ResMed (RMD) 10-K risk factor changes: FY2026 vs FY2025

- Our inability to compete with new and existing technology [removed: to treat OSA successfully] may harm our business.

- We are subject to new areas of direct healthcare oversight by federal government agencies due to our [removed: acquisition] [added: acquisitions] of [removed: VirtuOx.][added: VirtuOx and Noctrix.]

- Our business depends on our ability to [removed: market] effectively [removed: to] [added: educate and engage] dealers of home healthcare products, sleep [removed: clinics,] [added: clinics] and [removed: physicians.][added: physicians, health care providers, and patients regarding the benefits of our products, software solutions and services.]

- We are subject to various risks relating to our compliance with fraud and abuse laws and transparency laws relating to our interactions with our customers, healthcare providers, [added: other referral sources] and patients, which could subject us to government investigation, litigation, or other penalties to the extent our activities or relationships are found not to comply or could otherwise cause us to incur significant costs to defend our actions, and could result in substantial fines, penalties, harm our reputation in the market, divert our management’s attention, or result in changes in our business operations that could harm our ability to successfully market and sell our products and services.

[removed: - Tax laws, regulations, and enforcement practices are evolving, are aggressively pursued in some jurisdictions, and] [added: This] may [removed: cause] [added: result in] expense as well as management distraction, which may result in a material adverse effect on our results of operations, cash flows and financial [removed: position.][added: position. Tax laws, regulations, and enforcement practices in various jurisdictions may be subject to significant changes in enforcement priorities due to economic, political, and other conditions.]

- We are subject to ongoing tax audits by [added: various] local tax authorities, some of which are aggressively pursuing taxes on [added: transferred or] discontinued local operations.

- Sustainability and corporate governance issues are constantly evolving, leading to [removed: distraction] [added: additional investment] and expense, and may have an adverse effect on our business, financial condition and results of operations and reputation.

Our inability to compete with new and existing technology [removed: to treat OSA successfully] may harm our business. The geographic markets for our products, which encompass Sleep and Breathing Health products and Residential Care Software offerings, are highly competitive and are characterized by frequent product improvements and evolving technology, and new therapies, including existing and new pharmaceuticals.

For Residential Care Software, the demand for business management software is highly competitive, rapidly [removed: evolving, subject to] [added: evolving and characterized by] changing [removed: technology,] [added: technologies,] with low barriers to entry, shifting customer needs, [removed: increased use] [added: increasing adoption] of [removed: AI] [added: artificial intelligence, or AI,] and frequent introductions of new products and services.

[removed: Many] [added: In addition, many] prospective customers have invested substantial personnel and financial resources to [removed: create,] implement and integrate their [removed: current] [added: existing] business management software [removed: into their operations and, therefore,] [added: and] may [added: therefore] be reluctant [removed: or unwilling] to [removed: change from their current in-house solution or provider] [added: switch] to one of our platforms or products.

If we are unable to develop innovative new products, maintain competitive pricing, enhance existing products, and offer products that purchasers perceive to be as good as those of our competitors, including the use of pharmaceuticals, our sales and gross margins could [removed: decrease] [added: decrease,] which would harm our business.

[added: Consolidation in the healthcare industry and healthcare payment reform could have an adverse effect on our revenues and results of operations.] Numerous initiatives and reforms by legislators, regulators, and third-party payors to curb the rising cost of healthcare have catalyzed a consolidation of aggregate purchasing power where we sell our products and services.

Global macroeconomic conditions, including the direct and indirect effects of inflation, supply chain disruptions, reciprocal tariffs, and fluctuations in foreign currency exchange rates, could adversely affect our operations and profitability. Global economic conditions, geopolitical instability, the impact of tariffs and trade wars on our suppliers, [removed: and other macroeconomic factors, including inflation, supply chain disruptions, such as recent shipping disruptions in the Red Sea, interest rate and foreign currency rate fluctuations, and volatility in the capital markets could negatively impact our business, financial condition, and results of operations.]

Deterioration in the global economic environment may cause decreased demand for our products and services which could result in lower product sales, services [added: revenue, lower prices for our products, or reduced reimbursement rates by third-party payors, while increasing the cost of operating our business.]

[removed: Recently, the] [added: The] U.S. government imposed significant tariffs, as well as increases to existing tariffs, impacting a wide variety of goods across multiple countries and indicated that additional tariffs may be imposed in the near future.

While tariffs and other retaliatory trade measures imposed by other countries on U.S. goods and services have not [removed: yet] had a significant impact on our business or results of operations, we cannot predict further developments, and such existing or future tariffs could have a material adverse effect on results of our operations, financial position and cash flows.

We are subject to various risks relating to international activities that could affect our overall profitability. We manufacture substantially all of our products outside the U.S. and sell a significant portion of our products outside the U.S. Sales in [removed: combined Europe, Asia and other] [added: Rest of World] regions accounted for approximately [removed: 36%] [added: 37%] and 36% of our net revenues in the [added: years ended June 30, 2026 and June 30, 2025, respectively.]

[removed: The conflict between Israel and Iran may lead] [added: Conflicts in the Middle East have led] to fluctuations in oil prices and global economic instability, resulting in higher supply and transportation costs.

While we are not presently aware of any direct impacts these restrictions have had on our suppliers’ supply chains, disruptions resulting from [removed: the conflict] [added: conflicts] in Iran and Ukraine and the UFLPA may materially and negatively impact our suppliers’ ability to obtain a sufficient supply of raw materials necessary to meet the quantity and/or timing of our product demands.

Our combined sales of medical devices into Iran, Russia and Ukraine did not constitute a material portion of our total revenue in fiscal year [removed: 2025.][added: 2026.]

[removed: Clinical trials are very] expensive and difficult to design and implement, in part because they are subject to rigorous regulatory requirements.

[added: The results of clinical trials may be unfavorable or] inconsistent with previous findings or could identify safety signals associated with our products.

Any product liability claim brought against us, with or without merit, could result in [removed: the] [added: an] increase of our product liability insurance rates.

[added: Even if infringement claims] against us are without merit, defending a lawsuit takes significant time, may be expensive and may divert management’s attention from other business matters.

If we fail to source, develop and retain key employees, our business may suffer. Our ability to compete effectively depends on our ability to source and retain key employees, including people in senior management, sales, marketing, technology, and research and [removed: development positions.][added: development.]

Competition for top talent in the [removed: healthcare, technology] [added: healthcare] and [removed: Residential Care Software] [added: health technology] industries can be intense.

Our leverage and debt service obligations could adversely affect our business. As of June 30, [removed: 2025,] [added: 2026,] our total [removed: consolidated] [added: outstanding] debt was [removed: $0.7 billion] [added: $660 million] and we may incur additional indebtedness in the future.

Our ability to make payments on, and to refinance, our indebtedness, and to fund [removed: capital expenditures] [added: the future expansion of our business] will depend on our ability to generate cash in the future.

We are subject to new areas of direct healthcare oversight by federal government agencies due to our [removed: acquisition] [added: acquisitions] of [removed: VirtuOx.] [added: VirtuOx and Noctrix.] In [removed: May] 2025, we acquired VirtuOx, a software-enabled [removed: IDTF] [added: independent diagnostic testing facility, or IDTF,] and provider of technology solutions to facilitate in-home and remote testing services for sleep, respiratory, cardiac, and other health conditions across the U.S. [removed: As] [added: Additionally, in June 2026, we acquired Noctrix,] a [removed: Medicare-enrolled IDTF, VirtuOx is subject to laws, regulations and policy pertaining to its Medicare enrollment, state Medicaid participation,] [added: DME supplier] and [removed: direct billing] [added: manufacturer] of [removed: both governmental and commercial insurance programs.][added: a neurostimulation FDA-cleared device to treat restless legs syndrome.]

These laws include but are not limited to the federal Anti-Kickback Statute, the [added: Stark Law, the] federal civil and criminal False Claims Acts, the Civil Monetary Penalty Law’s beneficiary inducement prohibition, and their state law equivalents.

[added: Both] VirtuOx [removed: is] [added: and Noctrix are] also subject to HIPAA as [removed: a] covered [removed: entity,] [added: entities,] which requires additional compliance efforts to meet all provisions under the HIPAA Privacy Rule and applicable requirements under the Electronic Standard Transactions Rule.

Further, [removed: VirtuOx’s] [added: VirtuOx and Noctrix's] direct billing [removed: status increases its] [added: statuses increase their] risk relative to Resmed under the healthcare fraud and abuse laws and false claims laws.

[removed: IDTFs,] [added: IDTFs and DMEs,] in particular, have extensive Medicare participation, billing and documentation requirements that will require additional compliance and legal resources to ensure that ongoing operations comply with applicable laws.

[removed: Failed, substandard or delayed efforts to improve our IT System infrastructure may result in disruption to our business or materially increased] [added: increased] costs. We rely on information technology systems and infrastructure, including technologies and services provided by third parties, to support our business processes and activities, products and customers.

[added: Cyberattacks could include the deployment of harmful] malware, ransomware, denial-of-service attacks, social engineering and other means to affect service reliability and threaten the confidentiality, integrity and availability of information.

[removed: Additionally,] [added: These efforts result in additional expenses, and] our management may have attention diverted while trying to integrate acquisitions.

[removed: As noted above, our acquisition of VirtuOx involves] [added: Our acquisitions may involve] the undertaking of additional risk areas and the investment of additional resources and personnel to manage that risk.

Unexpected difficulties during upgrades, expansion, the failure to [removed: attract and retain qualified employees, the failure to] successfully replace or upgrade our management information systems, the failure to manage costs or our inability to respond effectively to growth or plan for future expansion could cause our growth to slow or stop.

[removed: These measures could] yield unintended consequences, such as distraction of our management and employees, reduced employee productivity, business disruption, and inability to attract or retain key personnel, which could negatively affect our business.

Our business depends on our ability to [removed: market] effectively [removed: to] [added: educate and engage] dealers of home healthcare products, sleep [removed: clinics,] [added: clinics] and [removed: physicians.] [added: physicians, health care providers, and patients regarding the benefits of our products, software solutions and services.] We market our products and services primarily to HME providers, sleep clinics, and physicians that diagnose OSA and other sleep disorders, as well as to non-sleep specialist physician practices that diagnose and treat sleep disorders in the course of providing primary care to patients.

- We are subject to potential professional services liability claims due to our recent acquisition of VirtuOx, which may exceed the scope and amount of our insurance coverage, which would expose us to liability for uninsured claims.

- Failure to identify, execute, and integrate acquired businesses into our operations successfully, or challenges related to the Company's strategic initiatives, including divestitures.

- Our use of artificial intelligence in certain products, software solutions and business operations may expose us to operational, regulatory and reputational risks that could adversely affect our business, financial condition and results of operations.

- Income tax laws, regulations, and enforcement practices in various jurisdictions are evolving and, as a result, tax authorities are aggressively pursuing taxpayers.

Rapid advances in AI, including generative AI and autonomous software agents, may fundamentally change how healthcare providers manage administrative, operational and clinical workflows.

Customers also increasingly expect AI-enabled capabilities to be incorporated into software offerings, requiring us to make significant investments in research and development, data infrastructure, cybersecurity, regulatory compliance and AI governance to remain competitive.

If we are unable to successfully innovate, develop, acquire or integrate capabilities that meet evolving customer expectations, or if competitors offer superior solutions, demand for our software offerings, competitive position, financial condition and results of operations could be adversely affected.

Some HME providers, durable medical equipment (DME) suppliers, third-party payors and residential health providers are also consolidating or forming strategic alliances.

We expect that market demand, government regulation and third-party coverage and reimbursement policies will continue to change the worldwide healthcare industry, resulting in further business consolidations and alliances among our customers, which may increase competition and exert downward pressure on the prices of our products and services which may adversely impact our business, results of operations, financial condition, and cash flows.

and other macroeconomic factors, including inflation, supply chain disruptions, such as recent shipping disruptions, interest rate and foreign currency rate fluctuations, and volatility in the capital markets could negatively impact our business, financial condition, and results of operations.

Clinical trials are very

We are subject to potential professional services liability claims due to our recent acquisition of VirtuOx, which may exceed the scope and amount of our insurance coverage, which would expose us to liability for uninsured claims. As an independent diagnostic testing facility, VirtuOx operates in the diagnostic services business, which exposes us to claims alleging malpractice.

While VirtuOx engages physicians to interpret its diagnostic tests on an independent contractor basis and therefore, may be able to shed malpractice liability to the extent that those professional interpretations are incorrect, most likely a harmed patient or healthcare provider will bring claims against both VirtuOx and its interpreting physicians and VirtuOx could be held liable.

Any professional liability claim brought against us, with or without merit, could result in an increase of our malpractice liability insurance rates.

In addition, we would have to pay any amount awarded by a court or jury outside of our policy limits.

