What changed in this filing

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2026-08-13 compared with 2025-08-08 · 382 added, 205 removed, 1161 unchanged (34% of the section changed)

7 unchanged sentences

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.

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 loan 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.

1 unchanged sentence

The notional value of outstanding foreign cross-currency swaps was $3,412 million and $1,128 million at June 30, 2026 and June 30, 2025, respectively.

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

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

Non-Designated Hedges

25 unchanged sentences

Net Total — 2,711 2,880 — —

EUR Functional:

Net Assets/(Liabilities) — 2,710 2,880 — —

Foreign Currency Hedges 6,651 — — — —

Net Total 6,651 2,710 2,880 — —

SGD Functional:

24 unchanged sentences

Contract amount 25,819 313 —

contractual exchange rate AUD 1 = KRW 1,057.5981

Contract amount 1,094,379 (96,601) (128,631)

contractual exchange rate USD 1 = EUR 0.9610

Contract amount 2,317,584 (104,564) —

contractual exchange rate USD 1 = SGD 1.2744

Contract amount 35,196 889 370

contractual exchange rate CAD 1 = USD 0.7217

1 unchanged sentence

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

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

At June 30, 2026, we held cash and cash equivalents of $1,469 million principally comprising of bank term deposits, at-call accounts and money market accounts, which are invested at both short-term fixed interest rates and variable interest rates.

At June 30, 2026, there was $160 million outstanding under the term loan facilities, which were subject to variable interest rates.

3 unchanged sentences

The interest rate on these notes is fixed and not subject to fluctuation.

PART II Item 7A

AND SUBSIDIARIES

Quantitative and Qualitative Disclosures About Market and Business Risks

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.

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

PART II Item 8

35 unchanged sentences

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

To the Stockholders and the Board of Directors

Opinion on the Consolidated Financial Statements

18 unchanged sentences

(1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Evaluation of goodwill triggering events

32 unchanged sentences

416,081 428,952

Assets held for sale (note 18) 457,386 —

Total current assets 4,324,739 3,505,605

20 unchanged sentences

Short-term debt, net (note 8) 259,950 9,900

Liabilities held for sale (note 18) 41,156 —

Total current liabilities 1,395,110 1,019,120

5 unchanged sentences

Long-term debt, net (note 8) 399,415 658,392

Long-term income taxes payable (note 12) — —

Total non-current liabilities 985,447 1,187,412

36 unchanged sentences

Gross profit 3,451,739 3,054,970 2,655,303

Selling, general, and administrative 991,019 917,136 874,003

Research and development 378,285 331,284 307,525

Selling, general, and administrative 1,119,528 993,050 917,136

Amortization of acquired intangible assets 45,466 45,273 46,521

1 unchanged sentence

21,745 — 64,228

Acquisition related expenses 2,031 — 10,949

Total operating expenses 1,565,024 1,369,607 1,335,410

4 unchanged sentences

Gain (loss) on equity investments (note 6) ( 15,014 ) ( 10,299 ) ( 4,045 )

Gain on insurance recoveries — — 20,227

Other, net ( 9,154 ) ( 5,256 ) ( 3,494 )

18 unchanged sentences

Unrealized gains (losses) on designated hedging instruments ( 77,977 ) ( 52,573 ) 31,743

Foreign currency translation (loss) gain adjustments 229,403 ( 10,744 ) 75,815

Foreign currency translation gain (loss) adjustments 70,161 229,403 ( 10,744 )

Comprehensive income $ 1,515,477 $ 1,577,553 $ 1,041,950

16 unchanged sentences

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

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

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

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

Other comprehensive income (loss) — — — — — — 20,999 20,999

Net income — — — — — 1,020,951 — 1,020,951

3 unchanged sentences

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

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

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

3 unchanged sentences

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

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

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

Other comprehensive income (loss) — — — — — — 176,830 176,830

Net income — — — — — 1,400,723 — 1,400,723

3 unchanged sentences

190,311 $ 761 $ 2,033,599 ( 43,926 ) $ ( 2,073,292 ) $ 6,081,490 $ ( 74,699 ) $ 5,967,859

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

Common stock issued on exercise of options (note 10) 197 1 26,221 — — — — 26,222

3 unchanged sentences

Stock-based compensation costs (note 10) — — 104,348 — — — — 104,348

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

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

Other comprehensive income (loss) — — — — — — ( 7,816 ) ( 7,816 )

Net income — — — — — 1,523,293 — 1,523,293

18 unchanged sentences

(Gain) loss on equity investments (note 6) 15,014 10,299 4,045

10,299 4,045 ( 9,922 )

Gain on previously held equity investment (note 6) ( 4,353 ) — —

Restructuring expenses (note 17) — — 33,239

— 33,239 9,177

Gain on insurance recoveries — — ( 20,227 )

Changes in operating assets and liabilities:

3 unchanged sentences

Accounts payable, accrued expenses and other 172,715 90,958 122,072

Net cash provided by operating activities 1,751,588 1,401,260 693,299

Net cash provided by (used in) operating activities 1,805,829 1,751,588 1,401,260

Cash flows from investing activities:

1 unchanged sentence

Patent registration costs ( 18,670 ) ( 10,777 ) ( 15,396 )

Purchases of intangible assets ( 2,218 ) — —

Business acquisitions, net of cash acquired ( 350,724 ) ( 139,248 ) ( 133,464 )

Purchases of investments (note 6) ( 28,536 ) ( 6,416 ) ( 12,765 )

