What changed in this filing

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Item 1. Financial Statements

2026-05-01 compared with 2026-01-30 · 84 added, 58 removed, 778 unchanged (15% of the section changed)

6 unchanged sentences

Cash and cash equivalents $ 1,660,513 $ 1,209,450

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

Accounts receivable, net of allowances of $ 29,474 and $ 22,424 at March 31, 2026 and June 30, 2025, respectively

998,837 939,492

34 unchanged sentences

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

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

190,866,303 issued and 145,040,224 outstanding at March 31, 2026 and 190,311,097 issued and 146,385,350 outstanding at June 30, 2025

Additional paid-in capital 2,134,231 2,033,599

Retained earnings 6,958,779 6,081,490

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

Treasury stock, at cost, 45,826,079 shares at March 31, 2026 and 43,925,747 shares at June 30, 2025

( 2,576,957 ) ( 2,073,292 )

8 unchanged sentences

Three Months Ended

December 31, Six Months Ended

March 31, Nine Months Ended

2026 2025 2026 2025

20 unchanged sentences

Restructuring expenses (note 11)

5,935 — 21,745 —

Total operating expenses 391,169 340,141 1,152,517 1,004,079

22 unchanged sentences

Three Months Ended

December 31, Six Months Ended

March 31, Nine Months Ended

2026 2025 2026 2025

38 unchanged sentences

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

Common stock issued on exercise of options 48 — 4,865 — — — — 4,865

Common stock issued on vesting of restricted stock units, net of shares withheld for tax 4 — ( 418 ) — — — — ( 418 )

Stock-based compensation costs — — 26,792 — — — — 26,792

Treasury stock purchases — — — ( 673 ) ( 176,659 ) — — ( 176,659 )

Other comprehensive income (loss) — — — — — — 4,958 4,958

Net income — — — — — 398,732 — 398,732

Dividends declared ($ 0.60 per common share)

— — — — — ( 87,238 ) — ( 87,238 )

Balance, March 31, 2026

190,866 $ 763 $ 2,134,231 ( 45,826 ) $ ( 2,576,957 ) $ 6,958,779 $ ( 24,905 ) $ 6,491,911

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

36 unchanged sentences

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

Common stock issued on exercise of options 74 1 9,022 — — — — 9,023

Common stock issued on vesting of restricted stock units, net of shares withheld for tax 3 — ( 364 ) — — — — ( 364 )

Treasury stock purchases

— — — ( 314 ) ( 75,026 ) — — ( 75,026 )

Stock-based compensation costs — — 24,120 — — — — 24,120

Other comprehensive income (loss) — — — — — — 48,034 48,034

Net income — — — — — 365,041 — 365,041

Dividends declared ($ 0.53 per common share)

— — — — — ( 77,704 ) — ( 77,704 )

Balance, March 31, 2025

190,126 $ 761 $ 1,990,137 ( 43,507 ) $ ( 1,973,284 ) $ 5,779,375 $ ( 250,856 ) $ 5,546,133

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

3 unchanged sentences

(In US$ and in thousands)

Six Months Ended

Nine Months Ended

Cash flows from operating activities:

41 unchanged sentences

Fair value of assets acquired, excluding cash $ 14,809 $ —

Liabilities assumed ( 5,462 ) —

Goodwill on acquisition 20,259 —

Deferred payments

Fair value of contingent consideration

( 3,171 ) 1,525

Cash paid for acquisitions $ 25,405 $ 1,525

17 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 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.

The condensed consolidated financial statements for the three and nine months ended March 31, 2026 and March 31, 2025 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

December 31, Six Months Ended

March 31, Nine Months Ended

2026 2025 2026 2025

72 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 $ 25.3 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.

Operating lease revenue was $ 26.0 million and $ 77.1 million for the three and nine months ended March 31, 2026, respectively, and $ 24.2 million and $ 72.8 million for the three and nine months ended March 31, 2025, respectively.

PART I – FINANCIAL INFORMATION Item 1

2 unchanged sentences

Cash and Cash Equivalents

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.

Our cash and cash equivalents balance at March 31, 2026 and June 30, 2025 includes $ 668.2 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

49 unchanged sentences

ASU 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.

This ASU is applicable to our Annual Report on Form 10-K for the fiscal year ending 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.

5 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.

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

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

While the ASU implements further income tax disclosure requirements, it does not change how an entity determines its income tax provision and it will have no impact on our consolidated ﬁnancial position, results of operations, or cash ﬂow.

(2) Segment Information

6 unchanged sentences

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, net interest expense (income), gains and losses attributable to equity method investments, gains and losses on equity investments, and other, net.

The non-allocated items include corporate headquarters costs, stock-based compensation, amortization expense from acquired intangibles, restructuring expenses, acquisition and portfolio review 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.

4 unchanged sentences

Three Months Ended

December 31, Six Months Ended

March 31, Nine Months Ended

2026 2025 2026 2025

27 unchanged sentences

Restructuring expenses — — 21,745 —

Acquisition and portfolio review related expenses

5,858 — 5,858 —

Interest (income) expense, net

11 unchanged sentences

Total $ 58,981 $ 43,675 $ 156,564 $ 134,845

(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.

(1) During the nine months ended March 31, 2026, 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.