Our insurance policies have various exclusions, and thus we may be subject to a malpractice liability claim for which we have no insurance coverage, requiring us to pay the entire amount of any award.

We cannot assure that our insurance coverage will be adequate or that all claims brought against us will be covered by our insurance and we cannot assure that we will be able to obtain insurance in the future on terms acceptable to us or at all.

A successful malpractice liability claim brought against us in excess of our insurance coverage, if any, may require us to pay substantial amounts, which could harm our business.

As a Medicare-enrolled IDTF, VirtuOx, and as a

Medicare-enrolled DME supplier, Noctrix, are each subject to laws, regulations and policies pertaining to their Medicare enrollment, state Medicaid participation, and direct billing of both governmental and commercial insurance programs.

Additionally, VirtuOx may be subject to state laws prohibiting the corporate practice of medicine, due to its engagements of healthcare professionals for the provision of medical services.

Both entity types are also subject to heightened governmental scrutiny due to the belief that fraudulent actions and claims for services are more prevalent in the IDTF and DME industries, leading to a higher volume of payor denials, audits, and investigations.

Failed, substandard or delayed efforts to improve our IT System infrastructure may result in disruption to our business or materially

Failure to identify, execute, and integrate acquired businesses into our operations successfully, or challenges related to the Company's strategic initiatives, including divestitures. As part of our strategy to develop and identify new solutions and technologies and optimize our portfolio of products, we have completed several acquisitions and investments and may make additional acquisitions, investments, or divestitures in the future.

Our integration of the operations of acquired businesses, or a divestiture of part of our existing businesses, including the separation of our MatrixCare business, requires significant efforts, including the coordination of information technologies, research and development, sales and marketing, operations, manufacturing, and finance.

In addition, the cumulative effect of simultaneously executing multiple transactions may increase operational complexity and heighten execution and timing risks.

Our ability to realize the anticipated benefits of acquisitions depends not only on the successful integration of acquired businesses, but also on our ability to identify appropriate acquisition targets, evaluate their strategic fit and long‑term value, accurately assess risks and liabilities, and negotiate and complete transactions on acceptable terms.

In addition, we cannot be certain that the businesses we acquire will become profitable or remain profitable.

We also could experience negative effects on our business, results of operations, financial condition, and cash flows from acquisition-related charges, and amortization of intangible assets.

We evaluate goodwill for impairment annually and other acquired intangible assets whenever events or changes in circumstances indicate that their carrying values may not be recoverable.

Our impairment assessments require significant judgments and assumptions, including those related to macroeconomic conditions, industry and market trends, projected revenues and cash flows, and discount rates.

If actual results differ from these assumptions or market conditions change, we may be required to record material impairment charges that could adversely affect our results of operations.

These effects, combined with transaction costs, retention or separation‑related expenses, and potential delays in realizing anticipated synergies or strategic benefits, may place pressure on earnings or cash flows.

In addition, expected strategic benefits from any planned or completed divestiture, including the separation of our MatrixCare business, may not be realized or may take longer to realize than expected, and there can be no assurance that disputes will not arise under transition service, or other agreements that have or may be executed as part of a divestiture.

Challenges associated with executing these transactions may materially adversely affect our business, results of operations, financial condition, and cash flows.

These measures could

Additionally, as our business increasingly includes digital health solutions and patient-facing technologies, our ability to educate, engage and support patients throughout their therapy journey has become increasingly important.

If we are unable to effectively engage patients through our digital platforms, educational initiatives or other programs, or if patients do not adopt or continue to use these offerings as intended, patient satisfaction, therapy adherence and demand for certain of our products and services could be adversely affected.

which may cause disruptions in availability or other performance problems.

In addition, our software products and digital health solutions increasingly rely on interoperability with third-party technologies and platforms, and other connected health technologies.

- We may not be able to realize the anticipated benefits from acquisitions, which could adversely affect our operating results.

The past several years have seen a trend towards consolidation in the healthcare industry and in the geographic markets for our products.

Industry consolidation could result in greater competition if our competitors combine their resources, if our competitors are acquired by other companies with greater resources than ours, or if our competitors become affiliated with customers of ours.

Consolidation in the healthcare industry and healthcare payment reform could have an adverse effect on our revenues and results of operations. Many HME providers, durable medical equipment (DME) suppliers, and residential health providers are consolidating, which may result in greater concentration of purchasing power.

If we are forced to reduce our prices because of consolidation in the healthcare industry, our revenues may decrease and our consolidated earnings, financial condition, and/or cash flows may suffer.

revenue, lower prices for our products, or reduced reimbursement rates by third-party payors, while increasing the cost of operating our business.

years ended June 30, 2025 and June 30, 2024, respectively.

The results of clinical trials may be unfavorable or

Even if infringement claims

Cyberattacks could include the deployment of harmful

We may not be able to realize the anticipated benefits from acquisitions, which could adversely affect our operating results. Part of our growth strategy includes acquiring businesses consistent with our commitment to innovation in developing products for the diagnosis and treatment of sleep apnea and related breathing health as well as our Residential Care Software business.

The success of our acquisitions depends, in part, on our ability to successfully identify, acquire and integrate the business and operations of the target companies.

If we are not able to successfully integrate the operations of acquisitions, we may not realize the anticipated benefits fully or at all, or may take longer to realize than expected.

Acquisitions involve numerous risks and could create unforeseen operating difficulties and expenditures.

It is possible that our return on investment is not realized given our investment of such additional

resources.

There can be no assurance that any of the acquisitions we make will be successful or will be, or will remain, profitable.

At least on an annual basis, we must evaluate whether facts and circumstances demonstrate any impairment of the value of acquired intangible assets.

The qualitative and quantitative analysis used to test goodwill is dependent upon various considerations and assumptions, including macroeconomic conditions, industry and market characteristics, projections of acquired companies’ future revenue, discount rates, and expectations of future cash flows.

While we have made such assumptions in good faith and believe them to be reasonable, the assumptions may turn out to be materially inaccurate, including for reasons beyond our control.

Changes in such assumptions may cause a change in circumstances demonstrating that the carrying value of intangible assets may be impaired.

Consequently, we may be required to record a significant charge to earnings in the financial statements during the period in which any impairment of intangible assets is determined.

Any interruptions or delays in our service, whether caused by our products, or as a result of third-party

Notably, however, the One Big Beautiful Bill Act, includes a 1-year, 2.5% increase to the PFS for 2026, which temporarily addresses the 2025 payment cuts.

Additionally, the Medicare telehealth flexibilities under the COVID-19 public health emergency are set to expire at the end of 2025.

Without Congressional action, Medicare will no longer cover most telehealth services furnished to beneficiaries in their home or to individuals residing in urban areas after the end of the year which could have an adverse impact on rates of diagnosis of OSA.

The VA has not yet changed its ratings criteria, but it could happen this year.

On June 9, 2025, CMS released long-awaited Medicare guidance on coverage and reimbursement for respiratory assist devices with bi-level capacity and mechanical ventilators when used in the home for the treatment of chronic respiratory failure consequent to COPD; a new CMS national coverage determination is expected in September 2025.

Although national reimbursement criteria may ease existing reimbursement uncertainty over these items for this indication, it is unclear how national coverage criteria and associated documentation requirements will impact providers and suppliers who invoice Medicare directly; third-party payors may also follow suit in implementing similar policies.

A July 21, 2025 estimate by the Congressional Budget Office (CBO) indicates that the bill will reduce the federal deficit by $366 billion over the next 10 years, due to decreased direct spending.

Earlier June 2025 CBO preliminary estimates also showed that the Medicaid provisions of the bill would reduce Medicaid spending by approximately $1 trillion and would increase the number of people without health insurance by at least 11.8 million by 2034.

Some key proposed changes to the Medicaid Program include, but are not limited to: work requirements; cost sharing of up to $35 per service on expansion adults who exceed the official poverty threshold; stricter eligibility requirements for non-U.S. citizens; requirements for states to conduct eligibility redeterminations at least every 6 months for Medicaid expansion adults; and prohibitions on states from establishing any new provider taxes or from increasing the rates of existing taxes, among other changes.

reimbursement.

manufacturers of drugs, devices, biologics, and medical supplies to physicians (including doctors, dentists, optometrists, podiatrists and chiropractors), teaching hospitals, non-physician practitioners such as nurse practitioners, physician assistants, clinical nurse specialists, certified nurse anesthetists, anesthesiology assistants and certified nurse midwives, and ownership and investment interests held by physicians and their immediate family members;

In December 2019, we entered into a settlement agreement with the U.S. Department of Justice and the U.S. Attorneys’ Offices for the District Court of South Carolina, the Southern District of California, the Northern District of Iowa and the Eastern District of New York.

The agreement resolved five lawsuits originally brought by whistleblowers under the qui tam provisions of the False Claims Act and allegations that we: (a) provided DME companies with free telephone call center services and other free patient outreach services that enabled these companies to order resupplies for their patients with sleep apnea, (b) provided sleep labs with free and below-cost positive airway pressure masks and diagnostic machines, as well as free installation of these machines, (c) arranged for, and fully guaranteed the payments due on, interest-free loans that DME supplies acquired from third-party financial institutions for the purchase of our equipment, and (d) provided non-sleep specialist physicians free home sleep testing devices referred to as “ApneaLink.” We agreed with the government to civilly resolve these matters for a payment of $39.5 million ($37.5 million to the federal government and $2 million to the various states) and we incurred additional fees and administrative costs that typically accompany such a resolution amounting to $1.1 million.

The specific allegations and the resolution of those allegations are contained in the Company’s settlement agreement with the adverse parties.

The total final costs relating to these matters were $40.6 million.

Contemporaneous with the civil settlement, we also entered into a five-year Corporate Integrity Agreement, or CIA, with the Department of Health and Human Services Office of Inspector General, or OIG.

The CIA required, among other things, that we implement additional controls around our product pricing and sales and that we conduct internal and external monitoring of our arrangements with referrals sources.

It is provided as a supplement to, and should be read in conjunction with, the [removed: selected financial data and] consolidated financial statements and notes included in this report.

[removed: Our] [added: By enabling better care, our] products [removed: and solutions are designed] [added: seek] to improve [removed: patient] quality of life, reduce the impact of chronic [removed: disease] [added: disease,] and lower [removed: healthcare] costs [removed: as global healthcare systems continue to drive a shift in care from hospitals to the home] [added: for consumers] and [removed: lower cost settings.][added: healthcare systems.]

Since the development of continuous positive airway pressure therapy, we have expanded our business by developing or acquiring a number of [added: innovative] products and solutions for a [removed: broader] [added: broad] range of [removed: respiratory] [added: sleep and related breathing health] disorders including technologies to be applied in medical and consumer products, [added: life support and] ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, [removed: dental devices,] and [removed: cloud-based software informatics solutions to manage patient outcomes and customer and provider business processes.][added: dental devices.]

Our growth has been fueled by geographic expansion, our research and product development efforts, acquisitions and an increasing awareness of [removed: SDB] [added: sleep] and [removed: respiratory conditions] [added: related breathing health conditions,] like chronic obstructive pulmonary [removed: disease] [added: disease,] as significant health concerns.

During fiscal year [removed: 2025,] [added: 2026,] we invested [removed: $331.3] [added: $378] million on research and development activities, which represents [removed: 6.4%] [added: 6.7%] of net revenues with a continued focus on the development and commercialization of new, innovative products and solutions that improve patient outcomes, create efficiencies for our customers and help physicians and providers better manage chronic disease and lower healthcare costs.

These [removed: platforms comprise our Residential Care Software business and, along] [added: platforms, together] with our cloud-based remote monitoring and therapy management [removed: system,] [added: system] and [removed: a] robust product pipeline, [removed: these products] should continue to provide [removed: us with] a strong [removed: platform] [added: foundation] for future growth.

Net revenue in fiscal year [removed: 2025] [added: 2026] increased to [removed: $5,146.3] [added: $5,653] million, [added: from $5,146 million for the year ended June 30, 2025,] an increase of [added: $507 million or] 10% compared to fiscal year [removed: 2024.][added: 2025.]

Gross profit increased for the year ended June 30, [removed: 2025] [added: 2026] to [removed: $3,055.0 million,] [added: $3,452 million] from [removed: $2,655.3] [added: $3,055] million for the year ended June 30, [removed: 2024,] [added: 2025,] an increase of [removed: $399.7] [added: $397] million or [removed: 15%.][added: 13%.]

Our net income for the year ended June 30, [removed: 2025] [added: 2026] was [removed: $1,400.7 million] [added: $1,523 million,] or [removed: $9.51] [added: $10.43] per diluted [removed: share] [added: share,] compared to net income of [removed: $1,021.0 million] [added: $1,401 million,] or [removed: $6.92] [added: $9.51] per diluted [removed: share] [added: share,] for the year ended June 30, [removed: 2024.][added: 2025.]