( 6,416 ) ( 12,765 ) ( 32,229 )

Proceeds from exits of investments (note 6) 2,752 4,628 1,000

Proceeds (payments) on maturity of foreign currency contracts 8,482 41,633 ( 9,699 )

Net cash used in investing activities ( 200,045 ) ( 269,784 ) ( 1,159,845 )

Net cash provided by (used in) investing activities ( 545,199 ) ( 200,045 ) ( 269,784 )

Cash flows from financing activities:

4 unchanged sentences

Acquisition of consolidated subsidiary — ( 10,855 ) —

( 10,855 ) — —

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

1 unchanged sentence

Dividends paid ( 349,662 ) ( 310,880 ) ( 282,320 )

Net cash (used in) provided by financing activities ( 606,253 ) ( 1,119,287 ) 422,874

Net cash provided by (used in) financing activities ( 1,007,029 ) ( 606,253 ) ( 1,119,287 )

Effect of exchange rate changes on cash 6,183 25,799 ( 1,719 )

2 unchanged sentences

Cash and cash equivalents at end of period $ 1,469,234 $ 1,209,450 $ 238,361

See accompanying notes to consolidated financial statements.

PART II Item 8

AND SUBSIDIARIES

Consolidated Statements of Cash Flows

Years ended June 30, 2026, 2025 and 2024

(In US$ and in thousands)

June 30, 2026 June 30, 2025 June 30, 2024

Supplemental disclosure of cash flow information:

4 unchanged sentences

Goodwill on acquisition 222,933 101,323 92,191

Previously held equity investment ( 7,353 ) — —

Deferred payments ( 1,030 ) 670 ( 143 )

7 unchanged sentences

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

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

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

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

Through our subsidiaries, we design, manufacture and market equipment for the diagnosis and treatment of a broad range of sleep and related breathing health disorders, including obstructive sleep apnea.

Our manufacturing operations are located in Australia, Singapore, Malaysia, France, China and the United States, or the U.S., and our major distribution and sales sites are located in the U.S., Germany, France, the United Kingdom, Switzerland, Australia, Japan, China, Finland, Norway and Sweden.

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

21 unchanged sentences

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

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

The timing of revenue recognition may differ from the timing of invoicing to customers.

Unbilled receivables arise when revenue is recognized upon the completion of performance obligations, but in advance of customer billing schedules.

Unbilled receivables primarily reflect products shipped prior to invoicing under the terms of our customer agreements and timing differences related to our SaaS billing cycles.

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

1 unchanged sentence

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

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

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

Our contracts do not contain significant financing components.

PART II Item 8

1 unchanged sentence

Notes to the Consolidated Financial Statements

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

Our contracts do not contain significant financing components.

The following table summarizes our contract balances as of June 30, 2026 and 2025 (in thousands):

22 unchanged sentences

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

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

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

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

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

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

Accounting and practical expedient elections

1 unchanged sentence

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

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

The second practical expedient adopted permits

We have adopted two practical expedients including the “right to invoice” practical expedient, which is relevant for some of

PART II Item 8

1 unchanged sentence

Notes to the Consolidated Financial Statements

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

our Residential Care Software contracts as it allows us to recognize revenue in the amount of the invoice when it corresponds directly with the value of performance completed to date.

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

23 unchanged sentences

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

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(f) Inventories

2 unchanged sentences

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

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(g) Property, Plant and Equipment

4 unchanged sentences

Depreciation expense for property, plant, and equipment was $ 103 million, $ 112 million, and $ 89 million for the years ended June 30, 2026, 2025 and 2024, respectively.

Long-lived assets or disposal groups are classified as held for sale when management with the authority to approve a plan to sell has committed to a plan to sell the asset or disposal group, the asset or disposal group is available for immediate sale in its present condition, an active program to locate a buyer has been initiated, the sale is probable and expected to be completed within one year, the asset or disposal group is being actively marketed at a price that is reasonable in relation to its current fair value, and it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

Upon classification as held for sale, the assets are measured at the lower of their carrying amount or fair value less cost to sell and are no longer depreciated or amortized.

(h) Intangible Assets

12 unchanged sentences

If a reporting unit’s fair value exceeds the carrying value, no further work is performed and no impairment charge is necessary.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

During the annual reviews for the years ended June 30, 2026, 2025 and 2024, we completed a Step 0 or Qualitative assessment and determined it was more likely than not that the fair value of our reporting units exceeded their carrying amounts, including goodwill, and therefore goodwill was not impaired.

When a portion of a reporting unit is classified as held for sale, goodwill is allocated to the disposal group based on the relative fair values of the disposal group and the portion of the reporting unit that will be retained.

The goodwill allocated to the disposal group is included in the carrying amount of the disposal group for purposes of measuring any gain or loss on sale and is no longer subject to separate annual or interim impairment testing.

See Note 18 – Business Combinations and Divestitures for further information.

(j) Business Combinations

2 unchanged sentences

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

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(k) Equity Investments

19 unchanged sentences

dollar at period end exchange rates but translate revenue and expense transactions at average exchange rates for the period.

We recognize cumulative translation adjustments as part of comprehensive income, as detailed in the consolidated statements of comprehensive income, and include those adjustments in accumulated other comprehensive income in the consolidated balance sheets until such time the relevant subsidiary is sold or substantially or completely liquidated.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

subsidiary is sold or substantially or completely liquidated.

