2,040 2,040

Foreign currency translation adjustments

1 unchanged sentence

Carrying value at the end of the period $ 66,455 $ 14,777 $ 65,737 $ 146,969

Net unrealized losses recognized for equity investments in non-marketable and marketable securities held as of September 30, 2025 for the three months ended September 30, 2025 were $ 6.2 million.

Net unrealized losses recognized for equity investments in non-marketable and marketable securities held as of September 30, 2024 for the three months ended September 30, 2024 were $ 1.1 million.

Net unrealized gains recognized for equity investments in non-marketable and marketable securities held as of December 31, 2025 for the three months ended December 31, 2025 were $ 0.3 million.

Net unrealized losses recognized for equity investments in non-marketable and marketable securities held as of December 31, 2025 for the six months ended December 31, 2025 were $ 5.9 million.

Net unrealized losses recognized for equity investments in non-marketable and marketable securities held as of December 31, 2024 for the three and six months ended December 31, 2024 were $ 1.4 million and $ 2.5 million, respectively.

(6) Income Taxes

10 unchanged sentences

Debt consisted of the following (in thousands):

September 30,

2025 June 30,

7 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.

8 unchanged sentences

The outstanding principal amounts will bear interest at a rate equal to the Adjusted Term SOFR (as defined in the Revolving Credit Agreement) plus 0.75 % to 1.50 % (depending on the then-applicable leverage ratio) or the Base Rate (as defined in the Revolving Credit Agreement and the Term Credit Agreement, as applicable) plus 0.0 % to 0.50 % (depending on the then-applicable leverage ratio).

At September 30, 2025, the interest rate that was being charged on the outstanding principal amounts was 4.9 %.

At December 31, 2025, the interest rate that was being charged on the outstanding principal amounts was 4.5 %.

An applicable commitment fee of 0.075 % to 0.150 % (depending on the then-applicable leverage ratio)

3 unchanged sentences

applies on the unused portion of the revolving credit facility.

As of September 30, 2025, we had $ 1,500.0 million available for draw down under the revolving credit facility.

As of December 31, 2025, we had $ 1,500.0 million available for draw down under the revolving credit facility.

We are required to disclose the fair value of financial instruments for which it is practicable to estimate the value, even though these instruments are not recognized at fair value in the consolidated balance sheets.

As the Revolving Credit and Term Credit Agreements’ interest rate is calculated as Adjusted Term SOFR plus the spreads described above, its carrying amount is equivalent to its fair value as at September 30, 2025 and June 30, 2025, which was $ 170.0 million for both periods.

On July 10, 2019, we entered into a Note Purchase Agreement with the purchasers to that agreement, in connection with the issuance and sale of $ 250.0 million principal amount of our 3.24 % senior notes due July 10, 2026, and $ 250.0 million principal amount of our 3.45 % senior notes due July 10, 2029 (collectively referred to as the “Senior Notes”).

As the Revolving Credit and Term Credit Agreements’ interest rate is calculated as Adjusted Term SOFR plus the spreads described above, its carrying amount is equivalent to its fair value as at December 31, 2025 and June 30, 2025, which was $ 165.0 million and $ 170.0 million, respectively.

Our obligations under the Note Purchase Agreement and the Senior Notes are unconditionally and irrevocably guaranteed by certain of our direct and indirect U.S.

5 unchanged sentences

As of September 30, 2025 and June 30, 2025, the Senior Notes had a carrying amount of $ 500.0 million, excluding deferred borrowing costs, and an estimated fair value of $ 485.7 million and $ 479.5 million, respectively.

As of December 31, 2025 and June 30, 2025, the Senior Notes had a carrying amount of $ 500.0 million, excluding deferred borrowing costs, and an estimated fair value of $ 485.3 million and $ 479.5 million, respectively.

Quoted market prices in active markets for similar liabilities based inputs (Level 2) were used to estimate fair value.

At September 30, 2025, we were in compliance with our debt covenants and there was $ 670.0 million outstanding under the Revolving Credit Agreement, Term Credit Agreement and Senior Notes.

At December 31, 2025, we were in compliance with our debt covenants and there was $ 665.0 million outstanding under the Revolving Credit Agreement, Term Credit Agreement and Senior Notes.

(8) Earnings Per Share

1 unchanged sentence

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 33,990 and 159,055 for the three months ended September 30, 2025 and 2024, respectively, as the effect would have been anti-dilutive.

The weighted average number of outstanding stock options and restricted stock units not included in the computation of diluted earnings per share were 87,318 and 175,118 for the three months ended December 31, 2025 and 2024, respectively, and 42,405 and 289,854 for the six months ended December 31, 2025 and 2024, respectively, as the effect would have been anti-dilutive.

PART I – FINANCIAL INFORMATION Item 1

3 unchanged sentences

Three Months Ended

September 30,

December 31, Six Months Ended

2025 2024 2025 2024

Net income $ 392,593 $ 344,622 $ 741,129 $ 655,977

21 unchanged sentences

On August 8, 2025, the Court of Appeals for the Federal Circuit affirmed the PTAB decisions invalidating each of the challenged claims in each of the NYU patents asserted against us.

On November 12, 2025, the District of Delaware case was dismissed with prejudice.

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.

55 unchanged sentences

The complaint seeks monetary damages, a permanent injunction, and attorneys’ fees.

Resmed has not yet filed its legal response to the complaint.

On December 3, 2025, the Patent Office instituted Inter Partes Review proceedings against U.S.

