Revenue growth accelerated to 23.5% YoY in 2026Q2, with gross margin expanding to 70.2% and operating margin to 16.2%, though net margin volatility (3.5% in 2025Q2 vs. 38.6% in 2024Q2) warrants attention.
Insulet Corp. (PODD) annual income statement — 22-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 3.05B | 2.71B | 2.07B | 1.7B | 1.31B | 1.1B | 904.4M | 738.2M | 563.82M | 463.77M | 366.99M | 263.89M | 288.72M | 247.08M | 211.37M | 152.25M | 96.97M | 66.03M | 36.06M | 13.37M | 3.66M | 50K | 0 |
| Revenue Growth % | 29.41% | 30.73% | 22.07% | 30.02% | 18.79% | 21.49% | 22.51% | 30.93% | 21.57% | 26.37% | 39.07% | -8.6% | 16.85% | 16.9% | 38.83% | 57.02% | 46.85% | 83.12% | 169.66% | 265.06% | 7226% | - | - |
| Cost of Goods Sold | 883.1M | 768.2M | 625.9M | 537.2M | 499.7M | 346.7M | 322.1M | 257.9M | 193.66M | 186.6M | 155.9M | 130.62M | 145.43M | 134.68M | 119.03M | 85.54M | 53.24M | 47.73M | 40.64M | 25.73M | 15.66M | 1.53M | 0 |
| COGS % of Revenue | - | 28.37% | 30.21% | 31.65% | 38.28% | 31.55% | 35.61% | 34.94% | 34.35% | 40.24% | 42.48% | 49.5% | 50.37% | 54.51% | 56.32% | 56.18% | 54.91% | 72.29% | 112.71% | 192.44% | 427.52% | 3060% | - |
| Gross Profit | 2.17B | 1.94B | 1.45B | 1.16B | 805.6M | 752.1M | 582.3M | 480.3M | 370.17M | 277.17M | 211.09M | 133.27M | 143.29M | 112.4M | 92.34M | 66.71M | 43.73M | 18.3M | -4.58M | -12.36M | -12M | -1.48M | 0 |
| Gross Margin % | 71.08% | 71.63% | 69.79% | 68.35% | 61.72% | 68.45% | 64.39% | 65.06% | 65.65% | 59.76% | 57.52% | 50.5% | 49.63% | 45.49% | 43.68% | 43.82% | 45.09% | 27.71% | -12.71% | -92.44% | -327.52% | -2960% | - |
| Gross Profit Growth % | - | 34.18% | 24.64% | 43.98% | 7.11% | 29.16% | 21.24% | 29.75% | 33.55% | 31.31% | 58.39% | -6.99% | 27.48% | 21.73% | 38.41% | 52.57% | 138.98% | 499.15% | 62.92% | -3.03% | -710.61% | - | - |
| Operating Expenses | 1.65B | 1.47B | 1.14B | 939.9M | 768M | 626.1M | 530.8M | 430.3M | 342.8M | 284.6M | 221.79M | 182.01M | 136M | 141.54M | 128.31M | 109.18M | 82.36M | 77.66M | 84.76M | 41.48M | 22.65M | 20.02M | 14.15M |
| OpEx % of Revenue | - | 54.14% | 54.88% | 55.38% | 58.84% | 56.98% | 58.69% | 58.29% | 60.8% | 61.37% | 60.44% | 68.97% | 47.1% | 57.28% | 60.7% | 71.71% | 84.94% | 117.6% | 235.05% | 310.21% | 618.29% | 40050% | - |
| Selling, General & Admin | 1.31B | 1.17B | 917.2M | 734.9M | 587.8M | 466M | 384M | 298M | 248M | 208.9M | 166.08M | 138.8M | 108.1M | 119.77M | 103.95M | 87.32M | 61.36M | 64.42M | 63.48M | 30.06M | 14.55M | 9.26M | 5.13M |
| SG&A % of Revenue | - | 43.02% | 44.27% | 43.3% | 45.03% | 42.41% | 42.46% | 40.37% | 43.99% | 45.04% | 45.25% | 52.6% | 37.44% | 48.47% | 49.18% | 57.35% | 63.28% | 97.57% | 176.06% | 224.82% | 397.32% | 18522% | - |
| Research & Development | 345.9M | 301.1M | 219.6M | 205M | 180.2M | 160.1M | 146.8M | 132.3M | 88.61M | 74.45M | 55.71M | 43.21M | 27.9M | 21.77M | 24.36M | 21.86M | 16.57M | 13.23M | 13.1M | 10.39M | 8.09M | 10.76M | 9.03M |