We reflect gains and losses on transactions denominated in other than the functional currency of an entity in our results of operations.

4 unchanged sentences

Fair Value and Net Investment Hedging

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

2 unchanged sentences

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

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

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

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

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

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

1 unchanged sentence

The notional value of outstanding foreign cross-currency swaps was $ 3,412 million and $ 1,128 million at June 30, 2026 and June 30, 2025, respectively.

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

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

Non-Designated Hedges

12 unchanged sentences

We minimize counterparty credit risk by entering into derivative transactions with major financial institutions and we do not expect material losses as a result of default by our counterparties.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(o) Income Taxes

8 unchanged sentences

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

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

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

5 unchanged sentences

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

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

During the year ended June 30, 2024, we impaired $ 19 million of developed/core product technology intangible assets and $ 15 million of customer relationship intangible assets associated with restructuring activities.

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

6 unchanged sentences

When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(3) New Accounting Pronouncements

(a) Recently issued accounting standards not yet adopted

ASU 2023-09 Income Taxes (Topic 740):

Improvements to Income Tax Disclosures

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.

2023-09, "Income Taxes (Topic 740):

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.

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):

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU No.

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

Targeted Improvements to the Accounting for Internal-Use Software," which modernizes the recognition and disclosure framework for internal-use software costs, removing all references to software development project stages and introducing a more judgment-based approach.

ASU 2025-06 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 either be applied prospectively to financial statements issued for reporting periods after the effective date of the amendment, retrospectively to all prior periods presented, or using a modified transition approach.

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

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

ASU 2025-05 Financial Instruments – Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets

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.

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

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

7 unchanged sentences

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

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(b) Recently adopted accounting standards

2023-07 Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures

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

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

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

ASU 2023-09 Income Taxes (Topic 740):

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU No.

2023-09, "Income Taxes (Topic 740):

We adopted ASU No.

2023-09 during the fiscal year ended June 30, 2026.

The amendment was applied retrospectively.

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

The amendment was applied prospectively.

See Note 12 – Income Taxes for disclosure within the notes to the consolidated financial statements.

(4) Supplemental Balance Sheet Information

11 unchanged sentences

Total prepaid expenses and other current assets $ 416,081 $ 428,952

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Property, plant and equipment 2026 2025

10 unchanged sentences

Property, plant and equipment, net $ 581,829 $ 550,790

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(5) Goodwill and Other Intangible Assets, net

6 unchanged sentences

Adjustment to fair values of preliminary purchase price allocations 1,971 — 1,971

Reclassification to assets held for sale (1)

— ( 327,240 ) ( 327,240 )

Foreign currency translation adjustments ( 6,568 ) ( 26,230 ) ( 32,798 )

Balance at the end of the period $ 1,092,975 $ 1,816,600 $ 2,909,575

(1) As a result of the planned sale of the MatrixCare business, we allocated a portion of the Residential Care Software segment goodwill to assets held for sale.

See Note 18 – Business Combinations and Divestitures for further information.

Other Intangible Assets

12 unchanged sentences

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

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

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Amortization expense related to acquired intangible assets for both the years ended June 30, 2026 and June 30, 2025 was $ 77 million.

Amortization expense related to patents, included in other intangibles, for the years ended June 30, 2026 and June 30, 2025 was $ 11 million and $ 8 million, respectively.

10 unchanged sentences

Total $ 160,739 $ 152,900

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The following table shows a reconciliation of the changes in our equity investments for the year ended June 30, 2026 (in thousands):

2 unchanged sentences

Additions to investments 27,017 1,000 519 28,536

Observable price adjustments on non-marketable equity securities 3,116 — — 3,116

Impairment of investments ( 7,409 ) — — ( 7,409 )

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

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

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

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

Acquisition of controlling interest in previously held investment ( 3,000 ) — — ( 3,000 )

Unrealized gains (losses) on marketable equity securities — ( 10,721 ) — ( 10,721 )

Gain (loss) attributable to equity method investments — — 6,955 6,955

Dividends received — — ( 4,573 ) ( 4,573 )

Foreign currency translation adjustments ( 35 ) — ( 2,278 ) ( 2,313 )

Carrying value at the end of the period $ 80,579 $ 3,359 $ 76,801 $ 160,739

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

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

3 unchanged sentences

5,778 — 638 6,416

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

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

Realized gains (losses) on marketable and non-marketable equity securities 389 — — 389

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

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

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

Unrealized gains (losses) on marketable equity securities — 1,054 — 1,054

Gain (loss) attributable to equity method investments — — 3,644 3,644

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

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

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

Net unrealized gains and losses recognized in the years ended June 30, 2026, 2025 and 2024 for equity investments in non-marketable and marketable securities still held as of those respective dates were a loss of $ 15 million, a loss of $ 11 million, and a loss of $ 4 million, respectively.

(7) Accrued Expenses

1 unchanged sentence

Product warranties $ 39,710 $ 37,230

Field safety notification expenses 45,657 4,813

Consulting and professional fees 42,054 40,297

8 unchanged sentences

Total accrued expenses $ 494,921 $ 402,253

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Debt at June 30, 2026 and June 30, 2025 consists of the following (in thousands):

6 unchanged sentences

Total debt $ 659,365 $ 668,292

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Credit Facility

14 unchanged sentences

At June 30, 2026, the interest rate that was being charged on the outstanding principal amounts was 4.58 %.

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

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

ratio) applies on the unused portion of the revolving credit facility.

