Insulet (PODD) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $761.7 million, up 33.9% year-over-year, driven by strong Omnipod product sales in both U.S. and international markets, surpassing guidance.

• Net income increased to $91.1 million from $35.4 million in Q1 2025, with adjusted EPS rising to $1.42, up ~40% year-over-year.

• Expanded global customer base by nearly 25% year-over-year, fueled by Omnipod 5 demand and MDI conversions.

• Launched Omnipod 5 and Omnipod Discover in five new Middle Eastern countries, expanding to 19 countries.

• Raised full-year 2026 revenue growth guidance to 21%-24% due to strong Q1 performance and positive outlook.

Financial highlights

• U.S. Omnipod revenue grew 28.3% to $515.6 million; international Omnipod revenue grew 59.4% (45.2% constant currency) to $242.9 million.

• Adjusted operating margin expanded 110 basis points to 17.5%; adjusted EPS rose to $1.42, up ~40% year-over-year.

• Adjusted gross margin was 71.0%, down 90 basis points year-over-year due to transition costs and medical device correction.

• Free cash flow for Q1 2026 was $89.5 million, up from $51.6 million in Q1 2025; ended Q1 with $480.4 million in cash and $500 million available under credit facility.

• Total debt, net stood at $948.1 million; debt-to-total capital ratio was 42%.

Outlook and guidance

• FY 2026 total revenue growth guidance raised to 21%-24% (constant currency), with U.S. Omnipod expected to grow 20%-22% and international Omnipod 26%-28%.

• Adjusted operating margin expected to expand by ~100 basis points; adjusted EPS growth projected at >25% for FY 2026.

• Free cash flow expected to be flat year-over-year due to increased capital expenditures for manufacturing expansion.

• Gross margin for 2026 expected to be impacted by ongoing costs from the medical device correction and transition to new Pod configurations.

• Net interest expense for 2026 anticipated to rise to approximately $40 million.