11,031,677 based on a petition filed by another defendant.

On January 2, 2026, we filed a petition and motion to join the instituted Inter Partes Review proceeding.

On January 5, 2026, we moved to dismiss the action because Fractus failed, among other bases, to allege how ResMed Inc.

practices any claims of the asserted patents.

On November 5, 2025, Cleveland Medical filed suit for patent infringement against Resmed in the United States District Court for the District of Delaware, case no.

1:25-cv-1351.

Cleveland Medical asserts that the ApneaLink Air device, in combination with the AirView Cloud Platform and ApneaLink software, and the Phillips Respironics’ Alice NightOne device, in combination with our subsidiary VirtuOx’s software platform Sleepifi, infringe one or more of six Cleveland Medical patents, including U.S.

and 11,234,637.

The complaint is centered on VirtuOx’s use and sales of the above-listed accused products.

On January 15, 2026, we moved to dismiss the action because Cleveland Medical sued the wrong Resmed entity, did not and cannot join a necessary party, and is engaging in improper claim splitting, and further moved to dismiss the indirect and willful infringement allegations by Cleveland Medical.

In December 2025, Resmed learned of the unsealing of an alleged whistleblower complaint filed on February 24, 2021, in the United States District Court of the Eastern District of Pennsylvania, by Veteran Marketing LLC, on behalf of the United States, case no.

2:21-cv-00853-WB, against Respironics, Inc, Koninklijke Philips N.V., First Nation Group, LLC f/k/a Jordan Reses Supply Company LLC, or First Nation, Fisher & Paykel Healthcare, Inc., ResMed Inc., Paul Evans, Eric Pauls, and John Doe Entities 1-25, alleging an action under the False Claims Act based on an alleged conspiracy to use First Nation to overcharge the United States on sales of CPAP products to the Veterans Administration.

The complaint was unsealed after the United States declined to intervene and take on the case.

We have not been served with the complaint.

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.

PART I – FINANCIAL INFORMATION Item 1

AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements

Contingent Obligations Under Recourse Provisions

4 unchanged sentences

This is applied to receivables sold with recourse and is recorded in accrued expenses.

During the three months ended September 30, 2025 and September 30, 2024, receivables sold with limited recourse were $ 46.1 million and $ 51.5 million, respectively.

As of September 30, 2025, the maximum exposure on outstanding receivables sold with recourse and the associated contingent provision were $ 25.5 million and $ 0.7 million, respectively.

During the six months ended December 31, 2025 and December 31, 2024, receivables sold with limited recourse were $ 102.1 million and $ 104.8 million, respectively.

As of December 31, 2025, the maximum exposure on outstanding receivables sold with recourse and the associated contingent provision were $ 27.3 million and $ 0.8 million, respectively.

As of June 30, 2025, the maximum exposure on outstanding receivables sold with recourse and contingent provision were $ 34.1 million and $ 0.7 million, respectively.

3 unchanged sentences

We do not require or are not required to pledge collateral for the derivative instruments.

PART I – FINANCIAL INFORMATION Item 1

AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements

Fair Value and Net Investment Hedging

10 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 $ 1,124.7 million and $ 1,128.3 million at September 30, 2025 and June 30, 2025, respectively.

The notional value of outstanding foreign cross-currency swaps was $ 1,124.9 million and $ 1,128.3 million at December 31, 2025 and June 30, 2025, respectively.

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

5 unchanged sentences

The purpose of this hedging program is to economically manage the financial impact of foreign currency exposures denominated mainly in Euros, and Australian and Singapore dollars.

Under this program, increases or decreases in our foreign currency denominated financial assets, liabilities, and firm commitments are partially offset by gains and losses on the hedging instruments.

Under this program, increases or decreases in our foreign currency denominated financial assets, liabilities, and firm commitments are partially offset by

PART I – FINANCIAL INFORMATION Item 1

AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements

gains and losses on the hedging instruments.

We do not designate these foreign currency contracts as hedges.

All movements in the fair value of the foreign currency instruments are recorded within other, net in our condensed consolidated statements of income.

The notional value of the outstanding non-designated hedges was $ 1,852.8 million and $ 1,410.2 million at September 30, 2025 and June 30, 2025, respectively.

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

The notional value of the outstanding non-designated hedges was $ 1,794.0 million and $ 1,410.2 million at December 31, 2025 and June 30, 2025, respectively.

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

Fair Values of Derivative Instruments

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

PART I – FINANCIAL INFORMATION Item 1

AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements

September 30,

2025 June 30,

1 unchanged sentence

Derivative Assets

Designated as Hedging Instruments

Foreign cross-currency swaps – Fair Value Hedge $ — $ — Prepaid taxes and other non-current assets

Foreign cross-currency swaps – Net Investment Hedge — — Prepaid taxes and other non-current assets

Not Designated as Hedging Instruments

Foreign currency hedging instruments 8,070 6,810 Prepaid taxes and other non-current assets

Foreign currency hedging instruments $ 7,517 $ 6,810 Prepaid taxes and other current assets

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

11 unchanged sentences

Three Months Ended

September 30,

December 31, Six Months Ended

2025 2024 2025 2024

Gain (loss) recognized in other comprehensive income (loss) $ 270 $ 1,657 $ 69 $ 2,086

5 unchanged sentences

Three Months Ended

September 30,

December 31, Six Months Ended

2025 2024 2025 2024

Gain (loss) recognized in cumulative translation adjustment within other comprehensive income (loss) $ 131 $ 55,049 $ 2,421 $ 26,313

6 unchanged sentences

Three Months Ended

September 30,

December 31, Six Months Ended

2025 2024 2025 2024

Gain (loss) recognized on foreign currency hedging instruments in other, net $ ( 4,559 ) $ ( 46,228 ) $ ( 14,529 ) $ ( 3,445 )

5 unchanged sentences

(11) Restructuring Expenses

During the three months ended September 30, 2025, we recorded $ 15.8 million of restructuring related charges for employee severance and one-time termination benefits associated with workforce planning activities.

