Second Quarter 2026
Filed Aug 5, 2026Second Quarter Revenue of $802 million, Increase of 23.5% (22.7% in Constant Currency)
Revenue of $801.7 million grew 23.5%, or 22.7% in constant currency, exceeding the high end of the Company’s 20% - 22% constant-currency guidance range. Omnipod growth was broad based and adjusted operating margin expanded, although GAAP operating margin was down 250 basis points over prior year and FY 2026 total revenue growth guidance was reduced to 20% - 22% from 21% - 23%.
Actuals vs. the company’s prior outlook
from its previous release| Metric | Guided | Reported | Verdict |
|---|---|---|---|
| Q2 2026 total revenue growth in constant currency | 20% - 22% | 22.7% | above |
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $801.7 million | – | 23.5% |
| Revenue growth in constant currencynon-GAAP | 22.7% | – | – |
| Total Omnipod revenueGAAP | $795.9 million | – | 24.6% |
| Total Omnipod revenue growth in constant currencynon-GAAP | 23.8% | – | – |
| Drug Delivery revenueGAAP | $5.8 million | – | – |
| Operating incomeGAAP | $129.7 million | – | – |
| Operating income as a percentage of revenueGAAP | 16.2% of revenue | – | down 250 basis points over prior year |
| Adjusted operating incomenon-GAAP | $154.5 million | – | – |
| Adjusted operating income as a percentage of revenuenon-GAAP | 19.3% of revenue | – | up over 140 basis points compared to prior year |
| Net incomeGAAP | $95.0 million | – | – |
| Diluted earnings per shareGAAP | $1.37 per diluted share | – | – |
| Adjusted net incomenon-GAAP | $115.0 million | – | 37.4% |
| Adjusted diluted earnings per sharenon-GAAP | $1.66 per diluted share | – | 41.5% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| U.S. OmnipodU.S. Omnipod revenue increased 20.1%. | $544.1 million | – | 20.1% |
| International OmnipodThe Company launched Omnipod 5 and Omnipod Discover in Spain, the 26th country where Insulet sells Omnipod and the 20th country where Omnipod 5 is available. | $251.8 million | – | 35.5%, or 32.9% in constant currency |
| Drug DeliveryNo revenue-growth driver was reported for Drug Delivery. | $5.8 million | – | – |
Q3 2026 and FY 2026 outlook
- RevenueQ3 2026 total revenue: 17.5% - 19.5% in constant currency; FY 2026 total revenue: 20% - 22% in constant currency
- NoteQ3 2026 U.S. Omnipod revenue growth: 14% - 16% in constant currency
- NoteQ3 2026 International Omnipod revenue growth: 28% - 30% in constant currency
- NoteQ3 2026 Total Omnipod revenue growth: 18% - 20% in constant currency
- NoteQ3 2026 Drug Delivery revenue growth: ~(20%) in constant currency
- NoteFY 2026 U.S. Omnipod revenue growth: 17% - 19% in constant currency
- NoteFY 2026 International Omnipod revenue growth: 30% - 32% in constant currency
- NoteFY 2026 Total Omnipod revenue growth: 21% - 23% in constant currency
- NoteFY 2026 Drug Delivery revenue growth: ~(40%) in constant currency
- NoteFY 2026 Adjusted Operating Margin: ~100 bps YoY expansion
- NoteFY 2026 Adjusted EPS Growth: >30%
What drove it
- Total Omnipod revenue was $795.9 million and rose 24.6%, or 23.8% in constant currency.
- U.S. Omnipod revenue was $544.1 million and increased 20.1%.
- International Omnipod revenue was $251.8 million and increased 35.5%, or 32.9% in constant currency.
- The Company expanded the Omnipod 5 ecosystem with a next-generation algorithm designed to improve time in range and increase time spent in Automated Mode, along with expanded compatibility with Abbott’s FreeStyle Libre 3 Plus.
- The Company presented STRIVE results supporting Omnipod 6 and EVOLUTION feasibility-study data for fully closed-loop technology for people with type 2 diabetes.