An applicable commitment fee of 0.075 % to 0.150 % (depending on the then-applicable leverage ratio) applies on the unused portion of the revolving credit facility.

As of June 30, 2026, we had $ 1,500 million available for draw down under the revolving credit facility.

2 unchanged sentences

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 million principal amount of our 3.24 % senior notes due July 10, 2026, and $ 250 million principal amount of our 3.45 % senior notes due July 10, 2029, collectively referred to as the Senior Notes.

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.

Our obligations under the Note Purchase Agreement and the Senior Notes are unconditionally and irrevocably guaranteed by certain of our

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

direct and indirect U.S.

subsidiaries.

7 unchanged sentences

At June 30, 2026, we were in compliance with our debt covenants and there was $ 660 million outstanding under the Revolving Credit Agreement, Term Credit Agreement and Senior Notes.

On July 10, 2026, the 3.24 % senior notes with a principal balance of $ 250 million matured and were repaid in full.

(a) Leases where Resmed is the Lessee

10 unchanged sentences

We lease certain office space, warehouses and distribution centers, manufacturing facilities, vehicles, and equipment with remaining lease terms ranging from less than 1 year to 16 years, some of which include options to extend or terminate the leases.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Operating lease costs for the years ended June 30, 2026, 2025 and 2024 were $ 45 million, $ 39 million and $ 41 million, respectively.

5 unchanged sentences

Total lease liabilities $ 166,554

As of June 30, 2025, future operating lease commitments for leases that have not yet commenced were not material.

As of June 30, 2026, future operating lease commitments for leases that have not yet commenced were $ 36 million.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The supplemental information related to operating leases for the years ended June 30, 2026 and June 30, 2025 was as follows (in thousands):

5 unchanged sentences

Right of use assets obtained in exchange for new lease liabilities $ 26,106 $ 33,638

$ 33,638 $ 54,588

(b) Leases where Resmed is the Lessor

10 unchanged sentences

All share repurchases since February 21, 2014 have been executed in accordance with this program.

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

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

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

During fiscal year 2026, we repurchased approximately 2.9 million shares at a cost of $ 705 million, including commissions and other incremental transaction costs.

During fiscal year 2025, we repurchased approximately 1.3 million shares at a cost of $ 300 million.

As of June 30, 2026, we have repurchased a total of approximately 46.8 million shares at a cost of $ 2.8 billion.

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

At June 30, 2025, 10.8 million additional shares can be repurchased under the approved share repurchase program.

At June 30, 2026, approximately 7.9 million additional shares can be repurchased under the approved share repurchase program.

Preferred Stock.

1 unchanged sentence

No such shares were issued or outstanding at June 30, 2026.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Stock Options and Restricted Stock Units.

6 unchanged sentences

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

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

At the annual meeting of our stockholders in November 2025, our stockholders approved an amendment and restatement to the 2009 Plan to increase the number of shares of common stock that may be issued or transferred pursuant to awards under the 2009 Plan by 2.4 million.

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

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

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

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

The amendment and restatement authorizes the grant of incentive stock options and extends the term of the 2009 Plan indefinitely, unless otherwise amended.

The maximum number of shares of our common stock authorized for issuance under the 2009 Plan is 53.5 million.

2 unchanged sentences

The maximum number of shares, which may be subject to awards granted under the 2009 Plan to any individual during any calendar year, may not exceed 3 million shares of our common stock (except in a participant’s initial year of hiring up to 4.5 million shares of our common stock may be granted).

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

In addition, the payment of dividends or dividend equivalents on unvested awards, including time-based restricted stock, deferred stock and stock payment, is prohibited under the 2009 Plan.

In certain regions, shares are withheld on behalf of employees to satisfy statutory tax withholding requirements upon exercise or vesting of awards.

5 unchanged sentences

The total fair value of PRSUs that vested during the years ended June 30, 2026, 2025 and 2024, was $ 17 million, $ 10 million, and $ 13 million, respectively.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The following table summarizes the activity of RSUs and PRSUs during year ended June 30, 2026 (in thousands, except years and per share amounts):

10 unchanged sentences

Outstanding at end of period 869 317 $ 217.66 $ 220.43 1.4 1.5

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

* Includes approximately 62 thousand RSUs and 28 thousand PRSUs netted for tax.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The following table summarizes option activity during the year ended June 30, 2026 (in thousands, except years and per share amounts):

9 unchanged sentences

Options vested and expected to vest at end of period 342 $ 205.65 3.1

* Includes approximately 8 thousand shares netted for tax.

The aggregate intrinsic value of options exercised during the fiscal years 2026, 2025 and 2024, was $ 25 million, $ 38 million and $ 18 million, respectively.

5 unchanged sentences

An individual participant cannot subscribe for more than $ 25,000 in common stock during any calendar year.

At the annual meeting of our stockholders in November 2025, our stockholders approved an amendment and restatement to the ESPP to increase the number of shares of common stock that may be issued or transferred pursuant to awards under the ESPP by 3.0 million shares.

At June 30, 2026, the number of shares remaining available for future issuance under the ESPP is 3.5 million shares.

During years ended June 30, 2025, 2024 and 2023, we issued 226,000 , 323,000 and 220,000 shares to our employees in two offerings and we recognized $ 11.8 million, $ 11.4 million and $ 11.5 million, respectively, of stock compensation expense associated with the ESPP.

