INSPIRE MEDICAL SYSTEMS, INC.

EDGAR

Annual consolidated revenue for 2025: about USD 912M, using the latest reported figures. The previous period, 2024, was about USD 802.8M.

Watchlist

Latest quarter

Revenue

201 million USD

2026 Q2 · USD

Exact inputs and evidence

Operating margin

-0.26%

2026 Q2 · %

Exact inputs and evidence
  • Operating Income: -514000 USD Source
  • Revenue: 200581000 USD Source

Operating cash flow

23.2 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 36077000 USD Source
  • Operating Cash Flow: 12849000 USD Source

Free cash flow

14.1 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 36077000 USD Source
  • Operating Cash Flow: 12849000 USD Source
  • Capital Expenditure: 18886000 USD Source
  • Capital Expenditure: 9726000 USD Source
Cash and cash equivalents
128 million USD Source
Exact value

127761000 USD

Long-term debt including current maturities
21.4 million USD Source
Exact value

21400000 USD

Shares outstanding
28.9 million shares Source
Exact value

28907221 shares

Reported share-count change

-2.24% · -662 thousand shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 29569477 shares · 2025-06-30· Source
  • 28907221 shares · 2026-06-30· Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-08-03.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 10 of 11 periods available· newest 2025-12-31
  • Operating income: 10 of 11 periods available· newest 2025-12-31
  • Net income: 10 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 10 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 10 of 11 periods available· newest 2025-12-31
  • Total assets: 9 of 11 periods available· newest 2025-12-31
  • Total liabilities: 9 of 11 periods available· newest 2025-12-31
  • Current assets: 9 of 11 periods available· newest 2025-12-31
  • Current liabilities: 9 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 11 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 4 of 11 periods available· newest 2021-12-31
  • Shares outstanding: 9 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +13.6%

    Prior period

    USD 802.8 million

    –

    Current period

    USD 911.98 million

    –

    Exact inputs and evidence

    911981000 − 802804000 = 109177000 USD

    802804000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    911981000 USD · 2025-01-01 – 2025-12-31

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  • Net income

    +171.8%

    Prior period

    USD 53.51 million

    –

    Current period

    USD 145.42 million

    –

    Exact inputs and evidence

    145422000 − 53509000 = 91913000 USD

    53509000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    145422000 USD · 2025-01-01 – 2025-12-31

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  • Operating cash flow

    -10.2%

    Prior period

    USD 130.25 million

    –

    Current period

    USD 116.98 million

    –

    Exact inputs and evidence

    116976000 − 130246000 = -13270000 USD

    130246000 USD · 2024-01-01 – 2024-12-31

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    116976000 USD · 2025-01-01 – 2025-12-31

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  • Capital expenditure

    -1.6%

    Prior period

    USD 39.12 million

    –

    Current period

    USD 38.5 million

    –

    Exact inputs and evidence

    38499000 − 39123000 = -624000 USD

    39123000 USD · 2024-01-01 – 2024-12-31

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    38499000 USD · 2025-01-01 – 2025-12-31

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Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 911.98 million 100% of revenue
  • Cost of revenue USD 133.23 million 15% of revenue
  • Operating expenses USD 727.8 million 80% of revenue
  • Operating income USD 50.95 million 5.6% of revenue
  • Tax, interest and other Derived −USD 94.47 million −10% of revenue
  • Net income USD 145.42 million 16% of revenue