During the three and six months ended December 31, 2025, we recorded $ 5.9 million and $ 21.7 million of restructuring related charges, respectively, for employee severance and one-time termination benefits associated with workforce planning activities.

Although the costs associated with the restructuring plan have not been allocated to our business segments' results in Note 2 - Segment Information, the restructuring plan impacted both our Sleep and Breathing Health and Residential Care Software segments.

We had $ 11.7 million remaining in our accruals at September 30, 2025.

We had $ 6.0 million remaining in our accruals at December 31, 2025.

We do not expect any remaining expense under existing one-time termination benefit arrangements to be material.

We did not record any restructuring expenses during the three months ended September 30, 2024.

PART I – FINANCIAL INFORMATION Item 2

AND SUBSIDIARIES

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Special Note Regarding Forward-Looking Statements

This report contains or may contain certain forward-looking statements and information that are based on the beliefs of our management as well as estimates and assumptions made by, and information currently available to, our management.

All statements other than statements regarding historical facts are forward-looking statements.

The words “believe,” “expect,” “intend,” “anticipate,” “will continue,” “will,” “estimate,” “plan,” “future” and other similar expressions, and negative statements of such expressions, generally identify forward-looking statements, including, in particular, statements regarding expectations of future revenue or earnings, expenses, new product development, new product launches, new markets for our products, the integration of acquisitions, our supply chain, domestic and international regulatory developments, litigation, tax outlook, and the expected impact of macroeconomic conditions on our business.

These forward-looking statements are made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

You are cautioned not to place undue reliance on these forward-looking statements.

Forward-looking statements reflect the views of our management at the time the statements are made and are subject to a number of risks, uncertainties, estimates and assumptions, including, without limitation, and in addition to those identified in the text surrounding such statements, those identified in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025 and elsewhere in this report.

Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information.

Unless otherwise expressly stated, we obtained this industry, business, market, and other data from reports, research surveys, studies, and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data, and similar sources.

In addition, important factors to consider in evaluating such forward-looking statements include changes or developments in healthcare reform, social, macroeconomic, market, legal or regulatory circumstances, including the impact of public health crises;

changes in our business or growth strategy or an inability to execute our strategy due to changes in our industry or the economy generally, the emergence of new or growing competitors, disruptions and delays in the supply chain, the actions or omissions of third parties, including suppliers, customers, competitors and governmental authorities, geopolitical and economic conditions in foreign jurisdictions impacting our business, including new or increased tariffs, and various other factors.

If any one or more of these risks or uncertainties materialize, or underlying estimates or assumptions prove incorrect, actual results may vary significantly from those expressed in our forward-looking statements, and there can be no assurance that the forward-looking statements contained in this report will in fact occur.

Before deciding to purchase, hold or sell our common stock, you should carefully consider the risks described in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, in addition to the other cautionary statements and risks described elsewhere in this report and in our other filings with the Securities and Exchange Commission, or the SEC, including our subsequent reports on Forms 10-Q and 8-K.

These risks and uncertainties are not the only ones we face.

Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our business.

If any of these known or unknown risks or uncertainties actually occurs with material adverse effects on us, our business, financial condition and results of operations could be seriously harmed.

In that event, the market price for our common stock will likely decline and you may lose all or part of your investment.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following is an overview of our results of operations for the three months ended September 30, 2025.

Management’s discussion and analysis of financial condition and results of operations, or the MD&A, is intended to help the reader understand our results of operations and financial condition.

It is provided as a supplement to, and should be read in conjunction with, the condensed consolidated financial statements and notes included in this report.

We are a global leader in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered breathing, or SDB, chronic obstructive pulmonary disease, neuromuscular disease and other chronic diseases.

SDB includes obstructive sleep apnea and other respiratory disorders that occur during sleep.

Our products and solutions are designed to improve patient quality of life, reduce the impact of chronic disease and lower healthcare costs as global healthcare systems continue to drive a shift in care from hospitals to the home and lower cost settings.

Our digital cloud-based health software applications, along with our devices, are designed to provide connected care to improve patient outcomes and efficiencies for our customers.

Since the development of continuous positive airway pressure therapy, we have expanded our business by developing or acquiring a number of products and solutions for a broader range of respiratory disorders including technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes and customer and provider business processes.

Our growth has been fueled by geographic expansion, our research and product development efforts, acquisitions and an increasing awareness of SDB and respiratory conditions like chronic obstructive pulmonary disease as significant health concerns.

We are committed to ongoing investment in research and development and product enhancements.

During the three months ended September 30, 2025, we invested $87.3 million on research and development activities, which represents 6.5% of net revenues, with a continued focus on the development and commercialization of new, innovative products and solutions that improve patient outcomes, create efficiencies for our customers and help physicians and providers better manage chronic disease and lower healthcare costs.

For example, our newest device, AirSense 11, introduced new features such as a touch screen, algorithms for patients new to therapy, digital enhancements, and over-the-air update capabilities.

Our operations include 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.