Total operating cash flow for fiscal year [removed: 2025] [added: 2026] was [removed: $1,751.6 million] [added: $1.8 billion] and at June 30, [removed: 2025,] [added: 2026,] our cash and cash equivalents totaled [removed: $1,209.5 million.][added: $1.5 billion.]

At June 30, [removed: 2025,] [added: 2026,] our total assets were [removed: $8.2] [added: $9.0] billion and our stockholders’ equity was [removed: $6.0] [added: $6.6] billion.

We paid a quarterly dividend of [removed: $0.53] [added: $0.60] per share during fiscal [removed: 2025] [added: 2026] with a total amount of [removed: $310.9] [added: $350] million paid to stockholders.

For discussion related to the results of operations and changes in financial condition for the fiscal year ended June 30, [removed: 2024] [added: 2025] compared to fiscal year June 30, [removed: 2023,] [added: 2024,] please refer to Item 7 of Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the Year Ended June 30, [removed: 2024,] [added: 2025,] which was filed with the U.S. Securities and Exchange Commission, or SEC, on August [removed: 9, 2024.][added: 8, 2025.]

Fiscal Year Ended June 30, [removed: 2025] [added: 2026] Compared to Fiscal Year Ended June 30, [removed: 2024][added: 2025]

Net revenue for the year ended June 30, [removed: 2025] [added: 2026] increased to [removed: $5,146.3] [added: $5,653] million from [removed: $4,685.3] [added: $5,146] million for the year ended June 30, [removed: 2024,] [added: 2025,] an increase of [removed: $461.0] [added: $507] million or 10% [removed: (a 10%] [added: (an 8%] increase on a constant currency basis).

The following table summarizes our net revenue disaggregated by segment, product and region for the year ended June 30, [removed: 2025] [added: 2026] compared to the year ended June 30, [removed: 2024] [added: 2025] (in thousands):

| | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | % Change | | | | | | [removed: Constant Currency*] [added: Constant Currency (A)] | | |

| Devices | | | $ | [removed: 1,654,413] [added: 1,767,741] | | | | | $ | [removed: 1,522,758] [added: 1,654,413] | | | | | [removed: 9] [added: 7] | | % | | | | | | |

| Masks and other | | | [removed: 1,343,101] [added: 1,513,283] | | | | | | [removed: 1,199,798] [added: 1,343,101] | | | | | | [removed: 12] [added: 13] | | | | | | | | |

| Devices | | | $ | [removed: 1,010,760] [added: 1,124,487] | | | | | $ | [removed: 921,253] [added: 1,010,760] | | | | | [removed: 10] [added: 11] | | % | | | | [removed: 9] [added: 6] | | % |

| Masks and other | | | [removed: 496,616] [added: 572,119] | | | | | | [removed: 457,363] [added: 496,616] | | | | | | [removed: 9] [added: 15] | | | | | | [removed: 8] [added: 9] | | |

| Devices | | | $ | [removed: 2,665,173] [added: 2,892,228] | | | | | $ | [removed: 2,444,011] [added: 2,665,173] | | | | | 9 | | % | | | | [removed: 9] [added: 7] | | % |

| Masks and other | | | [removed: 1,839,717] [added: 2,085,402] | | | | | | [removed: 1,657,161] [added: 1,839,717] | | | | | | [removed: 11] [added: 13] | | | | | | [removed: 11] [added: 12] | | |

| Total Sleep and Breathing Health | | | $ | [removed: 4,504,890] [added: 4,977,630] | | | | | $ | [removed: 4,101,172] [added: 4,504,890] | | | | | 10 | | | | | | [removed: 10] [added: 9] | | |

| Residential Care Software | | | [removed: 641,437] [added: 675,813] | | | | | | [removed: 584,125] [added: 641,437] | | | | | | [removed: 10] [added: 5] | | | | | | [removed: 10] [added: 4] | | |

| Total | | | $ | [removed: 5,146,327] [added: 5,653,443] | | | | | $ | [removed: 4,685,297] [added: 5,146,327] | | | | | 10 | | | | | | [removed: 10] [added: 8] | | |

[removed: *Constant] [added: (A) Constant] currency numbers exclude the impact of movements in international currencies.

Net revenue from our Sleep and Breathing Health business for the year ended June 30, [removed: 2025] [added: 2026] increased to [removed: $4,504.9] [added: $4,978] million from [removed: $4,101.2] [added: $4,505] million for the year ended June 30, [removed: 2024,] [added: 2025,] an increase of [removed: $403.7] [added: $473] million or 10%.

Movements in international currencies against the U.S. dollar positively impacted net revenues by approximately [removed: $4.0] [added: $83] million for the year ended June 30, [removed: 2025.][added: 2026.]

Excluding the impact of currency movements, total net revenue from our Sleep and Breathing Health business for the year ended June 30, [removed: 2025] [added: 2026] increased by [removed: 10%] [added: 9%] compared to the year ended June 30, [removed: 2024.][added: 2025.]

The increase in net revenue associated with our devices and masks was primarily attributable to increased demand and unit [removed: sales.][added: sales across our sleep health portfolio, partially offset by lower unit sales of our life support devices.]

Net revenue from our Sleep and Breathing Health business in the [removed: U.S., Canada and Latin America] [added: Americas] for the year ended June 30, [removed: 2025] [added: 2026] increased to [removed: $2,997.5] [added: $3,281] million from [removed: $2,722.6] [added: $2,998] million for the year ended June 30, [removed: 2024,] [added: 2025,] an increase of [removed: $275.0][added: $284 million or 9%.]

The increase in net revenue associated with our devices and masks was primarily attributable to increased demand and unit [removed: sales.][added: sales across our sleep health portfolio, partially offset by lower unit sales of our life support devices.]

Net revenue from our Sleep and Breathing Health business in [removed: combined Europe, Asia and other markets] [added: Rest of World] increased for the year ended June 30, [removed: 2025] [added: 2026] to [removed: $1,507.4] [added: $1,697] million from [removed: $1,378.6] [added: $1,507] million for the year ended June 30, [removed: 2024,] [added: 2025,] an increase of [removed: $128.8] [added: $189] million or [removed: 9%] [added: 13%] (a [removed: 9%] [added: 7%] increase on a constant currency basis).

The constant currency increase in device and mask sales in [removed: combined Europe, Asia and other] [added: Rest of World] was primarily attributable to increased demand and unit [removed: sales.][added: sales across our sleep health, partially offset by lower unit sales of our life support devices.]

Net revenue from devices for the year ended June 30, [removed: 2025] [added: 2026] increased to [removed: $2,665.2] [added: $2,892] million from [removed: $2,444.0] [added: $2,665] million for the year ended June 30, [removed: 2024,] [added: 2025,] an increase of [removed: $221.2] [added: $227] million or 9%, including an increase of [removed: 9%] [added: 7%] in the [removed: U.S., Canada and Latin America] [added: Americas] and an increase of [removed: 10%] [added: 11%] in [removed: combined Europe, Asia and other markets] [added: Rest of World] (a [removed: 9%] [added: 6%] increase on a constant currency basis).

Excluding the impact of foreign currency movements, device sales for the year ended June 30, [removed: 2025] [added: 2026] increased by [removed: 9%.][added: 7%.]

Net revenue from masks and other for the year ended June 30, [removed: 2025] [added: 2026] increased to [removed: $1,839.7] [added: $2,085] million from [removed: $1,657.2] [added: $1,840] million for the year ended June 30, [removed: 2024,] [added: 2025,] an increase of [removed: 11%,] [added: 13%,] including an increase of [removed: 12%] [added: 13%] in the [removed: U.S., Canada and Latin America] [added: Americas] and an increase of [removed: 9%] [added: 15%] in [removed: combined Europe, Asia and other markets (an 8%] [added: Rest of World (a 9%] increase on a constant currency basis).

Excluding the impact of foreign currency movements, masks and other sales increased by [removed: 11%,] [added: 12%,] compared to the year ended June 30, [removed: 2024.][added: 2025.]

Net revenue from our Residential Care Software business for the year ended June 30, [removed: 2025] [added: 2026] was [removed: $641.4] [added: $676] million, compared to [removed: $584.1] [added: $641] million for the year ended June 30, [removed: 2024,] [added: 2025,] an increase of [removed: $57.3] [added: $34] million or [removed: 10%.][added: 5%.]

We are a global leader in digital health and cloud-connected medical devices.

We design innovative technology with the intention to empower people to live happier, healthier lives.

Our artificial intelligence, or AI, powered digital health solutions, cloud-connected devices and intelligent software are designed to make home healthcare more personalized, accessible and effective.

In addition, we are a leading provider of cloud-based health applications, software and devices designed to provide connected care, enabling clinicians to manage more patients efficiently and effectively, as well as enabling and encouraging patients’ long-term adherence to and satisfaction with their therapy.

In June 2026, we acquired Noctrix Health, LLC, or Noctrix, a company with an FDA De Novo classified medical device that treats restless legs syndrome.

The acquisition expands our clinical sleep health portfolio into an adjacent area of unmet need.

Noctrix will operate as a wholly owned subsidiary of Resmed.

On June 30, 2026, we entered into a definitive agreement to sell our MatrixCare business for $490 million in an all-cash transaction, subject to certain closing adjustments.

The transaction includes MatrixCare and related software offerings historically sold under the MatrixCare brand, including Healthcare First, Citus, and home health and hospice solutions, collectively defined as the "MatrixCare business”.

The transaction is expected to close in the first quarter of fiscal year 2027.

During fiscal year 2026, the MatrixCare business represented approximately $220 million of revenue and approximately $28 million of operating profit, which included approximately $28 million of amortization from acquired intangibles.

As of June 30, 2026, we determined that the MatrixCare business meets the criteria to be classified as held for sale.

The results of operations of the MatrixCare business are included in continuing operations for all periods presented, as the disposition does not represent a strategic shift that will have a major effect on our operations or financial results and therefore does not meet the criteria to be classified as discontinued operations.

Additional information regarding the sale of the MatrixCare business and the acquisition of Noctrix is included in Note 18 – Business Combinations and Divestitures of the Notes to Consolidated Financial Statements (Part II, Item 8).

| Americas (B) | | | | | | | | | | | | | | | | | | | | | | | |

| Total Americas (B) | | | $ | 3,281,024 | | | | | $ | 2,997,514 | | | | | 9 | | | | | | | | |

| Rest of World (B) | | | | | | | | | | | | | | | | | | | | | | | |

| Total Rest of World (B) | | | $ | 1,696,606 | | | | | $ | 1,507,376 | | | | | 13 | | | | | | 7 | | |

(B) Historically we have presented our geographical split of revenue as “U.S., Canada, and Latin America” and “Combined Europe, Asia, and other markets”.

Effective this quarter, this presentation has been renamed to Americas (formerly U.S., Canada, and Latin America) and Rest of World (formerly Combined Europe, Asia, and other markets).

The methodology for attributing revenue to these geographies remains unchanged.

Revenue from prior periods is consistent and comparable to previous reporting.

Movements in international currencies against the U.S. dollar positively impacted net revenue by approximately $10 million for the year ended June 30, 2026.

Excluding the impact of foreign currency movements, net revenue from our Residential Care Software for the year ended June 30, 2026 increased by 4% compared to the year ended June 30, 2025.

Gross Profit and Gross Margin

| | | | 2026 | | | | | | 2025 | | | | | | | | | | | | | | | | | | | | |

| Selling, general, and administrative | | | $ | 1,119,528 | | | | | $ | 993,050 | | | | | $ | 126,478 | | | | | 13 | | % | | | | 10 | | % |

Additionally, during the year ended June 30, 2026, we recorded $11 million of acquisition and portfolio review related charges, primarily reflecting costs associated with the sale of the MatrixCare business and the acquisition of Noctrix, in addition to other legal and professional fees for diligence and related consultations associated with strategic initiatives.

We also recognized a gain attributable to equity method investments for the year ended June 30, 2026 of $7 million, compared to a gain of $4 million for the year ended June 30, 2025.

On January 1, 2026, the OECD released the Side-by-Side, or SbS, Package, which exempts U.S.-headquartered multinational enterprises from Pillar Two’s income inclusion and undertaxed profit rules for tax years beginning on or after January 1, 2026.

The remaining OECD countries are in the process of implementing the SbS package in local legislation to align with the OECD.

| | | | 2026 | | | | | | 2025 | | |

The measure “non-GAAP selling, general, and administrative expenses” is equal to GAAP selling, general, and administrative expenses less acquisition and portfolio review related expenses.

Non-GAAP selling, general, and administrative expenses as a percentage of revenue is the ratio of non-GAAP selling, general, and administrative expenses to GAAP net revenue.

