PODD · Q1 2026 Earnings

Bullish

Insulet Corporation

Reported May 6, 2026

30-second summary

Insulet opened FY2026 with revenue of $761.7M (+33.9% YoY) and Total Omnipod growth of 36.9% reported / 33.0% constant currency — clearing the +28–30% Q1 guide by 300–500 bps and prompting a one-point lift to the FY2026 Total Omnipod and total company guide. International printed +59.4% reported (+45.2% CC) versus a +37–39% guide, with the FY International band raised by two full points to +26–28%. The "balanced not conservative" framing from the Q4 call lasted exactly one quarter; the new CFO is now visibly rebuilding the historical beat-and-raise buffer.

Headline numbers

EPS

Q1 FY2026

$1.42

Revenue

Q1 FY2026

$0.76B

+33.9% YoY

Gross margin

Q1 FY2026

69.5%

Free cash flow

Q1 FY2026

$0.09B

Operating margin

Q1 FY2026

16.0%

Key financials

Q1 FY2026

Metric	Q1 FY2026	YoY	Q4 FY2025	QoQ
Revenue	$0.76B	+33.9%	$0.78B	-2.8%
EPS	$1.42	—	$1.55	-8.4%
Gross margin	69.5%	—	72.5%	-300bps
Operating margin	16.0%	—	18.7%	-270bps
Free cash flow	$0.09B	—	—	—

Guidance

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Total Company Revenue YoY Growth	Q1 FY2026	25% to 27%	33.9%	+6.9 to +8.9 pts above guide	Beat
Total Omnipod Revenue YoY Growth	Q1 FY2026	28% to 30%	33.0%	+3.0 to +5.0 pts above guide	Beat
U.S. Omnipod Revenue YoY Growth	Q1 FY2026	24% to 26%	28.3%	+2.3 to +4.3 pts above guide	Beat
International Omnipod Revenue YoY Growth	Q1 FY2026	37% to 39%	45.2%	+6.2 to +8.2 pts above guide	Beat
Adjusted Operating Margin YoY Expansion	Q1 FY2026	~100 bps	110 bps	+10 bps above guide	Beat
Adjusted EPS Growth	Q1 FY2026	>25%	39.7%	+14.7 pts above guide	Beat

Changes to prior guidance

Metric	Period	Prior guide	New guide	Δ	Result
Total Company Revenue YoY Growth	FY 2026	20% to 22%	21% to 23%	+1 pt at both low and high end	Raised
Total Omnipod Revenue YoY Growth	FY 2026	21% to 23%	22% to 24%	+1 pt at both low and high end	Raised
U.S. Omnipod Revenue YoY Growth	FY 2026	20% to 22%	20% to 22%	0 pts	Raised
International Omnipod Revenue YoY Growth	FY 2026	24% to 26%	26% to 28%	+2 pts at both low and high end	Raised

Reaffirmed unchanged this quarter: Adjusted Operating Margin YoY Expansion (~100 bps), Adjusted EPS Growth

Segment KPIs

Q1 FY2026

Segment	Q1 FY2026	YoY
U.S. Omnipod	$0.516B	+28.3%
International Omnipod	$0.243B	+59.4%
Total Omnipod	$0.758B	+36.9%
Drug Delivery	$0.003B	-77.9%
Omnipod Total Revenue Growth (constant currency)	33.0%	—
U.S. Omnipod Revenue Growth	28.3%	—
International Omnipod Revenue Growth (constant currency)	45.2%	—

Other KPIs

Q1 FY2026

Segment	Q1 FY2026
Adjusted Operating Margin	17.5%
Adjusted Operating Margin YoY Expansion	110 basis points
Adjusted Net Income Growth	35.4%
Adjusted Diluted EPS Growth	39.7%
Free Cash Flow	$89.5 million

Management tone

Three quarters ago the bear case was emerging patch-pump competition; two quarters ago management answered with quantified moat statements; this quarter Ashley took the next step and reframed competitive entry as actively helpful to Insulet. From Ashley's prepared remarks: "While our success is attracting competition, this further validates and raises awareness of AID and Omnipod, the most recognized brand in the category. We believe this dynamic is good for the category and good for Insulet." This is the most aggressive competitive posture management has taken since the transition — claiming not just durability but disproportionate capture of category expansion that competitors fund through their own promotion. In Q&A Ashley reinforced this with the data point that MDI-sourced new starts have moved from ~60% four years ago to ~80% today as the category expands.

Type 2 framing evolved this quarter to "material driver with retention headwinds requiring investment." Per Flavia's prepared remarks: "We do expect retention rates to decrease modestly as our type 2 customer base continues to grow, which is why we're investing in programs focused on improving onboarding, engagement, and long-term retention." This is the first time management has publicly acknowledged that Type 2 growth comes with a structural retention drag — a maturity signal. Eric quantified in Q&A that Type 2 was ~40% of NCS in the quarter with similar seasonality to Type 1.

