Insulet Revenue Rises 19.2% as International Omnipod Sales Accelerate in Third Quarter
Key Facts
Insulet reported revenue of $842.0 million on November 4, 2026, for the three months ended September 30, up 19.2% from the same period a year earlier, or 19.6% on a constant-currency basis. The company said growth came in slightly above the high end of its quarterly guidance of 19.5% on a constant-currency basis. The increase was concentrated in its Omnipod business, which posted growth in the U.S. and internationally, with a faster pace in international markets. Net income was $141.1 million, or $2.03 per diluted share, compared with $87.6 million and $1.24 per share a year earlier. Adjusted earnings also rose to $1.99 per share, up 59.9% year over year.
Omnipod revenue totaled $836.6 million, up 19.7% year over year. U.S. revenue was $570.4 million, up 14.7%, while international revenue reached $266.2 million, rising 31.7%. International business therefore grew at nearly more than twice the U.S. pace during the quarter. The figures reflect a clear difference in the two markets’ contributions to expansion: the U.S. remained the largest market by revenue, while international markets grew faster. This mix is central to the company’s regional revisions to its annual outlook.
Operating performance also improved, with operating income of $189.8 million, equal to 22.5% of revenue. The operating margin expanded 590 basis points from the third quarter of 2025. Adjusted earnings before interest, taxes, depreciation and amortization were $233.7 million, or 27.7% of revenue, compared with $160.0 million and 22.7% a year earlier. The increase in these margins alongside sales growth indicates that the improvement was not limited to higher revenue during the period. Adjusted earnings per share rose from $1.24 to $1.99, while GAAP earnings per share were $2.03.
Insulet raised its 2026 total revenue growth outlook to a range of 21%-22% on a constant-currency basis, compared with its previous guidance of 20%-22%, issued on August 5, 2026. It also raised its international Omnipod revenue growth range to 32%-33% from 30%-32%. In contrast, it narrowed its U.S. growth outlook to 17.5%-18.5%, from 17%-19%. The international revisions give overseas business a stronger position in the company’s outlook for the year, while the upper end of the U.S. growth range was lowered by half a percentage point. The company also expects adjusted operating margin expansion of about 150 basis points year over year, compared with a previous expectation of about 100 basis points.
On capital allocation, the board approved a $1 billion share repurchase program. The company expects to direct about $400 million to repurchases in the fourth quarter of 2026, using available cash. The announcement coincides with the higher annual growth outlook and sets out a stated timeframe for the portion of the program expected to be carried out in the final months of the year. The statement provided no further details on the pace of purchases after the fourth quarter. The company’s stock, which trades under the ticker PODD, closed at $154.86 in the November 3 session, a day before the results announcement.
The chief executive said the company made progress on its category two plan while expanding its customer base, increasing manufacturing capacity and continuing to innovate. Insulet said it completed the expansion of its U.S. sales force and is continuing to execute the plan by improving onboarding and support for new customers, strengthening sampling and tying sales incentives to new customer starts and retention. It also completed the full launch of the Omnipod Discover platform in the U.S. market. As of November 2, its use had expanded to more than 35,000 users and 5,000 health care professionals across available markets. These steps link commercial expansion with the development of customer-support tools as the company enters the remainder of the year with updated growth and margin expectations.