These platforms comprise our Residential Care Software business and, along with our cloud-based remote monitoring and therapy management system, and a robust product pipeline, these products should continue to provide us with a strong platform for future growth.

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 software as a service to out-of-hospital health providers, or Residential Care Software.

Net revenue for the three months ended September 30, 2025 was $1.3 billion, an increase of 9% compared to the three months ended September 30, 2024.

Gross margin was 61.5% for the three months ended September 30, 2025 compared to 58.6% for the three months ended September 30, 2024.

Diluted earnings per share was $2.37 for the three months ended September 30, 2025, compared to diluted earnings per share of $2.11 for the three months ended September 30, 2024.

At September 30, 2025, our cash and cash equivalents totaled $1.4 billion, our total assets were $8.3 billion and our stockholders’ equity was $6.1 billion.

In order to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency fluctuations, we provide certain financial information on a “constant currency” basis, which is in addition to the actual financial information presented.

In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period.

However, constant currency measures should not be considered in isolation or as an alternative to U.S.

dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with accounting principles generally accepted in the United States, or GAAP.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

Results of Operations

Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

Net revenue for the three months ended September 30, 2025 increased to $1,335.6 million from $1,224.5 million for the three months ended September 30, 2024, an increase of $111.1 million or 9% (an 8% increase on a constant currency basis).

The following table summarizes our net revenue disaggregated by segment, product and region (in thousands):

Three Months Ended

September 30, % Change Constant Currency*

U.S., Canada and Latin America

Devices $ 413,438 $ 384,530 8 %

Masks and other 361,316 322,776 12

Total U.S., Canada and Latin America $ 774,754 $ 707,306 10

Combined Europe, Asia and other markets

Devices $ 266,872 $ 241,255 11 % 7 %

Masks and other 127,820 119,176 7 4

Total Combined Europe, Asia and other markets $ 394,692 $ 360,431 10 6

Global revenue

Total Devices $ 680,310 $ 625,785 9 % 7 %

Total Masks and other 489,136 441,952 11 10

Total Sleep and Breathing Health

$ 1,169,446 $ 1,067,737 10 8

Residential Care Software

166,136 156,772 6 5

Total $ 1,335,582 $ 1,224,509 9 8

* Constant currency numbers exclude the impact of movements in international currencies.

Sleep and Breathing Health

Net revenue from our Sleep and Breathing Health business for the three months ended September 30, 2025 was $1,169.4 million, an increase of 10% compared to net revenue for the three months ended September 30, 2024.

Movements in international currencies against the U.S.

dollar positively impacted net revenue by approximately $15.6 million for the three months ended September 30, 2025.

Excluding the impact of currency movements, total Sleep and Breathing Health net revenue for the three months ended September 30, 2025 increased by 8% compared to the three months ended September 30, 2024.

The increase in net revenue associated with our devices and masks was primarily attributable to increased demand and unit sales.

Net revenue from our Sleep and Breathing Health business in the U.S., Canada and Latin America for the three months ended September 30, 2025 increased to $774.8 million from $707.3 million for the three months ended September 30, 2024, an increase of $67.4 million or 10%.

The increase in net revenue associated with our devices and masks was primarily attributable to increased demand and unit sales.

Net revenue from our Sleep and Breathing Health business in combined Europe, Asia and other markets increased for the three months ended September 30, 2025 to $394.7 million from $360.4 million for the three months ended September 30, 2024, an increase of $34.3 million or 10% (a 6% increase on a constant currency basis).

The constant currency increase in device and mask sales in combined Europe, Asia and other was primarily attributable to increased demand and unit sales.

Net revenue from devices for the three months ended September 30, 2025 increased to $680.3 million from $625.8 million for the three months ended September 30, 2024, an increase of $54.5 million or 9%, including an increase of 8% in the U.S., Canada and Latin America and an increase of 11% in combined Europe, Asia and other markets (a 7% increase on a constant currency basis).

Excluding the impact of foreign currency movements, device sales for the three months ended September 30, 2025 increased by 7%.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

Net revenue from masks and other for the three months ended September 30, 2025 increased to $489.1 million from $442.0 million for the three months ended September 30, 2024, an increase of $47.2 million or 11%, including an increase of 12% in the U.S., Canada and Latin America and an increase of 7% in combined Europe, Asia and other markets (a 4% increase on a constant currency basis).

Excluding the impact of foreign currency movements, masks and other sales for the three months ended September 30, 2025 increased by 10%.

Residential Care Software

Net revenue from our Residential Care Software business for the three months ended September 30, 2025 increased to $166.1 million from $156.8 million for the three months ended September 30, 2024, an increase of $9.4 million or 6% (a 5% increase on a constant currency basis).

The increase was predominantly due to strong growth in the MEDIFOX DAN business vertical, partially offset by weaker performance in our Senior Living and Long-Term Care business vertical.

Gross Profit and Gross Margin

Gross profit increased for the three months ended September 30, 2025 to $820.8 million from $717.2 million for the three months ended September 30, 2024, an increase of $103.6 million or 14%.

Gross margin, which is gross profit as a percentage of net revenue, for the three months ended September 30, 2025 was 61.5% compared to 58.6% for the three months ended September 30, 2024.

The increase in gross margin for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was due primarily to manufacturing and logistics efficiencies and component cost improvements.