International tone shifted toward expected moderation. Per Flavia's prepared remarks: "we expect the pace to moderate as we anniversary successful launches from last year." But the +45.2% CC print and the two-point FY raise contradict the moderation messaging — management is talking down expectations while delivering the opposite.

Innovation roadmap hardened from a sequence of milestones to in-flight pivotal-study enrollment. Per Ashley's prepared remarks: "just last week we enrolled our first participant in Evolve, our pivotal study to support FDA filing next year and launch in 2028." The press release frames the same milestone as supporting a 510(k) filing in 2027. Pivotal enrollment for the fully closed-loop Type 2 system moves the 2028 launch from credible to executing — a meaningful de-risking event for the long-duration bull thesis.

Manufacturing posture continued evolving toward "strategic and financial advantage" this quarter. The Q1 adjusted gross margin step-down of 90 bps YoY is the cost of that advantage being built — pod configuration transition and quality system investments are running through the P&L now, with the implicit promise that the structural advantage compounds afterward.

Recurring themes management leaned on this quarter:

Strong international growth acceleration with market penetration deepeningType 2 diabetes category expansion becoming material revenue and retention driverAlgorithm and product innovation roadmap extending competitive moat (Omnipod 6 in 2027, fully closed-loop Type 2 in 2028)Operating leverage and margin expansion despite elevated R&D and commercial investmentsBrand leadership and market awareness driving organic demand beyond direct sales effortsManufacturing scale and automation enabling competitive advantage while sustaining pricing power

Risks management surfaced:

Retention rates expected to decrease modestly as Type 2 customer base growsInternational growth pace moderating as successful launches from prior year anniversaryMedical device correction costs ($12M gross margin impact in Q1)Excess and obsolescence costs from pod configuration transition (>150 bps margin headwind)Raw material and shipping costs driven by Middle East conflict

Q&A highlights

David Roman · Goldman Sachs

Ashley's one-year tenure: what's met expectations, what's exceeded, and where is focus? Also, how to reconcile high-teens back-half growth guidance with market share dynamics and 20% LRP targets?

Ashley expressed increased confidence in Omnipod's potential, highlighting innovation (sensor integration, algorithm improvements), international expansion (UK success), commercial capabilities (Salesforce expansion), operations scaling (Costa Rica facility), and talent augmentation. Flavia clarified that back-half guidance reflects favorable currency and comps; dollar growth consistent year-over-year; confidence in 20% sustainability driven by innovation (Libre 3+, Omnipod 6, closed-loop 2028) and commercial expansion.

Ashley marked one-year anniversaryThree algorithm improvements planned over next three yearsUK posted record NCS this quarterSecond Salesforce expansion happening this quarter

Robbie Marcus · JP Morgan

How does Omnipod maintain 20% growth if exiting sub-20% in U.S. second half and dollar growth not increasing year-over-year? What fills the gap in 2027?

Ashley reiterated 20% sustainability through innovation (Omnipod 6, closed-loop) and commercial expansion; outlined philosophy of setting guidance based on refined strategic plan shared at November IR day. Acknowledged Q1 was slower due to higher seasonality (deductible resets, ACA transition) but improving sequentially month-by-month; confident in Q2 momentum.

Omnipod 6 and full Salesforce expansion benefit materializing in 2027November 2025 IR day first held in 10 years, where strategies and financial targets setQ1 growth impacted by seasonal deductible resets and ACA transitionSequential improvement in Q1 month-by-month

Travis Steed · Bank of America

Type 2 retention and outflow dynamics; does Type 2 penetration curve become harder after initial 5-10 points? How is Type 2 ramp progressing?

Type 2 momentum remains strong with new customer starts growing year-over-year despite Q1 seasonality; expanding customer base sequentially and year-over-year. At ~5% penetration, CGM ~55%. Evolve fully closed-loop system for Type 2 (CGM-like experience, no bolus/user interaction/settings) enrolling first patient, data to be shared at ADA. Healthy ~90% total company retention; slight U.S. deterioration expected as expanding into Type 2 (different population), but international retention improved with new market launches. Type 2 NCS ~40% of total, similar seasonality to Type 1. No impact from increased GLP-1 use on Type 2 NCS.

Type 2 NCS grew year-over-year in Q1 despite seasonalityType 2 penetration at ~5%, CGM penetration ~55%Evolve fully closed-loop system first patient enrolled last week~90% total company retention

Larry Vigelson · Wells Fargo

As tubeless pump share declines from 100% with new competition, what offsets that to maintain 20% growth? Faster pump market growth, greater tube-to-tubeless shift, or both?

Ashley clarified this is not market share trading but category expansion. Omnipod maintains substantial competitive distance as market leader with no intention of ceding tech leadership. Sixth generation Omnipod launching next year vs. competitors' first attempts. Manufacturing and cost advantages from decades of mastery. Category expansion driven by new entrants' promotion and awareness; example: 60% of AID patients from MDI four years ago, now 80%, demonstrating rising tide.

