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Operating cash flow surged to $1.8B in 2026Q4 (OCF/NI 4.71), driving FCF margin to 112.7%, but capex jumped to 10.7% of revenue and capital returns accelerated to $1.05B.
ResMed Inc. (RMD) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 |
|---|
| Cash from Operations | 1.81B | 1.75B | 1.4B | 693.3M | 351.15M | 736.72M | 802.25M | 459.05M | 505.03M | 414.05M | 547.93M | 383.18M | 391.27M | 402.82M | 383.16M | 283.19M | 188.21M | 238.88M | 137.84M | 91.11M | 99.03M | 71.08M | 76.54M | 59.28M | 35.64M | 29.52M | 20.27M | 18.2M | 6.8M | 9.5M |
| Operating CF Margin % | 31.94% | 34.04% | 29.91% | 16.42% | 9.81% | 23.05% | 27.13% | 17.61% | 21.58% | 20.03% | 29.8% | 22.82% | 25.16% | 26.6% | 28% | 22.78% | 17.23% | 25.94% | 16.5% | 12.72% | 16.31% | 16.7% | 22.56% | 21.67% | 17.46% | 19.03% | 17.54% | 20.54% | 10.23% | 19.31% |
| Operating CF Growth % | 3.1% | 25% | 102.11% | 97.44% | -52.34% | -8.17% | 74.76% | -9.1% | 21.97% | -24.43% | 43% | -2.07% | -2.87% | 5.13% | 35.3% | 50.46% | -21.21% | 73.31% | 51.29% | -8% | 39.32% | -7.14% | 29.11% | 66.34% | 20.73% | 45.6% | 11.4% | 167.65% | -28.42% | 171.43% |
| Net Income | 1.52B | 1.4B | 1.02B | 897.56M | 779.44M | 474.5M | 621.67M | 404.59M | 315.59M | 342.28M | 352.41M | 352.89M | 345.27M | 307.13M | 254.85M | 226.99M | 190.09M | 146.45M | 110.3M | 66.3M | 88.21M | 64.78M | 57.28M | 45.73M | 37.51M | 11.63M | 22.23M | 16.1M | 10.6M | 7.5M |
| Depreciation & Amortization | 244.15M | 235.81M | 216.21M | 197.56M | 193.84M | 191.52M | 181.37M | 150.79M | 119.96M | 112.16M | 86.85M | 73.06M | 73.45M | 78.28M | 85.86M | 10.15M | 61.56M | 53.96M | 59.48M | 48.14M | 41.62M | 29.13M | 17.87M | 12.58M | 9.97M | 8.45M | 6.25M | 4.6M | 3.7M | 2.6M |
| Stock-Based Compensation | 104.35M | 91.66M | 80.18M | 71.14M | 65.26M | 63.93M | 57.56M | 52.07M | 48.41M | 45.92M | 46.41M | 47.85M | 43.46M | 38.16M | 30.59M | 30.81M | 29.73M | 25.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 216K | 0 | -3.31M | 39.58M | 28.93M | 11.59M | 1.96M | 3.56M | -25.67M | -22.59M | 0 | -12.62M | -11.15M | 3.32M | -26.66M | 8.88M | -18.9M | -11.91M | -8M | 1.26M | 2M | -6.15M | -2.31M | 77K | 500K | 400K | -1M |
| Other Non-Cash Items | 8.28M | 6.66M | 39.13M | -11.05M | 20.69M | 8.67M | -7K | -286K | 411K | 1.62M | -2.99M | -132K | -6.28M | -11.57M | -21.5M | 49.91M | -17.01M | 16.48M | 22.16M | 5.56M | 22.15M | 11.4M | 4.66M | 758K | 2.49M | 21.17M | 126K | 100K | 100K | -300K |
| Working Capital Changes | -74.24M | 16.74M | 44.78M | -462.13M | -708.08M | 1.41M | -97.92M | -177.05M | 9.06M | -89.88M | 61.69M | -64.82M | -42.05M | -9.17M | 45.99M | -23.51M | -79.48M | 23.13M | -64.88M | -69.69M | -41.03M | -26.24M | -4.53M | -1.79M | -8.18M | -9.42M | -11.43M | -3.4M | -9.1M | 700K |
