Form 8-K

8-K — INSULET CORP

Accession: 0001145197-26-000167

Filed: 2026-08-05

Period: 2026-08-05

CIK: 0001145197

SIC: 3841 (SURGICAL & MEDICAL INSTRUMENTS & APPARATUS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — podd-20260805.htm (Primary)

EX-99.1 (podd2026-06x30ex991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: podd-20260805.htm · Sequence: 1

podd-20260805

0001145197FALSE00011451972026-08-052026-08-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 5, 2026

INSULET CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware 001-33462 04-3523891

(State or Other Jurisdiction

of Incorporation) (Commission

File Number) (IRS Employer

Identification No.)

100 Nagog Park

Acton Massachusetts 01720

(Address of Principal Executive Offices, including Zip Code)

Registrant’s telephone number, including area code:

(978) 600-7000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.001 Par Value Per Share

PODD The NASDAQ Stock Market, LLC

Item 2.02. Results of Operations and Financial Condition.

On August 5, 2026, Insulet Corporation (the “Company”) announced its financial results for the second quarter ended June 30, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

No. Description

99.1

Press Release dated August 5, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

INSULET CORPORATION

August 5, 2026 By:

/s/ Flavia H. Pease

Flavia H. Pease

Chief Financial Officer, Executive Vice President

EX-99.1

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Document

Exhibit 99.1

Insulet Reports Second Quarter 2026 Results

Second Quarter Revenue of $802 million, Increase of 23.5% (22.7% in Constant Currency1)

ACTON, Mass. - August 5, 2026 - Insulet Corporation (NASDAQ: PODD) (Insulet or the Company), the global leader in tubeless insulin pump technology with its Omnipod® brand of products, today announced its financial results for the three months ended June 30, 2026.

Second Quarter Financial Highlights:

•Revenue of $801.7 million, up 23.5%, or 22.7% in constant currency, and exceeded the high end of the Company’s guidance range of 20% - 22% at constant currency rates

◦Total Omnipod revenue of $795.9 million, rose 24.6%, or 23.8% in constant currency

▪U.S. Omnipod revenue of $544.1 million, increased 20.1%

▪International Omnipod revenue of $251.8 million, increased 35.5%, or 32.9% in constant currency

◦Drug Delivery revenue of $5.8 million

•Operating income of $129.7 million, or 16.2% of revenue, down 250 basis points over prior year

•Adjusted operating income1 of $154.5 million, or 19.3% of revenue, up over 140 basis points compared to prior year

•Net income of $95.0 million, or $1.37 per diluted share, compared to $22.5 million, or $0.32 per diluted share, in the prior year

•Adjusted net income1 of $115.0 million, or $1.66 per diluted share, increased 37.4% and 41.5%, respectively, compared to $83.7 million, or $1.17 per diluted share, in the prior year

Recent Strategic Highlights:

•Launched Omnipod 5 and Omnipod DiscoverTM in Spain, expanding access to tubeless diabetes technology. Spain is the 26th country where Insulet sells Omnipod, and the 20th country where Omnipod 5 is available, further accelerating Insulet’s mission to transform the lives of people with diabetes around the world

•Expanded the Omnipod 5 ecosystem through the launch of next-generation algorithm designed to improve time in range and increase time spent in Automated Mode, while broadening sensor choice through expanded compatibility with Abbott’s FreeStyle Libre 3 Plus

•Presented data at the American Diabetes Association 2026 Scientific Sessions reinforcing the strength of its innovation pipeline and next-generation automated insulin delivery technologies

◦STRIVE results supporting Omnipod 6, designed to deliver stronger glycemic outcomes with less user effort2

◦EVOLUTION 3 feasibility study demonstrating the potential of its fully closed-loop technology to improve outcomes, reduce burden, and expand access to automated insulin delivery for people with type 2 diabetes2

•Partnered with Calm to advance whole-person care through free-to-access mindfulness, sleep, and stress-management tools for the global diabetes community

1 See description of non-GAAP financial measures contained in this release.

2 Ly, T et al. The Omnipod® Difference: Patient-Centered Simplicity and Breakthrough Algorithm Performance. Presented at: ADA 2026; June 5-8; New Orleans, LA.

