Insulet (PODD) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $801.7 million, up 23.5% year-over-year, driven by strong Omnipod product sales in both U.S. and international markets, surpassing guidance.

• Omnipod product revenue grew 24.6% to $795.9 million, with international launches in Spain and the Middle East, expanding reach to 26 countries.

• Net income rose to $95.0 million ($1.37 per diluted share), with adjusted net income at $115.0 million ($1.66 per share), and adjusted EPS up 41.5% year-over-year.

• Achieved the second-highest new customer start quarter, with over 85% of U.S. new starts from MDI users and over 40% from Type 2 diabetes.

• Enhanced Omnipod 5 platform with new algorithm updates and expanded sensor compatibility.

Financial highlights

• U.S. Omnipod revenue grew 20.1% year-over-year to $544.1 million; international Omnipod revenue grew 35.5% (32.9% constant currency) to $251.8 million.

• Adjusted operating margin increased by 140 basis points to 19.3%; adjusted gross margin was 72.9% (non-GAAP) and 70.2% (GAAP).

• Adjusted EBITDA for Q2 2026 was $199.8 million (24.9% of revenue), up from $157.5 million in Q2 2025.

• Free cash flow for the first half of 2026 was $145.4 million, with cash and investments at $535 million and $500 million available under a revolving credit facility.

• Net income for Q2 2026 was $95.0 million; diluted EPS was $1.37.

Outlook and guidance

• FY 2026 revenue growth expected at 20%-22% (constant currency), with U.S. Omnipod up 17%-19% and international Omnipod up 30%-32%.

• Q3 2026 revenue growth guidance: 17.5%-19.5%, with international Omnipod leading at 28%-30%.

• Adjusted operating margin for FY 2026 projected to expand by 100 basis points, with adjusted EPS growth over 30%.

• Gross margin for 2026 expected to be impacted by medical device correction-related warranty costs.

• Preliminary 2027 view: total company constant currency revenue growth to exit 2026 in the mid-teens, with growth in 2027 consistent with or better than that rate.