Operating Expenses

The following table summarizes our operating expenses (in thousands):

Three Months Ended

September 30, Change % Change Constant Currency

Selling, general, and administrative $ 259,194 $ 238,979 $ 20,215 8 % 7 %

as a % of net revenue 19.4 % 19.5 %

Research and development $ 87,323 $ 79,524 $ 7,799 10 % 10 %

as a % of net revenue 6.5 % 6.5 %

Amortization of acquired intangible assets $ 11,956 $ 11,404 $ 552 5 % 2 %

Selling, General, and Administrative Expenses

Selling, general, and administrative expenses increased for the three months ended September 30, 2025 to $259.2 million from $239.0 million for the three months ended September 30, 2024, an increase of $20.2 million or 8%.

Selling, general, and administrative expenses were unfavorably impacted by the movement of international currencies against the U.S.

dollar, which increased our expenses by approximately $3.5 million, as reported in U.S.

Excluding the impact of foreign currency movements, selling, general, and administrative expenses for the three months ended September 30, 2025 increased by 7% compared to the three months ended September 30, 2024.

As a percentage of net revenue, selling, general, and administrative expenses were 19.4% for the three months ended September 30, 2025, compared to 19.5% for the three months ended September 30, 2024.

The constant currency increase in selling, general, and administrative expenses during the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was primarily due to additional expenses associated with our VirtuOx acquisition during the three months ended June 30, 2025 and employee-related costs, in addition to marketing and technology investments.

Research and Development Expenses

Research and development expenses increased for the three months ended September 30, 2025 to $87.3 million from $79.5 million for the three months ended September 30, 2024, an increase of $7.8 million, or 10%.

Research and development expenses were minimally impacted by the movement of international currencies against the U.S.

As a percentage of net revenue, research and development expenses were 6.5% for the three months ended September 30, 2025 and 2024.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

The increase in research and development expenses during the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was primarily due to increases in employee-related costs.

Amortization of Acquired Intangible Assets

Amortization of acquired intangible assets for the three months ended September 30, 2025 totaled $12.0 million compared to $11.4 million for the three months ended September 30, 2024.

Restructuring Expenses

During the three months ended September 30, 2025, we recorded $15.8 million of restructuring related charges for employee severance and one-time termination benefits associated with workforce planning activities.

We did not record any restructuring expenses during the three months ended September 30, 2024.

Total Other Income (Loss), Net

The following table summarizes our other income (loss) (in thousands):

Three Months Ended

September 30,

2025 2024 Change

Interest income (expense), net

$ 8,793 $ (1,661) $ 10,454

Gain (loss) attributable to equity method investments 1,489 963 526

Gain (loss) on equity investments (6,190) (680) (5,510)

Other, net (3,836) (2,437) (1,399)

Total other income (loss), net $ 256 $ (3,815) $ 4,071

Total other income (loss), net for the three months ended September 30, 2025 was income of $0.3 million compared to a loss of $3.8 million for the three months ended September 30, 2024.

We recorded interest income, net of $8.8 million for the three months ended September 30, 2025 compared to interest expense, net of $1.7 million for the three months ended September 30, 2024 due to lower debt levels following repayments on our revolving credit facility.

Interest income, net was partially offset by a loss associated with our equity investments of $6.2 million for the three months ended September 30, 2025 compared to a loss of $0.7 million for the three months ended September 30, 2024.

Our effective income tax rate for the three months ended September 30, 2025 was 22.0%, as compared to 18.8% for the three months ended September 30, 2024.

Our effective rate of 22.0% for the three months ended September 30, 2025 differs from the statutory rate of 21.0% primarily due to foreign operations and research credits.

The increase in our effective tax rate for the three months ended September 30, 2025 was primarily due to the impact of global minimum taxes implemented in accordance with Pillar Two and a shift in our global mix of earnings.

Our Singapore operations operate under certain tax holidays and tax incentive programs that will expire in whole or in part at various dates through June 30, 2030.

As a result of the U.S.

Tax Cuts and Jobs Act of 2017, we treated all non-U.S.

historical earnings as taxable during the year ended June 30, 2018.

Therefore, future repatriation of cash held by our non-U.S.

subsidiaries will generally not be subject to U.S.

federal tax, if repatriated.

The Organization of Economic Co-operation and Development, or the OECD, and the G20 Inclusive Framework on Base Erosion and Profit Shifting, or the Inclusive Framework, has put forth two proposals—Pillar One and Pillar Two—that (i) revise the existing profit allocation and nexus rules and (ii) ensure a minimal level of taxation, respectively.

Effective in our fiscal year beginning July 1, 2024, various jurisdictions in which we operate began implementing the global minimum tax prescribed under Pillar Two.

Pillar Two legislation in effect as of September 30, 2025 has been incorporated into our condensed consolidated financial statements.

On June 28, 2025, the G7 issued a joint statement in which its members agreed that Pillar Two will operate alongside the U.S.

system of tax and proposed that U.S.-parented multinational groups would not be subject to the income inclusion rules and undertaxed profits rules of Pillar Two.

The remaining OECD countries are likely to consider changes to existing and

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

proposed tax laws to align with the recommendations and guidelines proposed by G7.

We are continuing to evaluate the potential impacts of the Inclusive Framework for future periods.

Net Income and Earnings per Share

As a result of the factors above, our net income for the three months ended September 30, 2025 was $348.5 million compared to $311.4 million for the three months ended September 30, 2024, an increase of $37.2 million, or 12%.

Our diluted earnings per share for the three months ended September 30, 2025 was $2.37 per diluted share compared to $2.11 for the three months ended September 30, 2024, an increase of $0.26, or 12%.