4 unchanged sentences

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

Inventories December 31,

Inventories March 31,

2026 June 30,

3 unchanged sentences

Total inventories $ 911,876 $ 927,711

Prepaid expenses and other current assets December 31,

Prepaid expenses and other current assets March 31,

2026 June 30,

4 unchanged sentences

Total prepaid expenses and other current assets $ 492,836 $ 428,952

Property, Plant and Equipment December 31,

Property, Plant and Equipment March 31,

2026 June 30,

2 unchanged sentences

Property, plant and equipment, net $ 566,972 $ 550,790

Other Intangible Assets December 31,

Other Intangible Assets March 31,

2026 June 30,

12 unchanged sentences

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

Six Months Ended December 31, 2025

Nine Months Ended March 31, 2026

Sleep and Breathing Health

1 unchanged sentence

Balance at the beginning of the period $ 883,578 $ 2,163,102 $ 3,046,680

Business acquisitions 18,939 — 18,939

Adjustment to fair values of preliminary purchase price allocations

17 unchanged sentences

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

Measurement category December 31,

Measurement category March 31,

2026 June 30,

7 unchanged sentences

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

Six Months Ended December 31, 2025

Nine Months Ended March 31, 2026

Non-marketable securities Marketable securities Equity method investments Total

8 unchanged sentences

Carrying value at the end of the period $ 78,472 $ 5,475 $ 79,792 $ 163,739

Six Months Ended December 31, 2024

Nine Months Ended March 31, 2025

Non-marketable securities Marketable securities Equity method investments Total

8 unchanged sentences

Unrealized gains (losses) on marketable equity securities

— 2,751 — 2,751

Gain attributable to equity method investments

1 unchanged sentence

Foreign currency translation adjustments

( 36 ) — ( 2,115 ) ( 2,151 )

Carrying value at the end of the period $ 65,378 $ 12,131 $ 68,896 $ 146,405

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.

Net unrealized losses recognized for equity investments in non-marketable and marketable securities held as of March 31, 2026 for the three and nine months ended March 31, 2026 were $ 10.1 million and $ 16.0 million, respectively.

Net unrealized losses recognized for equity investments in non-marketable and marketable securities held as of March 31, 2025 for the three and nine months ended March 31, 2025 were $ 5.6 million and $ 8.2 million, respectively.

(6) Income Taxes

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

At March 31, 2026, 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 December 31, 2025, we had $ 1,500.0 million available for draw down under the revolving credit facility.

As of March 31, 2026, 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 December 31, 2025 and June 30, 2025, which was $ 165.0 million and $ 170.0 million, respectively.

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 March 31, 2026 and June 30, 2025, which was $ 165.0 million and $ 170.0 million, respectively.

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 collectively referred to as the Senior Notes.

6 unchanged sentences

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.

As of March 31, 2026 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.

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

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.

At March 31, 2026, 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 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.

The weighted average number of outstanding stock options and restricted stock units not included in the computation of diluted earnings per share were 109,065 and 141,360 for the three months ended March 31, 2026 and 2025, respectively, and 91,263 and 163,746 for the nine months ended March 31, 2026 and 2025, respectively, as the effect would have been anti-dilutive.

PART I – FINANCIAL INFORMATION Item 1

3 unchanged sentences

Three Months Ended

December 31, Six Months Ended

March 31, Nine Months Ended

2026 2025 2026 2025

83 unchanged sentences

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.

In January 2026, we also filed a partial motion to dismiss in the litigation.

The motion to dismiss remains pending before the court.

On November 5, 2025, Cleveland Medical filed suit for patent infringement against Resmed Inc.

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

1:25-cv-1351.

2 unchanged sentences

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.

On January 15, 2026, we filed a motion to dismiss the action.

The motion to dismiss remains pending before the court.

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.

12 unchanged sentences

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

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.

During the nine months ended March 31, 2026 and March 31, 2025, receivables sold with limited recourse were $ 150.4 million and $ 155.9 million, respectively.

As of March 31, 2026, the maximum exposure on outstanding receivables sold with recourse and the associated contingent provision were $ 33.8 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.

4 unchanged sentences

Fair Value and Net Investment 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.

We enter into 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 loans as the hedged items.

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

5 unchanged sentences

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.

The purpose of the cross-currency swaps for net investment hedges 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 $ 1,124.9 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.

The notional value of outstanding foreign cross-currency swaps was $ 3,430.5 million and $ 1,128.3 million at March 31, 2026 and June 30, 2025, respectively.

These contracts mature at various dates prior to January 31, 2036.

Non-Designated Hedges

4 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

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.

PART I – FINANCIAL INFORMATION Item 1

1 unchanged sentence

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 $ 1,794.0 million and $ 1,410.2 million at December 31, 2025 and June 30, 2025, respectively.

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 $ 1,318.8 million and $ 1,410.2 million at March 31, 2026 and June 30, 2025, respectively.

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

19 unchanged sentences

Three Months Ended

December 31, Six Months Ended

March 31, Nine Months Ended

2026 2025 2026 2025

6 unchanged sentences

Three Months Ended

December 31, Six Months Ended

March 31, Nine Months Ended

2026 2025 2026 2025

7 unchanged sentences

Three Months Ended

December 31, Six Months Ended

March 31, Nine Months Ended

2026 2025 2026 2025

6 unchanged sentences

(11) Restructuring Expenses

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.

We did not record any restructuring expenses during the three months ended March 31, 2026.

During the nine months ended March 31, 2026, we recorded $ 21.7 million of restructuring related charges for employee severance and one-time termination benefits associated with workforce planning activities.

These costs are separately presented as restructuring expenses within our condensed consolidated statement of operations.

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

We had $ 1.6 million remaining in our accruals at March 31, 2026.

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 and six months ended December 31, 2024.

We did not record any restructuring expenses during the three and nine months ended March 31, 2025.

PART I – FINANCIAL INFORMATION Item 2

2 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-Q

Item 1. Financial Statements