These non-GAAP measures are reconciled to their most directly comparable GAAP financial measures below (in thousands, except percentages):

| | | | 2026 | | | | | | 2025 | | |

| GAAP net revenue | | | $ | 5,653,443 | | | | | $ | 5,146,327 | |

| GAAP selling, general, and administrative expenses | | | $ | 1,119,528 | | | | | $ | 993,050 | |

| *Less:* Acquisition and portfolio review related expenses | | | (11,486) | | | | | | (2,031) | | |

| As a percentage of GAAP net revenue: | | | | | | | | | | | |

We are a global leader in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered breathing, or SDB, chronic obstructive pulmonary disease, neuromuscular disease and other chronic diseases.

SDB includes obstructive sleep apnea and other respiratory disorders that occur during sleep.

Our digital cloud-based health software applications, along with our devices, are designed to provide connected care to improve patient outcomes and efficiencies for our customers.

During fiscal year 2025, we renamed our operating segments from Sleep and Respiratory Care to Sleep and Breathing Health and from Software as a Service to Residential Care Software in alignment with our 2030 strategy.

There have been no changes in the preparation and disclosure of financial information by operating segment.

\-54-

| U.S., Canada and Latin America | | | | | | | | | | | | | | | | | | | | | | | |

| Total U.S., Canada and Latin America | | | $ | 2,997,514 | | | | | $ | 2,722,556 | | | | | 10 | | | | | | | | |

| Combined Europe, Asia and other markets | | | | | | | | | | | | | | | | | | | | | | | |

| Total Combined Europe, Asia and other markets | | | $ | 1,507,376 | | | | | $ | 1,378,616 | | | | | 9 | | | | | | 9 | | |

\-55-

million or 10%.

The masks with magnets field safety notification expenses relate to estimated costs to provide alternative masks to patients in response to updated contraindications for use of masks that incorporate magnets.

| | | | 2025 | | | | | | 2024 | | | | | | | | | | | | | | | | | | | | |

June 30, 2024.

The decrease in amortization of acquired intangibles is due to certain acquired intangible assets reaching the end of their useful lives and becoming fully amortized, partially offset by increases from amortization of acquired intangibles associated with new acquisitions.

During the year ended June 30, 2024, we incurred restructuring expenses of $64.2 million associated with an evaluation of our existing operations to increase operational efficiency, decrease costs and increase profitability.

Losses associated with our investments in marketable and non-marketable equity securities were partially offset by a gain attributable to equity method investments for the year ended June 30, 2025 of $3.6 million, compared to a loss of $1.8 million for the year ended June 30, 2024.

On June 28, 2025, the G7 issued a joint statement in which its members agreed that Pillar Two will operate alongside the U.S. system of tax and proposed that U.S.-parented multinational groups would not be subject to the income inclusion rules and undertaxed profits rules of Pillar Two.

| | | | 2025 | | | | | | 2024 | | |

Non-GAAP income from operations is reconciled with GAAP income from operations below (in thousands):

| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 | | |

During the year ended June 30, 2025, our operating cash flows included $124.4 million of income tax refunds and associated interest and penalties.

payments from maturity of foreign currency contracts and decreased purchases of property, plant and equipment during the year ended June 30, 2025.

| Debt | | | $ | 670,775 | | | | | $ | 10,775 | | | | | $ | 410,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 250,000 | | | | | $ | — | |

| Operating leases | | | 224,945 | | | | | | 41,131 | | | | | | 34,688 | | | | | | 28,347 | | | | | | 26,242 | | | | | | 20,633 | | | | | | 73,904 | | |

| Purchase obligations | | | 963,763 | | | | | | 927,365 | | | | | | 26,090 | | | | | | 4,430 | | | | | | 2,339 | | | | | | 2,154 | | | | | | 1,385 | | |

| Total | | | $ | 1,919,271 | | | | | $ | 1,004,615 | | | | | $ | 487,732 | | | | | $ | 41,402 | | | | | $ | 37,206 | | | | | $ | 273,027 | | | | | $ | 75,289 | |

| Standby letter of credit | | | $ | 11,985 | | | | | $ | 4,087 | | | | | $ | 91 | | | | | $ | — | | | | | $ | 313 | | | | | $ | 30 | | | | | $ | 7,464 | |

| Guarantees* | | | 4,719 | | | | | | 4,617 | | | | | | 7 | | | | | | 27 | | | | | | 33 | | | | | | 2 | | | | | | 33 | | |

| Total | | | $ | 16,704 | | | | | $ | 8,704 | | | | | $ | 98 | | | | | $ | 27 | | | | | $ | 346 | | | | | $ | 32 | | | | | $ | 7,497 | |

liabilities.

Unbilled receivables arise when revenue is recognized for goods or services transferred but the customer has not yet been invoiced, typically due to billing terms or timing differences.

When Sleep and Breathing Health or Residential Care Software contracts have multiple performance obligations, we generally use an observable price to determine the stand-alone selling price by reference to pricing and discounting practices for the specific product or service when sold separately to similar customers.

Revenue is then allocated proportionately, based on the determined stand-alone selling price, to each performance obligation.

An allocation is not

required for many of our Sleep and Breathing Health contracts that have a single performance obligation, which is the shipment of our therapy-based equipment.

[removed: On November 17, 2022, we executed] [added: We enter into] foreign cross-currency swaps as net investment hedges and fair value hedges in designated hedging relationships with either the foreign denominated net asset balances or the foreign denominated intercompany loan as the hedged items.

The purpose of the cross-currency swaps for [removed: the] net investment [removed: hedge] [added: hedges] is to mitigate foreign currency risk associated with changes in spot rates on the net asset balances of our foreign functional subsidiaries.

The notional value of outstanding foreign cross-currency swaps was [removed: $1,128.3] [added: $3,412] million and [removed: $1,026.2] [added: $1,128] million at June 30, [removed: 2025] [added: 2026] and June 30, [removed: 2024,] [added: 2025,] respectively.

These contracts mature at various dates prior to [removed: December] [added: January] 31, [removed: 2029.][added: 2036.]

The notional value of the outstanding non-designated hedges was [removed: $1,410.2] [added: $1,285] million and [removed: $1,340.0] [added: $1,410] million at June 30, [removed: 2025] [added: 2026] and June 30, [removed: 2024,] [added: 2025,] respectively.

These contracts mature at various dates prior to June [removed: 15, 2026.][added: 17, 2027.]

The table below provides information (in U.S. dollars) on our significant foreign-currency-denominated financial assets by legal entity functional currency as of June 30, [removed: 2025] [added: 2026] (in thousands):

| | | | U.S. Dollar (USD) | | | | | | Euro (EUR) | | | | | | Canadian Dollar (CAD) | | | | | | Chinese Yuan (CNY) | | | [added: | | | Korean Won (KRW) | | |]

| AUD Functional: | | | | | | | | | | | | | | | | | | | | | | | | [added: | | | | | |]

| USD Functional: | | | | | | | | | | | | | | | | | | | | | | | | [added: | | | | | |]

| Foreign Currency Hedges | | | [added: 6,651 | | | | | |] — | | | | | | [removed: (329,578)] [added: —] | | | | | | [removed: (36,711)] [added: —] | | | | | | — | | |

| SGD Functional: | | | | | | | | | | | | | | | | | | | | | | | | [added: | | | | | |]

| Foreign Currency Hedges | | | [removed: (470,000)] [added: (425,000)] | | | | | | [removed: (241,298)] [added: (251,162)] | | | | | | — | | | | | | — | | | [added: | | | — | | |]

The table summarizes information on instruments and transactions that are sensitive to foreign currency exchange rates, including foreign currency call options, collars, forward contracts and cross-currency swaps held at June 30, [removed: 2025.][added: 2026.]

| | | | | | | | | | | | | | | | Total | | | | | | June 30, [removed: 2025] [added: 2026] | | | | | | June 30, [removed: 2024] [added: 2025] | | |

| Contract amount | | | | | | | | | | | | | | | [removed: 340,000] [added: 355,000] | | | | | | [removed: 2,969] [added: (10,551)] | | | | | | [removed: 730] [added: 2,969] | | |

| Ave. contractual exchange rate | | | | | | | | | | | | | | | AUD 1 = USD [removed: 0.6521] [added: 0.7123] | | | | | | | | | | | | | | |

| Ave. contractual exchange rate | | | | | | | | | | | | | | | AUD 1 = EUR [removed: 0.5777] [added: 0.6130] | | | | | | | | | | | | | | |

| Ave. contractual exchange rate | | | | | | | | | | | | | | | SGD 1 = EUR [removed: 0.6716] [added: 0.6717] | | | | | | | | | | | | | | |

| Contract amount | | | | | | | | | | | | | | | [removed: 470,000] [added: 425,000] | | | | | | [removed: 3,031] [added: (4,856)] | | | | | | [removed: (2,054)] [added: 3,031] | | |

| Ave. contractual exchange rate | | | | | | | | | | | | | | | SGD 1 = USD [removed: 0.7826] [added: 0.7831] | | | | | | | | | | | | | | |

| Contract amount | | | | | | | | | | | | | | | [removed: 27,918] [added: 44,182] | | | | | | [removed: 374] [added: (1,099)] | | | | | | [removed: (112)] [added: 374] | | |

| Ave. contractual exchange rate | | | | | | | | | | | | | | | AUD 1 = CNY [removed: 4.6233] [added: 4.7882] | | | | | | | | | | | | | | |

| Contract amount | | | | | | | | | | | | | | | [removed: 1,128,329] [added: 1,094,379] | | | | | | [removed: (128,631)] [added: (96,601)] | | | | | | [removed: (31,743)] [added: (128,631)] | | |

| Contract amount | | | | | | | | | | | | | | | [removed: 36,711] [added: 35,196] | | | | | | [removed: 370] [added: 889] | | | | | | [removed: (143)] [added: 370] | | |

| Ave. contractual exchange rate | | | | | | | | | | | | | | | CAD 1 = USD [removed: 0.7416] [added: 0.7217] | | | | | | | | | | | | | | |

At June 30, [removed: 2025,] [added: 2026,] we held cash and cash equivalents of [removed: $1,209.5] [added: $1,469] million principally comprising of bank term [removed: deposits and] [added: deposits,] at-call accounts and [added: money market accounts, which] are invested at both short-term fixed interest rates and variable interest rates.

At June 30, [removed: 2025,] [added: 2026,] there was [removed: $170.0] [added: $160] million outstanding under the term loan facilities, which were subject to variable interest rates.

A hypothetical 10% change in interest rates during the year ended June 30, [removed: 2025,] [added: 2026,] would not have had a material impact on pretax income.

On July 10, 2019, we entered into the Note Purchase Agreement with the purchasers to that agreement, in connection with the issuance and sale of [removed: $250.0] [added: $250] million principal amount of our 3.24% senior notes due July 10, 2026, and [removed: $250.0] [added: $250] million principal amount of our 3.45% senior notes due July 10, 2029.

Sustained inflationary pressures in the future may have an adverse effect on our ability to maintain current levels of gross margin and operating [removed: expenses as a percentage of net revenue] [added: margin] if we are unable to offset such higher costs through price increases.

