ACTON, Mass. — Insulet Corporation reported double-digit revenue growth in the fourth quarter and full year of 2025, capping its 10th consecutive year of 20 percent or higher constant-currency growth as demand for its Omnipod insulin delivery systems continued to expand globally.
The company said fourth-quarter revenue rose 31.2 percent to $783.8 million, or 29.0 percent on a constant-currency basis, exceeding the high end of its guidance range. Omnipod revenue accounted for $781.8 million of the total, up 33.5 percent year over year, driven by a 28.0 percent increase in U.S. revenue to $567.8 million and a 50.7 percent jump in international revenue to $214.0 million. Drug Delivery revenue was $2.0 million.
Gross margin for the quarter improved to 72.5 percent, up 40 basis points from the prior year, while operating income increased to $146.3 million, representing 18.7 percent of revenue. Net income totaled $101.6 million, or $1.44 per diluted share, compared with $100.7 million, or $1.39 per diluted share, a year earlier. Adjusted net income rose 31.6 percent to $109.2 million, or $1.55 per diluted share.
For the full year, Insulet reported revenue of $2.7 billion, up 30.7 percent year over year, or 29.5 percent in constant currency, again exceeding company guidance. Omnipod revenue climbed 31.6 percent to $2.7 billion, with U.S. sales growing 27.2 percent to $1.9 billion and international sales advancing 44.1 percent to $754.3 million. Drug Delivery revenue totaled $34.1 million.
Full-year gross margin expanded 180 basis points to 71.6 percent, while operating income rose to $473.8 million, or 17.5 percent of revenue. Net income for the year was $247.1 million, or $3.48 per diluted share, compared with $418.3 million, or $5.78 per diluted share, in the prior year. Adjusted net income increased 53.8 percent to $354.4 million, or $4.97 per diluted share. Operating cash flow grew to $569.3 million, and free cash flow reached $377.7 million.
During 2025, the company said it ranked first in new customer starts in both the U.S. and Europe, achieved record new starts in the fourth quarter and full year, and was the most requested and prescribed automated insulin delivery system in the U.S. Insulet also expanded Omnipod 5 into nine new international markets, surpassed an estimated 600,000 active users worldwide, received FDA clearance for key Omnipod 5 algorithm enhancements, and broadened its U.S. recycling program.
The board of directors approved a $350 million increase to the company’s share repurchase authorization. Insulet expects to allocate approximately $300 million toward repurchases in the first quarter of 2026, funded with existing cash.
“We ended the year with another excellent quarter, demonstrating the power of our business model, the strength of our technology, and the disciplined execution of our team,” said Ashley McEvoy, President and CEO. “Our performance shows that Insulet continues to lead with innovation, scale, and customer trust — and that our competitive position has never been stronger. As we move into 2026, we are confident in our ability to grow the global AID market, expand adoption across type 1 and type 2 diabetes, and deliver on the strategic and financial commitments we have laid out. Insulet has the talent, the technology, and the momentum to lead this category for the long term.”
