Insulet Corporation

Insulet combines recurring demand for disposable insulin-delivery devices with investment in manufacturing, technology and commercial expansion.

Quarterly growth and profitability

Third-quarter 2026 revenue was $842 million, up 19.2% as reported and 19.6% in constant currency. Adjusted EPS was $1.99.

Operating income was $189.8 million, while adjusted operating income was $185.2 million. The latter removes a $4.5 million net benefit from warranty and related costs associated with the March and May voluntary device corrections. That net adjustment differs from the $7.0 million gross reduction in the estimated warranty liability disclosed in the report.

Annual outlook

For 2026, Insulet expects revenue growth of 21% to 22% in constant currency, compared with 20% to 22% in August. The measure removes the effect of exchange-rate changes. It expects adjusted operating margin to improve by about 1.5 percentage points from 2025, versus the earlier forecast of 1 point. Its forecast for adjusted EPS growth above 30% is unchanged.

Cash generation

First nine months ended September 30. Dollar amounts in millions. Operating cash flow and capital spending are GAAP; free cash flow is company-defined non-GAAP.

Measure	2026	2025
Operating cash flow	$325.7	$386.0
Capital spending	$113.9	$56.5
Free cash flow	$211.7	$329.5

Receivables reflect the timing of distributor orders. Inventory increased through a planned build for anticipated demand and advance materials purchases. Manufacturing equipment and the Costa Rica plant drove higher capital spending. The company's free-cash-flow measure deducts its capital-expenditure line; separate developed-software investment is outside that measure.

Completed buybacks and the next target

Insulet completed $300 million of accelerated repurchases by March 31. At September 30, $115.4 million remained under the earlier authorization. The board expanded the program to $1 billion in October, effective through December 2028, and the company expects roughly $400 million of purchases in the fourth quarter using existing cash.

Cash and borrowing

At September 30, cash and cash equivalents were $584.4 million. Current debt was $19.1 million and additional long-term debt, net, was $943 million. The revolving credit facility had been expanded to $750 million in September and remained undrawn.

The September refinancing also lowered the term loan's interest margin.

Read our comparison of Insulet's next buyback target and cash generation.