Cash

  • Operating cash flow USD 116.98 million 13% of revenue
  • Capital expenditure USD 38.5 million 4.2% of revenue
  • Free cash flow Derived USD 78.48 million 8.6% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2016 Operating loss: operating costs were 205% of revenue.
  • 2017 Operating loss: operating costs were 156% of revenue.
  • 2018 Operating loss: operating costs were 140% of revenue.
  • 2019 Operating loss: operating costs were 143% of revenue.
  • 2020 Operating loss: operating costs were 149% of revenue.
  • 2021 Operating loss: operating costs were 117% of revenue.
  • 2022 Operating loss: operating costs were 112% of revenue.
  • 2023 Operating loss: operating costs were 106% of revenue.
  • 2024 Net income was higher than operating income, so the split is not drawn.
  • 2025 Net income was higher than operating income, so the split is not drawn.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2016 2016-01-01 – 2016-12-3116427000 33680000 Derived -17253000 1275000 Derived -18528000 -18255000 Derived
Source
2017 2017-01-01 – 2017-12-3128567000 44570000 Derived -16003000 1508000 Derived -17511000 -16203000 Derived
Source
2018 2018-01-01 – 2018-12-3150593000 70971000 Derived -20378000 1450000 Derived -21828000 -18944000 Derived
Source
2019 2019-01-01 – 2019-12-3182050000 116947000 Derived -34897000 -1654000 Derived -33243000 -35585000 Derived
Source
2020 2020-01-01 – 2020-12-31115381000 171589000 Derived -56208000 995000 Derived -57203000 -55500000 Derived
Source
2021 2021-01-01 – 2021-12-31233394000 273244000 Derived -39850000 2192000 Derived -42042000 -24787000 Derived
Source
2022 2022-01-01 – 2022-12-31407856000 455448000 Derived -47592000 -2711000 Derived -44881000 2473000 Derived
Source
2023 2023-01-01 – 2023-12-31624799000 665070000 Derived -40271000 -19118000 Derived -21153000 1024000 Derived
Source
2024 2024-01-01 – 2024-12-31802804000 766721000 Derived 36083000 -17426000 Derived 53509000 91123000 Derived
Source
2025 2025-01-01 – 2025-12-31911981000 861027000 Derived 50954000 -94468000 Derived 145422000 78477000 Derived
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 912M 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.984.9M738.7M492.5M246.2M0.0201620212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Revenue16427000
2017Revenue28567000
2018Revenue50593000
2019Revenue82050000
2020Revenue115381000
2021Revenue233394000
2022Revenue407856000
2023Revenue624799000
2024Revenue802804000
2025Revenue911981000

Revenue growth

Change in revenue from the same financial period one year earlier.

13.6% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.110%83%55%28%0%201620212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2016Year over yearNo prior comparable period
2017Year over year73.9%
2018Year over year77.1%
2019Year over year62.2%
2020Year over year40.6%
2021Year over year102.3%
2022Year over year74.7%
2023Year over year53.2%
2024Year over year28.5%
2025Year over year13.6%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 5.6% 2025
Net margin 15.9% 2025
Free cash flow margin 8.6% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.26%-11%-48%-86%-123%201620212025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2016Operating margin-105%
2017Operating margin-56%
2018Operating margin-40.3%
2019Operating margin-42.5%
2020Operating margin-48.7%
2021Operating margin-17.1%
2022Operating margin-11.7%
2023Operating margin-6.4%
2024Operating margin4.5%
2025Operating margin5.6%
2016Net margin-112.8%
2017Net margin-61.3%
2018Net margin-43.1%
2019Net margin-40.5%
2020Net margin-49.6%
2021Net margin-18%
2022Net margin-11%
2023Net margin-3.4%
2024Net margin6.7%
2025Net margin15.9%
2016Free cash flow margin-111.1%
2017Free cash flow margin-56.7%
2018Free cash flow margin-37.4%
2019Free cash flow margin-43.4%
2020Free cash flow margin-48.1%
2021Free cash flow margin-10.6%
2022Free cash flow margin0.6%
2023Free cash flow margin0.2%
2024Free cash flow margin11.4%
2025Free cash flow margin8.6%

Operating cash flow

Cash generated by the company’s normal business operations.