| R&D % of Revenue | - | 11.12% | 10.6% | 12.08% | 13.81% | 14.57% | 16.23% | 17.92% | 15.72% | 16.05% | 15.18% | 16.37% | 9.66% | 8.81% | 11.52% | 14.36% | 17.08% | 20.04% | 36.34% | 77.71% | 220.97% | 21528% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.43M | 0 | 8.17M | 1.03M | 0 | 0 | 0 |
| Operating Income | 515.8M | 473.8M | 308.9M | 220M | 37.6M | 126M | 51.5M | 50M | 27.4M | -7.4M | -10.7M | -48.74M | -8.87M | -29.14M | -35.97M | -42.47M | -38.63M | -59.36M | -89.34M | -53.84M | -34.65M | -21.5M | -14.15M |
| Operating Margin % | 16.89% | 17.5% | 14.91% | 12.96% | 2.88% | 11.47% | 5.69% | 6.77% | 4.86% | -1.6% | -2.92% | -18.47% | -3.07% | -11.79% | -17.02% | -27.89% | -39.84% | -89.89% | -247.77% | -402.65% | -945.81% | -43010% | - |
| Operating Income Growth % | - | 53.38% | 40.41% | 485.11% | -70.16% | 144.66% | 3% | 82.48% | 470.27% | 30.87% | 78.04% | -449.2% | 69.54% | 19% | 15.3% | -9.92% | 34.92% | 33.56% | -65.93% | -55.41% | -61.1% | -51.95% | - |
| EBITDA | 597.1M | 586.9M | 389.7M | 292.8M | 100.8M | 183.4M | 106.9M | 77.9M | 43M | 6.5M | 3.13M | -32.9M | 3.35M | -17.33M | -24.94M | -33.96M | -33.56M | -54.14M | -82.97M | -48.92M | -32.01M | -20.27M | -13.83M |
| EBITDA Margin % | 19.55% | 21.67% | 18.81% | 17.25% | 7.72% | 16.69% | 11.82% | 10.55% | 7.63% | 1.4% | 0.85% | -12.47% | 1.16% | -7.01% | -11.8% | -22.31% | -34.61% | -81.99% | -230.09% | -365.85% | -873.74% | -40538% | - |
| EBITDA Growth % | 20.85% | 50.6% | 33.09% | 190.48% | -45.04% | 71.56% | 37.23% | 81.16% | 561.54% | 107.73% | 109.51% | -1082.32% | 119.33% | 30.52% | 26.57% | -1.22% | 38.02% | 34.75% | -69.59% | -52.86% | -57.9% | -46.56% | - |
| D&A (Non-Cash Add-back) | 78.8M | 113.1M | 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 |
| EBIT | 558.1M | 419.2M | 342.9M | 250.8M | 45.8M | 82.2M | 54.9M | 46.3M | 31.5M | -7.5M | -12.43M | -48.68M | -33.3M | -27.98M | -35.86M | -42.33M | -38.47M | -59.12M | -81.17M | -53.84M | -34.65M | -21.5M | -13.82M |
| Net Interest Income | -40.6M | -45M | -3.2M | -7.6M | -26.7M | -61.2M | -45.1M | -34.6M | -21.3M | -18.6M | -13.56M | -12.65M | -14.58M | -16.77M | -15.68M | -14.58M | -22.53M | -12.98M | -5.43M | 0 | 0 | 0 | 0 |
| Interest Income | 22.8M | 34.7M | 39.5M | 28.6M | 9.3M | 500K | 3M | 0 | 6.71M | 2.63M | 825K | 58K | 129K | 124K | 110K | 139K | 168K | 241K | 1.79M | 0 | 0 | 0 | 0 |
| Interest Expense | 63.4M | 79.7M | 42.7M | 36.2M | 36M | 61.7M | 48.1M | 34.6M | 22.2M | 19.19M | 14.39M | 12.71M | 14.69M | 16.89M | 15.79M | 14.71M | 22.69M | 20.18M | 7.22M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -21.1M | -134.3M | -8.7M | -5.4M | -27.8M | -105.5M | -41.8M | -35.5M | -22.2M | -19.2M | -16.11M | -12.65M | -39.01M | -15.74M | -15.68M | -14.58M | -22.53M | -12.98M | 89.34M | 53.84M | 34.65M | 21.5M | 332K |