Summary of Non-GAAP Financial Measures

In addition to financial information prepared in accordance with GAAP, our management uses certain non-GAAP financial measures, such as non-GAAP revenue, non-GAAP cost of sales, non-GAAP gross profit, non-GAAP gross margin, non-GAAP income from operations, non-GAAP net income, and non-GAAP diluted earnings per share, in evaluating the performance of our business.

We believe that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide investors better insight when evaluating our performance from core operations and can provide more consistent financial reporting across periods.

For these reasons, we use non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods.

These non-GAAP financial measures should be considered in addition to, and not superior to or as a substitute for, GAAP financial measures.

We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

Non-GAAP financial measures as presented herein may not be comparable to similarly titled measures used by other companies.

The measure “non-GAAP cost of sales” is equal to GAAP cost of sales less amortization of acquired intangible assets relating to cost of sales.

The measure “non-GAAP gross profit” is the difference between GAAP net revenue and non-GAAP cost of sales, and “non-GAAP gross margin” is the ratio of non-GAAP gross profit to GAAP net revenue.

These non-GAAP measures are reconciled to their most directly comparable GAAP financial measures below (in thousands, except percentages):

Three Months Ended

September 30,

GAAP Net revenue $ 1,335,582 $ 1,224,509

GAAP Cost of sales $ 514,762 $ 507,290

Amortization of acquired intangibles

(7,821) (7,670)

Non-GAAP cost of sales $ 506,941 $ 499,620

GAAP gross profit $ 820,820 $ 717,219

GAAP gross margin 61.5 % 58.6 %

Non-GAAP gross profit $ 828,641 $ 724,889

Non-GAAP gross margin 62.0 % 59.2 %

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

The measure “non-GAAP income from operations” is equal to GAAP income from operations once adjusted for amortization of acquired intangibles and restructuring expenses.

Non-GAAP income from operations is reconciled with GAAP income from operations below (in thousands):

Three Months Ended

September 30,

GAAP income from operations $ 446,537 $ 387,312

Amortization of acquired intangibles - cost of sales 7,821 7,670

Amortization of acquired intangibles - operating expenses 11,956 11,404

Restructuring expenses 15,810 —

Non-GAAP income from operations $ 482,124 $ 406,386

The measure “non-GAAP net income” is equal to GAAP net income once adjusted for amortization of acquired intangibles, restructuring expenses and associated tax effects.

The measure “non-GAAP diluted earnings per share” is the ratio of non-GAAP net income to diluted shares outstanding.

These non-GAAP measures are reconciled to their most directly comparable GAAP financial measures below (in thousands, except for per share amounts):

Three Months Ended

September 30,

GAAP net income $ 348,536 $ 311,355

Amortization of acquired intangibles - cost of sales 7,821 7,670

Amortization of acquired intangibles - operating expenses 11,956 11,404

Restructuring expenses 15,810 —

Income tax effect on non-GAAP adjustments (9,248) (5,071)

Non-GAAP net income $ 374,875 $ 325,358

Diluted shares outstanding 146,899 147,599

GAAP diluted earnings per share $ 2.37 $ 2.11

Non-GAAP diluted earnings per share $ 2.55 $ 2.20

Liquidity and Capital Resources

Our principal sources of liquidity are our existing cash and cash equivalents, cash generated from operations and access to our revolving credit facility.

Our primary uses of cash have been for research and development activities, selling and marketing activities, capital expenditures, strategic acquisitions and investments, dividend payments, share repurchases and repayment of debt obligations.

We expect that cash provided by operating activities may fluctuate in future periods as a result of several factors, including fluctuations in our operating results, which include impacts from supply chain disruptions, working capital requirements and capital deployment decisions.

Our future capital requirements will depend on many factors including our growth rate in net revenue, third-party reimbursement of our products for our customers, the timing and extent of spending to support research development efforts, the expansion of selling, general and administrative activities, the timing of introductions of new products, and the expenditures associated with possible future acquisitions, investments or other business combination transactions.

As we assess inorganic growth strategies, we may need to supplement our internally generated cash flow with outside sources.

If we are required to access the debt market, we believe that we will be able to secure reasonable borrowing rates.

As part of our liquidity strategy, we will continue to monitor our current level of earnings and cash flow generation as well as our ability to access the market considering those earning levels.

As of September 30, 2025 and June 30, 2025, we had cash and cash equivalents of $1,383.8 million and $1,209.5 million, respectively.

Our cash and cash equivalents held within the U.S.

at September 30, 2025 and June 30, 2025 were $696.7 million and $555.0 million, respectively.

Our remaining cash and cash equivalent balances at September 30, 2025 and June 30, 2025, were $687.1 million and $654.5 million, respectively.

Our cash and cash equivalent balances are held at highly rated financial institutions .

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

As of September 30, 2025, we had $1,500.0 million available for draw down under the revolving credit facility and a combined total of $2,883.8 million in cash and available liquidity under the revolving credit facility.

As a result of the U.S.

Tax Cuts and Jobs Act of 2017, we treated all non-U.S.

historical earnings as taxable, which resulted in additional tax expense of $126.9 million which was payable over the proceeding eight years.

Therefore, future repatriation of cash held by our non-U.S.

subsidiaries will generally not be subject to U.S.

federal tax if repatriated.

We believe that our current sources of liquidity will be sufficient to fund our operations, including expected capital expenditures, for the next 12 months and beyond.

Revolving Credit Agreement, Term Credit Agreement and Senior Notes

On June 29, 2022, we entered into a second amended and restated credit agreement, or as amended from time to time, the Revolving Credit Agreement.