\-69-

| Net Assets/(Liabilities) | | | 389,425 | | | | | | (148,456) | | | | | | (74) | | | | | | 38,789 | | | | | | 19,413 | | |

| Foreign Currency Hedges | | | (355,000) | | | | | | 131,289 | | | | | | — | | | | | | (44,182) | | | | | | (25,819) | | |

| Net Total | | | 34,425 | | | | | | (17,167) | | | | | | (74) | | | | | | (5,393) | | | | | | (6,406) | | |

| Net Assets/(Liabilities) | | | — | | | | | | 322,372 | | | | | | 38,076 | | | | | | — | | | | | | — | | |

| Foreign Currency Hedges | | | — | | | | | | (319,661) | | | | | | (35,196) | | | | | | — | | | | | | — | | |

| Net Total | | | — | | | | | | 2,711 | | | | | | 2,880 | | | | | | — | | | | | | — | | |

| EUR Functional: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Net Assets/(Liabilities) | | | — | | | | | | 2,710 | | | | | | 2,880 | | | | | | — | | | | | | — | | |

| Net Total | | | 6,651 | | | | | | 2,710 | | | | | | 2,880 | | | | | | — | | | | | | — | | |

| Net Assets/(Liabilities) | | | 401,156 | | | | | | 240,228 | | | | | | — | | | | | | 5,581 | | | | | | — | | |

| Net Total | | | (23,844) | | | | | | (10,934) | | | | | | — | | | | | | 5,581 | | | | | | — | | |

\-70-

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| AUD/EUR | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Contract amount | | | | | | | | | | | | | | | 131,289 | | | | | | 2,177 | | | | | | (1,203) | | |

| SGD/EUR | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Contract amount | | | | | | | | | | | | | | | 268,287 | | | | | | 1,701 | | | | | | (1,426) | | |

| AUD/KRW | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Contract amount | | | | | | | | | | | | | | | 25,819 | | | | | | 313 | | | | | | — | | |

| Ave. contractual exchange rate | | | | | | | | | | | | | | | AUD 1 = KRW 1,057.5981 | | | | | | | | | | | | | | |

| USD/SGD | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Contract amount | | | | | | | | | | | | | | | 2,317,584 | | | | | | (104,564) | | | | | | — | | |

| Ave. contractual exchange rate | | | | | | | | | | | | | | | USD 1 = SGD 1.2744 | | | | | | | | | | | | | | |

\-71-

| PART II | | | Item 7A | | |

| RESMED INC. AND SUBSIDIARIES Quantitative and Qualitative Disclosures About Market and Business Risks | | | | | |

\-72-

| | | | | | |

| --- | --- | --- | --- | --- | --- |

\-66-

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Net Assets/(Liabilities) | | | 409,575 | | | | | | (201,058) | | | | | | (63) | | | | | | 37,600 | | |

| Foreign Currency Hedges | | | (340,000) | | | | | | 188,330 | | | | | | — | | | | | | (27,918) | | |

| Net Total | | | 69,575 | | | | | | (12,728) | | | | | | (63) | | | | | | 9,682 | | |

| Net Assets/(Liabilities) | | | — | | | | | | 333,760 | | | | | | 37,442 | | | | | | — | | |

| Net Total | | | — | | | | | | 4,182 | | | | | | 731 | | | | | | — | | |

| Net Assets/(Liabilities) | | | 473,872 | | | | | | 256,438 | | | | | | — | | | | | | 2,871 | | |

| Net Total | | | 3,872 | | | | | | 15,140 | | | | | | — | | | | | | 2,871 | | |

\-67-

| AUD/Euro | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Contract amount | | | | | | | | | | | | | | | 276,610 | | | | | | (1,203) | | | | | | (1,610) | | |

| SGD/Euro | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Contract amount | | | | | | | | | | | | | | | 258,954 | | | | | | (1,426) | | | | | | 825 | | |

\-68-

Since the development of CPAP, we have expanded our business by developing or acquiring a number of innovative products and solutions for a broad range of [removed: respiratory] [added: sleep and related breathing health] disorders including technologies to be applied in medical and consumer products, [added: life support and] ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, and dental devices.

We also provide management software that assists [removed: durable or home medical equipment (DME/HME) providers, and other long-term care] providers [added: to] operate more effectively and efficiently across various residential care settings.

[removed: comprehensive set of software and services offerings, our] [added: Through the MatrixCare business as defined below, we provide similar care management] software solutions [removed: enable providers to streamline workflow and deliver an improved patient experience across our existing vertical markets including HME and home infusion, facility-based organizations including skilled nursing,] [added: for] senior living, [removed: and] [added: skilled nursing,] life plan communities, home [removed: health and] [added: health,] hospice [removed: providers,] and [removed: to] adjacent providers [added: in the U.S. Together, our software solutions support providers by improving workflow efficiency and patient experience] through [removed: a growing portfolio of] value-added solutions with broad applicability.

[removed: In May] [added: Through our acquisition of VirtuOx in] 2025, we [removed: acquired VirtuOx,] [added: operate] a software-enabled independent diagnostic testing facility, or IDTF, [removed: and provider of] [added: that provides] technology solutions to facilitate in-home and remote testing services for sleep, respiratory, cardiac, and other health conditions across the United States, or U.S. This acquisition strengthens our position in the sleep and breathing health market by expanding our ability to offer end-to-end solutions, including home-based diagnostics and patient monitoring.

[removed: VirtuOx] [added: Noctrix] will operate as a wholly owned subsidiary of Resmed.

We employ [removed: more than 10,600] [added: approximately 11,370] people and sell our products in more than 140 countries through a combination of wholly owned subsidiaries and independent distributors.

The SEC maintains [removed: an internet site,] [added: a website,] www.sec.gov, which contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

Since formation, we have grown organically through global expansion as well as by acquiring a number of businesses, including distributors, suppliers, developers of medical equipment and related technologies, [added: an independent diagnostic testing facility] and software solution providers.

We [removed: are focused] [added: focus] on sleep and related breathing health, both of which we believe are globally underpenetrated, and where we believe our products can improve patient outcomes, create efficiencies for our customers, help physicians and providers better manage chronic disease and reduce overall healthcare system costs.

The upper airway has no rigid support and is held open by active contraction of upper airway [removed: muscles.][added: muscles and tracheal traction by the lungs.]

Another study published in *Lancet Respiratory Medicine* in 2019 estimated that mild to severe OSA impacts more than 936 million people worldwide, including [removed: 54] [added: 61] million [removed: Americans.][added: Americans, per *Lancet Respiratory Medicine* in 2025.]

[removed: The study concluded] [added: These findings are consistent with earlier research presented at the European Respiratory Society (ERS) International Congress in 2021 and subsequently published in CHEST in 2022, which found] that [removed: people] [added: patients] with obstructive sleep apnea who [removed: started] [added: initiated] and continued PAP therapy were 39% more likely to survive over a three-year period than [removed: OSA] patients who did [removed: not.][added: not receive PAP therapy.]

Researchers found that the survival rate gap remained significant when accounting for patients’ ages, overall health, [removed: other pre-existing conditions,] [added: socioeconomic status] and [removed: causes of death.][added: pre-existing conditions.]

Early generations of CPAP units provided limited patient comfort and [removed: convenience.]

These include more comfortable patient interface [removed: systems;] [added: systems,] delay timers that gradually increase air pressure allowing the patient to fall asleep more [removed: easily;] [added: easily,] bilevel air devices, including our AirCurve 11 Series [removed: devices,] [added: devices] which provide different air pressures for inhalation and [removed: exhalation;] [added: exhalation,] heated humidification systems to make the airflow more [removed: comfortable;] [added: comfortable,] and auto-titration devices that modulate the average pressure delivered during the night.

A [removed: recent] study [added: in 2022] based on [removed: recent] epidemiology data [removed: estimates] [added: estimated] that there [removed: are] [added: were] approximately 480 million people worldwide who suffer from [removed: COPD,] [added: COPD and a separate study in 2025 identified that COPD is] the world’s third leading cause of death.

[removed: In patients] with [removed: OHS, positive airway therapy, with] either CPAP or NIV, has been shown to effectively treat upper airway obstruction and reverse daytime respiratory failure as well as reduce the work of breathing and improve respiratory drive.

Our Residential Care Software offerings are designed to support customers in addressing these challenges by helping providers perform analytics, manage documentation and implement new [added: reimbursement requirements as well as more effectively transfer data as patients move between different care settings.]

We believe the [added: demand for] sleep and breathing treatments will continue to grow due to a number of factors, including increasing awareness of OSA, CSA and COPD; improved understanding of the role of sleep apnea treatment in the management of adjacent pathologies; improved understanding of the role of bilevel therapy and non-invasive ventilation in the management of COPD; and an increase in the use of digital and product technology to improve patient outcomes and create efficiencies for customers and providers.

Sleep is becoming [removed: a more] [added: increasingly recognized as an] important aspect of our [removed: customers'] lives, and we intend to drive higher rates of screening, diagnosis, and therapy adoption through simpler care pathways.

In [removed: April] 2025, we made our home sleep apnea test, NightOwl, available across the U.S., [added: where supply permitted,] providing a simplified, accurate, and efficient way to diagnose OSA from the comfort of an individual’s home.

In [removed: May] 2025, we [added: also] acquired VirtuOx, an [removed: IDTF,] [added: independent diagnostic testing facility,] to expand our ability to partner with healthcare providers [added: and] to help streamline the diagnostic process, while expanding collaboration with home medical equipment providers to efficiently support patients to start treatment.

These activities target both the population predisposed to sleep apnea and medical specialists, such as pulmonologists, sleep medicine specialists, primary care physicians, cardiologists, neurologists, and other [removed: medical subspecialists who treat these conditions and their associated comorbidities.]

Through our brand leadership and expertise, we are positioned to serve large, unmet needs in insomnia, COPD and other respiratory and [removed: related] [added: sleep-related] conditions.

- [removed: Invest] [added: Invest] in an Integrated, Intelligent Digital‑Health Ecosystem Delivered at Home. Digital enablement is central to our strategy.

[added: We can] leverage our installed base of more than [removed: 30] [added: 35] million patients using cloud‑connected devices on AirView and over [removed: 10] [added: 12] million patients registered to our myAir platform to enable personalized, efficient and data‑driven care.

Today, our Residential Care Software solutions support residential care providers serving more than [removed: 160] [added: 180] million individual patient accounts.

Devices in total accounted for approximately [removed: 52%,] [added: 51%,] 52%, and [removed: 54%] [added: 52%] of our net revenues in fiscal years [added: 2026,] 2025, [removed: 2024,] and [removed: 2023,] [added: 2024,] respectively.

| AirSense Platform –AirSense 11 AutoSet –AirSense 11 AutoSet for Her –AirSense 11 CPAP –AirSense 11 Elite –AirSense 10 AutoSet –AirSense 10 CPAP –AirSense 10 Elite | | | Combining enhanced digital health technology with effective therapy modes, AirSense™ 11 APAP and CPAP machines are designed to make starting sleep apnea therapy, and adhering to it, easier and more convenient. Our newest device, AirSense 11 includes new features like myAir™ Personal Therapy Assistant and Care Check-In designed to provide tailored guidance to PAP users, helping ease them into therapy and comfortable nightly use. Other features include the availability of remote software updates so users can enjoy the latest version of these tools every night. The prior generation of these devices, called AirSense™ 10, [removed: is] [added: was one of] the most widely used series of CPAP and APAP machines, each designed to deliver high-quality therapy for a better night’s sleep. All AirSense machines include a built-in humidifier, Climate Control Auto setting to provide breathing comfort, AutoRamp™ with sleep onset detection and can be used with myAir™, an online support program and app that helps users track their therapy. | | |

| Stellar 100 and 150 | | | Resmed Stellar™ 100 and 150 ventilators are suitable for invasive and non-invasive ventilation, either at home or in a healthcare setting. They are not [removed: a] life support [removed: ventilator.] [added: ventilators.] Stellar 150 also includes iVAPS™ (intelligent Volume-Assured Pressure Support) technology to adjust to changing respiratory needs. | | |

| AirCurve [removed: 10 ST-A] [added: Platform] | | | Resmed AirCurve™ [removed: 10 ST-A is] [added: devices are] designed for people with respiratory conditions that affect breathing such as restrictive lung disorders, severe COPD and hypoventilation. It combines user-friendly controls, an intuitive interface and automatic features to make ventilation therapy effective, comfortable and hassle-free. | | |

Masks, diagnostic products and accessories together accounted for approximately [added: 37%,] 36%, [removed: 35%,] and [removed: 34%] [added: 35%] of our net revenues in fiscal years [added: 2026,] 2025, [removed: 2024,] and [removed: 2023,] [added: 2024,] respectively.

| Minimalist | | | AirFit F40, AirFit [removed: F30, AirFit] P10, and AirFit N30 minimalist masks feature our lightest, lowest profile designs. The features of these masks are focused on minimizing contact with the patient’s face to reduce red marks and irritation. | | |

| Freedom | | | AirFit N30i, AirFit X30i, AirFit P30i, [removed: and] AirFit F30i [added: and AirTouch F30i] freedom masks, which feature top-of-head tubing design allowing flexibility to easily switch sleep positions. | | |

| Ultra Soft | | | The AirTouch N30i, AirTouch [added: F30i, AirTouch] F20 and AirTouch N20 masks feature soft and breathable materials designed to enhance CPAP mask comfort. | | |

| ApneaLink Air | | | A portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow and snoring. It works with AirView Diagnostics to provide [added: a] comprehensive diagnostic solution to clinicians. | | |

Connected [removed: Solutions and Other Products][added: Solutions]

We are expanding our cloud-based patient management and engagement platforms, such as AirView and other systems used by providers, enabling remote monitoring, over-the-air trouble shooting, changing of device settings, as well as automated patient coaching through a text, email, or interactive voice phone call and myAir, [removed: a patient engagement] [added: an] application that [removed: provides sleep data, a] [added: aims to help improve patient comfort and long-term CPAP compliance by providing personalized coaching,] daily [removed: score based on a user's previous night’s data] [added: therapy insights,] and [removed: coaching for patients.][added: tools that support patients throughout their sleep therapy journey.]

| myAir | | | A personalized therapy management application for patients with sleep apnea providing support, education and troubleshooting tools for increased patient engagement and improved compliance. [added: Smart Comfort, launched in early 2026 to select new myAir users, is the first FDA-cleared AI-enabled medical device that recommends personalized comfort settings to help patients with OSA start and stay on CPAP therapy.] | | |

| Connectivity Module | | | A module providing a seamless cellular connection between our compatible [added: life support and] ventilation devices (e.g., Astral, Stellar) and our AirView™ system. | | |

We design innovative technology to empower people to live happier, healthier lives.