“We delivered another quarter of broad-based growth, robust margin expansion, and positive free cash flow, reflecting the strength of the Omnipod platform. While we are updating our outlook to reflect what we're learning as we scale in type 2, our conviction in the long-term opportunity remains unchanged,” said Ashley McEvoy, President and CEO. “We remain focused on converting those insights into action, further strengthening execution and positioning the business for durable, profitable growth.”

2026 Outlook:

For the quarter ending September 30, 2026 and year ending December 31, 2026, the Company is providing the following guidance (revenue in constant currency):

Q3 2026 Guidance

FY 2026 Guidance

(as of 8/5/2026)

FY 2026 Prior Guidance

(as of 5/6/2026)

U.S. Omnipod 14% - 16% 17% - 19% 20% - 22%

International Omnipod 28% - 30% 30% - 32% 26% - 28%

Total Omnipod 18% - 20% 21% - 23% 22% - 24%

Drug Delivery ~(20%) ~(40%) ~(50%)

Total 17.5% - 19.5% 20% - 22% 21% - 23%

Adjusted Operating Margin1

~100 bps YoY expansion ~100 bps YoY expansion

Adjusted EPS Growth1

>30% >25%

Conference Call:

Insulet will host a conference call at 8:00 a.m. (Eastern Time) on August 5, 2026 to discuss the financial results and outlook. The link to the live call will be available on the Investor Relations section of the Company’s website at investors.insulet.com, “Events and Presentations,” and will be archived for future reference. The live call may also be accessed by dialing (888) 770-7129 for domestic callers or (929) 203-2109 for international callers, passcode 5904836.

About Insulet Corporation:

Insulet Corporation (NASDAQ: PODD), headquartered in Massachusetts, is an innovative medical device company dedicated to simplifying life for people with diabetes and other conditions through its Omnipod product platform. The Omnipod Insulin Management System provides a unique alternative to traditional insulin delivery methods. With its simple, wearable design, the tubeless disposable Pod provides up to three days of non-stop insulin delivery, without the need to see or handle a needle. Insulet’s flagship innovation, the Omnipod 5 Automated Insulin Delivery System, integrates with a continuous glucose monitor to manage blood sugar with no multiple daily injections, zero fingersticks, and can be controlled by a compatible personal smartphone in the U.S. or by the Omnipod 5 Controller. Insulet also leverages the unique design of its Pod by tailoring its Omnipod technology platform for the delivery of non-insulin subcutaneous drugs across other therapeutic areas. For more information, visit insulet.com or omnipod.com.

Non-GAAP Measures:

The Company uses the following non-GAAP financial measures:

•Constant currency revenue growth, which represents the change in revenue between current and prior-year periods using the exchange rate in effect during the applicable prior-year period. Insulet

presents constant currency revenue growth because management believes it provides meaningful information regarding the Company’s results on a consistent and comparable basis. Management uses this non-GAAP financial measure, in addition to financial measures in accordance with generally accepted accounting principles in the United States (GAAP), to evaluate the Company’s operating results. It is also one of the performance metrics that determines management incentive compensation.

•Adjusted gross profit, adjusted gross profit as a percentage of revenue, adjusted operating income, adjusted operating income as a percentage of revenue, adjusted net income, and adjusted diluted earnings per share exclude the impact of certain significant transactions or events, such as legal settlements, gains (losses) on investments and loss on extinguishment of debt, that affect the period-to-period comparability of the Company’s performance, as applicable.

•Adjusted EBITDA, which represents net income plus net interest expense (income), income tax expense (benefit), depreciation and amortization, stock-based compensation expense and other significant transactions or events, such as legal settlements, medical device corrections, gains (losses) on investments and loss on extinguishment of debt, which affect the period-to-period comparability of the Company’s performance, as applicable, and adjusted EBITDA as a percentage of revenue.

