Insulet Approves $1 Billion Buyback Program, Raises Full-Year Outlook

The Tip Desk · November 5, 2026 · 3 min read

Third-quarter revenue was $842.0 million, up 19.2%, or 19.6% in constant currency, slightly above the high end of the company’s constant-currency guidance range.

Insulet Corporation (PODD), the tubeless insulin-pump maker, reported third-quarter revenue of $842.0 million, up 19.2%, or 19.6% in constant currency, slightly above the high end of its prior guidance range of 17.5% to 19.5% at constant-currency rates.

Growth slowed from 23.5% (22.7% constant currency) in the second quarter and 33.9% (30.1% constant currency) in the first quarter. Total Omnipod revenue was $836.6 million, up 19.7%, or 20.0% in constant currency. Drug Delivery revenue was $5.5 million.

U.S. Omnipod revenue of $570.4 million increased 14.7%, after 20.1% growth in the second quarter and 28.3% in the first. International Omnipod revenue of $266.2 million increased 31.7%, or 33.0% in constant currency, after 35.5% (32.9% constant currency) in the second quarter and 59.4% (45.2% constant currency) in the first.

GAAP operating income was $189.8 million, or 22.5% of revenue, up 590 basis points from a year earlier. Adjusted operating income was $185.2 million, or 22.0% of revenue, up 490 basis points year over year. Adjusted EBITDA was $233.7 million, or 27.7% of revenue, compared with 22.7% a year earlier. Net income was $141.1 million, or $2.03 a share, versus $87.6 million, or $1.24 a share, a year earlier. Adjusted earnings were $1.99 a share, up 59.9% from $1.24 a share.

The company said it completed a U.S. sales-force expansion and executed a Type 2 action plan by improving onboarding and customer support, enhancing sampling, and aligning sales-force compensation with new-customer start and retention goals. It said it completed a full U.S. market release of Omnipod Discover, which it said had driven adoption by more than 35,000 users and 5,000 healthcare professionals across available markets as of November 2, 2026. It also said it extended an Omnipod 5 algorithm enhancement to full U.S. retail and expanded Abbott FreeStyle Libre 3 Plus integration across several international markets.

President and Chief Executive Officer Ashley McEvoy said the team delivered revenue growth of nearly 20% and significant margin expansion, and that the company is making continued progress on its Type 2 action plan, strengthening commercial capabilities, expanding the customer base, increasing manufacturing scale and advancing innovation.

The board approved a $1 billion share-repurchase program. The company expects to allocate approximately $400 million toward repurchases in the fourth quarter of 2026, funded with existing cash. Cash and cash equivalents were $584.4 million at September 30, 2026.

For the year ending December 31, 2026, Insulet raised constant-currency total revenue guidance to 21% to 22% from 20% to 22% as of August 5, 2026. U.S. Omnipod guidance was narrowed to 17.5% to 18.5% from 17% to 19%. International Omnipod guidance was raised to 32% to 33% from 30% to 32%. Drug Delivery growth is still guided at about (40%). Adjusted operating-margin expansion guidance was raised to about 150 basis points year over year from about 100 basis points. Adjusted EPS growth remains guided at more than 30%.

McEvoy said the business is well positioned for durable, profitable growth and that the share repurchase demonstrates confidence in the Omnipod platform and Insulet’s long-term trajectory.