| Change in Receivables | -96.78M | -76.68M | -134.28M | -106.51M | 19.35M | -129.19M | 54.38M | -18.01M | -32.36M | -63.6M | -27.31M | -28.26M | -35.11M | -37.27M | -20.29M | -30.8M | -24.74M | -32.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -9.92M | -80.17M | 172.2M | -248.83M | -311.68M | -21.95M | -69.88M | -84.19M | 1.49M | -41.6M | 30.49M | -99.52M | -15.85M | 27.14M | 18.81M | 11.39M | -32.27M | -16.14M | 9.61M | -30.47M | -25.04M | -22.56M | -6.72M | -2.99M | -7.06M | -8.13M | -6.03M | -2.9M | -2.4M | -300K |
| Change in Payables | 172.72M | 90.96M | 0 | 31.34M | -247.63M | 210.71M | -23.42M | -27.28M | 200.65M | 34.58M | 46.38M | 85.81M | 3.1M | 29.63M | 72.8M | -1.09B | -695.14M | -512.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -545.2M | -200.04M | -269.78M | -1.16B | -229.92M | -158.46M | -179.86M | -1.08B | -101.82M | -81.89M | -1.13B | -143.07M | -94.99M | -78M | -101.61M | -76.51M | -58.31M | -109.3M | -37.85M | -105.42M | -119.87M | -86.78M | -66.84M | -11.88M | 13.54M | -144.55M | -18.52M | -24.9M | 300K | -5.3M |
| Capital Expenditures | -156.28M | -89.86M | -99.46M | -134M | -156.04M | -116.83M | -105.94M | -77.34M | -71.46M | -71.48M | -67.83M | -71.94M | -81.16M | -71.78M | -61.11M | -75M | -61.64M | -114.22M | -75.78M | -77.56M | -102.75M | -39.69M | -57.25M | -25.64M | -28.18M | -27.46M | -16.17M | -22.5M | -11.8M | -4M |
| CapEx % of Revenue | 2.76% | 1.75% | 2.12% | 3.17% | 4.36% | 3.65% | 3.58% | 2.97% | 3.05% | 3.46% | 3.69% | 4.29% | 5.22% | 4.74% | 4.47% | 6.03% | 5.64% | 12.41% | 9.07% | 10.83% | 16.93% | 9.33% | 16.87% | 9.37% | 13.81% | 17.7% | 13.98% | 25.39% | 17.74% | 8.13% |
| Acquisitions | -350.72M | -139.25M | -133.46M | -1.01B | -42.78M | -39.07M | -27.91M | -951.38M | -902K | -7.27M | -1.04B | -28.47M | -3.85M | -5.42M | -53.32M | -22.45M | -10.66M | -2.39M | -856K | -1.91M | -10.53M | -54.42M | -184K | -300K | -13.87M | -55.07M | -576K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -12.41M | 35.48M | -15.4M | 15.2M | -17.18M | 19.22M | -10.61M | -8.63M | 8.97M | 3.32M | -468K | -937K | -18.41M | -9M | 0 | 7.94M | 17.27M | 9.34M | 23.83M | -4.38M | -4.21M | -2.82M | -2.36M | -1.56M | 12.79M | -516K | -961K | -500K | -400K | -500K |
| Cash from Financing | -1.01B | -606.25M | -1.12B | 422.87M | -128.36M | -764.63M | -317.29M | 580.64M | -1.03B | -262.87M | 612.58M | -255.79M | -297.32M | -153.93M | -177.1M | -79.34M | -61.13M | 1.87M | -63.76M | 38.1M | 97.77M | 25.2M | 1.31M | -16.34M | -21.17M | 139.03M | 6.38M | 1.9M | 800K | 300K |
| Debt Issued (Net) | -10M | -40M | -730M | 665M | 122M | -522M | -94.01M | 807.49M | -796.24M | -95M | 856.31M | -1.54M | -2.2M | 49.78M | 144.4M | -25.16M | -38.44M | 41.7M | 7.36M | -10.47M | 53.63M | -3.26M | 0 | -9.22M | -23.07M | 131.08M | 0 | -200K | -200K | -300K |
| Equity Issued (Net) | -625.53M | -225.59M | -96.92M | 49.14M | 47.38M | 37.79M | 48.18M | 13.88M | -69.19M | 38.32M | -74.36M | -160.3M | -168.81M | -117.02M | -330.25M | -68.69M | -35.86M | -43.7M | -74.93M | 36.17M | 34.39M | 28.46M | 1.31M | 5.49M | 1.91M | 7.94M | 6.38M | 2.1M | 1M | 200K |