•Free cash flow, defined as net cash provided by operating activities less capital expenditures. Management uses this non-GAAP measure, in addition to GAAP financial measures, to evaluate our operating results.

Insulet presents the above non-GAAP financial measures because management uses them as supplemental measures in assessing the Company’s performance, and the Company believes they are helpful to investors and other interested parties as measures of comparative performance from period to period. They also are commonly used measures in determining business value, and the Company uses them internally to report results.

These non-GAAP financial measures should be considered supplemental to, and not a substitute for, the Company’s reported financial results prepared in accordance with GAAP. Furthermore, the Company’s definition of these non-GAAP measures may differ from similarly titled measures used by others. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, Insulet strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety.

Forward-Looking Statement:

This press release contains forward-looking statements regarding, among other things, future operating and financial performance, product success and efficacy, the outcome of studies and trials, approval of products by regulatory bodies, and achievement of reimbursement from third-party payors. These forward-looking statements are based on management’s current beliefs, assumptions and estimates and are not intended to be a guarantee of future events or performance. If management’s underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by the forward-looking statements.

Risks and uncertainties include, but are not limited to, international regulatory, commercial and logistics business risk, including any expansion of tariffs; our dependence on a principal product platform; the

impact of competitive products, technological change and product innovation; our ability to maintain an effective sales force and expand our distribution network; our ability to maintain and grow our customer base, including through expansion to additional international markets; our ability to scale the business to support revenue growth; our ability to secure and retain adequate coverage or reimbursement from third-party payors; the impact of healthcare reform laws; our ability to design, develop, manufacture and commercialize future products; unfavorable results of clinical studies, including issues with third parties conducting any studies, or future publication of articles or announcement of endorsements by diabetes associations or other organizations that are unfavorable; our ability to protect our intellectual property and other proprietary rights; potential conflicts with the intellectual property of third parties; our inability to maintain or enter into new license or other agreements with respect to continuous glucose monitors, data management systems or other rights necessary to sell our current product and/or commercialize future products; worldwide macroeconomic and geopolitical uncertainty, including the war with Iran, as well as risks associated with any future pandemic, including supply chain disruptions; the potential violation of anti-bribery/anti-corruption laws; the concentration of manufacturing operations and storage of inventory in a limited number of locations; the regulatory requirements and overall complexity in manufacturing our product and challenges associated with starting new manufacturing lines; supply problems or price fluctuations with sole source or third-party suppliers on which we are dependent; failure to retain key suppliers; challenges to the future development of our non-insulin drug delivery product line; our failure or that of our contract manufacturer or component suppliers to comply with the U.S. Food and Drug Administration’s quality system regulations, our or our contract manufacturer’s ability to successfully implement quality inspection systems, or other manufacturing difficulties; extensive government regulation applicable to medical devices, as well as complex and evolving privacy, data protection and artificial intelligence laws; adverse regulatory or legal actions relating to current or future Omnipod products; potential adverse impacts resulting from a recall or product safety issues, including potential adverse impacts relating to medical device corrections; breaches or failures of our product or information technology systems, including by cyberattack; our ability to maintain the privacy and security of Company and third-party information; our ability to attract, motivate, and retain key personnel; risks associated with potential future acquisitions or investments in new businesses; our ability to raise additional funds on acceptable terms or at all; restrictions imposed by our Credit Agreement; the volatility of the trading price of our common stock; and changes in tax laws or exposure to significant tax liabilities.

For a further list and description of these and other important risks and uncertainties that may affect the Company’s future operations, see Part I, Item 1A - Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which the Company may update in Part II, Item 1A - Risk Factors in Quarterly Reports on Form 10-Q the Company has filed or will file hereafter. Any forward-looking statement made in this release speaks only as of the date of this release. Insulet does not undertake to update any forward-looking statement, other than as required by law.

