Cash conversion is strong, with OCF/NI at 2.13x and FCF margin of 18.1% in 2026Q2, but capex volatility (19.1% of revenue in 2025Q4) and working capital swings (from -$94.4M to +$14.5M) may impact near-term cash flow.
Insulet Corp. (PODD) cash flow statement — 22-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | 625M | 569.3M | 430.3M | 145.7M | 119M | -68.1M | 84M | 98.4M | 35.9M | 41.3M | 15.91M | -12.55M | 8.92M | 3.35M | -29.06M | -25.45M | -35.63M | -49.32M | -82.61M | -50.37M | -31.82M | -20.32M | -13.06M |
| Operating CF Margin % | - | 21.02% | 20.77% | 8.59% | 9.12% | -6.2% | 9.29% | 13.33% | 6.37% | 8.91% | 4.34% | -4.76% | 3.09% | 1.35% | -13.75% | -16.72% | -36.74% | -74.7% | -229.1% | -376.7% | -868.69% | -40642% | - |
| Operating CF Growth % | 132.99% | 32.3% | 195.33% | 22.44% | 274.74% | -181.07% | -14.63% | 174.09% | -13.08% | 159.57% | 226.76% | -240.72% | 166.43% | 111.52% | -14.17% | 28.56% | 27.77% | 40.29% | -64% | -58.3% | -56.59% | -55.64% | - |
| Net Income | 375.3M | 247.1M | 418.3M | 206.3M | 4.6M | 16.8M | 6.8M | 11.6M | 3.3M | -26.8M | -28.88M | -73.52M | -51.5M | -44.97M | -51.87M | -45.83M | -61.16M | -72.34M | -94.77M | -53.54M | -35.95M | -21.64M | -13.82M |
| Depreciation & Amortization | 125.5M | 90.4M | 80.8M | 72.8M | 63.2M | 57.4M | 55.4M | 27.9M | 15.6M | 13.9M | 13.83M | 15.84M | 12.22M | 11.81M | 11.03M | 8.5M | 5.08M | 5.22M | 6.38M | 4.92M | 2.64M | 1.24M | 323K |
| Stock-Based Compensation | 99.2M | 62.7M | 69.3M | 48.3M | 40.9M | 34.4M | 35.9M | 28.7M | 37.5M | 31.9M | 23.62M | 19.18M | 22.52M | 12.68M | 9.92M | 7.73M | 5.06M | 4.2M | 3.37M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 84.4M | 62.2M | -136.9M | 500K | -1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -5.1M | 130M | 15.8M | 8.4M | 13.8M | 86.9M | 49.3M | 49.9M | 32.3M | 20.6M | 20.92M | 17.95M | 36.71M | 17.31M | 13.62M | 12.9M | 22.79M | 11.28M | 16.04M | 3.76M | 2.13M | 53K | 85K |
| Working Capital Changes | -145.4M | -23.1M | -17M | -190.6M | -2.5M | -263.6M | -63.4M | -19.7M | -52.8M | 1.7M | -13.58M | 8M | -11.03M | 6.53M | -11.76M | 2.53M | -7.4M | 2.31M | -13.63M | -5.51M | -639K | 26K | 357K |
| Change in Receivables | -138.1M | -140.2M | -10.4M | -154.2M | -51.8M | -71.3M | -13.7M | -10.9M | -14.6M | -26.3M | 12.55M | -9.79M | -10.07M | -4.51M | -13.51M | -3.62M | -5.2M | -6.97M | -12.49M | -4.49M | -1.43M | -154K | 0 |
| Change in Inventory | -74.8M | -10.6M | -32.4M | -53.6M | -49.1M | -154.4M | -50.5M | -30.2M | -38.8M | 1.7M | -24.1M | -722K | -3.63M | 5.4M | -3.03M | 1.88M | -1.34M | 5.84M | -8.88M | -4.6M | -2.53M | -864K | 0 |
| Change in Payables | 87.9M | 49.2M | 2.2M | -11M | -2.4M | -15.6M | 7.1M | 25.6M | -5.4M | 27.3M | 639K | 17.99M | 525K | 10.43M | 3M | 4.7M | -1.14M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -276.6M | -222.7M | -146.2M | -119.4M | -191.1M | -82.7M | 14M | -73.6M | -184.5M | -210.8M | -178.01M | -15.32M | -11.49M | -7.31M | -10.99M | -48.97M | -6.55M | -3.14M | -10.05M | -10.09M | -12.59M | -6.02M | -2.71M |
| Capital Expenditures | -251.6M | -191.6M | -134M | -109.2M | -157.3M | -122.7M | -166.5M | 0 | -162.35M | -77.23M | -22.11M | -10.61M | -11.49M | -7.31M | -10.99M | -11.11M | -6.55M | -3.14M | -10.05M | -10.09M | -13.14M | -5.47M | -2.71M |