| Dividends Paid | -349.66M | -310.88M | -282.32M | -258.28M | -245.34M | -226.71M | -225.09M | -211.71M | -199.5M | -186.35M | -168.13M | -157.26M | -141.52M | -97.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -700.04M | -300.02M | -150.01M | 0 | 0 | 0 | 0 | -22.84M | -53.8M | 0 | -102.06M | -160.3M | -202.17M | -186.26M | -392.74M | -163.34M | -131.08M | -68.59M | -96.56M | -2.09M | 0 | -10.97M | -19.03M | -3.54M | -7.87M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -21.83M | -29.79M | -10.05M | -32.99M | -52.41M | -53.71M | -46.36M | -29.01M | 38.23M | -19.84M | -1.23M | 63.31M | 15.22M | 10.52M | 8.75M | 14.51M | 13.17M | 3.87M | 3.81M | 12.4M | 9.75M | 0 | 0 | -12.61M | 0 | 0 | 0 | 0 | 0 | 100K |
| Net Change in Cash | 259.78M | 971.09M | 10.47M | -45.82M | -21.57M | -167.88M | 316.03M | -41.57M | -633.23M | 90.5M | 14.19M | -188.48M | 29.68M | 66.51M | 74.27M | 246.49M | 73.13M | 94.57M | 63.29M | 38.25M | 77.36M | 13.28M | 14.42M | 41.63M | 32.72M | 21.89M | 7.14M | -4.4M | 6.4M | 4M |
| Free Cash Flow | 1.65B | 1.66B | 1.29B | 559.3M | 195.11M | 619.89M | 696.32M | 381.71M | 433.57M | 342.58M | 480.1M | 311.24M | 310.11M | 331.04M | 322.05M | 208.19M | 126.57M | 124.66M | 62.06M | 13.55M | -3.72M | 31.39M | 19.3M | 33.65M | 7.46M | 2.06M | 4.11M | -4.3M | -5M | 5.5M |
| FCF Margin % | 29.18% | 32.29% | 27.46% | 13.24% | 5.45% | 19.39% | 23.55% | 14.64% | 18.53% | 16.58% | 26.11% | 18.54% | 19.94% | 21.86% | 23.53% | 16.75% | 11.59% | 13.54% | 7.43% | 1.89% | -0.61% | 7.38% | 5.69% | 12.3% | 3.65% | 1.33% | 3.55% | -4.85% | -7.52% | 11.18% |
| FCF Growth % | -0.73% | 29.18% | 130% | 186.66% | -68.53% | -10.98% | 82.42% | -11.96% | 26.56% | -28.65% | 54.26% | 0.36% | -6.32% | 2.79% | 54.69% | 64.49% | 1.54% | 100.88% | 357.99% | 464.15% | -111.85% | 62.67% | -42.66% | 351.36% | 261.72% | -49.82% | 195.51% | 14% | -190.91% | 175% |
| FCF per Share | - | 11.28 | 8.72 | 3.79 | 1.33 | 4.23 | 4.78 | 2.64 | 3.01 | 2.40 | 3.39 | 2.18 | 2.15 | 2.26 | 2.16 | 1.32 | 0.82 | 0.81 | 0.39 | 0.09 | -0.02 | 0.21 | 0.14 | 0.24 | 0.05 | 0.02 | 0.03 | -0.03 | -0.04 | 0.05 |
| FCF Conversion (FCF/Net Income) | 1.19x | 1.25x | 1.37x | 0.77x | 0.45x | 1.55x | 1.29x | 1.13x | 1.60x | 1.21x | 1.55x | 1.09x | 1.13x | 1.31x | 1.50x | 1.25x | 0.99x | 1.63x | 1.25x | 1.37x | 1.12x | 1.10x | 1.34x | 1.30x | 0.95x | 2.54x | 0.91x | 1.13x | 0.64x | 1.27x |
| Interest Paid | 0 | 28.41M | 45.71M | 47.38M | 22.31M | 23.99M | 40.38M | 36.16M | 28.36M | 28.24M | 11.21M | 5.78M | 6.13M | 6.39M | 4.79M | 1.76M | 2.67M | 5.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 214.01M | 278.4M | 216.87M | 478.12M | 221.36M | 180.36M | 242.86M | 170.65M | 92.9M | 68.97M | 48.53M | 90.18M | 85.72M | 55.21M | 85.1M | 96.67M | 16.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying RMD stock.