USD 117M 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.144.9M91.8M38.6M-14.6M-67.7M201620212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Operating cash flow-17949000
2017Operating cash flow-15791000
2018Operating cash flow-18694000
2019Operating cash flow-32846000
2020Operating cash flow-53045000
2021Operating cash flow-20119000
2022Operating cash flow11569000
2023Operating cash flow24653000
2024Operating cash flow130246000
2025Operating cash flow116976000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 78.5M 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.102.9M60.3M17.8M-24.7M-67.2M201620212025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Free cash flow-18255000
2017Free cash flow-16203000
2018Free cash flow-18944000
2019Free cash flow-35585000
2020Free cash flow-55500000
2021Free cash flow-24787000
2022Free cash flow2473000
2023Free cash flow1024000
2024Free cash flow91123000
2025Free cash flow78477000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

13.9% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.102%77%51%26%0%2016-12-3120212025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2016-12-31Liabilities / assetsNot reportedNo source recorded
2017Liabilities / assets94.7%
2018Liabilities / assets18%
2019Liabilities / assets22.9%
2020Liabilities / assets18.3%
2021Liabilities / assets22.4%
2022Liabilities / assets12.2%
2023Liabilities / assets15.4%
2024Liabilities / assets14.7%
2025Liabilities / assets13.9%

Current assets to current liabilities

Current assets divided by current liabilities.

6.08× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.19.29×14.47×9.65×4.82×0.00×2016-12-3120212025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2016-12-31Current assets / current liabilitiesNot reportedNo source recorded
2017Current assets / current liabilities3.37×
2018Current assets / current liabilities17.86×
2019Current assets / current liabilities10.12×
2020Current assets / current liabilities13.02×
2021Current assets / current liabilities6.5×
2022Current assets / current liabilities8.66×
2023Current assets / current liabilities7.6×
2024Current assets / current liabilities7.13×
2025Current assets / current liabilities6.08×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
−USD 18.53 million
Exact value

Exact value: -18528000 USD

2016-01-01 – 2016-12-31: -18528000 USD Inspect Net Income Open source
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−USD 17.95 million
Exact value

Exact value: -17949000 USD

2016-01-01 – 2016-12-31: -17949000 USD Inspect Operating Cash Flow Open source
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USD 306,000
Exact value

Exact value: 306000 USD

2016-01-01 – 2016-12-31: 306000 USD Inspect Capital Expenditure Open source
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−USD 18.26 million
Calculation and evidence

-17949000 − 306000 USD

Exact free cash flow: -18255000 USD

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2017 2017-01-01 – 2017-12-31
−USD 17.51 million
Exact value

Exact value: -17511000 USD

2017-01-01 – 2017-12-31: -17511000 USD Inspect Net Income Open source
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−USD 15.79 million
Exact value

Exact value: -15791000 USD

2017-01-01 – 2017-12-31: -15791000 USD Inspect Operating Cash Flow Open source
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USD 412,000
Exact value

Exact value: 412000 USD

2017-01-01 – 2017-12-31: 412000 USD Inspect Capital Expenditure Open source
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−USD 16.2 million
Calculation and evidence

-15791000 − 412000 USD

Exact free cash flow: -16203000 USD

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2018 2018-01-01 – 2018-12-31
−USD 21.83 million
Exact value

Exact value: -21828000 USD

2018-01-01 – 2018-12-31: -21828000 USD Inspect Net Income Open source
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−USD 18.69 million
Exact value

Exact value: -18694000 USD

2018-01-01 – 2018-12-31: -18694000 USD Inspect Operating Cash Flow Open source
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USD 250,000
Exact value

Exact value: 250000 USD

2018-01-01 – 2018-12-31: 250000 USD Inspect Capital Expenditure Open source
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−USD 18.94 million
Calculation and evidence

-18694000 − 250000 USD

Exact free cash flow: -18944000 USD

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2019 2019-01-01 – 2019-12-31
−USD 33.24 million
Exact value

Exact value: -33243000 USD

2019-01-01 – 2019-12-31: -33243000 USD Inspect Net Income Open source
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−USD 32.85 million
Exact value

Exact value: -32846000 USD

2019-01-01 – 2019-12-31: -32846000 USD Inspect Operating Cash Flow Open source
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USD 2.74 million
Exact value

Exact value: 2739000 USD

2019-01-01 – 2019-12-31: 2739000 USD Inspect Capital Expenditure Open source
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−USD 35.59 million
Calculation and evidence

-32846000 − 2739000 USD

Exact free cash flow: -35585000 USD

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2020 2020-01-01 – 2020-12-31
−USD 57.2 million
Exact value

Exact value: -57203000 USD

2020-01-01 – 2020-12-31: -57203000 USD Inspect Net Income Open source
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−USD 53.05 million
Exact value