| CapEx % of Revenue | 8.24% | 7.08% | 6.47% | 6.43% | 12.05% | 11.17% | 18.41% | 23.15% | 28.8% | 16.65% | 6.03% | 4.02% | 3.98% | 2.96% | 5.2% | 7.3% | 6.75% | 4.76% | 27.86% | 75.45% | 358.64% | 10944% | - |
| Acquisitions | 0 | 0 | 0 | -3M | -26M | 0 | 0 | 0 | 0 | 0 | 5.71M | -4.71M | 0 | 0 | 0 | -37.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -25M | -31.1M | 0 | 0 | 0 | 0 | 0 | -170.9M | -46K | 26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 550K | -550K | 0 |
| Cash from Financing | -1.17B | -595.3M | -28.1M | -13.6M | -40.3M | 40.7M | 605.5M | 73.5M | -8.7M | 304.5M | 176.57M | -371K | 4.03M | 96.39M | 3.39M | 55.1M | 27.45M | 123.8M | 54.73M | 121.82M | 69.98M | 10M | 35.44M |
| Debt Issued (Net) | -613.6M | -708.1M | -40.6M | -27M | -39.8M | 49.4M | 126.6M | 116.6M | -6.7M | 292.8M | 174.58M | -5.58M | 1.11M | -2.99M | 0 | 50.59M | -32.97M | 29.38M | 53.32M | -2.73M | 20M | 9.99M | -11K |
| Equity Issued (Net) | -619M | -25.7M | 20.1M | 26.9M | 16.3M | 23.5M | 509.2M | -34.5M | 15.81M | 15.8M | 4.85M | 7.85M | 11.59M | 102.65M | 4.93M | 4.51M | 60.42M | 94.42M | 1.41M | 124.53M | 49.97M | 15K | 35.45M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -629.5M | -59.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 67.3M | 138.5M | -7.6M | -13.5M | -16.8M | -32.2M | -30.3M | -8.6M | -17.82M | -4.1M | -2.87M | -2.65M | -8.66M | -3.27M | -1.54M | 0 | 0 | 0 | 0 | 10K | 11K | 0 | 0 |
| Net Change in Cash | -822.4M | -237.3M | 249.2M | 14.5M | -116.7M | -115.6M | 708.3M | 99.8M | -158.7M | 135.4M | 14.5M | -28.52M | 1.47M | 92.43M | -36.66M | -19.32M | -14.72M | 71.33M | -37.92M | 61.36M | 25.57M | -16.34M | 19.67M |
| Free Cash Flow | 384.3M | 377.7M | 305.4M | 70.1M | -38.3M | -190.8M | -82.5M | -72.5M | -126.45M | -36.02M | -6.2M | -23.16M | -2.57M | -3.96M | -40.05M | -36.57M | -42.17M | -52.46M | -92.66M | -60.46M | -44.96M | -25.79M | -15.76M |
| FCF Margin % | 12.59% | 13.95% | 14.74% | 4.13% | -2.93% | -17.36% | -9.12% | -9.82% | -22.43% | -7.77% | -1.69% | -8.78% | -0.89% | -1.6% | -18.95% | -24.02% | -43.49% | -79.45% | -256.96% | -452.15% | -1227.33% | -51586% | - |
| FCF Growth % | -1.03% | 23.67% | 335.66% | 283.03% | 79.93% | -131.27% | -13.79% | 42.67% | -251.08% | -480.58% | 73.21% | -802.57% | 35.19% | 90.11% | -9.53% | 13.3% | 19.61% | 43.38% | -53.25% | -34.49% | -74.3% | -63.62% | - |
| FCF per Share | 5.54 | 5.25 | 4.13 | 0.95 | -0.55 | -2.78 | -1.25 | -1.16 | -2.07 | -0.62 | -0.11 | -0.41 | -0.05 | -0.07 | -0.84 | -0.78 | -1.06 | -1.76 | -3.36 | -3.62 | -49.01 | -84.58 | -54.33 |
| FCF Conversion (FCF/Net Income) | 1.02x | 2.30x | 1.03x | 0.71x | 25.87x | -4.05x | 12.35x | 8.48x | 10.91x | -1.54x | -0.55x | 0.17x | -0.17x | -0.07x | 0.56x | 0.45x | 0.58x | 0.62x | 0.89x | 0.94x | 0.89x | 0.94x | 0.94x |
| Interest Paid | 0 | 0 | 0 | 49.9M | 34.2M | 21.5M | 2.6M | 0 | 0 | 2.5M | 3.69M | 4.03M | 4.66M | 5.7M | 6.2M | 5.17M | 8.09M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 8.1M | 5.5M | 7M | 3M | 2.5M | 800K | 500K | 932K | 109K | 124K | 321K | 11K | 263K | 11K | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying PODD stock.