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 1.00 times the EBITDA for the trailing twelve-month measurement period.

Additionally, on June 29, 2022, ResMed Pty Limited entered into a Second Amendment to the Syndicated Facility Agreement, or the Term Credit Agreement.

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

The Revolving Credit Agreement and Term Credit Agreement each terminate on June 29, 2027, when all unpaid principal and interest under the loans must be repaid.

As of September 30, 2025, we had $1,500.0 million available for draw down under the revolving credit facility.

On July 10, 2019, we entered into a Note Purchase Agreement with the purchasers to that agreement, in connection with the issuance and sale of $250.0 million principal amount of our 3.24% senior notes due July 10, 2026, and $250.0 million principal amount of our 3.45% senior notes due July 10, 2029, or Senior Notes.

On September 30, 2025, there was a total of $670.0 million outstanding under the Revolving Credit Agreement, Term Credit Agreement and Senior Notes and we were in compliance with our debt covenants.

We expect to satisfy all of our liquidity and long-term debt requirements through a combination of cash on hand, cash generated from operations and debt facilities.

Cash Flow Summary

The following table summarizes our cash flow activity (in thousands):

Three Months Ended

September 30,

Net cash provided by (used in) operating activities

$ 457,321 $ 325,538

Net cash provided by (used in) investing activities

(52,578) 2,146

Net cash provided by (used in) financing activities

(230,274) (150,757)

Effect of exchange rate changes on cash (71) 11,073

Net increase (decrease) in cash and cash equivalents

$ 174,398 $ 188,000

Operating Activities

Cash provided by operating activities was $457.3 million for the three months ended September 30, 2025, compared to cash provided of $325.5 million for the three months ended September 30, 2024.

The $131.8 million increase in cash flow from operations was primarily due to increased net income and improvements in working capital during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Investing Activities

Cash used in investing activities was $52.6 million for the three months ended September 30, 2025, compared to cash provided of $2.1 million for the three months ended September 30, 2024.

The $54.7 million increase in cash flow used in investing activities was primarily due to increased purchases of property, plant and equipment during the three months ended September 30, 2025 in addition to net payments from maturity of foreign currency contracts during the three months

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ended September 30, 2025 compared to net proceeds from maturity of foreign currency contracts during the three months ended September 30, 2024.

Financing Activities

Cash used in financing activities was $230.3 million for the three months ended September 30, 2025, compared to cash used of $150.8 million for the three months ended September 30, 2024.

We repurchased $150.0 million of treasury stock during the three months ended September 30, 2025 compared to repurchases of $50.0 million during the three months ended September 30, 2024.

Cash outflows for treasury stock repurchases were partially offset by no net repayments under our Revolving Credit Agreement for the three months ended September 30, 2025, compared to net repayments of $30.0 million for the three months ended September 30, 2024.

During the three months ended September 30, 2025, we paid cash dividends of $0.60 per common share totaling $87.8 million.

On October 30, 2025, our board of directors declared a cash dividend of $0.60 per common share, to be paid on December 18, 2025, to shareholders of record as of the close of business on November 13, 2025.

Future dividends are subject to approval by our board of directors.

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.

Since approval of the share repurchase program in 2014 through September 30, 2025, we have repurchased a total of 9.7 million shares under this repurchase program for an aggregate of $1.0 billion.

During the three months ended September 30, 2025, we repurchased 523,212 shares at a cost of $150.0 million.

Shares that are repurchased are classified as treasury stock pending future use and reduce the number of shares of common stock outstanding used in calculating earnings (loss) per share.

The share repurchase program may be accelerated, suspended, delayed or discontinued at any time at the discretion of our board of directors.

At September 30, 2025, 10.3 million additional shares remain available for us to repurchase under the approved share repurchase program.

Critical Accounting Principles and Estimates

The preparation of financial statements in conformity with GAAP requires us to make estimates and judgments that affect our reported amounts of assets and liabilities, revenues and expenses and related disclosures of contingent assets and liabilities.

On an ongoing basis we evaluate our estimates, including those related to allowance for doubtful accounts, inventory reserves, warranty obligations, goodwill, potentially impaired assets, intangible assets, income taxes and contingencies.

We state these accounting policies in the notes to the financial statements and at relevant sections in this discussion and analysis.

The estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances.

Actual results could vary from those estimates under different assumptions or conditions.

For a full discussion of our critical accounting policies, see our Annual Report on Form 10-K for the fiscal year ended June 30, 2025.

Recently Issued Accounting Pronouncements

See note 1 to the unaudited condensed consolidated financial statements for a description of recently issued accounting pronouncements, including the expected dates of adoption and estimated effects on our results of operations, financial position and cash flows.

Contractual Obligations and Commitments

There have been no material changes outside the ordinary course of business in our outstanding contractual obligations from those disclosed within “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025.

We did not record any restructuring expenses during the three and six months ended December 31, 2024.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations

Off-Balance Sheet Arrangements

As of September 30, 2025, we are not involved in any significant off-balance sheet arrangements, as described in Instruction 8 to Item 303(b) of Regulation S-K promulgated by the SEC.

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Quantitative and Qualitative Disclosures About Market Risk

Foreign Currency Market Risk

Our reporting currency is the U.S.

dollar, although the financial statements of our non-U.S.

subsidiaries are maintained in their respective local currencies.

We transact business in various foreign currencies, including a number of major European currencies as well as the Australian and Singapore dollars.