During years ended June 30, 2026, 2025 and 2024, we issued approximately 254,000 , 226,000 and 323,000 shares to our employees in two offerings and we recognized $ 11 million, $ 12 million and $ 11 million, respectively, of stock compensation expense associated with the ESPP.

Stock–based Employee Compensation.

4 unchanged sentences

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

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

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

ESPP using the assumptions in the following tables.

For the years ended June 30, 2026, 2025 and 2024, we estimated the fair value of PRSUs that are measured using a Monte-Carlo simulation valuation model, stock options granted under our stock option plans and purchase rights granted under the ESPP using the assumptions in the following tables.

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

2 unchanged sentences

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

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

2026 2025 2024

5 unchanged sentences

0.93 % - 1.29 %

0.88 % 1.29 %

Expected volatility 32 % - 33 %

Average peer volatility (2)

30 % 31 % 31 %

Average peer correlation coefficient (3)

21 unchanged sentences

Cost of sales $ 10,121 $ 8,945 $ 7,563

Selling, general and administrative expenses 64,588 58,149 53,049

Research and development expenses 22,042 18,128 14,472

Selling, general and administrative expenses 72,185 64,588 58,149

Stock-based compensation costs 104,348 91,661 80,184

5 unchanged sentences

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

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

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 96,152 , 154,567 and 603,859 for the years ended June 30, 2026, 2025 and 2024, respectively, as the effect would have been anti-dilutive.

PART II Item 8

1 unchanged sentence

Notes to the Consolidated Financial Statements

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

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

Basic and diluted earnings per share for the years ended June 30, 2026, 2025 and 2024 are calculated as follows (in thousands except per share data):

8 unchanged sentences

(12) Income Taxes

Income taxes paid (net of refunds received) for the year ended June 30, 2026 were as follows (in thousands):

Federal $ 34,313

Australia 226,485

Singapore 43,791

All other jurisdictions 30,363

Total $ 357,167

Income before income taxes for the years ended June 30, 2026, 2025 and 2024, was taxed under the following jurisdictions (in thousands):

8 unchanged sentences

331,425 298,170 219,372

337,833 293,725 249,540

Current income tax expense 392,242 337,833 293,725

Federal 43,459 ( 5,701 ) ( 22,915 )

1 unchanged sentence

( 39,166 ) ( 54,058 ) ( 22,331 )

( 60,990 ) ( 49,878 ) ( 45,432 )

Deferred income tax expense (benefit) 3,881 ( 60,990 ) ( 49,878 )

Provision for income taxes $ 396,123 $ 276,843 $ 243,847

4 unchanged sentences

federal income tax rate of 21% for the years ended June 30, 2026, 2025 and 2024, to pretax income as a result of the following (in thousands):

2025 2024 2023

Amount Percent

Taxes Computed at statutory U.S.

Rate $ 403,077 21.00 %

United States

State income taxes, net of U.S.

tax benefit 19,801 1.03

Research & development tax Credits ( 9,668 ) ( 0.50 )

Change in valuation allowance 11,006 0.57

Other ( 2,582 ) ( 0.13 )

Effect of non-U.S.

tax rates 54,889 2.86

Research & development tax credits ( 17,158 ) ( 0.89 )

Other 1,219 0.06

Effect of non-U.S.

tax rates ( 148,053 ) ( 7.71 )

Global minimum tax 63,618 3.31

Other 15,672 0.82

Other Foreign Jurisdictions 4,302 0.22

Provision for income taxes $ 396,123 20.64 %

Taxes computed at statutory U.S.

rate $ 352,289 $ 265,608

Increase (decrease) in income taxes resulting from:

13 unchanged sentences

Non-current deferred tax asset (1)

$ 333,171 $ 253,119

Non-current deferred tax liability ( 64,640 ) ( 77,682 )

Net deferred tax asset $ 268,531 $ 175,437

(1) As a result of the planned sale of the MatrixCare business, we allocated a portion of the Residential Care Software segment non-current deferred tax assets to assets held for sale.

See Note 18 – Business Combinations and Divestitures for further information.

PART II Item 8

15 unchanged sentences

Hedging contracts 185,011 94,626

Property, plant and equipment 4,519 —

State income taxes 4,080 2,883

12 unchanged sentences

net operating loss carryforwards, which expire in various years beginning in 2027 or carry forward indefinitely.

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

The valuation allowance at June 30, 2026 primarily relates to a provision for uncertainty of the utilization of net operating loss carryforwards of $ 1 million and a capital loss of $ 40 million.

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

A substantial portion of our manufacturing operations and administrative functions in Singapore operate under certain tax holidays and tax incentive programs that will expire in whole or in part at various dates through June 30, 2030.

A substantial portion of our manufacturing operations and administrative functions in Singapore operate under certain tax holidays and incentive programs that will expire in whole or in part at various dates through June 30, 2030.

The end of certain tax holidays may be extended if specific conditions are met.

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

The net impact of these tax holidays and incentive programs increased our net income by $ 37 million ($ 0.26 per diluted share) for the year ended June 30, 2026, $ 67 million ($ 0.46 per diluted share) for the year ended June 30, 2025, and $ 50 million ($ 0.34 per diluted share) for the year ended June 30, 2024.

The change in impact of these tax holidays and incentives in the year ended June 30, 2026, relates to the enactment of Pillar Two minimum tax legislation in Singapore.

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

3 unchanged sentences

federal tax if repatriated.

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

In the event our non-U.S.

