Revenue growth has accelerated to 33.9% as of 2026Q1, though operating margins remain inconsistent, fluctuating between 11.2% and 20.9% over the last ten quarters due to elevated SG&A spending.
| 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 | 2.9B | 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 % | 31.93% | 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 | 840.9M | 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 | 2.06B | 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 % | 71.01% | 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 | 1.55B | 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 | 1.22B | 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 | 331.2M | 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 | 507.2M | 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 % | 17.48% | 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 | 582.1M | 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 % | 20.07% | 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 % | 37.16% | 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) | 74.9M | 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 | 454.8M | 473.8M | 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 | -20.6M | -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 | 24.4M | 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 | 45M | 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 | -102.8M | -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 | 404.4M | 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 % | 13.94% | 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 | 57.7M | 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 % | 14.27% | 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 | 302.8M | 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 % | 10.44% | 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 % | -24.71% | -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) | 302.8M | 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) | 4.31 | 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 % | -22.66% | -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 | 70.2M | 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 | 69.99M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Competitive pricing and margin pressure
According to recent quarterly filings, Insulet has demonstrated robust top-line expansion, with revenue growth accelerating to 33.9% in 2026Q1 from 23.3% in 2024Q1, largely driven by the successful market penetration of the Omnipod 5 platform and expanded access within the pharmacy channel.
The consistent double-digit growth suggests that the company is successfully capturing new patient starts despite a maturing insulin pump market. Investors should monitor whether this trajectory remains sustainable as the company attempts to penetrate the broader Type 2 diabetes population, which may require different marketing and reimbursement strategies.
As reported in financial statements, Insulet maintains a strong gross margin profile, consistently hovering near 70% to 72% over the last ten quarters, which underscores the significant pricing power inherent in its proprietary tubeless architecture and the efficiency of its automated manufacturing facilities.
This margin stability appears to be a direct result of the pharmacy channel shift, which typically commands higher net pricing than traditional DME models. However, any future volatility in manufacturing costs or shifts in product mix toward lower-margin segments could challenge this structural advantage.
Based on reported figures, operating income has not scaled linearly with gross profit, as SG&A expenses have risen significantly to support global expansion, resulting in operating margins that fluctuated between 11.2% and 20.9% over the observed ten-quarter period, indicating limited near-term operating leverage.
The persistent investment in sales and marketing infrastructure suggests that management is prioritizing market share acquisition over immediate margin expansion. Analysts should investigate whether these elevated overhead costs are temporary growth-related outlays or a permanent feature of the company's competitive strategy.
Analysis of the income statement reveals that net income has been subject to significant quarterly swings, with EPS ranging from $0.32 to $2.59, often influenced by non-operating items and variable stock-based compensation charges that complicate the assessment of true underlying profitability.
The inconsistency in net margins suggests that investors should focus on operating income as a more reliable proxy for core business health. The periodic spikes in stock-based compensation warrant further investigation to determine the extent to which these expenses dilute shareholder value relative to operational gains.
Quick answers to the most common questions about buying PODD stock.
For fiscal year 2025, Insulet Corporation (PODD) reported total revenue of $2.71B.
Insulet Corporation (PODD) is profitable, generating $247.1M in net income for the fiscal year ending 2025 with a net profit margin of 9.1%.
Insulet Corporation (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 Corporation (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.