RMDThe bedtime business is working
ResMed’s latest quarter had a pretty simple message: people still need sleep, and the company still knows how to monetize that fact. For the quarter ended March 31, 2026, revenue climbed 11% to $1.4 billion, or 8% on a constant-currency basis. That’s the kind of growth that says this isn’t just a one-night stand with demand — the machine is still running.
Margins? Also snoozing less
The real spice was in profitability. GAAP gross margin widened 290 basis points to 62.2%, while non-GAAP gross margin hit 62.8%. Operating income rose 17% on a GAAP basis and 18% on a non-GAAP basis, which is fancy-speak for: this quarter wasn’t just bigger, it was cleaner.
Cash came in, cash went out
ResMed generated $554 million in operating cash flow and returned $262 million to shareholders through buybacks and dividends. That’s the corporate version of “I made dinner and did the dishes.” Investors usually like both.
Why you should care
Earnings beats are nice, but what matters more is whether the company can keep converting steady demand into expanding margins and shareholder returns. ResMed’s quarter suggests the answer is still yes. Big picture: boring can be beautiful when boring comes with margin expansion and cash flow.