Our artificial intelligence, or AI, powered digital health solutions, cloud-connected devices and intelligent software are designed to make home healthcare more personalized, accessible and effective.

In June 2026, we acquired Noctrix Health, LLC, or Noctrix, a company with an FDA De Novo classified medical device that treats restless legs syndrome.

The acquisition expands our clinical sleep health portfolio into an adjacent area of unmet

need.

Additional information regarding the transaction is included in Note 18 – Business Combinations and Divestitures of the Notes to Consolidated Financial Statements (Part II, Item 8).

Through Brightree, we provide software solutions and services that enable durable or home medical equipment, or DME/HME, to automate clinical workflows, optimize billing and compliance, and drive patient engagement in the U.S. Through MEDIFOX DAN, we provide a leading care management software platform which helps residential care providers in Germany to deliver and manager care more efficiently through integrated digital solutions.

On June 30, 2026, we entered into a definitive agreement to sell our MatrixCare business for $490 million in an all-cash transaction, subject to certain closing adjustments.

The transaction includes MatrixCare and related software offerings historically sold under the MatrixCare brand, including Healthcare First, Citus, and home health and hospice solutions, collectively defined as the "MatrixCare business”.

The transaction is the result of portfolio optimization to sharpen our focus on our core growth areas of sleep, breathing and connected home-based healthcare.

The transaction is expected to close in the first quarter of fiscal year 2027.

Additional information regarding the transaction is included in Note 18 – Business Combinations and Divestitures of the Notes to Consolidated Financial Statements (Part II, Item 8).

Quality sleep underpins almost all aspects of human health.

Excessive daytime sleepiness or fatigue are hallmarks of OSA and can lead to headaches, poor mood, absenteeism, increased risk of motor vehicle accidents and exacerbate comorbidities associated with untreated OSA.

A systematic review and meta-analysis published in *Lancet Respiratory Medicine* in 2025 (Benjafield et al.), which evaluated evidence from randomized controlled trials and confounder-adjusted non-randomized studies, found that PAP therapy was associated with a 37% reduction in all-cause mortality and a 54% reduction in cardiovascular mortality compared with no PAP therapy.

convenience.

We also offer myAir, an application that aims to help improve patient comfort and long-term CPAP compliance by providing personalized coaching, daily therapy insights, and tools that support patients throughout their sleep therapy journey.

The new Smart Comfort feature within myAir recommends personalized therapy comfort settings, such as ramp time and pressure relief, helping reduce trial and error and making it easier for patients to adapt to therapy.

In patients with OHS, positive airway therapy,

medical subspecialists who treat these conditions and their associated comorbidities.

We also continue to broaden access to sleep health education through strategic partnerships.

For example, our collaboration with ŌURA helps connect individuals who experience nighttime breathing disturbances identified through Oura Ring insights with our educational resources and a sleep assessment to understand more about sleep health.

The partnership also provides pathways to healthcare providers and discussion guides to help encourage earlier evaluation and care for sleep-related conditions.

In June 2026, we expanded our clinical sleep health portfolio through the acquisition of Noctrix, a medical device company developing clinically validated wearable therapeutics for chronic neurological disorders, including restless legs syndrome.

On June 30, 2026, we entered into a definitive agreement to sell our MatrixCare business, reflecting our ongoing commitment to focus on businesses that directly support our sleep health, breathing health, and connected home-based healthcare strategy.

For purposes of this report, we group certain products into categories to facilitate the presentation of our product portfolio.

These categories are organizational groupings and do not necessarily reflect the regulatory classification, intended use or specific therapeutic indications of individual products across all care settings in all countries.

| LIFE SUPPORT PRODUCTS | | | DESCRIPTION | | |

Other Products

In June 2026, we acquired Noctrix, a company with an FDA De Novo classified medical device that treats restless legs syndrome.

The acquisition expands our clinical sleep health portfolio into an adjacent area.

| Nidra Platform | | | An FDA De Novo classified wearable neurostimulation device that delivers tonic motor activation therapy to reduce symptoms of restless legs syndrome and improve sleep quality in adults with moderate-to-severe restless legs syndrome who are refractory to medication. | | |

| PRODUCTS | | | DESCRIPTION | | |

We develop, market, and sell our MEDIFOX DAN care management and related digital solutions to providers in Germany, including home care organizations, care home operators, youth care providers, and therapy practices; we also provide e-learning content directly to caregiving relatives.

Core software functionality covers invoicing, EHR and staff rostering, augmented by integrated solutions such as AI-based workflow automation, e-learning for nurses, and revenue cycle management.

Our MEDIFOX DAN solutions are primarily sold through direct sales, enabled by digital lead generation and self-service capabilities, depending on customer segment and solution.

We also purchase uniquely configured components from

business expenses and decisions may not always be favorable.

Similarly, Noctrix is a durable medical equipment, or DME supplier for purposes of distributing their products and as such, is also subject to enrollment, coverage and billing requirements by Medicare, state Medicaid Programs, other governmental payors, and commercial health insurance plans.

Payors may deny coverage for Noctrix devices if they determine that coverage criteria are not met or that the device and related services are not medically necessary.

We design innovative solutions to treat and keep people out of the hospital, empowering them to live healthier, higher-quality lives.

Our digital health technologies and cloud-connected medical devices transform care for people with sleep apnea, chronic obstructive pulmonary disease, or COPD, and other chronic diseases.

Our comprehensive residential care software platforms support the professionals and caregivers who help people stay healthy in the home or care setting of their choice.

With a

The acquisition is not material to our financial results.

A study presented at the European Respiratory Society (ERS) International Congress in 2021 and later published in CHEST in 2022 found that using PAP therapy as directed can significantly increase sleep apnea patients’ chances of living longer.

We also offer myAir, a patient engagement application that provides sleep data and a daily score based on a user's previous night’s data to improve compliance.

reimbursement requirements as well as more effectively transfer data as patients move between different care settings.

We can

In 1989, we introduced our first CPAP device.

In Germany, Australia, New

We only sell our Residential Care Software products in the U.S. and Germany.

The current impact of global tariffs is dynamic, however.

As a result, these products are currently subject to a temporary gap period during which any Medicare-enrolled DMEPOS suppliers may furnish DMEPOS items and services to patients.

Payment for Medicare-enrolled DMEPOS suppliers in former CBAs is based on 100% of the single payment amount, for the CBA increased by the projected percentage change in the Consumer Price Index for all Urban Consumers (CPI-U) from January 2023 to January 2024.

The temporary gap period for all DMEPOS CBPs has recently ended with the announcement of new regulations reinstating competitive bidding in the U.S. As a consequence, we expect that CMS will initiate the next round of the DMEPOS Competitive Bidding Program after the agency completes the formal public notice and comment rulemaking process.

For items furnished in non-CBAs, fees are based on fully-adjusted rates per the applicable methodology under Code of Federal Regulations Title 42 414.210 (g).

On March 9, 2024, President Biden signed the Consolidated Appropriations Act, 2024,

The VA has not yet changed its ratings criteria but it could happen in calendar year 2025.

provide reasonable assurance of the safety and effectiveness of most devices.

a death or serious injury.

On April 5, 2017, the European Parliament passed the MDR, which repeals and replaces the MDD.

The MDR was meant to become applicable three years after publication (in May 2020).

However, on April 23, 2020, to allow EEA national authorities, notified bodies, manufacturers and other actors to focus fully on urgent priorities related to the COVID-19 pandemic, the European Council and Parliament adopted Regulation 2020/561, postponing the date of application of the MDR by one year.

The MDR thus became applicable on May 26, 2021.

The MDR transitional provisions allow the placing on the market of devices with a CE Certificate issued in accordance with the MDD until May 26, 2024, under certain conditions.

Moreover, the MDR provides that the following medical devices with a CE Certificate issued in accordance with the MDD may continue to be made available on the market or put into service until May 26, 2025.

- Devices placed on the market in compliance with the MDD prior to May 26, 2021; and

- Devices placed on the market after May 26, 2021, benefiting from the described MDR transitional provisions.

The European Commission further extended provision of the MDR and IVDR through Regulation (EU) 2023/607, whereby manufacturers and notified bodies are given sufficiently more time to carry out, in accordance with the MDR, the conformity assessment of devices covered by a certificate or a declaration of conformity issued in accordance with Directive 90/385/EEC or Directive 93/42/EEC.

Moreover, the deletion of the ‘sell off’ date in the MDR and the IVDR aims to prevent unnecessary disposal of safe devices.

These provisions extend the transition period of devices through to December 31, 2027 or December 31, 2028 depending on device risk classification.

The MDR, among other things:

- strengthens the rules on placing devices on the market and reinforces surveillance once they are available;

- establishes explicit provisions on manufacturers’ responsibilities for the follow-up of the quality, performance and safety of devices placed on the market;

- improves the traceability of medical devices throughout the supply chain to the end-user or patient through a unique identification number;

- sets up a central database to provide patients, healthcare professionals and the public with comprehensive information on products available in the EU; and

- strengthens rules for the assessment of certain high-risk devices, such as implants, which may have to undergo an additional check by experts before they are placed on the market.

We have received certification at several locations, including Sydney, Australia; San Diego, California; and Lyon, France.

We continue to transition our certification profile to meet the new MDR requirements.

For the fiscal year ended June 30, [removed: 2025][added: 2026]

The aggregate market value of the voting and non-voting common equity held by non-affiliates of registrant as of December 31, [removed: 2024] [added: 2025] (the last business day of the registrant’s most recently completed second fiscal quarter), computed by reference to the closing sale price of such stock on the New York Stock Exchange, was

At August [removed: 4, 2025,] [added: 10, 2026,] the registrant had [removed: 146,414,839] [added: 144,252,306] shares of Common Stock, $0.004 par value, issued and outstanding.

This number excludes [removed: 43,925,747] [added: 46,798,043] shares held by the registrant as treasury shares.

Portions of the registrant’s definitive Proxy Statement to be delivered to stockholders in connection with the registrant’s [removed: 2025] [added: 2026] Annual Meeting of Stockholders, to be filed within 120 days after the end of the fiscal year covered by this Form 10-K, are incorporated by reference into Part III of this report.

| | | | | | | [Cautionary Note Regarding Forward-Looking [removed: Statements](#i12a12641041043a9978dbf1b6961a4a2_13)] [added: Statements](#i155ba7362cb44248abc15bbe807d83ad_13)] | | | [removed: [1](#i12a12641041043a9978dbf1b6961a4a2_13)] [added: [1](#i155ba7362cb44248abc15bbe807d83ad_13)] | | |

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| | | | [Item [removed: 7](#i12a12641041043a9978dbf1b6961a4a2_46)] [added: 7](#i155ba7362cb44248abc15bbe807d83ad_46)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i12a12641041043a9978dbf1b6961a4a2_46)] [added: Operations](#i155ba7362cb44248abc15bbe807d83ad_46)] | | | [removed: [54](#i12a12641041043a9978dbf1b6961a4a2_46)] [added: [56](#i155ba7362cb44248abc15bbe807d83ad_46)] | | |

| | | | [Item [removed: 7A](#i12a12641041043a9978dbf1b6961a4a2_85)] [added: 7A](#i155ba7362cb44248abc15bbe807d83ad_85)] | | | [Quantitative and Qualitative Disclosures About Market and Business [removed: Risks](#i12a12641041043a9978dbf1b6961a4a2_85)] [added: Risks](#i155ba7362cb44248abc15bbe807d83ad_85)] | | | [removed: [66](#i12a12641041043a9978dbf1b6961a4a2_85)] [added: [69](#i155ba7362cb44248abc15bbe807d83ad_85)] | | |

| | | | [Item [removed: 8](#i12a12641041043a9978dbf1b6961a4a2_88)] [added: 8](#i155ba7362cb44248abc15bbe807d83ad_88)] | | | [Consolidated Financial Statements and Supplementary [removed: Data](#i12a12641041043a9978dbf1b6961a4a2_88)] [added: Data](#i155ba7362cb44248abc15bbe807d83ad_88)] | | | [removed: [69](#i12a12641041043a9978dbf1b6961a4a2_88)] [added: [73](#i155ba7362cb44248abc15bbe807d83ad_88)] | | |

| | | | [Item [removed: 9](#i12a12641041043a9978dbf1b6961a4a2_178)] [added: 9](#i155ba7362cb44248abc15bbe807d83ad_178)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i12a12641041043a9978dbf1b6961a4a2_178)] [added: Disclosure](#i155ba7362cb44248abc15bbe807d83ad_178)] | | | [removed: [104](#i12a12641041043a9978dbf1b6961a4a2_178)] [added: [113](#i155ba7362cb44248abc15bbe807d83ad_178)] | | |

