Inspire Medical Systems, Inc. (INSP) Income Statement
INSP 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsINSP revenue and net income
Where INSP's revenue goes
2025Each bar shows an amount and its share of revenue. INSP kept 15.9% of revenue as net income.
INSP profit margins
INSP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +13.6% | +30.8% | +51.2% | +60.6% |
| Gross profit | +14.6% | +31.6% | +51.4% | +65.0% |
| Operating income | +41.2% | — | — | — |
| Net income | +171.8% | — | — | — |
| EPS (diluted) | +49.1% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
INSP quarterly EPS vs estimates
Inspire Medical Systems beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 2, 2026 (estimate $0.10).
INSP income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $912.0M | $802.8M | $624.8M | $407.9M | $233.4M | $115.4M | $82.0M | $50.6M | $28.6M | $16.4M |
| Cost of revenue | $133.2M | $123.0M | $96.6M | $66.1M | $33.3M | $17.6M | $13.6M | $10.1M | $6.0M | $3.9M |
| Gross profit | $778.8M | $679.8M | $528.2M | $341.7M | $200.1M | $97.8M | $68.4M | $40.5M | $22.5M | $12.5M |
| Research & development | $103.2M | $114.1M | $116.5M | $68.6M | $37.4M | $26.1M | $12.8M | $7.4M | $6.2M | $7.1M |
| Sales, general & admin | $624.6M | $529.6M | $422.7M | $320.7M | $202.6M | $127.9M | $90.5M | $53.5M | $32.4M | $22.7M |
| Total operating expenses | $727.8M | $643.7M | $568.5M | $389.3M | $240.0M | $154.0M | $103.3M | $60.9M | $38.6M | $29.8M |
| Operating income | $51.0M | $36.1M | −$40.3M | −$47.6M | −$39.9M | −$56.2M | −$34.9M | −$20.4M | −$16.0M | −$17.3M |
| Interest income | $17.5M | $23.2M | $18.1M | $5.0M | $125,000 | $1.1M | $3.8M | $1.9M | $203,000 | $57,000 |
| Interest expense | $137,000 | $22,000 | $0 | $1.7M | $2.1M | $2.1M | $2.1M | $3.3M | $1.8M | $1.3M |
| Income before taxes | $65.7M | $58.5M | −$19.9M | −$44.3M | −$42.0M | −$57.1M | −$33.2M | −$21.8M | −$17.5M | −$18.5M |
| Income taxes | −$79.7M | $4.9M | $1.2M | $613,000 | $72,000 | $115,000 | $40,000 | $1.9M | $1.8M | $1.3M |
| Net income | $145.4M | $53.5M | −$21.2M | −$44.9M | −$42.0M | −$57.2M | −$33.2M | −$21.8M | −$17.5M | −$18.5M |
| EBITDA | $79.8M | $65.0M | −$40.3M | −$40.7M | −$38.6M | −$54.1M | −$29.7M | −$18.1M | −$15.5M | −$17.1M |
| EPS (diluted) | $2.58 | $1.73 | −$0.74 | −$1.64 | −$1.55 | −$2.22 | −$1.39 | −$5.92 | −$7.36 | −$18.53 |
| Gross margin | 85.4% | 84.7% | 84.5% | 83.8% | 85.7% | 84.7% | 83.4% | 80.1% | 78.9% | 76.2% |
| Operating margin | 5.6% | 4.5% | −6.4% | −11.7% | −17.1% | −48.7% | −42.5% | −40.3% | −56.0% | −105.0% |
| Net margin | 15.9% | 6.7% | −3.4% | −11.0% | −18.0% | −49.6% | −40.5% | −43.1% | −61.3% | −112.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $200.6M | $204.6M | $269.1M | $224.5M | $217.1M | $201.3M | $239.7M | $203.2M | $195.9M | $164.0M | $192.5M | $153.3M |
| Cost of revenue | $29.1M | $27.7M | $36.1M | $31.8M | $34.7M | $30.7M | $36.0M | $32.4M | $29.8M | $24.8M | $28.1M | $24.4M |
| Gross profit | $171.5M | $176.9M | $233.0M | $192.7M | $182.4M | $170.6M | $203.7M | $170.8M | $166.0M | $139.3M | $164.5M | $128.9M |
| Research & development | $24.7M | $25.8M | $24.9M | $24.2M | $26.2M | $27.8M | $30.3M | $26.1M | $28.9M | $28.9M | $31.1M | $29.1M |
| Sales, general & admin | $147.3M | $152.2M | $162.0M | $158.9M | $159.5M | $144.3M | $141.5M | $130.4M | $132.1M | $125.6M | $124.1M | $113.2M |
| Total operating expenses | $172.0M | $178.0M | $186.9M | $183.1M | $185.7M | $172.1M | $171.8M | $156.5M | $160.9M | $154.5M | $155.2M | $142.4M |