4 unchanged sentences

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

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

The term “tax position”

PART II Item 8

1 unchanged sentence

Notes to the Consolidated Financial Statements

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

percent) to be allowed by the tax jurisdiction based solely on the technical merits of the position.

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

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

9 unchanged sentences

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

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

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

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

4 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, field safety notification expenses, acquisition related expenses, net interest expense (income), gains and losses attributable to equity method investments, gains and losses on equity investments, and other, net.

The non-allocated items include corporate headquarters costs, stock-based compensation, amortization expense from acquired intangibles, restructuring expenses, field safety notification 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, including gains associated with the fair value of previously held equity investments, and other, net.

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

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

As a result, certain costs relating to quality and regulatory assurance, commercial legal, operations, sales and marketing, customer service, information technology, and other administrative costs, which were previously included in Corporate costs within our reconciliation of segment operating profit to income before income taxes, are now reported in segment operating results.

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

PART II Item 8

16 unchanged sentences

Total $ 2,160,496 $ 2,047,617 $ 1,972,209

Selling, general, and administrative

Research and development

Sleep and Breathing Health

3 unchanged sentences

Total $ 331,691 $ 294,299 $ 281,951

Research and development

Selling, general, and administrative

Sleep and Breathing Health

16 unchanged sentences

Astral field safety notification expenses (3)

Acquisition related expenses 2,031 — 10,949

41,885 — 7,911

Acquisition and portfolio review related expenses 11,486 2,031 —

Interest (income) expense, net ( 49,914 ) ( 4,114 ) 45,708

1 unchanged sentence

(Gain) loss on equity investments 15,014 10,299 4,045

Gain on insurance recoveries — — ( 20,227 )

Other, net 9,154 5,256 3,494

10 unchanged sentences

Notes to the Consolidated Financial Statements

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

(1) During the fiscal years ended June 30, 2026 and June 30, 2024, we recorded $ 3 million and $ 4 million of operating lease right-of-use asset impairments within our Residential Care Software segment, respectively.

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

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

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

(3) The Astral field safety notification expenses relate to estimated costs associated with the replacement a certain component in some of our Astral devices.

The following table summarizes our net revenue disaggregated by segment, product and region for the years ended June 30, 2026, 2025 and 2024 (in thousands):

2026 2025 2024

U.S., Canada and Latin America

Devices $ 1,767,741 $ 1,654,413 $ 1,522,758

Masks and other 1,513,283 1,343,101 1,199,798

Total U.S., Canada and Latin America $ 2,997,514 $ 2,722,556 $ 2,483,387

Combined Europe, Asia and other markets

Total Americas (A)

$ 3,281,024 $ 2,997,514 $ 2,722,556

Rest of World (A)

Devices $ 1,124,487 $ 1,010,760 $ 921,253

Masks and other 572,119 496,616 457,363

Total Combined Europe, Asia and other markets $ 1,507,376 $ 1,378,616 $ 1,241,630

Total Rest of World (A)

$ 1,696,606 $ 1,507,376 $ 1,378,616

Global revenue

6 unchanged sentences

Total $ 5,653,443 $ 5,146,327 $ 4,685,297

(A) Historically we have presented our geographical split of revenue as “U.S., Canada, and Latin America” and “Combined Europe, Asia, and other markets”.

Effective this quarter, this presentation has been renamed to Americas (formerly U.S., Canada, and Latin America) and Rest of World (formerly Combined Europe, Asia, and other markets).

The methodology for attributing revenue to these geographies remains unchanged.

Revenue from prior periods is consistent and comparable to previous reporting.

Revenue information by geographic area for the years ended June 30, 2026, 2025 and 2024 is summarized below (in thousands):

5 unchanged sentences

Long-lived assets by geographic area as of June 30, 2026 and 2025 is summarized below (in thousands):

Australia $ 170,836 $ 197,017

United States $ 246,602 $ 240,326

Australia 121,377 135,327

Singapore 57,695 25,409

19 unchanged sentences

In the normal course of business, we are subject to routine litigation incidental to our business.

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

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

1:21-cv-00813 (JPM).

The complaint alleges that the AutoSet or AutoRamp features of Resmed’s AirSense 10 AutoSet flow generators infringe one or more claims of various NYU patents, including U.S.

and 10,384,024.

According to the complaint, the NYU patents are directed to systems and methods for diagnosis and treating sleeping disorders during different sleep states.

The complaint seeks monetary damages and attorneys’ fees.

We answered the complaint on September 30, 2021 and filed a motion to dismiss the complaint on the basis that the patents are invalid because the subject matter of the patents is not patentable under the Supreme Court and Federal Circuit precedent.

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

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

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

On December 28, 2023, the District Court entered an order continuing its stay of all proceedings against us pending any appeal by NYU of the invalidation of its patents by the PTAB.

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

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

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

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.

5 unchanged sentences

On March 22, 2023, ResMed Corp.

filed a petition with the PTAB seeking review of the validity of U.S.

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

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

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Review proceeding.

filed a petition with the Patent Trial and Appeal Board, or PTAB, of the Patent and Trademark Office seeking review of the validity of U.S.

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

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

10,076,269 unpatentable.

On August 27, 2025, Cleveland Medical appealed the PTAB's ruling on U.S.

10,076,269 to the United States Court of Appeals for the Federal Circuit.

The appeal is pending.

On March 20, 2023, ResMed Corp.

2 unchanged sentences

11,602,284 issued to Cleveland Medical.

In November 2023, the case was transferred to the Northern District of Ohio for the convenience of the parties.