We have significant foreign currency exposure through our Australian and Singapore manufacturing activities and our international sales operations.

Net Investment and Fair Value Hedging

On November 17, 2022, we executed foreign cross-currency swaps as net investment hedges and fair value hedges in designated hedging relationships with either the foreign denominated net asset balances or the foreign denominated intercompany loan as the hedged items.

All derivatives are recorded at fair value as either an asset or liability.

Cash flows associated with derivative instruments are presented in the same category on the consolidated statements of cash flows as the hedged item.

The purpose of the cross-currency swaps for the fair value hedge is to mitigate foreign currency risk associated with changes in spot rates on foreign denominated intercompany debt between USD and EUR.

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 condensed consolidated statement of operations.

The initial fair value of hedge components excluded from the assessment of effectiveness is recognized in the statement of operations 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 substantially liquidated.

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 $1,124.7 million and $1,128.3 million at September 30, 2025 and June 30, 2025, respectively.

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

Non-Designated Hedges

We transact business in various foreign currencies, including a number of major European currencies as well as the Australian and Singapore dollars.

We have foreign currency exposure through both our Australian and Singapore manufacturing activities, and international sales operations.

We have established a foreign currency hedging program using purchased foreign currency call options, collars and forward contracts to hedge foreign-currency-denominated financial assets, liabilities and manufacturing cash flows.

The terms of such foreign currency hedging contracts generally do not exceed three years.

The purpose of this hedging program is to economically manage the financial impact of foreign currency exposures denominated mainly in Euros, and Australian and Singapore dollars.

Under this program, increases or decreases in our foreign currency denominated financial assets, liabilities, and firm commitments are partially offset by gains and losses on the hedging instruments.

We do not designate these foreign currency contracts as hedges.

All movements in the fair value of the foreign currency instruments are recorded within other, net in our condensed consolidated statements of operations.

The notional value of the outstanding non-designated hedges was $1,852.8 million and $1,410.2 million at September 30, 2025 and June 30, 2025, respectively.

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

PART I – FINANCIAL INFORMATION Item 3

AND SUBSIDIARIES

Quantitative and Qualitative Disclosures About Market Risk

Fair Values of Derivative Instruments

The table below provides information (in U.S.

dollars) on our foreign currency denominated operating assets and liabilities and after considering our foreign currency hedging activities as of September 30, 2025 (in thousands):

(EUR) Canadian

(CAD) Chinese

AUD Functional:

Net Assets/(Liabilities) 668,967 (213,733) (61) 42,852

Foreign Currency Hedges (675,000) 187,729 — (28,087)

Net Total (6,033) (26,004) (61) 14,765

USD Functional:

Net Assets/(Liabilities) — 332,807 30,571 —

Foreign Currency Hedges — (328,527) (35,894) —

Net Total — 4,280 (5,323) —

SGD Functional:

Net Assets/(Liabilities) 569,226 256,325 — 3,050

Foreign Currency Hedges (580,000) (240,528) — —

Net Total (10,774) 15,797 — 3,050

PART I – FINANCIAL INFORMATION Item 3

AND SUBSIDIARIES

Quantitative and Qualitative Disclosures About Market Risk

The table below provides information about our material foreign currency derivative financial instruments and presents the information in U.S.

dollar equivalents.

The table summarizes information on instruments and transactions that are sensitive to foreign currency exchange rates, including foreign currency call options, collars, forward contracts and cross-currency swaps held at September 30, 2025.

The table presents the notional amounts and weighted average exchange rates by contractual maturity dates for our foreign currency derivative financial instruments, including the forward contracts used to hedge our foreign currency denominated assets and liabilities.

These notional amounts generally are used to calculate payments to be exchanged under the contracts (in thousands, except exchange rates).

Fair Value Assets / (Liabilities)

Total September 30,

2025 June 30,

Contract amount 675,000 6,716 2,969

contractual exchange rate AUD 1 = USD 0.6555

Contract amount 258,128 (2,394) (1,203)

contractual exchange rate AUD 1 = EUR 0.5715

Contract amount 275,728 (780) (1,426)

contractual exchange rate SGD 1 = EUR 0.6621

Contract amount 580,000 (6,568) 3,031

contractual exchange rate SGD 1 = USD 0.7867

Contract amount 28,087 168 374

contractual exchange rate AUD 1 = CNY 4.6405

Contract amount 1,124,730 (126,989) (128,631)

contractual exchange rate USD 1 = EUR 0.9610

Contract amount 35,894 1,186 370

contractual exchange rate CAD 1 = USD 0.7416

Interest Rate Risk

We are exposed to risk associated with changes in interest rates affecting the return on our cash and cash equivalents and debt.

At September 30, 2025, we held cash and cash equivalents of $1,383.8 million, principally comprised of bank term deposits and at-call accounts, and are invested at both short-term fixed interest rates and variable interest rates.

At September 30, 2025, there was $170.0 million outstanding under the Revolving Credit Agreement and Term Credit Agreement, which are subject to variable interest rates.

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

We have no interest rate hedging agreements.

Inflationary factors such as increases in the cost of our products, freight, overhead costs or wage rates may adversely affect our operating results.

Sustained inflationary pressures in the future may have an adverse effect on our ability to maintain current levels of gross margin and operating expenses as a percentage of net revenue if we are unable to offset such higher costs through price increases.

PART I – FINANCIAL INFORMATION Item 4

AND SUBSIDIARIES

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-Q

Item 1. Financial Statements