Resmed Inc.

Strong Q4 and full-year performance (with profit growth > revenue growth) - Q4 revenue: $1.5B, +9% headline (+8% constant currency) YoY. - Q4 non-GAAP EPS: $2.95, +16% YoY (supports the theme that earnings growth is outpacing revenue). - FY2026: +10% headline revenue (+8% constant currency) and +180 bps operating margin expansion. - Free cash flow (FCF) FY2026: $1.6B; capital returned to shareholders >$1B, +72% YoY.

Guidance for FY2027: core growth solid, but headwinds from Astral actions + portfolio moves - Core constant-currency revenue growth (after removing ~10 months MatrixCare and excluding Noctrix): +5% to +7% YoY. - Reported revenue guide: $5.75B to $5.85B (includes assumptions, including ~50 bps FX headwind). - Key headwind built into guidance: ~130 bps / ~$75M from suspending Astral sales to support the global field safety notice for existing Astral patients. - FY2027 non-GAAP EPS: $12.00 to $12.25 (+7% to +10% reported basis). - Implied adjusted core EPS growth (excluding divestiture/acquisition dilution): +12% to +14%.

Returns of capital: accelerated buybacks + dividend increase - Dividend: quarterly dividend increased 10% to $0.66/share (announced on the call). - Share repurchases: total FY2027 buybacks $1.5B (includes a $450M accelerated share repurchase planned using proceeds from the MatrixCare divestiture). - Total shareholder returns FY2027: > $1.85B, +75% YoY; this builds on two straight years of very large capital returns.