In November 2023, the case was transferred to the Northern District of Ohio.

Cleveland Medical answered the complaint and filed a counterclaim asserting that ResMed Corp.

infringes three additional Cleveland Medical patents, including U.S.

infringes three additional patents, U.S.

and 11,786,680.

On April 9, 2024, Cleveland Medical filed a second amended answer and counterclaims accusing ResMed Corp.

of infringing U.S.

On April 9, 2024, Cleveland Medical asserted infringement of two additional patents, U.S.

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

filed a petition with the PTAB for post-grant review of the validity of U.S.

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

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

On October 11, 2024, ResMed Corp.

3 unchanged sentences

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

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

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

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

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

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

filed petitions with the PTAB seeking Inter Partes Review of the validity of all six patents asserted.

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

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

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

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

In May and June 2026, the PTAB issued decisions finding the challenged claims of U.S.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

11,375,921, 11,690,512, 11,786,680 and 11,872,029 patentable, while finding the challenged claim of U.S.

11,857,333 unpatentable.

Both parties are seeking review of the decisions adverse to them.

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.

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.

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

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

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

On April 24, 2026 Resmed Inc.

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

11,064,937, and on June 3, 2026, the Patent Office ordered reexamination of the patent.

On June 18, 2026, we moved to stay the new Delaware case pending resolution of the motion to dismiss.

Both motions remain pending before the court.

On October 9, 2025, Fractus, S.A., or Fractus, filed suit for patent infringement against ResMed Corp.

and ResMed Inc.

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

3:25-cv-02680.

Fractus asserts that Resmed’s AirSense 10, AirSense 11, AirCurve 10 and AirCurve 11, as well as the Resmed Connectivity Module used on its Astral and Stellar Ventilators, infringe one or more of five Fractus patents relating to antenna technology, including U.S.

and 11,031,677.

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

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

On January 2, 2026, we filed a petition with the PTAB seeking IPR of U.S.

In January 2026, we also filed a partial motion to dismiss in the litigation, which remains pending before the court.

On June 2, 2026, the PTAB instituted the IPR proceeding for U.S.

On June 15, 2026, Resmed Corp.

filed a petition with the PTAB seeking Inter Partes Review of U.S.

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.

On April 20, 2026, the plaintiff voluntarily dismissed the complaint, without prejudice, against Resmed;

on May 15, 2026, the government consented to the dismissal.

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.

Contingent Obligations Under Recourse Provisions

We use independent financing institutions to offer some of our customers financing for the purchase of some of our products.

Under these arrangements, if the customer qualifies under the financing institutions’ credit criteria and finances the transaction, the customers repay the financing institution on a fixed payment plan.

For some of these arrangements, the customer’s receivable balance is with limited recourse whereby we are responsible for repaying the financing company should the customer default.

We use independent financing institutions to offer some of our customers financing for the payment of outstanding accounts receivable.

Under these arrangements, if the customer qualifies under the financing institutions’ credit criteria and finances the transaction, the financing institution pays us for the outstanding accounts receivable less a fee, and the customers repay the financing institution on a fixed payment plan.

The customer’s receivable balance is with limited recourse whereby we are responsible for repaying the financing company should the customer default under a loss pool arrangement.

We record a contingent provision, which is estimated based on historical default rates.

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

During the year ended June 30, 2025 and 2024, receivables sold with limited recourse were $ 212.5 million and $ 206.7 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.

As of June 30, 2024, the maximum exposure on outstanding receivables sold with recourse and contingent provision were $ 35.8 million and $ 0.8 million, respectively.

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

There are no arrangements with full recourse.

As of June 30, 2026, the maximum loss pool exposure on outstanding receivables sold with limited recourse and contingent provision were $ 34 million and $ 1 million, respectively.

As of June 30, 2025, the maximum loss pool exposure on outstanding receivables sold with limited recourse and contingent provision were $ 34 million and $ 1 million, respectively.

In the normal course of business, we enter into agreements to purchase goods or services that are not cancelable without penalty, primarily related to supply arrangements.

Obligations under our purchase agreements at June 30, 2026 were as follows (in thousands):

Total Fiscal Years Ending June 30

2026 2027 2028 2029 2030 Thereafter

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

PART II Item 8

1 unchanged sentence

Notes to the Consolidated Financial Statements

Total Fiscal Years Ending June 30

2027 2028 2029 2030 2031 Thereafter

Minimum purchase obligations $ 1,172,524 $ 992,418 $ 58,754 $ 49,446 $ 50,611 $ 21,295 $ —

(16) Derivative Instruments and Hedging Activities

5 unchanged sentences

Not Designated as Hedging Instruments

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

Foreign currency hedging instruments $ 5,217 $ 6,810 Prepaid taxes and other current assets

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

16 unchanged sentences

Gain (loss) recognized on intercompany debt in other, net $ ( 9,917 ) $ 29,822 $ ( 5,942 )

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Net Investment Hedge Gains (Losses)

6 unchanged sentences

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

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Twelve Months Ended

7 unchanged sentences

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

During the year ended June 30, 2026, we recorded $ 22 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.

We had $ 1 million remaining in our accruals at June 30, 2026.

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

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

During the year ended June 30, 2024, we recorded $ 64 million of restructuring related charges associated with an evaluation of our existing operations to increase operational efficiency, decrease costs and increase profitability.

