ResMed Inc. stock research
FY2026 Q1
ResMed (RMD) Gross Margin — Quarter Ended Sep 30, 2025
Revenue was stable compared to the prior quarter and higher than the same quarter last year. Gross profit improved relative to both periods, driven by a lower cost of revenue as a share of revenue, which lifted gross margin.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2026 Q1
Revenue was stable compared to the prior quarter and higher than the same quarter last year. Gross profit improved relative to both periods, driven by a lower cost of revenue as a share of revenue, which lifted gross margin.
- The strongest observable margin driver was the reduction in cost of revenue relative to revenue, which allowed gross profit to increase even as revenue remained flat sequentially.
- Gross margin improved compared to both the immediately preceding quarter and the same quarter one year earlier, reflecting a favorable shift in the relationship between revenue and cost of revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
61.5%
Gross profit
$820.8M
Revenue
$1.3B
Cost of revenue
$514.8M
Quarter-over-quarter change
+0.6 pts
Year-over-year change
+2.9 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 31, 2024 | $1.3B | $751.3M | $530.8M | 58.6% |
| Mar 31, 2025 | $1.3B | $766.4M | $525.3M | 59.3% |
| Jun 30, 2025 | $1.3B | $820.1M | $527.9M | 60.8% |
| Sep 30, 2025 | $1.3B | $820.8M | $514.8M | 61.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
+0.6 pts
Year-over-year change
Sep 30, 2024
+2.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver was the reduction in cost of revenue relative to revenue, which allowed gross profit to increase even as revenue remained flat sequentially.
Gross margin improved compared to both the immediately preceding quarter and the same quarter one year earlier, reflecting a favorable shift in the relationship between revenue and cost of revenue.
Monitor whether the lower cost of revenue relative to revenue can be sustained in future quarters.