Investor Relations:

Clare Trachtman

Vice President, Investor Relations

ir@insulet.com

Media:

Cristal Downing

Chief Corporate Affairs Officer

pr@insulet.com

INSULET CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Three Months Ended June 30, Six Months Ended June 30,

(in millions, except share and per share data) 2026 2025 2026 2025

Revenue $ 801.7 $ 649.1 $ 1,563.4 $ 1,218.1

Cost of revenue 239.1 196.9 471.8 356.8

Gross profit 562.6 452.2 1,091.6 861.3

Research and development expenses 88.1 73.4 177.8 133.0

Selling, general and administrative expenses 344.8 257.7 662.1 518.4

Operating income 129.7 121.1 251.8 209.9

Interest expense, net (9.9) (9.5) (19.6) (8.5)

Loss on extinguishment of debt — (84.4) — (123.9)

Other (expense) income, net (1.1) 1.3 (0.4) (0.9)

Income before income taxes 118.7 28.4 231.7 76.5

Income tax expense (23.7) (5.9) (45.6) (18.6)

Net income $ 95.0 $ 22.5 $ 186.1 $ 57.9

Earnings per share:

Basic $ 1.37 $ 0.32 $ 2.67 $ 0.82

Diluted $ 1.37 $ 0.32 $ 2.67 $ 0.82

Weighted-average number of common shares outstanding (in thousands):

Basic 69,298 70,389 69,642 70,330

Diluted 69,403 70,652 69,803 70,641

Note: Columns may not add or recalculate due to rounding.

INSULET CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in millions) June 30, 2026 December 31, 2025

ASSETS

Cash and cash equivalents $ 534.9 $ 716.1

Accounts receivable, net 588.7 516.9

Inventories 484.8 452.6

Prepaid expenses and other current assets 240.7 228.3

Total current assets 1,849.1 1,914.0

Property, plant and equipment, net 858.6 819.5

Other intangible assets, net 115.1 117.1

Goodwill 51.6 51.6

Other assets 290.8 288.2

Total assets $ 3,165.1 $ 3,190.4

LIABILITIES AND STOCKHOLDERS’ EQUITY

Accounts payable $ 123.3 $ 75.0

Accrued expenses and other current liabilities 602.0 586.7

Current portion of long-term debt 18.9 18.4

Total current liabilities 744.2 680.1

Long-term debt, net 929.5 930.8

Other liabilities 69.2 64.4

Total liabilities 1,742.9 1,675.2

Stockholders' equity 1,422.2 1,515.2

Total liabilities and stockholders’ equity $ 3,165.1 $ 3,190.4

Note: Columns may not add due to rounding.

INSULET CORPORATION

NON-GAAP RECONCILIATIONS (UNAUDITED)

CONSTANT CURRENCY REVENUE GROWTH

Three Months Ended June 30,

(dollars in millions) 2026 2025 Percent Change Currency Impact Constant Currency

U.S. $ 544.1 $ 453.2 20.1 % — % 20.1 %

International 251.8 185.8 35.5 % 2.7 % 32.9 %

Total Omnipod Products 795.9 639.0 24.6 % 0.8 % 23.8 %

Drug Delivery 5.8 10.2 (43.1) % — % (43.1) %

Total $ 801.7 $ 649.1 23.5 % 0.8 % 22.7 %

Six Months Ended June 30,

(dollars in millions) 2026 2025 Percent Change Currency Impact Constant Currency

U.S. $ 1,059.7 $ 854.9 24.0 % — % 24.0 %

International 494.6 338.1 46.3 % 7.9 % 38.4 %

Total Omnipod Products 1,554.3 1,193.0 30.3 % 2.2 % 28.1 %

Drug Delivery 9.1 25.1 (63.8) % — % (63.8) %

Total $ 1,563.4 $ 1,218.1 28.4 % 2.2 % 26.2 %

Note: Columns may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

INSULET CORPORATION

NON-GAAP RECONCILIATIONS (UNAUDITED)

2026 ADJUSTED OPERATING INCOME, NET INCOME & DILUTED EPS

Three Months Ended June 30, 2026

(in millions) Gross Profit Percent of Revenue Operating Income Percent of Revenue Income before income taxes