Insulet Corp. (PODD) generated $569.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Insulet Corp. (PODD) generated $377.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Insulet Corp. (PODD) spent $191.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Insulet Corp. (PODD) spent $59.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
SBC dilution and capex volatility
Metrics are mathematically derived from official filings.
Cash Conversion Outpaces Reported Earnings
Insulet's operating cash flow exceeded net income in most quarters, with OCF/NI reaching 2.13x in 2026Q2, according to recent SEC filings, indicating high earnings quality despite SBC.
The persistent OCF/NI ratio above 1.0, except for 2024Q2's 0.46x, suggests that reported earnings are backed by strong cash generation, likely due to non-cash D&A and favorable working capital swings. However, the 2024Q2 anomaly, where OCF lagged net income, may reflect temporary working capital outflows, warranting monitoring for recurring patterns.
Free Cash Flow Momentum Accelerates
FCF margin expanded to 18.1% in 2026Q2 from 6.1% in 2025Q4, as per financial statements, driven by revenue growth and improved working capital, signaling robust cash generation.
The FCF trajectory shows a clear upward trend, with 2026Q2 FCF of $145.4M nearly tripling the prior quarter's $48.2M. This improvement is supported by a 23.5% revenue growth and a 70.2% gross margin, as reported in the income statement, indicating that operating leverage is translating into cash flow. The volatility in FCF margins, however, suggests that quarterly swings in capex and working capital can distort the underlying trend.
Capital Intensity Spikes in Q4
CapEx surged to 19.1% of revenue in 2025Q4, as reported in SEC filings, versus a 2.5% average in other quarters, indicating a strategic investment phase that may pressure near-term FCF.
The $149.4M capex in 2025Q4 stands out against the typical $20-30M quarterly spend, suggesting a major expansion or capacity investment. While this temporarily depressed FCF to $48.2M, the subsequent quarters show a return to lower capex, implying the investment was a one-off. Investors should monitor whether this signals a new capital intensity level or a discrete project.
Working Capital Swings Drive Cash Flow
Working capital changes swung from -$94.4M in 2026Q2 to +$14.5M in 2025Q4, based on reported figures, indicating significant variability that can amplify or dampen operating cash flow.
The large negative working capital changes in 2026Q2 and 2025Q1 suggest inventory build-up or receivable expansion, possibly to support accelerating demand. Conversely, the positive change in 2025Q2 and 2025Q4 indicates efficient collections or payables management. This volatility makes quarterly OCF less predictable, but the overall trend appears manageable given the company's scale.
Aggressive Buybacks Signal Confidence
Insulet deployed $600M in share repurchases in 2026H1, as per financial statements, while paying no dividends, indicating a shift toward returning capital to shareholders.
The $300M buybacks in both 2026Q1 and Q2 represent a significant capital allocation decision, likely funded by strong operating cash flow and existing cash reserves. This move may signal management's confidence in future cash generation, but it also reduces cash available for other uses. Given the company's growth phase, investors should assess whether this buyback pace is sustainable without compromising investment needs.
Cumulative Cash Generation Exceeds Earnings
Over the past ten quarters, cumulative operating cash flow of $1.3B surpassed net income of $851M, according to reported data, indicating that earnings are conservatively stated.
The cumulative OCF/NI ratio of approximately 1.5x suggests that non-cash charges like D&A and SBC are inflating the gap, but also that working capital is not a persistent drag. This divergence supports the view that Insulet's earnings quality is high, with cash flows validating reported profitability. However, the 2024Q2 anomaly and quarterly volatility warrant continued scrutiny.
What Could Invalidate the Base Case
Despite robust cash flow, the 2024Q2 OCF/NI of 0.46x and heavy SBC of $40.9M in 2026Q2, as per SEC filings, suggest potential earnings quality concerns that could undermine the bullish thesis.
The 2024Q2 quarter, where operating cash flow was only 46% of net income, indicates that earnings can outpace cash generation when working capital turns unfavorable. Additionally, stock-based compensation, which totaled $40.9M in 2026Q2, represents a real economic cost that is not reflected in operating cash flow, potentially overstating the true cash generation. Investors should monitor whether these factors become more pronounced, as they could signal deteriorating cash conversion quality.