I'll research RMD (ResMed) before writing the preview. Let me start by gathering recent earnings materials, filings, and news.Let me read the most recent quarter's materials (2026Q3) and pull recent news closer to the report date.Let me get the Q3 earnings release for precise figures, recent stock performance, and analyst consensus expectations.The stock has been on a notable decline over the past year. Let me check recent news drivers and analyst consensus expectations.Let me get the specific Q4 consensus details from the recent preview articles.Let me grab the year-ago (Q4 FY25) figures for an accurate YoY comparison base.# ResMed (RMD) — Q4 FY2026 Earnings Preview
ResMed heads into its fiscal Q4 (quarter ended June 30, 2026) print as a fundamentally strong, controversial stock. The business keeps compounding — double-digit revenue growth, expanding margins, 100%+ free-cash-flow conversion — yet the shares spent most of 2026 in a downtrend on fears that GLP-1 weight-loss drugs and a resurgent Philips will eventually erode the sleep-apnea franchise.
Price action tells the story of the debate: - Roughly a year ago (early Aug 2025) the stock traded near $280. - It bottomed around $182 in early June 2026 (near 52-week lows), pressured by a June Morgan Stanley downgrade explicitly tied to GLP-1s and Philips' U.S. PAP re-entry. - It has since rallied hard into the print, closing $224.07 on Aug 5, up ~17% in just two weeks (from ~$192 on July 22).
So expectations have re-inflated somewhat, but the stock still sits well below year-ago levels and trades at a below-historical-average forward multiple (~17x). This is a "prove the GLP-1 fear is wrong" quarter as much as a numbers quarter.
| Metric | Q4 FY26 Consensus | Q4 FY25 Actual | Implied Y/Y |
|---|---|---|---|
| Revenue | ~$1.46B | $1,348.0M | ~+8–9% |
| Non-GAAP EPS | ~$2.89–2.90 | $2.55 | ~+13–14% |
This is the central bull/bear axis. Management's position is aggressive and data-backed: they call GLP-1s a "once-in-a-generation demand-gen opportunity." On the Q3 call they laid out real-world evidence from a 2.1M-patient claims cohort showing patients with both PAP and GLP-1 scripts are ~11% more likely to start PAP and more likely to resupply at 1 and 3 years, plus a separate 1.7M-patient analysis showing PAP patients who later add a GLP-1 have higher long-term resupply. Watch for: - Fresh GLP-1 cohort data (management keeps updating it each quarter). - Commentary on the oral GLP-1 pill rollout, which management frames as a broader-population, multi-year tailwind rather than a near-term risk. - Whether Lilly's Zepbound OSA "Don't Sleep on OSA" ad spend is visibly pulling patients into the diagnostic funnel.
U.S./Canada/LatAm devices grew 6% in Q3 (high end of the mid-single-digit range management guides to). Any deceleration will be read as GLP-1/Philips share loss; any acceleration is a bull confirmation. This is the single most scrutinized line item.
Non-GAAP gross margin was 62.8% in Q3 (+290bps y/y), and management reiterated a 62–63% FY26 range and a long-term goal of continued annual expansion through 2030. But they flagged emerging component cost pressure and fuel/freight headwinds from geopolitical uncertainty. Q4 is the last quarter to land inside the FY26 band — watch the margin cadence and any 2027 tariff/component commentary.
Management has repeatedly reiterated a 5-year framework of high-single-digit revenue growth with EPS growth outpacing revenue. As the fiscal-year-end call, expect the first framing of FY27 drivers: fabric mask expansion, AirSense 11 rollout (China, LatAm), GLP-1 funnel, and a targeted re-acceleration of Residential Care Software to high-single-digit growth with double-digit operating-profit growth in FY27.
The numbers themselves are likely a modest, well-anticipated beat (~$1.46B / ~$2.90). The report will be judged on the narrative, not the print: U.S. device growth durability, refreshed GLP-1 real-world data, the FY26 gross-margin finish, and the first credible FY27 framework under a new CFO. With the stock having bounced ~17% into the event but still depressed versus a year ago, the risk/reward hinges on whether management can once again convince investors that GLP-1s are a tailwind — not the beginning of the end — for the sleep-apnea franchise.
Sources: ResMed Q3 FY26 and Q4 FY25 earnings releases and transcripts; company 8-Ks; consensus and analyst commentary via public news (Zacks, TradingView, Morgan Stanley coverage); historical price data.