| Pretax Income | 494.7M | 339.5M | 300.2M | 214.6M | 9.8M | 20.5M | 9.7M | 14.5M | 5.2M | -26.6M | -26.82M | -61.39M | -47.88M | -44.87M | -51.66M | -57.04M | -61.16M | -72.34M | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 16.2% | 12.54% | 14.49% | 12.65% | 0.75% | 1.87% | 1.07% | 1.96% | 0.92% | -5.74% | -7.31% | -23.26% | -16.58% | -18.16% | -24.44% | -37.47% | -63.07% | -109.56% | - | - | - | - | - |
| Income Tax | 119.3M | 92.4M | -118.1M | 8.3M | 5.2M | 3.7M | 2.9M | 2.9M | 1.9M | 200K | 392K | 212K | 60K | 100K | 212K | -11.21M | 0 | 0 | 0 | 0 | 0 | 0 | -332K |
| Effective Tax Rate % | 24.12% | 27.22% | -39.34% | 3.87% | 53.06% | 18.05% | 29.9% | 20% | 36.54% | -0.75% | -1.46% | -0.35% | -0.13% | -0.22% | -0.41% | 19.66% | 0% | 0% | - | - | - | - | - |
| Net Income | 375.3M | 247.1M | 418.3M | 206.3M | 4.6M | 16.8M | 6.8M | 11.6M | 3.29M | -26.83M | -28.88M | -73.52M | -51.5M | -44.97M | -51.87M | -57.17M | -61.16M | -79.54M | -92.79M | -53.54M | -35.95M | -21.64M | -13.82M |
| Net Margin % | 12.29% | 9.12% | 20.19% | 12.16% | 0.35% | 1.53% | 0.75% | 1.57% | 0.58% | -5.79% | -7.87% | -27.86% | -17.84% | -18.2% | -24.54% | -37.55% | -63.07% | -120.46% | -257.33% | -400.38% | -981.44% | -43272% | - |
| Net Income Growth % | 58.96% | -40.93% | 102.76% | 4384.78% | -72.62% | 147.06% | -41.38% | 252.37% | 112.27% | 7.09% | 60.72% | -42.76% | -14.51% | 13.29% | 9.28% | 6.52% | 23.11% | 14.28% | -73.31% | -48.93% | -66.16% | -56.54% | - |
| Net Income (Continuing) | 375.3M | 247.1M | 418.3M | 206.3M | 4.6M | 16.8M | 6.8M | 11.6M | 3.3M | -26.8M | -27.21M | -61.6M | -47.94M | -44.97M | -51.87M | -45.83M | -61.16M | -72.34M | -94.77M | -53.54M | -35.95M | -21.64M | -13.82M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.41 | 3.48 | 5.78 | 2.94 | 0.07 | 0.25 | 0.10 | 0.19 | 0.05 | -0.46 | -0.50 | -1.29 | -0.93 | -0.83 | -1.08 | -1.22 | -1.54 | -2.68 | -3.36 | -3.21 | -39.19 | -70.95 | -47.64 |
| EPS Growth % | 62.61% | -39.79% | 96.6% | 4368.09% | -73.68% | 150% | -47.37% | 251.85% | 111.74% | 8% | 61.24% | -38.71% | -12.05% | 23.15% | 11.48% | 20.78% | 42.54% | 20.24% | -4.67% | 91.81% | 44.76% | -48.93% | - |
| EPS (Basic) | - | 3.51 | 5.97 | 2.96 | 0.07 | 0.25 | 0.11 | 0.19 | 0.06 | -0.46 | -0.51 | -1.29 | -0.93 | -0.83 | -1.08 | -1.22 | -1.54 | -2.68 | -3.36 | -3.21 | -99.10 | -70.95 | -47.64 |
| Diluted Shares Outstanding | 69.4M | 71.89M | 73.89M | 73.63M | 69.91M | 68.58M | 65.95M | 62.3M | 61.01M | 58M | 57.25M | 56.79M | 55.63M | 54.01M | 47.92M | 46.69M | 39.61M | 29.73M | 27.61M | 16.69M | 917.28K | 304.96K | 290.14K |
| Basic Shares Outstanding | 69.3M | 70.35M | 70.08M | 69.75M | 69.38M | 67.7M | 64.73M | 60.59M | 58.86M | 58M | 56.69M | 56.79M | 55.63M | 54.01M | 47.92M | 46.69M | 39.61M | 29.73M | 27.61M | 16.69M | 917.28K | 304.96K | 290.14K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PODD stock.