| Operating income | −$514,000 | −$1.1M | $46.1M | $9.6M | −$3.3M | −$1.5M | $31.9M | $14.3M | $5.1M | −$15.2M | $9.3M | −$13.5M |
| Interest income | $3.7M | $3.7M | $4.0M | $4.0M | $4.5M | $5.1M | $5.6M | $5.9M | $5.9M | $5.9M | $5.9M | $5.5M |
| Interest expense | — | — | $122,000 | $11,000 | $4,000 | — | $22,000 | — | $0 | — | $4.3M | $0 |
| Income before taxes | $3.1M | $2.4M | $50.3M | $13.6M | −$2.3M | $4.2M | $36.6M | $20.3M | $10.8M | −$9.4M | $15.2M | −$8.2M |
| Income taxes | $2.8M | $13.7M | −$85.8M | $3.6M | $1.3M | $1.2M | $1.4M | $1.8M | $1.1M | $650,000 | $477,000 | $340,000 |
| Net income | $314,000 | −$11.3M | $136.1M | $9.9M | −$3.6M | $3.0M | $35.2M | $18.5M | $9.8M | −$10.0M | $14.8M | −$8.5M |
| EBITDA | $4.1M | $7.5M | $54.3M | $17.2M | $1.1M | $7.2M | $56.8M | $22.2M | $12.2M | −$8.5M | $16.1M | −$7.4M |
| EPS (diluted) | $0.14 | $0.10 | $1.65 | $0.38 | $0.45 | $0.10 | $1.15 | $0.60 | $0.32 | −$0.34 | $0.49 | −$0.29 |
| Gross margin | 85.5% | 86.5% | 86.6% | 85.8% | 84.0% | 84.7% | 85.0% | 84.1% | 84.8% | 84.9% | 85.4% | 84.1% |
| Operating margin | −0.3% | −0.5% | 17.1% | 4.3% | −1.5% | −0.7% | 13.3% | 7.0% | 2.6% | −9.3% | 4.8% | −8.8% |
| Net margin | 0.2% | −5.5% | 50.6% | 4.4% | −1.7% | 1.5% | 14.7% | 9.1% | 5.0% | −6.1% | 7.7% | −5.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in INSP's financial statements (latest annual report filed February 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
INSP financial results
In fiscal year 2025 (ended December 31, 2025), Inspire Medical Systems reported revenue of $912.0 million, up 13.6% from the year before. It had net income of $145.4 million (up 171.8%), a net profit margin of 15.9%. Diluted earnings per share came to $2.58. Over five years revenue grew at an average rate of 51.2% a year.
See the INSP stock overview for the latest quote and news, or the INSP chart for price history and technical indicators.
INSP income statement FAQ
What is Inspire Medical Systems's annual revenue?
Inspire Medical Systems reported total revenue of $912.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 13.6% from $802.8 million the previous year.
Is Inspire Medical Systems profitable?
Yes. Inspire Medical Systems reported net income of $145.4 million in fiscal 2025, a net profit margin of 15.9%; its operating margin was 5.6%.
What is Inspire Medical Systems's gross margin?
Inspire Medical Systems's gross margin was 85.4% in fiscal 2025: for every $100 of revenue, Inspire Medical Systems kept $85 after the direct cost of its products and services.
How much does Inspire Medical Systems spend on research and development?
Inspire Medical Systems spent $103.2 million on research and development in fiscal 2025, 11.3% of revenue.
How fast is Inspire Medical Systems growing?
Revenue grew 51.2% a year on average over the last five fiscal years, from $115.4 million to $912.0 million.
What are Inspire Medical Systems's earnings per share?
Inspire Medical Systems earned $2.58 per diluted share in fiscal 2025, compared with $1.73 a year earlier.
When will Inspire Medical Systems report its next earnings?
Inspire Medical Systems is expected to report results for the quarter ending September 30, 2026 on November 2, 2026 after the market closes.
When does Inspire Medical Systems's fiscal year end?
Inspire Medical Systems's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 13, 2026.