Net Income(4)

Diluted Earnings per Share Effective Tax Rate

GAAP $ 562.6 70.2 % $ 129.7 16.2 % $ 118.7 $ 95.0 $ 1.37 20.0 %

Voluntary MDCs and related costs(1)

21.9 25.0 25.0 20.0 0.29

CFO transition costs(2)

— (0.2) (0.2) (0.1) —

Tax matters(3)

— — — 0.2 —

Non-GAAP $ 584.4 72.9 % $ 154.5 19.3 % $ 143.5 $ 115.0 $ 1.66 19.8 %

Six Months Ended June 30, 2026

(in millions) Gross Profit Percent of Revenue Operating Income Percent of Revenue Income before income taxes

Net Income(4)

Diluted Earnings per Share Effective Tax Rate

GAAP $ 1,091.6 69.8 % $ 251.8 16.1 % $ 231.7 $ 186.1 $ 2.67 19.7 %

Voluntary MDCs and related costs(1)

33.6 36.7 36.7 29.3 0.42

CFO transition costs(2)

— (0.5) (0.5) (0.4) (0.01)

Tax matters(3)

— — — (0.2) —

Non-GAAP $ 1,125.2 72.0 % $ 288.0 18.4 % $ 267.9 $ 214.8 $ 3.08 19.8 %

(1) Represents estimated warranty costs associated with the voluntary medical device corrections (MDCs) issued in March and May 2026.

(2) Represents adjustment to the severance benefits for the Company's former Chief Financial Officer (CFO).

(3) Primarily represents consolidating effective tax rate adjustment related to non-GAAP items and excess tax benefits related to employee share-based compensation.

(4) The tax effect on non-GAAP adjustments is calculated based on applicable local statutory rates.

INSULET CORPORATION

NON-GAAP RECONCILIATIONS (UNAUDITED) (CONTINUED)

2025 ADJUSTED OPERATING INCOME, NET INCOME & DILUTED EPS

Three Months Ended June 30, 2025

(in millions, except per share data)

Operating Income

Percent of Revenue Income before Income Taxes

Net Income(4)

Net Income, Diluted

Diluted Earnings per Share

Effective Tax Rate

GAAP $ 121.1 18.7 % $ 28.4 $ 22.5 $ 22.5 $ 0.32 20.8 %

CEO transition costs(1)

(5.3) (5.3) (5.5) (5.5) (0.08)

Loss on extinguishment of debt(2)

— 84.4 84.1 84.1 1.16

Tax matters(3)

— — (17.3) (17.3) (0.24)

Interest expense, net of tax attributable to assumed conversion of convertible notes

— — — 1.2 0.02

Non-GAAP $ 115.8 17.8 % $ 107.5 $ 83.7 $ 85.0 $ 1.17 22.1 %

Six Months Ended June 30, 2025

(in millions) Operating Income Percent of Revenue Income before income taxes

Net Income(4)

Net Income, Diluted Diluted Earnings per Share Effective Tax Rate

GAAP $ 209.9 17.2 % $ 76.5 $ 57.9 $ 57.9 $ 0.82 24.3 %

CEO transition costs(1)

(5.3) (5.3) (5.5) (5.5) (0.07)

Loss on investments(5)

4.7 7.5 5.8 5.8 0.08

Loss on extinguishment of debt(2)

— 123.9 123.0 123.0 1.68

Tax matters(3)

— — (23.8) (23.8) (0.32)

Interest expense, net of tax attributable to assumed conversion of convertible notes

— — — 2.9 0.04

Non-GAAP $ 209.2 17.2 % $ 202.6 $ 157.4 $ 160.3 $ 2.19 22.3 %

(1) Represents the forfeiture of equity awards by the Company's former Chief Executive Officer (CEO), net of severance benefits.

(2) Relates to the repurchase of convertible debt.

(3) Primarily represents consolidating effective tax rate adjustment related to non-GAAP items and excess tax benefits related to employee share-based compensation.