| | | | [Item [removed: 9A](#i12a12641041043a9978dbf1b6961a4a2_181)] [added: 9A](#i155ba7362cb44248abc15bbe807d83ad_181)] | | | [Controls and [removed: Procedures](#i12a12641041043a9978dbf1b6961a4a2_181)] [added: Procedures](#i155ba7362cb44248abc15bbe807d83ad_181)] | | | [removed: [104](#i12a12641041043a9978dbf1b6961a4a2_181)] [added: [113](#i155ba7362cb44248abc15bbe807d83ad_181)] | | |

| | | | [Item [removed: 9B](#i12a12641041043a9978dbf1b6961a4a2_190)] [added: 9B](#i155ba7362cb44248abc15bbe807d83ad_190)] | | | [Other [removed: Information](#i12a12641041043a9978dbf1b6961a4a2_190)] [added: Information](#i155ba7362cb44248abc15bbe807d83ad_190)] | | | [removed: [107](#i12a12641041043a9978dbf1b6961a4a2_190)] [added: [116](#i155ba7362cb44248abc15bbe807d83ad_190)] | | |

| | | | [Item [removed: 9C](#i12a12641041043a9978dbf1b6961a4a2_196)] [added: 9C](#i155ba7362cb44248abc15bbe807d83ad_202)] | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i12a12641041043a9978dbf1b6961a4a2_196)] [added: Inspections](#i155ba7362cb44248abc15bbe807d83ad_202)] | | | [removed: [107](#i12a12641041043a9978dbf1b6961a4a2_196)] [added: [116](#i155ba7362cb44248abc15bbe807d83ad_202)] | | |

| [Part [removed: III](#i12a12641041043a9978dbf1b6961a4a2_199)] [added: III](#i155ba7362cb44248abc15bbe807d83ad_205)] | | | [Item [removed: 10](#i12a12641041043a9978dbf1b6961a4a2_202)] [added: 10](#i155ba7362cb44248abc15bbe807d83ad_208)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#i12a12641041043a9978dbf1b6961a4a2_202)] [added: Governance](#i155ba7362cb44248abc15bbe807d83ad_208)] | | | [removed: [108](#i12a12641041043a9978dbf1b6961a4a2_202)] [added: [117](#i155ba7362cb44248abc15bbe807d83ad_208)] | | |

| | | | [Item [removed: 12](#i12a12641041043a9978dbf1b6961a4a2_208)] [added: 12](#i155ba7362cb44248abc15bbe807d83ad_214)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i12a12641041043a9978dbf1b6961a4a2_208)] [added: Matters](#i155ba7362cb44248abc15bbe807d83ad_214)] | | | [removed: [108](#i12a12641041043a9978dbf1b6961a4a2_208)] [added: [117](#i155ba7362cb44248abc15bbe807d83ad_214)] | | |

| | | | [Item [removed: 13](#i12a12641041043a9978dbf1b6961a4a2_211)] [added: 13](#i155ba7362cb44248abc15bbe807d83ad_217)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i12a12641041043a9978dbf1b6961a4a2_211)] [added: Independence](#i155ba7362cb44248abc15bbe807d83ad_217)] | | | [removed: [108](#i12a12641041043a9978dbf1b6961a4a2_211)] [added: [117](#i155ba7362cb44248abc15bbe807d83ad_217)] | | |

| | | | [Item [removed: 14](#i12a12641041043a9978dbf1b6961a4a2_214)] [added: 14](#i155ba7362cb44248abc15bbe807d83ad_220)] | | | [Principal Accountant Fees and [removed: Services](#i12a12641041043a9978dbf1b6961a4a2_214)] [added: Services](#i155ba7362cb44248abc15bbe807d83ad_220)] | | | [removed: [108](#i12a12641041043a9978dbf1b6961a4a2_214)] [added: [117](#i155ba7362cb44248abc15bbe807d83ad_220)] | | |

| [Part [removed: IV](#i12a12641041043a9978dbf1b6961a4a2_217)] [added: IV](#i155ba7362cb44248abc15bbe807d83ad_223)] | | | [Item [removed: 15](#i12a12641041043a9978dbf1b6961a4a2_220)] [added: 15](#i155ba7362cb44248abc15bbe807d83ad_226)] | | | [Exhibits and Consolidated Financial Statement [removed: Schedules](#i12a12641041043a9978dbf1b6961a4a2_220)] [added: Schedules](#i155ba7362cb44248abc15bbe807d83ad_226)] | | | [removed: [109](#i12a12641041043a9978dbf1b6961a4a2_220)] [added: [118](#i155ba7362cb44248abc15bbe807d83ad_226)] | | |

The words “believe,” “expect,” “intend,” “anticipate,” “will continue,” “will,” “estimate,” “plan,” “future” and other similar expressions, and negative statements of such expressions, generally identify forward-looking statements, including, in particular, statements regarding expectations of future revenue or earnings, expenses, [added: results of operations,] new product development, new product launches, new markets for our products, the integration of [removed: acquisitions,] [added: acquisitions and success of strategic initiatives, including divestitures,] our supply chain, domestic and international regulatory developments, litigation, tax outlook, and the expected impact of macroeconomic conditions on our business.

$34,917,180,979.

| | | | [Item 6](#i155ba7362cb44248abc15bbe807d83ad_43) | | | [Reserved](#i155ba7362cb44248abc15bbe807d83ad_43) | | | [55](#i155ba7362cb44248abc15bbe807d83ad_43) | | |

| | | | [Item 11](#i155ba7362cb44248abc15bbe807d83ad_211) | | | [Executive Compensation](#i155ba7362cb44248abc15bbe807d83ad_211) | | | [117](#i155ba7362cb44248abc15bbe807d83ad_211) | | |

| | | | [Item 16](#i155ba7362cb44248abc15bbe807d83ad_229) | | | [Form 10-K Summary](#i155ba7362cb44248abc15bbe807d83ad_229) | | | [119](#i155ba7362cb44248abc15bbe807d83ad_229) | | |

| | | | | | | [Signatures](#i155ba7362cb44248abc15bbe807d83ad_232) | | | [120](#i155ba7362cb44248abc15bbe807d83ad_232) | | |

$33,419,694,564.

| | | | [Item 6](#i12a12641041043a9978dbf1b6961a4a2_43) | | | [Selected Financial Data](#i12a12641041043a9978dbf1b6961a4a2_43) | | | [52](#i12a12641041043a9978dbf1b6961a4a2_43) | | |

| | | | [Item 11](#i12a12641041043a9978dbf1b6961a4a2_205) | | | [Executive Compensation](#i12a12641041043a9978dbf1b6961a4a2_205) | | | [108](#i12a12641041043a9978dbf1b6961a4a2_205) | | |

| | | | [Item 16](#i12a12641041043a9978dbf1b6961a4a2_223) | | | [Form 10-K Summary](#i12a12641041043a9978dbf1b6961a4a2_223) | | | [110](#i12a12641041043a9978dbf1b6961a4a2_223) | | |

| | | | | | | [Signatures](#i12a12641041043a9978dbf1b6961a4a2_226) | | | [111](#i12a12641041043a9978dbf1b6961a4a2_226) | | |

That overview covers, among other topics, the cybersecurity risk landscape and trends, data security posture, results from third-party assessments, training and vulnerability testing, our incident [removed: response plan, material cybersecurity risks, whether developing or actual, as well as the steps management has taken to respond to such risks, emerging cybersecurity regulations, technologies and best practices.]

\-51-

response plan, material cybersecurity risks, whether developing or actual, as well as the steps management has taken to respond to such risks, emerging cybersecurity regulations, technologies and best practices.

\-48-

Other facilities are in Atlanta, Georgia, [added: Greenwood, Indiana,] Moreno Valley, California, Chatsworth, California, and Calabasas, California, U.S.A.; Singapore; Johor Bahru, Malaysia; Lyon, France; Gremsdorf and Munich, Germany; and Suzhou, China.

At June 30, [removed: 2025,] [added: 2026,] our principal owned and leased properties were as follows:

| Johor, Malaysia | | | Leased | | | [removed: 284,000] [added: 349,000] | | | Manufacturing, engineering, research and development | | |

| Atlanta, Georgia | | | Leased | | | [removed: 55,000] [added: 61,000] | | | Residential [removed: care software] [added: Care Software] sales and administration, engineering, research and development | | |

[removed: (1)We expect to transition operations] [added: (1)Operations fully transitioned] from our Chatsworth, California location to our Calabasas, California location during fiscal year [removed: 2026.][added: 2027.]

| Greenwood, Indiana | | | Leased | | | 447,000 | | | Warehouse and distribution | | |

\-52-

\-49-

\-53-

\-50-

As of July 31, [removed: 2025,] [added: 2026,] there were [removed: 27] [added: 31] holders of record of our common stock, although the actual number of stockholders of our common stock is greater than this number of holders of record and many of these holders of record own shares as nominees on behalf of other beneficial owners.

The following table summarizes our purchases of common stock during the three months ended June 30, [removed: 2025:][added: 2026:]

On February 21, 2014, our board of directors approved our current share repurchase program, authorizing us to acquire up to an aggregate of [removed: 20.0] [added: 20] million shares of our common stock.

Since approval of the share repurchase program in 2014 through June 30, [removed: 2025,] [added: 2026,] we have repurchased a total of [removed: 9.2] [added: approximately 12.1] million shares for an aggregate of [removed: $862.7 million.][added: $1.6 billion.]

As of June 30, [removed: 2025, 10.8] [added: 2026, approximately 7.9] million additional shares can be repurchased under the approved share repurchase program.

The following graph compares the cumulative total stockholders return on our common stock from June 30, [removed: 2020] [added: 2021] through June 30, [removed: 2025,] [added: 2026,] with the comparable cumulative return of the S&P 500 index, the S&P 500 Health Care index, and the Dow Jones U.S. Select Medical Equipment index.

The graph assumes that $100 was invested in our common stock and each index on June 30, [removed: 2020.][added: 2021.]

[removed: ][added: ]

The following table shows total indexed return of stock price plus reinvestments of dividends, assuming an initial investment of $100 at June 30, [removed: 2020,] [added: 2021,] for the indicated periods.

| Index | | | [removed: 2021 | | |] 2022 | | | 2023 | | | 2024 | | | 2025 | | | [added: 2026 | | |]

| Dow Jones U.S. Select Medical Equipment | | | [removed: 136] [added: 84] | | | [removed: 114] [added: 94] | | | [removed: 128] [added: 93] | | | [removed: 127] [added: 104] | | | [removed: 142] [added: 82] | | |

| April 1 - 30, 2026 | | | | | | — | | | | | | $ | — | | | | | 45,826,079 | | | | | | 8,889,934 | | |

| May 1 - 31, 2026 | | | | | | 971,964 | | | | | | 205.75 | | | | | | 46,798,043 | | | | | | 7,917,970 | | |

| June 1 - 30, 2026 | | | | | | — | | | | | | — | | | | | | 46,798,043 | | | | | | 7,917,970 | | |

| Total | | | | | | 971,964 | | | | | | $ | 205.75 | | | | | 46,798,043 | | | | | | 7,917,970 | | |

\-54-

| ResMed Inc. | | | 85 | | | 88 | | | 77 | | | 105 | | | 78 | | |

| S&P 500 | | | 88 | | | 104 | | | 127 | | | 144 | | | 175 | | |

| S&P 500 Health Care | | | 102 | | | 105 | | | 116 | | | 107 | | | 126 | | |

| April 1 - 30, 2025 | | | | | | 97,600 | | | | | | $ | 234.98 | | | | | 43,604,613 | | | | | | 11,111,400 | | |

| May 1 - 31, 2025 | | | | | | 321,134 | | | | | | 239.98 | | | | | | 43,925,747 | | | | | | 10,790,266 | | |

| June 1 - 30, 2025 | | | | | | — | | | | | | — | | | | | | 43,925,747 | | | | | | 10,790,266 | | |

| Total | | | | | | 418,734 | | | | | | $ | 238.81 | | | | | 43,925,747 | | | | | | 10,790,266 | | |

\-51-

| ResMed Inc. | | | 129 | | | 109 | | | 114 | | | 100 | | | 136 | | |

| S&P 500 | | | 139 | | | 122 | | | 144 | | | 176 | | | 200 | | |

| S&P 500 Health Care | | | 126 | | | 128 | | | 133 | | | 146 | | | 135 | | |

\-55-

The following table summarizes certain selected consolidated financial data for, and as of the end of, each of the fiscal years in the five-year period ended June 30, 2025.

The data set forth below should be read together with Item 7 of Part II of this report, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 8 of Part II of this report, “Consolidated Financial Statements and Supplementary Data”, and related notes included elsewhere in this report.