ResMed Inc. (RMD) generated $1.81B in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
ResMed Inc. (RMD) generated $1.65B in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
ResMed Inc. (RMD) spent $156.3M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, ResMed Inc. (RMD) returned $349.7M to shareholders via cash dividends and spent $700.0M 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 spike
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Spikes
OCF/NI swung from 0.87 in 2026Q2 to 4.71 in 2026Q4, per reported financials, indicating significant timing effects and potential earnings quality concerns.
The OCF/NI ratio of 4.71 in 2026Q4 is an outlier, driven by a $1.8B operating cash flow against net income of $383.4M, likely reflecting a one-time working capital release or other non-recurring items. Excluding that quarter, the ratio averages around 1.2-1.4, suggesting typical conversion, but the volatility warrants monitoring for sustainability.
FCF Margin Expansion with Seasonal Peaks
FCF margin averaged 36% over the last year, with 2026Q4 reaching 112.7% due to a $1.8B operating cash flow, as per quarterly data, indicating strong cash generation.
Excluding the anomalous 2026Q4, FCF margins have been consistently in the 21-43% range, reflecting efficient conversion of revenue to cash. The 2026Q4 spike appears to be a one-time event, but the underlying trend shows robust free cash flow generation, supporting continued capital returns.
Capital Intensity Jumps in Latest Quarter
CapEx/Revenue surged to 10.7% in 2026Q4 from a 2% average in prior quarters, based on reported figures, suggesting a strategic investment phase.
The $156.3M CapEx in 2026Q4 is nearly five times the typical quarterly spend, indicating a significant expansion or investment in manufacturing capacity. This could signal management's confidence in future demand, but investors should monitor whether this elevated spending persists and whether it translates into revenue growth.
Working Capital Swings Drive Cash Flow
Working capital changes ranged from -$142.3M to +$132.3M across quarters, as per financial statements, indicating significant variability in cash flow timing.
The negative working capital changes in 2026Q2 and 2026Q4 suggest aggressive collection or inventory drawdowns, while positive changes in other quarters indicate build-ups. This volatility may reflect channel inventory management or supply chain dynamics, and investors should assess the sustainability of these swings.
Capital Returns Accelerate Sharply
Dividends and buybacks totaled $1.05B in 2026Q4, up from ~$165M in prior quarters, according to reported cash flow data, indicating a significant increase in shareholder returns.
The $700M buyback in 2026Q4 is a substantial escalation from the $50-175M range seen earlier, suggesting management's confidence in cash flow sustainability. Combined with dividends, total capital returns exceeded FCF in that quarter, implying the use of accumulated cash or debt to fund the distribution.
SBC and Capex Distort Cash Flow Picture
Stock-based compensation spiked to $104.3M in 2026Q4, up from ~$25M average, as per financial data, potentially inflating cash flow comparisons and masking dilution.
The SBC spike in 2026Q4, while non-cash, reduces reported earnings and may indicate aggressive equity compensation, which could dilute shareholders. Additionally, the elevated CapEx in the same quarter suggests that the reported FCF of $1.6B may not be sustainable, as it includes a one-time working capital benefit and excludes the full impact of the investment.