For fiscal year 2025, Insulet Corp. (PODD) reported total revenue of $2.71B.
Insulet Corp. (PODD) is profitable, generating $247.1M in net income for the fiscal year ending 2025 with a net profit margin of 9.1%.
Insulet Corp. (PODD) reported an operating income of $473.8M, resulting in an operating profit margin of 17.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Insulet Corp. (PODD) generated $1.94B in gross profit for the year, representing a gross profit margin of 71.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
SBC dilution and tax volatility
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates on Omnipod Adoption
Insulet's revenue grew 23.5% year-over-year in 2026Q2, reaching $801.7M, according to the latest quarterly report, marking a continued acceleration from the 17.2% growth seen in 2024Q4.
The sequential acceleration from 17.2% in 2024Q4 to 23.5% in 2026Q2 suggests sustained demand for the Omnipod platform, likely driven by both new patient starts and increased market penetration. The consistent double-digit growth across all quarters indicates a durable growth trajectory, though investors should monitor whether this pace can be maintained as the installed base expands.
Gross Margin Expansion Reflects Scale Benefits
Gross margin improved to 70.2% in 2026Q2 from 67.7% in 2024Q2, as reported in financial statements, indicating enhanced manufacturing efficiency and pricing power relative to peers like DexCom at 60.0%.
The 250 basis point expansion in gross margin over eight quarters suggests that Insulet is benefiting from economies of scale in production and a favorable product mix. This margin profile is superior to most medical device peers, positioning the company well to fund future growth investments while maintaining profitability.
Operating Leverage Drives Margin Upside
Operating margin expanded to 16.2% in 2026Q2 from 11.2% in 2024Q2, as per SEC filings, demonstrating that revenue growth is translating into disproportionate profit growth.
The 500 basis point improvement in operating margin over the period indicates that SG&A and R&D expenses are growing slower than revenue, reflecting operational efficiency. This leverage is a key driver of the company's earnings growth and suggests that as revenue scales, operating income should continue to outpace revenue growth, barring any significant reinvestment.
Earnings Quality Tempered by SBC and Tax Volatility
Net income in 2026Q2 was $95.0M, but stock-based compensation of $40.9M, as disclosed in the income statement, represents a significant non-cash expense that reduces reported earnings quality.
SBC as a percentage of revenue has increased from roughly 3% in 2024Q1 to over 5% in 2026Q2, which may indicate dilution risk for shareholders. Additionally, the net margin swung from 38.6% in 2024Q2 to 3.5% in 2025Q2, likely due to one-time tax benefits or charges, suggesting that reported net income can be volatile and may not fully reflect underlying operational performance.
SG&A Efficiency Improves Despite Rising Investment
SG&A as a percentage of revenue declined to 43.0% in 2026Q2 from 45.5% in 2024Q2, based on reported figures, indicating improved cost discipline even as the company scales.
While SG&A dollar spend has increased from $199.7M to $344.8M over the period, the ratio to revenue has improved, suggesting that the company is leveraging its fixed cost base. R&D spending has remained relatively stable as a percentage of revenue, around 11%, indicating a consistent commitment to innovation without overextending the cost structure.
Sustainability of Growth and Margin Expansion Questioned
Despite strong growth, the 2025Q2 net margin of 3.5% versus 38.6% in 2024Q2, as per income statement data, highlights earnings volatility that could concern investors.
Short-sellers might argue that the recent margin expansion is not structural but rather a result of timing of expenses and tax items. The high SBC expense could indicate that reported earnings are overstated on a cash basis. Additionally, as competition intensifies in the insulin delivery market, pricing pressure could erode gross margins, which currently stand at 70.2%, potentially compressing operating leverage.