(4) The tax effect on non-GAAP adjustments is calculated based on applicable local statutory rates.

(5) Represents a provision for credit loss included in selling, general and administrative expenses related to a debt investment and an impairment included in other expense related to an equity investment.

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED

(in thousands)

Three Months Ended June 30, 2025 Six Months Ended June 30, 2025

GAAP weighted average number of common shares outstanding, diluted

70,652 70,641

Convertible notes

1,862 2,671

Non-GAAP weighted average number of common shares outstanding, diluted

72,514 73,311

Note: Columns may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

INSULET CORPORATION

NON-GAAP RECONCILIATIONS (UNAUDITED) (CONTINUED)

ADJUSTED EBITDA

Three Months Ended June 30, Six Months Ended June 30,

(in millions) 2026 Percent of Revenue 2025 Percent of Revenue 2026 Percent of Revenue 2025 Percent of Revenue

Net income $ 95.0 11.8 % $ 22.5 3.5 % $ 186.1 11.9 % $ 57.9 4.8 %

Interest expense, net 9.9 9.5 19.6 8.5

Income tax expense 23.7 5.9 45.6 18.6

Depreciation and amortization 26.7 22.3 52.9 44.0

Stock-based compensation expense(1)

19.7 7.5 40.9 25.7

Voluntary MDCs and related costs(2)

25.0 — 36.7 —

CFO and CEO transitions(3)

(0.2) 5.4 (0.5) 5.4

Loss on extinguishment of debt(4)

— 84.4 — 123.9

Loss on investments(5)

— — — 7.5

Adjusted EBITDA $ 199.8 24.9 % $ 157.5 24.3 % $ 381.5 24.4 % $ 291.5 23.9 %

(1) Amounts for the three and six months ended June 30, 2025 include $10.8 million reversal of stock-based compensation expense associated with the departure of the Company’s former Chief Executive Officer (CEO).

(2) Represents estimated warranty and related costs associated with the MDCs issued in March and May 2026.

(3) Amounts for the three and six months ended June 30, 2026 represent adjustments to the severance benefits for the Company’s former CFO. The amounts for the three and six months ended June 30, 2025 represent the severance benefits for the Company’s former CEO.

(4) Relates to the repurchase of convertible debt.

(5) Represents losses associated with debt and equity investments.

FREE CASH FLOW

Six Months Ended June 30,

(in millions) 2026 2025

Net cash provided by operating activities

$ 202.2 $ 260.3

Capital expenditures

(56.8) (30.9)

Free cash flow

$ 145.4 $ 229.4

Note: Columns may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

INSULET CORPORATION

NON-GAAP RECONCILIATIONS (UNAUDITED) CONTINUED

REVENUE GUIDANCE

Year Ending December 31, 2026

Revenue Growth

GAAP

Currency Impact

Constant Currency

U.S. Omnipod 17% - 19% —% 17% - 19%

International Omnipod 33% - 35% 3% 30% - 32%

Total Omnipod 22% - 24% 1% 21% - 23%

Drug Delivery ~(40%) —% ~(40%)

Total 21% - 23% 1% 20% - 22%

Three Months Ended September 30, 2026

Revenue Growth

GAAP

Currency Impact

Constant Currency

U.S. Omnipod 14% - 16% —% 14% - 16%

International Omnipod 26% - 28% (2)% 28% - 30%

Total Omnipod 17.5% - 19.5% (0.5)% 18% - 20%

Drug Delivery ~(20%) —% ~(20%)

Total 17% - 19% (0.5)% 17.5% - 19.5%

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Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

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Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

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No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

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No definition available.

+ Details

Name:

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Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

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No definition available.

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Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Name of the state or province.

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No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

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Data Type:

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Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

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Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

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Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityRegistrantName

Namespace Prefix:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

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Data Type:

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Period Type:

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- Definition

Local phone number for entity.

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No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

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duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Name:

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Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Name:

dei_SecurityExchangeName

Namespace Prefix:

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Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

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Namespace Prefix:

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Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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