Concerns
- GAAP operating income as a percentage of revenue was 16.2% of revenue, down 250 basis points over prior year.
- FY 2026 total revenue growth guidance was 20% - 22% in constant currency, compared with prior guidance of 21% - 23%.
- FY 2026 U.S. Omnipod revenue growth guidance was 17% - 19% in constant currency, compared with prior guidance of 20% - 22%.
- FY 2026 Total Omnipod revenue growth guidance was 21% - 23% in constant currency, compared with prior guidance of 22% - 24%.
- Management said it was updating its outlook to reflect what it is learning as it scales in type 2.
What to watch
- Q3 2026 total revenue growth guidance of 17.5% - 19.5% in constant currency.
- Q3 2026 U.S. Omnipod revenue growth guidance of 14% - 16% in constant currency.
- Q3 2026 International Omnipod revenue growth guidance of 28% - 30% in constant currency.
- FY 2026 adjusted operating margin guidance of ~100 bps YoY expansion.
- FY 2026 adjusted EPS growth guidance of >30%.
- Execution as the Company scales in type 2 and converts those insights into action.
Balance sheet and cash flow
- Positive free cash flow was reported, but no amount was provided.
Analysis
Insulet reported second-quarter revenue of $801.7 million, up 23.5%, or 22.7% in constant currency. The constant-currency result exceeded the high end of the Company’s 20% - 22% guidance range. Total Omnipod revenue was $795.9 million, rising 24.6%, or 23.8% in constant currency, while Drug Delivery revenue was $5.8 million.
Growth was broad based across Omnipod geographies. U.S. Omnipod revenue was $544.1 million and increased 20.1%. International Omnipod revenue was $251.8 million, up 35.5%, or 32.9% in constant currency. The Company also launched Omnipod 5 and Omnipod Discover in Spain and expanded Omnipod 5 through a next-generation algorithm and compatibility with Abbott’s FreeStyle Libre 3 Plus.
Profitability showed a divergence between reported and adjusted measures. GAAP operating income was $129.7 million, or 16.2% of revenue, with the margin down 250 basis points over prior year. Adjusted operating income was $154.5 million, or 19.3% of revenue, with margin up over 140 basis points compared to prior year. GAAP net income was $95.0 million, or $1.37 per diluted share, versus $22.5 million, or $0.32 per diluted share, in the prior year. Adjusted net income was $115.0 million, or $1.66 per diluted share, increasing 37.4% and 41.5%, respectively, compared with $83.7 million and $1.17 per diluted share.
The outlook reset is concentrated in U.S. and total growth expectations. FY 2026 total revenue growth guidance is 20% - 22% in constant currency versus prior guidance of 21% - 23%, and U.S. Omnipod guidance is 17% - 19% versus 20% - 22%. International Omnipod guidance increased to 30% - 32% from 26% - 28%. The Company maintained guidance for ~100 bps YoY adjusted operating-margin expansion and raised adjusted EPS growth guidance to >30% from >25%.
Management, verbatim
We delivered another quarter of broad-based growth, robust margin expansion, and positive free cash flow, reflecting the strength of the Omnipod platform. While we are updating our outlook to reflect what we're learning as we scale in type 2, our conviction in the long-term opportunity remains unchanged.
Ashley McEvoy, President and CEO
We remain focused on converting those insights into action, further strengthening execution and positioning the business for durable, profitable growth.
Ashley McEvoy, President and CEO
Not in the filing
stated, not guessed- GAAP gross profit and gross margin
- Adjusted gross profit and adjusted gross margin
- Operating expenses
- Income tax expense or benefit and tax rate
- Operating cash flow amount
- Free cash flow amount
- Capital expenditures
- Cash and cash equivalents
- Debt
- Share repurchases
- Dividends
- Adjusted EBITDA
- Prior-quarter comparisons for reported metrics
- Prior-year revenue amount
- Prior-year operating income amount
- Prior-year adjusted operating income amount
- Revenue-dollar guidance
- Q3 2026 adjusted operating margin guidance
- Q3 2026 adjusted EPS growth guidance
- FY 2026 gross-margin, operating-expense, and tax-rate guidance
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.