The consolidated statement of income data for the years ended June 30, 2025, 2024 and 2023 and the consolidated balance sheet data as of June 30, 2025 and 2024 are derived from our audited consolidated financial statements included elsewhere in this report.

The consolidated statement of income data for the years ended June 30, 2022 and 2021 and the consolidated balance sheet data as of June 30, 2023, 2022 and 2021 are derived from our audited consolidated financial

\-52-

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| PART II | | | Item 6 | | |

RESMED INC. AND SUBSIDIARIES

statements not included in this report.

Historical results do not necessarily indicate the results to be expected in the future, and the results for the years presented should not be considered to indicate our future results of operations.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Consolidated Statement of Income Data | | | | | | Years Ended June 30, | | | | | | | | | | | | | | | | | | | | | | | | | | |

| (In thousands, except per share data): | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | | | | | 2021 | | |

| Net revenue | | | | | | $ | 5,146,327 | | | | | $ | 4,685,297 | | | | | $ | 4,222,993 | | | | | $ | 3,578,127 | | | | | $ | 3,196,825 | |

| Cost of sales (exclusive of amortization shown separately below) | | | | | | 2,059,241 | | | | | | 1,997,031 | | | | | | 1,836,935 | | | | | | 1,514,166 | | | | | | 1,312,598 | | |

| Amortization of acquired intangible assets | | | | | | 32,116 | | | | | | 32,963 | | | | | | 30,396 | | | | | | 39,650 | | | | | | 45,127 | | |

| Total cost of sales | | | | | | 2,091,357 | | | | | | 2,029,994 | | | | | | 1,867,331 | | | | | | 1,553,816 | | | | | | 1,357,725 | | |

| Gross profit | | | | | | 3,054,970 | | | | | | 2,655,303 | | | | | | 2,355,662 | | | | | | 2,024,311 | | | | | | 1,839,100 | | |

| Selling, general and administrative expenses | | | | | | 991,019 | | | | | | 917,136 | | | | | | 874,003 | | | | | | 737,508 | | | | | | 670,387 | | |

| Research and development expenses | | | | | | 331,284 | | | | | | 307,525 | | | | | | 287,642 | | | | | | 253,575 | | | | | | 225,284 | | |

| Amortization of acquired intangible assets | | | | | | 45,273 | | | | | | 46,521 | | | | | | 42,020 | | | | | | 31,078 | | | | | | 31,078 | | |

| Restructuring expenses | | | | | | — | | | | | | 64,228 | | | | | | 9,177 | | | | | | — | | | | | | 8,673 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Acquisition related expenses | | | | | | 2,031 | | | | | | — | | | | | | 10,949 | | | | | | 1,864 | | | | | | — | | |

| Total operating expenses | | | | | | 1,369,607 | | | | | | 1,335,410 | | | | | | 1,223,791 | | | | | | 1,024,025 | | | | | | 935,422 | | |

| Income from operations | | | | | | 1,685,363 | | | | | | 1,319,893 | | | | | | 1,131,871 | | | | | | 1,000,286 | | | | | | 903,678 | | |

| Other income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Interest expense, net | | | | | | 4,114 | | | | | | (45,708) | | | | | | (47,379) | | | | | | (22,312) | | | | | | (23,627) | | |

| Loss attributable to equity method investments | | | | | | 3,644 | | | | | | (1,848) | | | | | | (7,265) | | | | | | (8,486) | | | | | | (11,205) | | |

| Gain on insurance recoveries | | | | | | — | | | | | | — | | | | | | 20,227 | | | | | | — | | | | | | — | | |

| Gain (loss) on equity investments | | | | | | (10,299) | | | | | | (4,045) | | | | | | 9,922 | | | | | | (12,202) | | | | | | 14,515 | | |

| Other, net | | | | | | (5,256) | | | | | | (3,494) | | | | | | (5,712) | | | | | | 3,197 | | | | | | 301 | | |

| Total other income (loss), net | | | | | | (7,797) | | | | | | (55,095) | | | | | | (30,207) | | | | | | (39,803) | | | | | | (20,016) | | |

| Income before income taxes | | | | | | 1,677,566 | | | | | | 1,264,798 | | | | | | 1,101,664 | | | | | | 960,483 | | | | | | 883,662 | | |

| Income taxes | | | | | | 276,843 | | | | | | 243,847 | | | | | | 204,108 | | | | | | 181,046 | | | | | | 409,157 | | |

| Net income | | | | | | $ | 1,400,723 | | | | | $ | 1,020,951 | | | | | $ | 897,556 | | | | | $ | 779,437 | | | | | $ | 474,505 | |

| Basic earnings per share | | | | | | $ | 9.55 | | | | | $ | 6.94 | | | | | $ | 6.12 | | | | | $ | 5.34 | | | | | $ | 3.27 | |

| Diluted earnings per share | | | | | | $ | 9.51 | | | | | $ | 6.92 | | | | | $ | 6.09 | | | | | $ | 5.30 | | | | | $ | 3.24 | |

| [Report of Independent Registered Public Accounting [removed: Firm](#i12a12641041043a9978dbf1b6961a4a2_91)] [added: Firm](#i155ba7362cb44248abc15bbe807d83ad_91)] (KPMG LLP, San Diego, CA, Auditor Firm ID: 185) | | | [removed: [70](#i12a12641041043a9978dbf1b6961a4a2_91)] [added: [74](#i155ba7362cb44248abc15bbe807d83ad_91)] | | |

| [Consolidated Balance Sheets as of June 30, [removed: 2025] [added: 2026] and [removed: 2024](#i12a12641041043a9978dbf1b6961a4a2_94)] [added: 2025](#i155ba7362cb44248abc15bbe807d83ad_94)] | | | [removed: [72](#i12a12641041043a9978dbf1b6961a4a2_94)] [added: [76](#i155ba7362cb44248abc15bbe807d83ad_94)] | | |

| [Consolidated Statements of Income for the years ended June 30, [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023](#i12a12641041043a9978dbf1b6961a4a2_97)] [added: 2024](#i155ba7362cb44248abc15bbe807d83ad_97)] | | | [removed: [73](#i12a12641041043a9978dbf1b6961a4a2_97)] [added: [77](#i155ba7362cb44248abc15bbe807d83ad_97)] | | |

| [Consolidated Statements of Comprehensive Income for the years ended June 30, [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023](#i12a12641041043a9978dbf1b6961a4a2_100)] [added: 2024](#i155ba7362cb44248abc15bbe807d83ad_100)] | | | [removed: [74](#i12a12641041043a9978dbf1b6961a4a2_100)] [added: [78](#i155ba7362cb44248abc15bbe807d83ad_100)] | | |

| [Consolidated Statements of Stockholders’ Equity for the years ended June 30, [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023](#i12a12641041043a9978dbf1b6961a4a2_103)] [added: 2024](#i155ba7362cb44248abc15bbe807d83ad_103)] | | | [removed: [75](#i12a12641041043a9978dbf1b6961a4a2_103)] [added: [79](#i155ba7362cb44248abc15bbe807d83ad_103)] | | |

| [Consolidated Statements of Cash Flows for the years ended June 30, [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023](#i12a12641041043a9978dbf1b6961a4a2_106)] [added: 2024](#i155ba7362cb44248abc15bbe807d83ad_106)] | | | [removed: [76](#i12a12641041043a9978dbf1b6961a4a2_106)] [added: [80](#i155ba7362cb44248abc15bbe807d83ad_106)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i12a12641041043a9978dbf1b6961a4a2_109)] [added: Statements](#i155ba7362cb44248abc15bbe807d83ad_109)] | | | [removed: [77](#i12a12641041043a9978dbf1b6961a4a2_109)] [added: [82](#i155ba7362cb44248abc15bbe807d83ad_109)] | | |

| [Schedule II – Valuation and Qualifying Accounts and [removed: Reserves](#i12a12641041043a9978dbf1b6961a4a2_175)] [added: Reserves](#i155ba7362cb44248abc15bbe807d83ad_175)] | | | [removed: [103](#i12a12641041043a9978dbf1b6961a4a2_175)] [added: [112](#i155ba7362cb44248abc15bbe807d83ad_175)] | | |

Quarterly Financial Information (unaudited)—The quarterly results for the years ended June 30, [removed: 2025] [added: 2026] and [removed: 2024] [added: 2025] are summarized below (in thousands, except per share amounts):

| [removed: 2024] [added: 2026] | | | | | | First Quarter | | | | | | Second Quarter | | | | | | Third Quarter | | | | | | Fourth Quarter | | | | | | Fiscal Year | | |

| Basic earnings per share | | | [removed: | | |] $ | [removed: 1.49 | | | | | $ | 1.42 | | | | | $ | 2.04] [added: 10.47] | | | | | $ | [removed: 1.99] [added: 9.55] | | | | | $ | 6.94 | |

| Diluted earnings per share | | | [removed: | | |] $ | [removed: 1.49 | | | | | $ | 1.42 | | | | | $ | 2.04] [added: 10.43] | | | | | $ | [removed: 1.98] [added: 9.51] | | | | | $ | 6.92 | |

To the Stockholders and [added: the] Board of Directors

We have audited the accompanying consolidated balance sheets of ResMed Inc. and subsidiaries (the Company) as of June 30, [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] the related consolidated statements of income, comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended June 30, [removed: 2025,] [added: 2026,] and the related notes and financial statement schedule II (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 30, [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] and the results of its operations and its cash flows for each of the years in the three-year period ended June 30, [removed: 2025,] [added: 2026,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of June 30, [removed: 2025,] [added: 2026,] based on criteria established in *Internal [removed: Control - Integrated] [added: Control* *–* *Integrated] Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated August [removed: 7, 2025] [added: 13, 2026] expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing [added: a] separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

As discussed in Notes 2(i) and 5 to the consolidated financial statements, the Company’s goodwill balance was [removed: $3,047] [added: $2,910] million as of June 30, [removed: 2025.][added: 2026.]

June 30, [removed: 2025] [added: 2026] and [removed: 2024][added: 2025]

| | | | June 30, [added: 2026 | | | | | | June 30,] 2025 | | | | | | June 30, 2024 | | |

| Cash and cash equivalents [removed: |] [added: at beginning of period] | | [removed: $] | 1,209,450 | | | | | [removed: $] | 238,361 | | [added: | | | | 227,891 | | |]

| Accounts receivable, net of allowances of [removed: $22,424] [added: $25,839] and [removed: $21,132] [added: $22,424] at June 30, [removed: 2025] [added: 2026] and June 30, [removed: 2024,] [added: 2025,] respectively | | | [removed: 939,492] [added: 1,036,233] | | | | | | [removed: 837,275] [added: 939,492] | | |

| Inventories (note 4) | | | [removed: 927,711] [added: 945,805] | | | | | | [removed: 822,250] [added: 927,711] | | |

| Prepaid expenses and other current assets (note 4) | | | [removed: 428,952] [added: 416,081] | | | | | | [removed: 459,833] [added: 428,952] | | |

| Total current assets | | | [removed: 3,505,605] [added: 4,324,739] | | | | | | [removed: 2,357,719] [added: 3,505,605] | | |

| Property, plant and equipment, net (note 4) | | | [removed: 550,790] [added: 581,829] | | | | | | [removed: 548,025] [added: 550,790] | | |

| Operating lease right-of-use assets (note 9) | | | [removed: 167,497] [added: 153,167] | | | | | | [removed: 151,121] [added: 167,497] | | |

| Goodwill (note 5) | | | [removed: 3,046,680] [added: 2,909,575] | | | | | | [removed: 2,842,055] [added: 3,046,680] | | |

| Other intangible assets, net (note 5) | | | [removed: 464,861] [added: 452,737] | | | | | | [removed: 485,904] [added: 464,861] | | |

| Deferred income taxes (note 12) | | | [removed: 253,119] [added: 329,254] | | | | | | [removed: 203,569] [added: 253,119] | | |

| Prepaid taxes and other non-current assets | | | [removed: 185,839] [added: 214,649] | | | | | | [removed: 284,001] [added: 185,839] | | |

| Total non-current assets | | | [removed: 4,668,786] [added: 4,641,211] | | | | | | [removed: 4,514,675] [added: 4,668,786] | | |

| Total assets | | | $ | [removed: 8,174,391] [added: 8,965,950] | | | | | $ | [removed: 6,872,394] [added: 8,174,391] | |

| Accounts payable | | | $ | [removed: 278,157] [added: 308,923] | | | | | $ | [removed: 237,728] [added: 278,157] | |

| Accrued expenses (note 7) | | | [removed: 402,253] [added: 494,921] | | | | | | [removed: 377,678] [added: 402,253] | | |

| Operating lease liabilities, current (note 9) | | | [removed: 30,506] [added: 29,141] | | | | | | [removed: 25,278] [added: 30,506] | | |