Sixth generation Omnipod launching next year vs. competitors' first attemptsLong history of failed competitive tubeless attempts ('graveyard' of failures)Substantial competitive distance and cost/scale advantagesCategory expansion metric: 60% of AID patients from MDI 4 years ago → 80% now

Matthew O'Brien · Piper Sandler

Was pharmacy channel disruption from new competitors factor in Q1 NCS softness? What's the marketplace and customer impact from the recent medical device recall?

No pricing impact in Q1; U.S. pricing positive and expected to continue full year. Pharmacy channel competition has been rational and disciplined, no significant discounting vs. norm. Strategy focused on durable, high-quality access. Competitive advantages (volume multiples, #1 prescribed brand, #1 requested) provide pricing confidence. Regarding medical device correction (MDC): patient safety priority; field actions routine in healthcare. Rapid response to voluntary MDC in March; does not believe MDC impacted Q1 NCS. April FDA update created confusion (misreported MDRs as SAEs); clarified no additional adverse events since April 10th. Quality system investments ongoing; complexity of manufacturing disposable electromechanical devices at scale acknowledged.

U.S. pricing positive in Q1, expected to continue full yearPricing/rebate behavior from competitors rational and disciplinedVolume multiples larger than nearest competitor#1 prescribed brand, #1 requested

Answers to last quarter's watch list

Whether Q1 FY2026 Total Omnipod growth clears the +28–30% guide range. Came in at +33.0% CC, 300–500 bps above the high end. The "balanced not conservative" framing from the Q4 call lasted exactly one quarter — Flavia is rebuilding the buffer. Status: Resolved positively

U.S. new starts mix — Type 2 sustaining at 40%+ or crossing 45%. Eric disclosed in Q&A that Type 2 was ~40% of NCS in Q1, holding the prior cadence. Management has also shifted disclosure toward retention dynamics rather than mix levels. Status: Resolved positively

Spain launch timing and contribution. Confirmed for second half of 2026 per the release and prepared remarks: "we will continue to broaden our reach and plan to enter Spain in the second half of 2026." No slippage. Status: Resolved positively

Adjusted EPS growth landing materially above 25%. Came in at +39.7%, nearly 15 points above the >25% reference. This is decisive evidence of the buffer thesis — operating leverage is well ahead of what guidance implies. Status: Resolved positively

FY2026 free cash flow tracking to "approximately flat" with FY2025's $377.7M. Q1 generated $89.5M, annualizing favorably, and management reaffirmed the approximately-flat FY guide. The implied capex acceleration in H2 (Costa Rica, Acton, Malaysia) remains the watch-item. Status: Continue monitoring

Pivotal Evolve study initiation for fully closed-loop. First participant enrolled this quarter; 510(k) filing planned for 2027, launch 2028. Status: Resolved positively

What to watch into next quarter

Whether Q2 FY2026 Total Omnipod growth clears the +21–23% guide range. A clear beat (say, +25% or above) would confirm Flavia is now operating on the same beat-and-raise cadence as her predecessor; a mid-range print validates the moderation messaging.

U.S. growth landing above the +18–20% guide. The U.S. Omnipod Q2 guide is the steepest deceleration in the framework (from +28.3% actual in Q1), and management flagged a ~200 bps headwind from the $10M of revenue that shifted into Q1. A clean beat here would suggest Type 2 contribution is offsetting the seasonal step-down faster than modeled.

Adjusted gross margin recovery from 71.0%. With >150 bps of pod transition E&O headwinds and Middle East-driven raw material/shipping costs in Q1, the bridge back toward FY2025's adjusted GM level should appear by Q3. Failure to recover materially in Q2 would force a re-think of the underlying GM run-rate.

Capex cadence and FY2026 free cash flow tracking. Q1 FCF of $89.5M with FY guide ~flat to $377.7M implies a significant capex step-up in coming quarters (Costa Rica foundation laid Q1; live 2029). Watch for capex commentary or a re-rated FCF guide if Costa Rica timing slips.

Type 2 retention disclosure framework. Flavia acknowledged retention will "decrease modestly" — watch whether subsequent prints quantify this (retention rate, LTV, cohort behavior) or whether the disclosure stays qualitative.

International FY growth tracking toward the raised +26–28% band. Q1 delivered +45.2% CC; the FY raise bakes in significant deceleration. If Q2 prints +30%+ CC against the +28–30% guide, the FY band gets another lift on the Q3 call.

Sources

Insulet Corporation Q1 FY2026 earnings press release, filed with SEC: https://www.sec.gov/Archives/edgar/data/1145197/000114519726000100/podd2026-03x31ex991.htm
Insulet Corporation Q1 FY2026 earnings call prepared remarks and Q&A, May 6, 2026.
Tapebrief prior-quarter coverage: PODD Q4 FY2025 brief (reported 2026-02-18); PODD Q3 FY2025 brief (reported 2025-11-06); PODD Q2 FY2025 brief (reported 2025-08-07).

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