Revenue
$911.98M
Fiscal year ended 2025-12-31Operating income
$50.95M
Fiscal year ended 2025-12-31Free cash flow
$78.48M
Fiscal year ended 2025-12-31Inspire Medical Systems, Inc. (INSP) reported revenue of $911.98M and net income of $145.42M for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from Inspire Medical Systems, Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Surgical & Medical Instruments & Apparatus.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $911.98M | $802.80M | $624.80M | $407.86M | $233.39M | $115.38M | $82.05M | $50.59M | $28.57M | $16.43M |
| Cost of revenue | $133.22M | $122.99M | $96.58M | $66.12M | $33.28M | $17.62M | $13.64M | $10.06M | $6.02M | $3.90M |
| Gross profit | $778.76M | $679.82M | $528.22M | $341.74M | $200.12M | $97.76M | $68.41M | $40.54M | $22.55M | $12.52M |
| Operating income | $50.95M | $36.08M | -$40.27M | -$47.59M | -$39.85M | -$56.21M | -$34.90M | -$20.38M | -$16.00M | -$17.25M |
| Net income | $145.42M | $53.51M | -$21.15M | -$44.88M | -$42.04M | -$57.20M | -$33.24M | -$21.83M | -$17.51M | -$18.53M |
| Research & development | $103.16M | $114.13M | $116.54M | $68.64M | $37.35M | $26.09M | $12.84M | $7.39M | $6.19M | $7.09M |
| Weighted-average diluted shares | shares 29.76M | shares 30.54M | shares 29.30M | shares 28.07M | shares 27.26M | shares 26.07M | shares 23.80M | Unavailable | Unavailable | Unavailable |
| Pretax income | $65.70M | $58.45M | -$19.91M | -$44.27M | -$41.97M | -$57.09M | -$33.20M | -$21.83M | -$17.51M | -$18.53M |
| Income tax expense | -$79.72M | $4.94M | $1.25M | $613.00K | $72.00K | $115.00K | $40.00K | $0 | $0 | $0 |
| Diluted EPS | $4.89 | $1.75 | $-0.72 | $-1.60 | $-1.54 | $-2.19 | $-1.40 | Unavailable | Unavailable | Unavailable |
| Selling, general & administrative | $624.64M | $529.61M | $451.96M | $320.69M | $202.62M | $127.87M | $90.46M | $53.53M | $32.36M | $22.68M |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $104.81M | $150.15M | $185.54M | $441.59M | $214.47M | $190.52M | $22.86M | $97.29M | $8.96M | $6.68M |
| Total assets | $907.32M | $808.38M | $676.81M | $564.88M | $295.08M | $281.19M | $181.25M | $200.08M | $25.09M | Unavailable |
| Current assets | $583.65M | $630.81M | $593.74M | $530.03M | $268.54M | $269.87M | $170.64M | $199.28M | $24.10M | Unavailable |
| Total liabilities | $126.16M | $118.69M | $104.30M | $68.87M | $66.04M | $51.44M | $41.42M | $36.08M | $23.76M | Unavailable |
| Current liabilities | $96.06M | $88.50M | $78.10M | $61.19M | $41.31M | $20.72M | $16.86M | $11.16M | $7.15M | Unavailable |
| Total equity incl. NCI | $781.16M | $689.70M | $572.51M | $496.01M | $229.05M | $229.75M | $139.84M | $164.00M | $1.33M | -$6.61M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $145.29M | $80.12M | $33.88M | $11.89M | $17.23M | $8.48M | $5.83M | $2.67M | $3.67M | Unavailable |
| Accounts receivable | $119.69M | $93.07M | $89.88M | $61.23M | $34.18M | $25.06M | $13.13M | $6.67M | $3.86M | Unavailable |
| Goodwill | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt | Unavailable | Unavailable | Unavailable | Unavailable | $24.50M | $24.50M | $24.50M | $24.50M | Unavailable | Unavailable |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $116.98M | $130.25M | $24.65M | $11.57M | -$20.12M | -$53.04M | -$32.85M | -$18.69M | -$15.79M | -$17.95M |
| Capital expenditures | $38.50M | $39.12M | $23.63M | $9.10M | $4.67M | $2.46M | $2.74M | $250.00K | $412.00K | $306.00K |
| Investing cash flow | $21.45M | -$113.12M | -$294.82M | -$19.60M | $29.14M | $86.63M | -$43.56M | -$83.39M | -$7.60M | -$306.00K |
| Financing cash flow | -$183.45M | -$52.39M | $13.95M | $235.08M | $14.95M | $134.06M | $1.96M | $190.38M | $25.66M | $12.81M |
| Net change in cash | -$45.34M | -$35.39M | -$256.06M | $227.12M | $23.95M | $167.66M | -$74.43M | $88.33M | $2.27M | -$5.44M |
| Stock-based compensation | $130.26M | $116.01M | $82.47M | $51.97M | $26.18M | $12.82M | $6.20M | $1.22M | $243.00K | $248.00K |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common share repurchases | $175.02M | $0 | $0 | $0 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Depreciation & amortization | $13.96M | $6.55M | $2.85M | $1.86M | $1.22M | $840.00K | $495.00K | $393.00K | $285.00K | $103.00K |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $78.48M | $91.12M | $1.02M | $2.47M | -$24.79M | -$55.50M | -$35.58M | -$18.94M | -$16.20M | -$18.26M |
| 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% |
| FCF margin | 8.6% | 11.4% | 0.2% | 0.6% | -10.6% | -48.1% | -43.4% | -37.4% | -56.7% | -111.1% |
| SBC / revenue | 14.3% | 14.5% | 13.2% | 12.7% | 11.2% | 11.1% | 7.6% | 2.4% | 0.9% | 1.5% |
| Current ratio | 6.08x | 7.13x | 7.60x | 8.66x | 6.50x | 13.02x | 10.12x | 17.86x | 3.37x | Unavailable |
| Revenue YoY growth | 13.6% | 28.5% | 53.2% | 74.7% | 102.3% | 40.6% | 62.2% | 77.1% | 73.9% | Unavailable |
| Net margin | 15.9% | 6.7% | -3.4% | -11.0% | -18.0% | -49.6% | -40.5% | -43.1% | -61.3% | -112.8% |
| R&D / revenue | 11.3% | 14.2% | 18.7% | 16.8% | 16.0% | 22.6% | 15.6% | 14.6% | 21.7% | 43.2% |
| CapEx / revenue | 4.2% | 4.9% | 3.8% | 2.2% | 2.0% | 2.1% | 3.3% | 0.5% | 1.4% | 1.9% |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | -121.4% | 8.5% | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open INSP in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-03View SEC filing
10-Q · Filed 2026-05-04View SEC filing
10-K · Filed 2026-02-13View SEC filing
10-Q · Filed 2025-11-03View SEC filing
10-Q · Filed 2025-08-04View SEC filing
10-Q · Filed 2025-05-05View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.