Exact value: -53045000 USD

2020-01-01 – 2020-12-31: -53045000 USD Inspect Operating Cash Flow Open source
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USD 2.46 million
Exact value

Exact value: 2455000 USD

2020-01-01 – 2020-12-31: 2455000 USD Inspect Capital Expenditure Open source
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−USD 55.5 million
Calculation and evidence

-53045000 − 2455000 USD

Exact free cash flow: -55500000 USD

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2021 2021-01-01 – 2021-12-31
−USD 42.04 million
Exact value

Exact value: -42042000 USD

2021-01-01 – 2021-12-31: -42042000 USD Inspect Net Income Open source
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−USD 20.12 million
Exact value

Exact value: -20119000 USD

2021-01-01 – 2021-12-31: -20119000 USD Inspect Operating Cash Flow Open source
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USD 4.67 million
Exact value

Exact value: 4668000 USD

2021-01-01 – 2021-12-31: 4668000 USD Inspect Capital Expenditure Open source
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−USD 24.79 million
Calculation and evidence

-20119000 − 4668000 USD

Exact free cash flow: -24787000 USD

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2022 2022-01-01 – 2022-12-31
−USD 44.88 million
Exact value

Exact value: -44881000 USD

2022-01-01 – 2022-12-31: -44881000 USD Inspect Net Income Open source
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USD 11.57 million
Exact value

Exact value: 11569000 USD

2022-01-01 – 2022-12-31: 11569000 USD Inspect Operating Cash Flow Open source
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USD 9.1 million
Exact value

Exact value: 9096000 USD

2022-01-01 – 2022-12-31: 9096000 USD Inspect Capital Expenditure Open source
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USD 2.47 million
Calculation and evidence

11569000 − 9096000 USD

Exact free cash flow: 2473000 USD

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2023 2023-01-01 – 2023-12-31
−USD 21.15 million
Exact value

Exact value: -21153000 USD

2023-01-01 – 2023-12-31: -21153000 USD Inspect Net Income Open source
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USD 24.65 million
Exact value

Exact value: 24653000 USD

2023-01-01 – 2023-12-31: 24653000 USD Inspect Operating Cash Flow Open source
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USD 23.63 million
Exact value

Exact value: 23629000 USD

2023-01-01 – 2023-12-31: 23629000 USD Inspect Capital Expenditure Open source
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USD 1.02 million
Calculation and evidence

24653000 − 23629000 USD

Exact free cash flow: 1024000 USD

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2024 2024-01-01 – 2024-12-31
USD 53.51 million
Exact value

Exact value: 53509000 USD

2024-01-01 – 2024-12-31: 53509000 USD Inspect Net Income Open source
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USD 130.25 million
Exact value

Exact value: 130246000 USD

2024-01-01 – 2024-12-31: 130246000 USD Inspect Operating Cash Flow Open source
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USD 39.12 million
Exact value

Exact value: 39123000 USD

2024-01-01 – 2024-12-31: 39123000 USD Inspect Capital Expenditure Open source
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USD 91.12 million
Calculation and evidence

130246000 − 39123000 USD

Exact free cash flow: 91123000 USD

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2025 2025-01-01 – 2025-12-31
USD 145.42 million
Exact value

Exact value: 145422000 USD

2025-01-01 – 2025-12-31: 145422000 USD Inspect Net Income Open source
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USD 116.98 million
Exact value

Exact value: 116976000 USD

2025-01-01 – 2025-12-31: 116976000 USD Inspect Operating Cash Flow Open source
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USD 38.5 million
Exact value

Exact value: 38499000 USD

2025-01-01 – 2025-12-31: 38499000 USD Inspect Capital Expenditure Open source
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USD 78.48 million
Calculation and evidence

116976000 − 38499000 USD

Exact free cash flow: 78477000 USD

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

98 filings · 3,567 latest values · 3,567 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001609550, 1609550, INSP, edgar:1609550

Also known as INSPIRE MEDICAL SYSTEMS, INC., Inspire Medical Systems, Inc., Inspire Medical Systems, Inc.