Monitor the November 2026 annual meeting for say-on-pay approval percentage and any shareholder dissent. The auditor change from KPMG to PwC is a notable governance event; watch for any related restatements or control issues in upcoming filings. The $1.5 billion share repurchase plan and 10% dividend increase signal strong capital return, but the core focus remains on execution of the Resmed 2030 strategy and integration of Noctrix Health.
Price Chart
Executive Summary
ResMed filed its definitive proxy statement for the 2026 annual meeting, highlighting strong FY2026 financial results with 10% revenue growth to $5.7 billion, 17% non-GAAP EPS growth, and over $1.6 billion in free cash flow. Key governance changes include the retirement of lead director Ronald Taylor after 21 years, with Carol Burt succeeding him, and the appointment of Aaron Bloomer as CFO following Brett Sandercock's retirement. The board recommends a say-on-pay vote and ratification of PwC as the new auditor, replacing KPMG after a competitive RFP process.
Key Facts
- FY2026 revenue grew 10% to $5.7 billion; non-GAAP diluted EPS grew 17% to $11.17
- Generated over $1.6 billion in free cash flow; returned over $1 billion to stockholders via dividends and buybacks
- Lead director Ronald Taylor retiring after 21 years; Carol Burt to become lead director effective November 15, 2026
- Board size reduced from 11 to 10 directors following Taylor's retirement
- CFO transition: Brett Sandercock stepped down May 4, 2026; Aaron Bloomer appointed as new CFO
- Auditor change: PwC appointed as independent registered public accounting firm for FY2027, replacing KPMG after a competitive RFP process
- Acquired Noctrix Health for $340 million to expand into restless legs syndrome
- Divested MatrixCare business, closed September 1, 2026; proceeds used for accelerated share repurchase
- Plans to repurchase approximately $1.5 billion of shares in FY2027 and increase quarterly dividend 10% to $0.66 per share
- Say-on-pay proposal and ratification of PwC as auditor are on the ballot
Financial Impact
FY2026 revenue $5.7 billion, non-GAAP operating income $2.039 billion, non-GAAP net income $1.632 billion, free cash flow over $1.6 billion
Risk Factors
- CFO transition and auditor change introduce execution risk during a period of strategic portfolio shifts
- TSR-based PSUs for FY2025 and FY2026 would have paid zero if measured at June 30, 2026, indicating potential misalignment with stockholder returns
- Competitive pressure from GLP-1 weight loss drugs and new sleep health therapies could disrupt traditional CPAP market dynamics
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEF 14A Filing (Primary) | 0000943819-26-000080 |
| Document: 0000943819-26-000080-index.html | 0000943819-26-000080 |
| Document: 0000943819-26-000080.txt | 0000943819-26-000080 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 11d ago | Institutional Cluster | $238.88 | awaiting T+20 | — | $250.80 (−4.99%) |
Oct 7, 2026 20d ago | 144 | $226.73 | awaiting T+20 | — | $250.80 (+10.62%) |
Oct 1, 2026 26d ago | DEFA14A | $218.89 | awaiting T+20 | — | $250.80 (+14.58%) |
Oct 1, 2026 26d ago | DEF 14A | $218.89 | awaiting T+20 | — | $250.80 (+14.58%) |
Oct 1, 2026 26d ago | Press Release | $218.89 | awaiting T+20 | — | $250.80 (+14.58%) |
Sep 10, 2026 6w ago | Insider Cluster | $219.58 $226.73 | ▲ +3.26% | ▲ +1.13% | $250.80 (+14.22%) |
Aug 11, 2026 11w ago | Insider Cluster | $224.84 $219.95 | ▼ −2.17% | ▼ −1.12% | $250.80 (+11.55%) |
Jul 7, 2026 16w ago | Press Release | $205.84 $224.03 | ▲ +8.84% | ▲ +5.56% | $250.80 (+21.84%) |
Jun 1, 2026 21w ago | Press Release | $182.75 $201.10 | ▲ +10.04% | ▲ +11.86% | $250.80 (+37.24%) |
May 19, 2026 23w ago | Press Release | $209.14 $186.29 | ▲ +10.92% | ▲ +10.88% | $250.80 (−19.92%) |
US Market Status
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