Restructuring charges for the year ended June 30, 2024 are comprised of $ 28.6 million of employee severance and other one-time termination benefits, $ 33.2 million of intangible asset impairments associated with the wind down of certain business activities, and $ 2.4 million of other miscellaneous asset impairments.

Restructuring charges for the year ended June 30, 2024 were comprised of $ 29 million of employee severance and other one-time termination benefits, $ 33 million of intangible asset impairments associated with the wind down of certain business activities, and $ 2 million of other miscellaneous asset impairments.

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

During the year ended June 30, 2023, we incurred restructuring expenses of $ 9.2 million associated with the reorganization and rationalization of our operations.

We recorded the full amount of $ 9.2 million during the year ended June 30, 2023.

The restructuring expenses consisted primarily of severance to employees.

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

(18) Business Combinations and Divestitures

Noctrix Health, LLC business combination

On June 1, 2026, we completed our acquisition of 100 % of the shares in Noctrix Health, LLC, or Noctrix, a medical device company developing clinically validated wearable therapeutics, for $ 335 million.

Prior to this transaction, we held a 3 % equity interest in Noctrix which was accounted for as an equity investment.

On the acquisition date, we remeasured our previously held equity interest at a fair value of $ 7 million, which resulted in a gain of $ 4 million during the year ended June 30, 2026.

The gain was recorded in other income, expense (net) on the consolidated statements of income.

PART II Item 8

AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The acquisition has been accounted for as a business combination using purchase accounting and included in our consolidated financial statements from June 1, 2026.

The total purchase price was allocated to Noctrix's tangible and identifiable intangible assets and liabilities based upon estimated fair values as of the June 1, 2026 closing date.

The assessment of fair value is preliminary and is based on information that was available at the time our consolidated financial statements were prepared.

Measurement period adjustments may arise upon the availability of further information regarding events or circumstances that existed at the acquisition date and will be recorded in the period in which they are determined, as if they had been completed at the acquisition date.

The finalization of our purchase accounting assessment could result in changes in the valuation of assets acquired and liabilities assumed, though we do not expect these changes will materially modify the preliminary purchase price.

The final determination of the fair value of certain assets and liabilities will be completed within the measurement period as required by ASC Topic 805.

The total purchase price of $ 335 million consists of the amounts presented below, which represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed (in thousands):

Preliminary Intangible assets - useful life

Accounts receivable 15,568

Property, plant and equipment 127

Inventory 1,184

Other assets 2,148

Accounts payable and accrued expenses ( 5,097 )

Identifiable intangible assets:

Developed technology 106,800 15 years

Customer relationships 6,300 5 years

Trade names 4,900 7 years

Deferred tax liabilities ( 1,282 )

Goodwill 202,024

Purchase price $ 335,267

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

It mainly represents the synergies that are unique to our combined businesses.

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

We incurred acquisition related costs associated with the Noctrix acquisition of $ 3 million during the year ended June 30, 2026.

Acquisition related costs are expensed as incurred and recorded within selling, general, and administrative expenses on our consolidated statements of income.

We did not incur acquisition related costs associated with the transaction during the years ended June 30, 2025, or 2024.

MatrixCare business divestiture

On June 30, 2026, we entered into a definitive agreement to sell our MatrixCare business for $ 490 million in an all-cash transaction, subject to certain closing adjustments.

The transaction includes MatrixCare and related software offerings historically sold under the MatrixCare brand, including Healthcare First, Citus Health, and home health and hospice solutions, collectively defined as the "MatrixCare business”, within our Residential Care Software Segment.

The transaction is expected to close in the first quarter of fiscal year 2027.

As of June 30, 2026, we determined that the MatrixCare business meets the criteria for classification as held for sale.

The accompanying Consolidated Balance Sheet reflects the MatrixCare business assets and liabilities held for sale as of June 30, 2026.

The sale of the MatrixCare business does not represent a strategic shift that has a major effect on our operations or financial results and is therefore not presented as a discontinued operation.

PART II Item 8

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Notes to the Consolidated Financial Statements

We allocated approximately $ 327 million of the total Residential Care Software segment goodwill to the MatrixCare business, for a total carrying value of $ 416 million.

The estimated fair value was determined to be $ 457 million based on the expected sale price of the business and estimated closing adjustments, less costs to sell.

Accordingly, no loss on held for sale net assets has been recognized for the twelve months ended June 30, 2026.

The following table presents the carrying amounts of the major classes of assets and liabilities held for sale that were included in the Consolidated Balance Sheet as of June 30, 2026 (in thousands):

Assets held for sale

Accounts receivable, net of allowances $ 14,558

Prepaid expenses and other current assets 9,896

Property, plant, and equipment, net 11,834

Operating lease right-of-use assets 6,892

Goodwill 327,240

Other intangible assets, net 73,209

Deferred income taxes 3,917

Prepaid taxes and other non-current assets 9,840

Total assets held for sale $ 457,386

Liabilities held for sale

Accounts payable $ 1,179

Accrued expenses 15,013

Operating lease liabilities 10,228

Deferred revenue 14,586

Other long-term liabilities 150

Total liabilities held for sale $ 41,156

We incurred portfolio review related costs associated with the MatrixCare divestiture of $ 7 million during the year ended June 30, 2026.

Acquisition related costs are expensed as incurred and recorded within selling, general, and administrative expenses on our consolidated statements of income.

We did not incur portfolio review related costs associated with the transaction during the years ended June 30, 2025, or 2024.

PART II Item 8

AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS AND RESERVES

17 unchanged sentences

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

What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk