INSULET CORP, 10-K filed on 2/18/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 11, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2025    
Document Transition Report false    
Entity File Number 001-33462    
Entity Registrant Name INSULET CORPORATION    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 04-3523891    
Entity Address, Address Line One 100 Nagog Park    
Entity Address, City or Town Acton    
Entity Address, State or Province MA    
Entity Address, Postal Zip Code 01720    
City Area Code 978    
Local Phone Number 600-7000    
Title of 12(b) Security Common Stock, $0.001 Par Value Per Share    
Trading Symbol PODD    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 22.1
Entity Common Stock, Shares Outstanding   70,395,848  
Documents Incorporated by Reference
The registrant intends to file a proxy statement pursuant to Regulation 14A within 120 days of the end of the fiscal year ended December 31, 2025. Portions of such proxy statement are incorporated by reference into Part III of this Annual Report on Form 10-K.
    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001145197    
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Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 248
Auditor Name GRANT THORNTON LLP
Auditor Location Boston, Massachusetts
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 716.1 $ 953.4
Inventories 452.6 430.4
Prepaid expenses and other current assets 228.3 142.0
Total current assets 1,914.0 1,891.3
Property, plant and equipment, net 819.5 723.1
Other intangible assets, net 117.1 98.5
Goodwill 51.6 51.5
Deferred tax assets 82.4 141.8
Other assets (includes $1.0 and $10.1 at fair value) 205.8 181.5
Total assets 3,190.4 3,087.7
Current Liabilities    
Accounts payable 75.0 19.8
Current portion of long-term debt 18.4 83.8
Total current liabilities 680.1 528.4
Long-term debt, net 930.8 1,296.1
Other liabilities 64.4 51.7
Total liabilities 1,675.2 1,876.1
Commitments and contingencies (Note 16)
Stockholders’ Equity    
Preferred stock, $.001 par value, 5,000,000 authorized; none issued and outstanding 0.0 0.0
Common stock, $.001 par value, 100,000,000 authorized; 70,588,192 and 70,390,816 shares issued and outstanding, respectively, at December 31, 2025; and 70,196,031 issued and outstanding, at December 31, 2024 0.1 0.1
Additional paid-in capital 1,274.9 1,184.4
Accumulated earnings (deficit) 287.4 40.3
Accumulated other comprehensive income (loss) 12.5 (13.2)
Treasury stock, at cost; 197,374 and — shares (60.4) 0.0
Deferred compensation 0.8 0.0
Total stockholders’ equity 1,515.2 1,211.6
Total liabilities and stockholders’ equity 3,190.4 3,087.7
Nonrelated Party    
Current Assets    
Accounts receivable, net 516.9 252.5
Current Liabilities    
Accrued expenses and other current liabilities 586.7 423.9
Related Party    
Current Assets    
Accounts receivable, net 0.0 113.0
Current Liabilities    
Accrued expenses and other current liabilities $ 0.0 $ 1.0
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Other assets, at fair value $ 1.0 $ 10.1
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, authorized (in shares) 5,000,000 5,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized (in shares) 100,000,000 100,000,000
Common stock, issued (in shares) 70,588,192 70,196,031
Common stock, outstanding (in shares) 70,390,816 70,196,031
Treasury stock (in shares) 197,374,000 0
v3.25.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue $ 2,708.1 $ 2,071.6 $ 1,697.1
Cost of revenue 768.2 625.9 537.2
Gross profit 1,939.9 1,445.7 1,159.9
Research and development expenses 301.1 219.6 205.0
Selling, general and administrative expenses 1,165.0 917.2 734.8
Operating income 473.8 308.9 220.1
Interest expense, net of portion capitalized (Note 8) (59.4) (42.7) (36.2)
Interest income 34.7 39.5 28.6
Loss on extinguishment of debt (123.9) 0.0 0.0
Other income (expense), net 14.3 (5.5) 2.2
Income before income taxes 339.5 300.2 214.7
Income tax (expense) benefit (92.4) 118.1 (8.3)
Net income $ 247.1 $ 418.3 $ 206.3
Earnings per share:      
Basic (in dollars per share) $ 3.51 $ 5.97 $ 2.96
Diluted (in dollars per share) $ 3.48 $ 5.78 $ 2.94
Weighted-average number of common shares outstanding (in thousands):      
Basic (in shares) 70,348 70,076 69,751
Diluted (in shares) 71,886 73,891 73,633
Nonrelated Party      
Revenue $ 2,196.5 $ 1,483.8 $ 1,223.4
Related Party      
Revenue $ 511.6 $ 587.8 $ 473.7
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 247.1 $ 418.3 $ 206.3
Other comprehensive income (loss), net of tax      
Foreign currency translation adjustment 29.7 (7.9) 2.5
Unrealized loss on cash flow hedges (4.1) (13.4) (14.1)
Unrealized loss on securities 0.0 0.0 (0.3)
Other comprehensive income (loss), net of tax 25.7 (21.2) (11.9)
Comprehensive income $ 272.8 $ 397.1 $ 194.4
v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Accumulated (Deficit) Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Deferred Compensation
Beginning balance (in shares) at Dec. 31, 2022   69,511,000          
Beginning balance at Dec. 31, 2022 $ 476.4 $ 0.1 $ 1,040.6 $ (584.2) $ 20.0 $ 0.0 $ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 206.3            
Net income 206.2     206.2      
Other comprehensive income (loss), net of tax (11.9)       (11.9)    
Exercise of options to purchase common stock (in shares)   249,000          
Exercise of options to purchase common stock 16.3   16.3        
Issuance of shares for employee stock purchase plan (in shares)   55,000          
Issuance of shares for employee stock purchase plan 10.6   10.6        
Stock-based compensation expense 48.4   48.4        
Restricted stock units vested, net of shares withheld for taxes (in shares)   92,000          
Restricted stock units vested, net of shares withheld for taxes (13.2)   (13.2)        
Ending balance (in shares) at Dec. 31, 2023   69,907,000          
Ending balance at Dec. 31, 2023 732.7 $ 0.1 1,102.7 (378.0) 8.0 0.0 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 418.3     418.3      
Other comprehensive income (loss), net of tax (21.2)       (21.2)    
Exercise of options to purchase common stock (in shares)   127,000          
Exercise of options to purchase common stock 8.2   8.2        
Issuance of shares for employee stock purchase plan (in shares)   78,000          
Issuance of shares for employee stock purchase plan 11.9   11.9        
Stock-based compensation expense 69.3   69.3        
Restricted stock units vested, net of shares withheld for taxes (in shares)   84,000          
Restricted stock units vested, net of shares withheld for taxes $ (7.6)   (7.6)        
Ending balance (in shares) at Dec. 31, 2024 70,196,031 70,196,000          
Ending balance at Dec. 31, 2024 $ 1,211.6 $ 0.1 1,184.4 40.3 (13.2) 0.0 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 247.1     247.1      
Other comprehensive income (loss), net of tax $ 25.7       25.7    
Exercise of options to purchase common stock (in shares) 153,533 152,000          
Exercise of options to purchase common stock $ 19.0   19.0        
Issuance of shares for employee stock purchase plan (in shares)   59,000          
Issuance of shares for employee stock purchase plan 14.9   14.9        
Stock-based compensation expense 62.7   62.7        
Restricted stock units vested, net of shares withheld for taxes (in shares)   167,000          
Restricted stock units vested, net of shares withheld for taxes (25.9)   (25.9)        
Repurchase of common stock (in shares)   (184,000)          
Repurchase of common stock (59.6)         (59.6)  
Deferred compensation 0.0         (0.9) 0.9
Rabbi trust distribution 0.0         0.1 (0.1)
Conversion of Convertible Senior Notes (144.8)   (144.8)        
Settlement of capped call options $ 164.6   164.6        
Ending balance (in shares) at Dec. 31, 2025 70,390,816 70,391,000          
Ending balance at Dec. 31, 2025 $ 1,515.2 $ 0.1 $ 1,274.9 $ 287.4 $ 12.5 $ (60.4) $ 0.8
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income $ 247.1 $ 418.3 $ 206.3
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 90.4 80.8 72.8
Stock-based compensation expense 62.7 69.3 48.4
Deferred income taxes 62.2 (136.9) 0.5
Non-cash interest expense 6.2 7.3 6.7
Loss on extinguishment of debt 123.9 0.0 0.0
Gain on derivative asset (12.5) 0.0 0.0
Provisions for credit losses 5.4 (0.2) 2.3
Loss (gain) on investments 0.0 3.9 (2.6)
Other 7.0 4.9 2.0
Changes in operating assets and liabilities:      
Inventories (10.6) (32.4) (53.6)
Prepaid expenses and other assets (81.7) (21.9) (42.1)
Accounts payable 49.2 2.2 (11.0)
Net cash provided by operating activities 569.3 430.2 145.7
Cash flows from investing activities      
Capital expenditures (191.6) (124.9) (75.6)
Investments in developed software (19.2) (9.1) (8.5)
Acquisition of other intangible assets (8.6) 0.0 (25.1)
Cash paid for investments 0.0 (12.2) (7.2)
Other (3.2) 0.0 (3.0)
Net cash used in investing activities (222.7) (146.2) (119.4)
Cash flows from financing activities      
Proceeds from issuance of senior unsecured notes, net of issuance costs 440.7 0.0 0.0
Proceeds from issuance of Term Loan B, net of issuance costs 15.5 130.0 0.0
Repayment of Term Loan B (20.5) (137.2) (5.0)
Repayment of equipment financings (18.2) (19.0) (19.8)
Repayment of Convertible Senior Notes (1,052.2) 0.0 0.0
Financing lease repayments 0.0 (22.7) 0.0
Repayment of mortgage (60.9) (2.4) (2.2)
Proceeds from secured borrowing (Note 5) 49.9 45.5 0.0
Repayment of secured borrowing (Note 5) (62.4) (34.8) 0.0
Settlement of capped call options 164.6 0.0 0.0
Repurchase of common stock (59.6) 0.0 0.0
Proceeds from exercise of stock options 19.0 8.2 16.3
Proceeds from issuance of common stock under employee stock purchase plan 14.9 11.9 10.6
Payment of withholding taxes in connection with vesting of restricted stock units (25.9) (7.6) (13.2)
Other 0.0 0.0 (0.3)
Net cash used in financing activities (595.3) (28.0) (13.6)
Effect of exchange rate changes on cash and cash equivalents 11.5 (6.8) 1.8
Net (decrease) increase in cash, cash equivalents, and restricted cash (237.3) 249.2 14.4
Cash, cash equivalents, and restricted cash, beginning of year 953.4 704.2 689.8
Cash and cash equivalents, end of year 716.1 953.4 704.2
Nonrelated Party      
Changes in operating assets and liabilities:      
Accounts receivable (253.2) (16.9) (99.4)
Accrued expenses and other liabilities 161.2 53.4 73.8
Related Party      
Changes in operating assets and liabilities:      
Accounts receivable 113.0 6.5 (54.8)
Accrued expenses and other liabilities $ (1.0) $ (7.9) $ (3.5)
v3.25.4
Nature of the Business
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of the Business Nature of the Business
Insulet Corporation (the “Company”) is primarily engaged in the development, manufacture, and sale of its proprietary continuous insulin delivery system for people with insulin-dependent diabetes. The Company generates most of its revenue from sales of its Omnipod products. The Omnipod platform includes: Omnipod® 5 and its predecessors Omnipod DASH and Classic Omnipod. Each product features a small, lightweight, self-adhesive disposable tubeless Omnipod device (“Pod”) that the user fills with insulin and wears directly on the body for up to three days at a time, which delivers personalized doses of insulin and eliminates the need for multiple daily injections using syringes or insulin pens or the use of pump and tubing. Omnipod 5, which builds on the Omnipod DASH mobile platform, is a tubeless automated insulin delivery system, that integrates with a continuous glucose monitor (“CGM”) to manage blood sugar and is fully controlled by a compatible personal smartphone or Omnipod 5 Controller. The CGM is sold separately by third parties. Omnipod DASH features a secure Bluetooth enabled Pod that is controlled by a smartphone-like Personal Diabetes Manager (“PDM”) with a color touch screen user interface. Following the launch of Omnipod 5, the Company began phasing-out Classic Omnipod.
The Company’s Omnipod products are currently sold in the United States, Europe, Canada, the Middle East, and Australia either indirectly through intermediaries or directly to end-users. Intermediaries include independent distributors who resell Omnipod products to end-users and wholesalers who sell the Company’s product to end-users through the pharmacy channel in the United States. Substantially all of the Company’s Drug Delivery revenue consists of sales of pods to Amgen for use in the Neulasta® Onpro® kit, a delivery system for Amgen’s Neulasta to help reduce the risk of infection after intense chemotherapy.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statements reflect the consolidated operations of Insulet Corporation and its subsidiaries. The consolidated financial statements have been prepared in United States dollars, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from those estimates. Amounts have been calculated using actual, non-rounded figures; accordingly, amounts may not recalculate, and columns and rows within tables may not add due to rounding.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated.
Foreign Currency Translation
The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars using exchange rates as of the balance sheet date, while income and expenses of foreign subsidiaries are translated using the average exchange rates in effect for the related month. The net effect of these translation adjustments is reported in accumulated other comprehensive income (loss) within stockholders’ equity on the consolidated balance sheets. Net realized and unrealized gains (losses) from foreign currency transactions are included in other income (expense), net in the consolidated statements of income and were $1.8 million and $(2.3) million for the years ended December 31, 2025 and 2024, respectively. The amount of net realized and unrealized losses from foreign currency transactions for the year ended December 31, 2023 was insignificant.
Cash and Cash Equivalents
The Company considers all highly liquid investments with maturities of 90 days or less at the time of purchase to be cash equivalents. Cash equivalents may include money market mutual funds, commercial paper, and U.S. government and agency bonds, that are carried at cost.
Certain of the Company’s subsidiaries participate in a multi-currency, notional cash pooling arrangement with a third-party bank provider to manage global liquidity requirements. Under this arrangement, cash deposited by participating subsidiaries may be in positive or negative cash positions to the extent the overall balance in the cash pool is at least zero. The net cash balance of the notional cash pooling arrangement is included within cash and cash equivalents in the consolidated balance sheets and was insignificant at both December 31, 2025 and 2024.
Investments
The Company has investments in equity securities of privately held companies, in which the Company’s interest is less than 20%, the Company does not exercise significant influence over the investee, and the investment does not have a readily determinable fair value. These investments are carried at cost less impairment, if any. If an observable price change in orderly transactions for the identical or similar investment in the same issuer is identified, the investment is measured at its fair value as of the date that the observable transaction occurred with the adjustments reflected in other income (expense), net in the Company’s consolidated statements of income. Investments in equity securities are recorded within other assets on the consolidated balance sheets.
The Company also has investments in debt securities of privately held companies, which are either classified as available-for-sale securities or for which the Company has elected the fair value option. The available-for-sale securities are recorded at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity on the consolidated balance sheets. The other investment is a debt security that contains embedded derivatives. Unrealized gains and losses for this investment are recorded as a component of other income (expense), net in the consolidated statements of income. Investments in debt securities are recorded within other assets on the consolidated balance sheets.
The Company may also invest in marketable securities, including term deposits, commercial paper, U.S. government and agency bonds, and corporate bonds, which are classified as available-for-sale and carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity on the consolidated balance sheets. Investments with a stated maturity date of more than one year from the balance sheet date and that are not expected to be used in current operations are classified as long-term investments within other assets on the consolidated balance sheets. The Company reviews investments for impairment when the fair value of an investment is less than its amortized cost. If an available-for-sale security is impaired, a credit loss is included in other income (expense), net in the consolidated statements of income and a non-credit loss is included in other comprehensive income (loss) in the consolidated statements of comprehensive income.
Accounts Receivable and Allowance for Credit Losses
Trade accounts receivable consist of amounts due from intermediaries, third-party payors, and customers and are presented at amortized cost. The allowance for credit losses reflects an estimate of losses inherent in the Company’s accounts receivable portfolio determined based on historical experience, specific allowances for known troubled accounts, and other available evidence. Accounts receivable are written off when management determines they are uncollectible.
The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the allowance for credit losses using the following methods:
Direct Customer Receivables—The Company measures expected credit losses on direct customer receivables using an aging methodology. The risk of loss for direct customer receivables is higher than other portfolios. The Company relies on third-party payors to accept and timely process claims and on direct consumers to have the ability to pay. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and supportable forecasts.
Distributor Receivables—The Company measures expected credit losses on distributor receivables using an individual reserve methodology. The risk of loss in this portfolio is low based on the Company’s historical experience. The estimate of expected credit losses considers payment history and the financial condition of the distributors.
National Healthcare System Receivables—The Company measures expected credit losses on national healthcare system receivables using an individual reserve methodology. The risk of loss in this portfolio is low based on the Company’s historical experience. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and supportable forecasts.
Inventories
Inventories are stated at the lower of cost or net realizable value, with cost determined under the first-in, first-out method. The Company reduces the carrying value of inventories for those items that are potentially excess, obsolete, or slow-moving based on changes in customer demand, technology developments, or other economic factors in order to state inventories at net realizable value. Factors influencing these adjustments include inventories on hand compared to estimated future usage and sales.
Contract Acquisition Costs
The Company incurs commission costs to obtain a contract related to new customer starts. These costs are capitalized as contract assets in other assets on the consolidated balance sheets, net of the short-term portion included in prepaid expenses and other current assets. Costs to obtain a contract are amortized to selling, general and administrative expense on a straight-line basis over the expected period of benefit, which considers future product upgrades. These costs are periodically reviewed for impairment.
Derivative Instruments
The Company is exposed to certain risks relating to its business operations. Risks that relate to interest rate exposure are managed by using interest rate swaps. The Company recognizes derivative instruments as either assets or liabilities at fair value on the consolidated balance sheets. Changes in a derivative financial instrument’s fair value are recognized in earnings unless specific hedge criteria are met, in which case changes in fair value are recognized as adjustments to other comprehensive income. The Company has designated its interest rate swap contracts as cash flow hedges. Additional information on the Company’s derivative instruments is included in Note 15 and fair values are included in Note 14.
Fair Value Measurements
Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.
To measure fair value of assets and liabilities, the Company uses the following fair value hierarchy based on three levels of inputs:
Level 1 — observable inputs, such as quoted prices in active markets for identical assets or liabilities;
Level 2 — significant other observable inputs that are observable either directly or indirectly; and
Level 3 — significant unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions.
Judgement is involved in estimating inputs, such as discount rates, used in Level 3 fair value measurements. Changes to these inputs can have a significant effect on fair value measurements and amounts that could be realized.
Certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses and other current liabilities, are carried at cost, which approximates their fair value because of their short-term maturity.
Property, Plant and Equipment
Property, plant and equipment is stated at cost less accumulated depreciation. Major improvements are capitalized, while routine repairs and maintenance are expensed as incurred. Depreciation for property, plant and equipment, other than land and construction in progress, is based upon the following estimated useful lives using the straight-line method:
Building and building improvements
20 to 39 years
Leasehold improvementsLesser of lease term or useful life of asset
Machinery and equipment
2 to 15 years
Furniture and fixtures
3 to 5 years
The Company assesses the recoverability of assets whenever events or changes in circumstances suggest that the carrying value of an asset may not be recoverable. The Company recognizes an impairment loss if the carrying amount of a long-lived asset is not recoverable based on its undiscounted future cash flows. The impairment loss is measured as the difference between the carrying amount and the fair value of the asset.
Business Combinations
The Company recognizes the assets and liabilities assumed in business combinations based on their estimated fair values at the date of acquisition. The Company allocates the purchase price in excess of net tangible assets acquired to identifiable intangible assets. The Company assesses the fair value of assets, including intangible assets, using a variety of methods and each asset is measured at fair value from the perspective of a market participant. Assets recorded from the perspective of a market participant that are determined to not have economic use for the Company are expensed immediately. Any excess purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. Transaction costs and restructuring costs associated with a business combination are expensed as incurred.
Goodwill
Goodwill represents the excess of the purchase price of an acquired entity over the amounts assigned to assets and liabilities assumed in a business combination. The Company performs an assessment of its goodwill for impairment annually on October 1 or whenever events or changes in circumstances indicate there might be impairment. Goodwill is evaluated for impairment at the reporting unit level.
The Company may assess its goodwill for impairment initially using a qualitative approach to determine whether conditions exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying value. If management concludes, based on its assessment of relevant events, facts, and circumstances that it is more likely than not that a reporting unit’s carrying value is greater than its fair value, then a quantitative analysis will be performed to determine if there is any impairment. Alternatively, the Company may elect to initially perform a quantitative analysis instead of starting with a qualitative analysis. The Company would record an impairment loss to the extent that the carrying value of the reporting unit’s goodwill exceeds its fair value.
Other Intangible Assets
Intangible assets acquired in a business combination are recorded at fair value, while intangible assets purchased or software developed for internal-use are recorded at cost and are stated at cost less accumulated amortization. Intangible assets with finite useful lives are amortized based on the pattern in which the economic benefits of the assets are estimated to be consumed over the following estimated useful lives of the assets:
Customer relationships14 years
Internal-use software
3 to 5 years
Developed technology
5 to 15 years
Patents
8 to 15 years
Amortization expense related developed technology is generally included in cost of revenue, while amortization expense related to intangible assets that contribute to the Company’s ability to sell, market, and distribute products is included in selling, general and administrative expenses in the consolidated statement of income. The Company reviews intangible assets for impairment by comparing the fair value of the assets, estimated using an income approach, with their carrying value. If the carrying value exceeds the fair value of the intangible asset, the Company recognizes an impairment equal to the difference between the carrying value of the asset and the present value of future cash flows. The Company assesses the remaining useful life and the recoverability of intangible assets whenever events or circumstances indicate that the carrying value of an asset may not be recoverable using undiscounted cash flows.
Cloud Computing Arrangements
Cloud computing arrangements include services used to support certain internal corporate functions as well as technology platforms that support commercial initiatives. The Company capitalizes costs incurred to implement cloud computing arrangements that are service contracts and records such amounts within other current and non-current assets. These capitalized implementation costs are amortized on a straight-line basis over the expected term of the hosting arrangement, which ranges from three to ten years. Amortization expense is recorded in the same income statement line as the associated cloud operating expenses. The Company assesses the recoverability of capitalized implementation costs in accordance with the policy disclosed under Property, Plant and Equipment.
Leases
The Company determines if an arrangement includes a lease at inception. At lease commencement, the Company recognizes lease liabilities equal to the present value of the future lease payments and lease assets representing the right to use the underlying asset throughout the lease term. The Company uses an incremental borrowing rate based on the information available at lease commencement in determining the present value of lease payments, when the implicit rate is not readily determinable. The Company’s incremental borrowing rate reflects a secured rate that considers the term of the lease, the nature of the underlying asset, and the economic environment. Lease terms may include options to extend and/or terminate the lease. These options are included in the lease term when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. Right-of-use assets are calculated as the initial measurement of the lease liability plus lease payments made prior to lease commencement and initial direct costs incurred, less lease incentives received. The Company excludes leases with an expected term of one year or less from recognition on the consolidated balance sheets and does not separate lease and non-lease components.
Loss Contingencies
The Company records a liability for loss contingencies on the consolidated balance sheets when a loss is considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed. Legal costs associated with loss contingencies are expensed as incurred.
Product Warranty
The Company provides a four-year warranty on its Controllers and PDMs Controllers sold in the United States and Europe and a five-year warranty on PDMs sold in Canada and may replace Pods that do not function in accordance with product specifications. The Company estimates its warranty obligation at the time the product is shipped based on historical experience and the estimated cost to service the claims. Costs to service the claims reflect the current product cost, reclaim costs, shipping and handling costs and direct and incremental distribution and customer service support costs. Warranty expense is recorded in cost of revenue in the consolidated statements of income.
Revenue Recognition
The Company generates most of its revenue from the sale of its Controller/PDM and Pods. We generally recognize revenue when control is transferred to our customers in an amount that reflects the net consideration to which we expect to be entitled. In determining how revenue should be recognized, a five-step process is used, which includes identifying performance obligations in the contract, determining whether the performance obligations are separate, allocating the transaction price to each separate performance obligation, estimating the amount of variable consideration to include in the transaction price, and determining the timing of revenue recognition for separate performance obligations.
•Contracts and Performance Obligations. The Company generally considers customer purchase orders, which in most cases are governed by agreements with distributors or third-party payors, to be contracts with a customer that creates an enforceable right to payment. The Company considers the obligation to transfer the Controller/PDM, the initial and subsequent quantity of Pods ordered, and product training to be separate performance obligations.
•Transaction Price. Transaction price for the Controller/PDM and Pods reflects the net consideration to which the Company expects to be entitled. The prices charged depend on the Company’s pricing as established with third-party payors and intermediaries. Variable consideration is estimated at the outset of the contract and includes, but is not limited to reductions for: consideration payable to customers, such as rebates, chargebacks, and administrative fees paid to distributors; product returns provision; prompt payment discounts; and various other promotional or incentive arrangements. If a contract contains more than one performance obligation, the transaction price is allocated to each performance obligation based on relative standalone selling price.
•Rebates. The Company is subject to pricing rebates under arrangements with managed care organizations, including pharmacy benefit managers, governmental payors, and third-party commercial payors, primarily in the United States. The Company estimates provisions for rebates primarily based on historical experience, sales trends, levels of inventory in the distribution channel, and contractual terms. The provisions for rebates are included in accrued expenses and other liabilities.
•Chargebacks. The Company participates in chargeback programs in the United States, under which pricing on products below negotiated list prices is provided to participating entities. Distributors selling to participating entities receive a chargeback equal to the difference between their acquisition cost and the lower negotiated price. The Company estimates provisions for chargebacks primarily based on historical experience on a program basis and current contract prices. Provisions for chargebacks are reflected as deductions to accounts receivable.
•Administrative fees paid to distributors. The Company pays administrative fees to certain distributors, which is generally based on a fixed percentage multiplied by either gross purchases from Insulet or gross sales of Insulet products sold by the distributor. These fees are not in exchange for a distinct good or service and therefore are recognized as a reduction of the transaction price. The Company accrues for these fees based on gross sales and contractual fee rates negotiated with the customer. The accruals for these fees are reflected as deductions to accounts receivable.
•Product Returns. The Company estimates product return provisions primarily based on historical experience by applying a historical return rate to the amounts of revenue estimated to be subject to returns. Additionally, the Company considers other specific factors such as the estimated shelf life of inventory in the distribution channel and changes to customer contract terms. The provision for returns is reflected as a deduction to accounts receivable.
•Discounts. The Company offers customers with prompt payment discounts, which reduce the transaction price if payment is received within a specified period. The Company estimates prompt payment discount accruals based on actual gross sales and contractual discount rates. The accruals for prompt payment discounts are reflected as deductions to accounts receivable.
•Other Arrangements. Other incentive or promotional arrangements may be offered to customers, including but not limited to financial assistance programs for users with commercial insurance. We record a provision for the incentive earned based on the number of estimated claims and our estimate of the cost per claim at the time of sale. The provisions for financial assistance programs are included in accrued expenses and other liabilities.
•Revenue Recognition. The Company records revenue upon transfer of control of the product to the customers, which is generally when the product is shipped or delivered and title passes to the customer. Revenue from product training is recognized in the period it is provided. The Company records deferred revenue if a customer pays consideration, or the Company has the right to invoice, before the Company transfers a good or service to a customer. Deferred revenue primarily represents product training as there is generally a lag between when the customer is billed and when the end-user receives training, as well as the obligation to provide additional Pods under certain arrangements.
The Company’s Drug Delivery product line includes sales of a modified version of the Pod to a pharmaceutical company who use the Company’s technology as a delivery method for their drugs. The product is produced pursuant to the customer’s firm purchase commitments, the Company has an enforceable right to payment for performance completed to date, and the inventory has no alternative use to the Company. Accordingly, revenue is recognized over time using a percentage-of-completion method, measured based on costs incurred to date relative to total estimated costs at completion, which results in the recognition of an associated unbilled receivable.
Related Party Transactions
During a portion of 2025, a member of the Company’s Board of Directors was married to an executive officer of one of the Company’s distributors. The terms of the distribution agreement are consistent with those prevailing at arm’s length. As of October 1, 2025, the Company's transactions with the distributor are no longer considered related party transactions.
Research and Software Development Costs
Internal research and development costs are expensed as incurred. Research and development expenses include salary and benefits, allocated overhead and occupancy costs, clinical trial and related clinical manufacturing costs, contract services, and other costs.
Costs incurred in the research, design, and development of software embedded in products to be sold to customers are charged to expense until technological feasibility of the product to be sold is established. The Company’s policy is that technological feasibility is achieved when a working model, with the key features and functions of the product, is available for customer testing. Software development costs incurred after the establishment of technological feasibility and until the product is available for general release are capitalized, provided recoverability is reasonably assured. Capitalized software development costs are amortized over their estimated useful life and recorded within cost of revenue.
Shipping and Handling Costs
The Company does not typically charge its customers for shipping and handling costs associated with shipping its product to its customers unless non-standard shipping and handling services are requested. These shipping and handling costs are included in selling, general and administrative expenses and were $22.0 million, $16.3 million, and $12.4 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Advertising Costs
The Company expenses advertising costs as they are incurred. Advertising costs are included in selling, general and administrative expenses and were $121.3 million, $84.3 million, and $63.1 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Stock-Based Compensation Expense
The Company measures stock-based compensation on the grant date based on the fair value of the award and recognizes the compensation expense over the requisite service period, which is generally the vesting period. The amount of stock-based compensation expense recognized during a period is based on the portion of the awards that are expected to vest. Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates.
Income Taxes
The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that will be in effect in the years in which the differences are expected to reverse. The Company reviews its deferred tax assets for recoverability by considering all available positive and negative evidence, including historical profitability, projected future taxable income, and the expected timing of the reversals of existing temporary differences and tax planning strategies. A
valuation allowance is provided to reduce the deferred tax assets if, based on the available evidence, it is more likely than not that some or all the deferred tax assets will not be realized. The effect of a change in enacted tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Interest and penalties are classified as a component of income tax expense.
Concentration Risk
Credit Risk—Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents and accounts receivable. The Company maintains most of its cash and investments in money market funds with a limited number of financial institutions that have a high investment grade credit rating. See Notes 4 and 5 for customer concentration.
Supply Risk—The Company uses different types of semiconductor chips, which are sourced from external suppliers, in the manufacturing of its products. While the Company has multiple suppliers of semiconductor chips, each type is typically sourced from a single supplier. Supply chain disruptions, supplier shortages, logistic delays, or quality problems could result in manufacturing delays, increased costs, or a possible loss of sales, which could adversely affect operating results.
Recently Adopted Accounting Standards
Income Taxes—The Company adopted Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, during the fourth quarter of 2025, and applied the amendments prospectively. ASU 2023-09 requires additional annual income tax disclosures, including standardized categories for the effective tax rate reconciliation, disaggregation of income taxes paid, and expanded income tax-related disclosures. The required disclosures are included in Note 20.
Segment Reporting—The Company adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures during the fourth quarter of 2024, and applied the amendments retrospectively. ASU 2023-07 requires incremental disclosures on reportable segments, primarily significant segment expenses. The required disclosures are included in Note 3.
v3.25.4
Segment and Geographic Data
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographic Data Segment and Geographic Data
As described in Note 1, the Company’s product offering primarily consists of the Omnipod platform and a drug delivery device based on the Omnipod platform. Operating segments are defined as components of an enterprise for which discrete financial information is available and is regularly reviewed by the chief operating decision-maker (“CODM”) in order to allocate resources and assess segment performance. The Company has determined that its Chief Executive Officer (“CEO”) is the CODM, as the CEO has ultimate responsibility for making key operating decisions, allocating resources, and evaluating the Company’s financial performance. Based on this assessment, the Company operates in one reportable segment. While the CODM evaluates performance and allocates resource primarily using consolidated operating income, net income is also provided to the CODM.
Geographic information about revenue, based on customer location, is as follows:
Years Ended December 31,
(in millions)202520242023
U.S.$1,953.9 $1,548.2 $1,287.0 
International754.3 523.4 410.1 
Total revenue$2,708.1 $2,071.6 $1,697.1 
There were no significant segment expenses regularly provided to the CODM other than those reported in the Company's consolidated statements of income.
Geographic information about long-lived assets, net, excluding goodwill and other intangible assets is as follows:
As of December 31,
(in millions)20252024
U.S.
$472.5 $475.9 
Malaysia220.0 159.1 
China
74.1 78.5 
Other52.9 9.7 
Property, plant and equipment, net
$819.5 $723.1 
v3.25.4
Revenue and Contract Acquisition Costs
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue and Contract Acquisition Costs Revenue and Contract Acquisition Costs
The following table summarizes the Company’s disaggregated revenue:
Years Ended December 31,
(in millions)202520242023
U.S.$1,919.8 $1,509.3 $1,251.0 
International754.3 523.4 410.1 
Total Omnipod products
2,674.0 2,032.7 1,661.1 
Drug Delivery34.1 38.9 36.0 
Total revenue$2,708.1 $2,071.6 $1,697.1 
The percentages of total revenue for customers that represent 10% or more of total revenue was as follows:
Years Ended December 31,

202520242023
Distributor A27%28%28%
Distributor B26%26%24%
Distributor C25%21%19%
Deferred revenue related to unsatisfied performance obligations was included in the following consolidated balance sheet accounts in the amounts shown:
As of December 31,
(in millions)202520242023
Accrued expenses and other current liabilities$14.0 $12.0 $15.4 
Other liabilities1.5 2.0 1.9 
Total deferred revenue$15.5 $14.0 $17.4 
Revenue recognized from amounts included in deferred revenue at the beginning of each respective period was as follows:
As of December 31,
(in millions)202520242023
Deferred revenue recognized$8.2 $15.4 $16.0 
Capitalized contract acquisition costs, representing capitalized commission costs related to new customers, net of amortization, were included in the following consolidated balance sheet captions in the amounts shown:
As of December 31,
(in millions)20252024
Prepaid expenses and other current assets$25.3 $20.1 
Other assets53.0 40.8 
Total capitalized contract acquisition costs, net$78.4 $60.9 
The Company recognized $22.7 million, $18.2 million, and $16.3 million of amortization of capitalized contract acquisition costs for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Accounts Receivable, Net
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Accounts Receivable, Net Accounts Receivable, Net
Accounts receivable, net were comprised of the following:
As of December 31,
(in millions)202520242023
Accounts receivable trade, net$511.3 $242.8 $234.5 
Unbilled receivable5.7 9.7 5.8 
Accounts receivable, net$516.9 $252.5 $240.3 
The percentages of total accounts receivable trade for customers that represent 10% or more of total accounts receivable trade were as follows:
As of December 31,

20252024
Distributor A37%35%
Distributor B20%27%
Distributor C10%15%
The following table presents the activity in the allowance for credit losses:
Years Ended December 31,
(in millions)202520242023
Credit losses at beginning of year$1.4 $2.4 $2.5 
Provision for expected credit losses0.7 (0.2)2.3 
Write-offs charged against allowance(0.7)(0.8)(2.6)
Recoveries of amounts previously reserved— — 0.3 
Foreign currency translation0.2 — — 
Credit losses at end of year$1.6 $1.4 $2.4 
The Company outsources the insurance claim submissions process to a third-party service provider in one country in which it operates. Under this agreement, in 2025, the Company transferred certain receivables in exchange for cash in advance. If the third-party service provider was unable to collect on the transferred receivables, the third-party service provider had recourse to the Company. This arrangement was accounted for as a secured borrowing with a pledge of collateral as the transfer did not meet the criteria for sale accounting. Receivables pledged as collateral of $0.8 million and $12.2 million are included in accounts receivable on the consolidated balance sheets as of December 31, 2025 and 2024, respectively. Liabilities associated with the secured borrowings of $0.8 million and $12.2 million are included within accrued expenses and other current liabilities in the consolidated balance sheets as of December 31, 2025 and 2024, respectively. The classification within current liabilities is based on the expected resolution of the underlying receivables. The proceeds from and repayments of secured borrowings are reflected as cash flows provided by (used in) financing activities in the consolidated statement of cash flows.
v3.25.4
Inventories
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories were comprised of the following:
As of December 31,
(in millions)20252024
Raw materials$194.1 $156.7 
Work in process64.6 81.2 
Finished goods193.9 192.5 
    Total inventories$452.6 $430.4 
Following the strategic decision to not move forward with the commercialization of Omnipod GO, a basal-only Pod for certain individuals with type 2 diabetes, the Company recorded a charge of $13.5 million related to certain inventory components that it no longer expected to utilize, which is included in cost of revenue in the consolidated statement of income for the year ended December 31, 2024.
v3.25.4
Cloud Computing Costs
 12 Months Ended
Dec. 31, 2025
Research and Development [Abstract]  
Cloud Computing Costs Cloud Computing Costs
Capitalized costs to implement cloud computing arrangements at cost and accumulated amortization were as follows: 
 As of December 31,
(in millions)20252024
Short-term portion$46.0 $31.7 
Long-term portion159.1 135.3 
Total capitalized implementation costs205.1 167.0 
Less: accumulated amortization(94.4)(62.4)
Capitalized implementation costs, net$110.7 $104.6 
Amortization expense was $32.1 million, $26.8 million, and $20.3 million for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Property, Plant and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment at cost and accumulated depreciation were as follows: 
 As of December 31,
(in millions)20252024
Land
$16.4 $12.2 
Building and building improvements
233.7 226.8 
Machinery and equipment787.7 672.7 
Furniture and fixtures22.7 20.8 
Leasehold improvements24.8 16.4 
Construction in process166.9 136.6 
Property, plant and equipment, gross1,252.3 1,085.5 
Less: accumulated depreciation
(432.8)(362.4)
Property, plant and equipment, net$819.5 $723.1 
Construction in process primarily consists of equipment and tooling expected to be placed into service during 2026. Capitalized interest expense was $4.2 million, $1.5 million, and $1.6 million for the years ended December 31, 2025, 2024, and 2023, respectively. Depreciation expense related to property, plant and equipment was $79.9 million, $71.0 million, and $62.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Goodwill and Other Intangible Assets, Net
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets, Net Goodwill and Other Intangible Assets, Net
Goodwill
The change in the carrying amount of goodwill for the period is as follows:
Years Ended December 31,
(in millions)
2025
2024
Goodwill at beginning of the year
$51.5 $51.7 
Foreign currency translation0.1 (0.2)
Goodwill at end of the year$51.6 $51.5 
Intangible Assets, Net
The gross carrying amount, accumulated amortization, and net book value of intangible assets at the end of each period were as follows:
 As of December 31,
20252024
(in millions)Gross Carrying AmountAccumulated AmortizationNet Book ValueGross Carrying AmountAccumulated AmortizationNet Book Value
Customer relationships$43.2 $(35.8)$7.4 $43.1 $(33.5)$9.6 
Internal-use software68.3 (14.1)54.2 52.4 (15.6)36.8 
Developed technology
28.3 (6.9)21.4 27.4 (4.9)22.5 
Patents
44.0 (9.9)34.2 36.2 (6.5)29.6 
Total intangible assets $183.8 $(66.7)$117.1 $159.1 $(60.6)$98.5 
Amortization expense for intangible assets was $10.5 million, $9.8 million, and $10.2 million for the years ended December 31, 2025, 2024, and 2023, respectively. Amortization expense associated with the intangible assets included on the Company’s consolidated balance sheet as of December 31, 2025 is expected to be as follows:
Years Ending December 31, (in millions)
2026$19.2 
2027$19.0 
2028$17.9 
2029$17.2 
2030$15.9 
v3.25.4
Investments
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Equity Securities
In 2024, the Company made a strategic investment in equity securities of a privately held entity in the amount of $12.0 million. As of December 31, 2025 and 2024, the total carrying value of the Company’s investments in equity securities without readily determinable fair values was $19.1 million and $21.9 million, respectively. The Company recorded a $2.8 million impairment associated with one equity security during the year ended December 31, 2025, which is included in other income (expense), net. There was no impairment during the year ended December 31, 2024 and the impairment recorded during the year ended December 31, 2023 was insignificant. As of both December 31, 2025 and December 31, 2024 cumulative gains were insignificant.
Debt Securities
In 2023, the Company made a strategic investment in debt securities of a privately held entity in the amount of $5 million. The debt securities mature in December 2026, unless converted earlier. The amortized cost basis of the debt securities was $5.0 million at both December 31, 2025 and December 31, 2024. At December 31, 2025, the Company’s debt securities had no remaining fair value, due to a $4.7 million allowance for credit losses recorded on these securities based on liquidity concerns. The debt securities had a fair value of $4.7 million as of December 31, 2024. The amount of interest earned on the investment for the years ended December 31, 2025 and 2024 was insignificant.
In 2023, the Company made a strategic investment in a privately held entity in the amount of $2.0 million. The investment is a debt security with embedded derivatives and is accounted for by applying the fair value option, as this approach best reflects the underlying economics of the transaction. The fair value of the investment is calculated using a combination of the market approach and income approach methodologies. The investment had no fair value remaining at both December 31, 2025 and December 31, 2024. Refer to Note 14 for unrealized losses recorded.
v3.25.4
Accrued Expenses and Other Current Liabilities
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accrued Expenses and Other Current Liabilities Accrued Expenses and Other Current Liabilities
The components of accrued expenses and other current liabilities were as follows:
As of December 31,
(in millions)20252024
Accrued rebates
$205.5 $148.3 
Employee compensation and related costs209.2 142.9 
Professional and consulting services58.2 51.6 
Other113.9 81.2 
Accrued expenses and other current liabilities$586.7 $423.9 
Product Warranty Costs
Reconciliations of the changes in the Company’s product warranty liability were as follows:  
Years Ended December 31,
(in millions)202520242023
Product warranty liability at beginning of year$13.9 $10.2 $62.1 
Warranty expense25.0 24.2 18.5 
Change in estimate— (0.5)(11.5)
Warranty fulfillment(22.1)(20.0)(58.9)
Product warranty liability at end of year$16.8 $13.9 $10.2 
During the year ended December 31, 2023, the Company revised the estimated liability for the voluntary medical device correction notices (“MDCs”) issued in 2022 related to the Omnipod DASH PDM and the Omnipod 5 Controller by $11.5 million. This change in estimate primarily resulted from lower shipping costs for replacement Omnipod DASH PDMs and lower expected distribution costs for Omnipod 5 Controllers.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
As of December 31, 2025, the Company leased certain automobiles and facilities for offices, laboratories, manufacturing, and warehousing, all of which were classified as operating leases. Certain of the Company’s operating leases include escalating rental payments, some include the option to extend for up to 10 years, and some include options to terminate the leases at certain times within the lease term. In 2024, the Company exercised its option to purchase land and a manufacturing building in Malaysia for $18.1 million, which were classified as finance leases prior to the purchase.
Operating lease assets and liabilities were included in the following consolidated balance sheet accounts in the amounts shown:
Years Ended December 31,
(in millions)20252024
Operating lease asset:
Other assets$43.7 $36.7 
Operating lease liabilities:
Accrued expenses and other current liabilities$3.0 $2.1 
Other liabilities48.9 40.0 
   Total operating lease liabilities$51.9 $42.1 
The Company’s operating and financing lease cost was as follows:
Years Ended December 31,
(in millions)
202520242023
Operating lease cost$10.6 $7.3 $8.8 
Finance lease cost:
    Amortization of leased assets— 0.7 0.4 
    Interest on lease liabilities— 1.0 0.6 
Total finance lease cost— 1.7 1.0 
    Total operating and financing lease cost$10.6 $9.0 $9.8 
Supplemental cash flow information related to leases is as follows:
Years Ended December 31,
(in millions)202520242023
Right-of-use assets obtained in exchange for lease liabilities
Operating leases
$10.2 $8.0 $5.4 
Finance lease
$— $— $22.3 
Lease payment made for amounts included in the measurement of operating lease liabilities
    Cash paid for operating leases included in operating cash flows $6.2 $5.8 $5.7 
    Cash paid for finance lease included in operating cash flows
$— $1.1 $— 
    Cash paid for finance lease included in financing cash flows
$— $22.7 $— 
Maturities of lease liabilities as of December 31, 2025 are as follows:
Years Ending December 31,
(in millions)
2026$6.6 
20278.0 
20287.9 
20298.1 
203012.4 
Thereafter39.3 
    Total future minimum lease payments82.3 
Less: imputed interest(30.5)
    Present value of future minimum lease payments$51.9 
As of December 31, 2025, the weighted average remaining lease term for operating leases was 10.0 years and the weighted-average discount rate used to determine the operating lease liability was 7.9%.
Leases Leases
As of December 31, 2025, the Company leased certain automobiles and facilities for offices, laboratories, manufacturing, and warehousing, all of which were classified as operating leases. Certain of the Company’s operating leases include escalating rental payments, some include the option to extend for up to 10 years, and some include options to terminate the leases at certain times within the lease term. In 2024, the Company exercised its option to purchase land and a manufacturing building in Malaysia for $18.1 million, which were classified as finance leases prior to the purchase.
Operating lease assets and liabilities were included in the following consolidated balance sheet accounts in the amounts shown:
Years Ended December 31,
(in millions)20252024
Operating lease asset:
Other assets$43.7 $36.7 
Operating lease liabilities:
Accrued expenses and other current liabilities$3.0 $2.1 
Other liabilities48.9 40.0 
   Total operating lease liabilities$51.9 $42.1 
The Company’s operating and financing lease cost was as follows:
Years Ended December 31,
(in millions)
202520242023
Operating lease cost$10.6 $7.3 $8.8 
Finance lease cost:
    Amortization of leased assets— 0.7 0.4 
    Interest on lease liabilities— 1.0 0.6 
Total finance lease cost— 1.7 1.0 
    Total operating and financing lease cost$10.6 $9.0 $9.8 
Supplemental cash flow information related to leases is as follows:
Years Ended December 31,
(in millions)202520242023
Right-of-use assets obtained in exchange for lease liabilities
Operating leases
$10.2 $8.0 $5.4 
Finance lease
$— $— $22.3 
Lease payment made for amounts included in the measurement of operating lease liabilities
    Cash paid for operating leases included in operating cash flows $6.2 $5.8 $5.7 
    Cash paid for finance lease included in operating cash flows
$— $1.1 $— 
    Cash paid for finance lease included in financing cash flows
$— $22.7 $— 
Maturities of lease liabilities as of December 31, 2025 are as follows:
Years Ending December 31,
(in millions)
2026$6.6 
20278.0 
20287.9 
20298.1 
203012.4 
Thereafter39.3 
    Total future minimum lease payments82.3 
Less: imputed interest(30.5)
    Present value of future minimum lease payments$51.9 
As of December 31, 2025, the weighted average remaining lease term for operating leases was 10.0 years and the weighted-average discount rate used to determine the operating lease liability was 7.9%.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The components of debt consisted of the following: 
 December 31, 2025December 31, 2024
(in millions)
Maturity Date
Amount
Effective Interest Rate
Amount
Effective Interest Rate
Equipment financing
2025$— — %$8.7 5.90 %
Mortgage
2025— — %60.9 5.74 %
Convertible Senior Notes
2026— — %800.0 0.76 %
Equipment financing202834.9 
4.27% - 10.44%
40.8 
4.27% - 8.87%
Revolving Credit Facility
2030— — %— — %
Term Loan B
2031477.5 7.05 %482.5 8.68 %
Senior Unsecured Notes
2033450.0 6.84 %— 
Unamortized debt discount2025 - 2033(3.5)(5.4)
Debt issuance costs2025 - 2033(9.7)(7.7)
Total debt, net949.2 1,379.8 
Less: current portion18.4 83.8 
Total long term-debt, net$930.8 $1,296.1 
Equipment Financings
The Company has outstanding loans secured by manufacturing lines located at the Company’s Acton, Massachusetts manufacturing facility.
Senior Secured Credit Agreement
The Company’s senior secured credit agreement (the “Credit Agreement”) includes a $500 million senior secured term loan B (the “Term Loan B”) and a senior secured revolving credit facility (“Revolving Credit Facility”). In March 2025, the Company upsized the borrowing capacity under its Revolving Credit Facility to $500 million and extended the maturity date to March 2030. In June 2025, the Company amended its Term Loan B to bear interest at a rate of Secured Overnight Financing Rate (“SOFR”) plus 2.00%. At the same time, the Company further amended its Revolving Credit Facility such that borrowings bear interest at a rate of SOFR plus an applicable margin of 1.50% to 2.00% based on the Company’s total leverage ratio.
In January 2024, the Company amended the Term Loan B to bear interest at a rate of SOFR plus 3.0%, with a 0% SOFR floor. In August 2024, the Company further amended its Term Loan B to bear interest at a rate of SOFR plus 2.5% and extended the term to August 2031.
The Term Loan B contains leverage and fixed charge coverage ratio covenants, both of which are measured upon the incurrence of future debt. The Revolving Credit Facility contains a covenant to maintain a specified leverage ratio under certain conditions when there are amounts outstanding.
Borrowings under the Credit Agreement are guaranteed by certain wholly owned domestic subsidiaries of the Company and are secured by substantially all assets of the Company and of each subsidiary guarantor, subject to certain exceptions. Additionally, borrowings under the Credit Agreement are senior to all of the Company’s unsecured indebtedness.
Senior Unsecured Notes
In March 2025, the Company issued $450 million aggregate principal amount of 6.5% senior unsecured notes due April 2033. The net proceeds of $440.7 million were used to repurchase a portion of the Convertible Senior Notes. The senior unsecured notes contains leverage and fixed charge coverage ratio covenants, both of which are measured upon the incurrence of future debt, as well as other customary covenants.
Convertible Senior Notes
In 2025, the Company repurchased $419.9 million aggregate principal amount ($417.6 million net of issuance costs) of 0.375% Convertible Senior Notes due September 2026 (the “Convertible Senior Notes”) for $541.5 million in cash, which resulted in a $123.9 million loss on extinguishment. The Company subsequently paid $510.7 million to redeem the remaining Convertible Senior Notes. The difference between this cash paid and the $380.1 million aggregate principal amount ($378.4 million net of issuance costs) redeemed resulted in a $132.3 million decrease to additional paid in capital. In connection with these transactions, the Company received $164.6 million of proceeds from the settlement of capped calls options associated with the Convertible Senior Notes.
As of December 31, 2024 unamortized issuance costs associated with the Convertible Senior Notes were $5.1 million.
The components of interest expense related to the Convertible Senior Notes were as follows:
Years Ended December 31,
(in millions)
202520242023
Contractual interest expense
$1.4 $3.0 $3.0 
Amortization of debt issuance costs
1.2 3.0 3.0 
Total interest recognized on the Convertible Senior Notes
$2.6 $6.0 $6.0 
Carrying Value
The carrying value amounts of the Company’s debt were as follows:
As of December 31,
(in millions)20252024
Mortgage$— $60.6 
Convertible Senior Notes— 794.9 
Equipment financings34.8 49.3 
Term Loan B473.0 475.1 
Senior Unsecured Notes441.4 — 
Total debt, net$949.2 $1,379.8 
Maturity of Debt
The maturity of debt as of December 31, 2025 is as follows:
Years Ending December 31, (in millions)
2026$18.4 
2027$19.4 
2028$12.1 
2029$5.0 
2030$5.0 
v3.25.4
Financial Instruments and Fair Value
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Financial Instruments and Fair Value
Financial Instruments Disclosed at Fair Value
The following tables provide a summary of the significant financial instruments disclosed at fair value on a recurring basis:
 Fair Value Measurements at December 31, 2025
(in millions)Level 1Level 2Level 3Total
Term Loan B(1)
$482.3 $— $— $482.3 
Senior Unsecured Notes(1)
469.2 — — 469.2 
Equipment financings(2)
— — 34.8 34.8 
Total
$951.4 $— $34.8 $986.2 
 Fair Value Measurements at December 31, 2024
(in millions)Level 1Level 2Level 3Total
Term Loan B(1)
$485.8 $— $— $485.8 
Convertible Senior Notes(1)
— 1,018.9 — 1,018.9 
Equipment financings(2)
— — 49.3 49.3 
Mortgage(2)
— — 60.6 60.6 
Total
$485.8 $1,018.9 $109.9 $1,614.7 
(1) Fair value was determined using quoted market prices obtained from third-party pricing sources.
(2) Fair value approximates carrying value and was determined using the cost basis.
Financial Instruments Measured at Fair Value on a Recurring Basis
The following tables provide a summary of financial instruments that are measured at fair value on a recurring basis:
Fair Value Measurements at December 31, 2025
(in millions)Level 1Level 2Level 3Total
Assets:
Cash(1)
$138.7 $— $— $138.7 
Money market mutual funds(1)
577.4 — — 577.4 
Interest rate swaps(2)
— 1.0 — 1.0 
Total assets at fair value
$716.1 $1.0 $— $717.1 
Liabilities:
Interest rate swaps(2)
$— $0.8 $— $0.8 
Fair Value Measurements at December 31, 2024
(in millions)Level 1Level 2Level 3Total
Cash(1)
$133.4 $— $— $133.4 
Money market mutual funds(1)
819.9 — — 819.9 
Interest rate swaps(2)
— 5.4 — 5.4 
Debt securities(3)
— — 4.7 4.7 
Total assets at fair value
$953.3 $5.4 $4.7 $963.5 
(1) Cash and cash equivalents are carried at face amounts, which approximate their fair values.
(2) Fair value represents the estimated amounts the Company would receive or pay to terminate the contracts and is determined using industry standard valuation models and market-based observable inputs, including credit risk and interest rate yield curves. The fair value of the swaps is included in other assets and other liabilities at December 31, 2025 and in prepaid expenses and other current assets at December 31, 2024.
(3) Fair value is determined using a discounted cash flow valuation model and market-based unobservable inputs, including credit spread, and risk free rate ranging from 4.0% - 4.7%.
Judgment is involved in estimating inputs, such as discount rates, used in Level 3 fair value measurements. Changes to these inputs can have a significant effect on fair value measurements and amounts that could be realized.
Below is a reconciliation of changes in fair value of debt and other investments:
(in millions)Debt Securities Other Investments Total
December 31, 2023$4.7 $3.8 $8.5 
Unrealized loss included in other income (expense), net
— (3.8)(3.8)
December 31, 20244.7 — 4.7 
Provision for credit loss included in selling, general and administrative expenses(4.7)— (4.7)
December 31, 2025$— $— $— 
v3.25.4
Derivative Instruments
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
The Company manages interest rate exposure through the use of interest rate swap transactions with financial institutions acting as principal counterparties. In April 2025, the Company’s previous interest rate swaps expired and were replaced with interest rate swaps in which the Company receives variable rate interest payments and pays fixed interest at a weighted average rate of 3.47% on a total notional value of $460.0 million of the Term Loan B. The interest rate swaps have been designated as cash flow hedges.
Gains and losses on cash flow hedges reported in accumulated other comprehensive income are reclassified into interest expense, net in the consolidated statement of income when the hedged transactions affect earnings, that is, when interest expense is recognized for the Term Loan B. As of December 31, 2025, the amount of net gains related to the interest rate swaps included in accumulated other comprehensive income estimated to be reclassified into the statement of income over the next 12 months was insignificant.
As discussed in Note 13, in 2025, the Company provided notice of redemption for the remaining $380.1 million aggregate principal amount of its outstanding Convertible Notes. The Convertible Notes were fully redeemed in August 2025 for cash based on the Company's volume-weighted average stock price over the redemption period. The election to redeem the notes in cash resulted in an embedded derivative, which required bifurcation from the host debt instrument. The embedded derivative represented the variability in the cash settlement over the redemption period and subsequent changes in fair value based on the change in stock price over the redemption period were recognized in earnings. As a result, the Company recognized a gain of $12.5 million within other income (expense), net for the year ended December 31, 2025. The corresponding derivative asset was de-recognized upon settlement of the outstanding Convertible Notes, which resulted in a $12.5 million decrease to additional paid in capital.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Proceedings
On April 24, 2025, the United States District Court for the District of Massachusetts entered final judgment in favor of Insulet Corporation in its ongoing litigation against EOFlow Co., Ltd.; EOFlow, Inc.; Nephria Bio, Inc.; and EOFlow’s CEO, Jesse Kim (collectively, “Defendants”), Insulet Corp. v. EOFlow Co. Ltd. et al., 1:23-cv-11780-FDS (D. Mass.). The litigation concerned the Defendants’ misappropriation of Insulet’s proprietary trade secrets relating to the design and manufacture of the Omnipod insulin patch pump. On December 3, 2024, a unanimous jury found four trade secrets asserted by Insulet valid and misappropriated and awarded Insulet total damages of $452 million, composed of $170 million in compensatory damages and $282 million in exemplary damages. The district court’s April 24, 2025 orders upheld the jury verdict and further entered a permanent injunction against Defendants. The injunction prohibits Defendants and others subject to the order from using, possessing, selling, distributing, or seeking regulatory approval for any products that were designed, developed, or manufactured, in whole or in part, using or relying on Insulet’s trade secrets. The injunction is worldwide and took effect immediately subject to a limited exception that permits six months of continuing sales to those patients of EOFlow that existed in the Republic of Korea and the European Union as of October 2023. The permanent injunction further requires EOFlow to assign certain patent applications to Insulet, disgorge any break-up fees received from Medtronic in connection with a previously contemplated acquisition, and submit to ongoing audits to ensure compliance with the district court’s orders. In view of the scope of the permanent injunction, the Court reduced Insulet’s monetary award to $59.4 million to avoid a double recovery.
The Company has not recorded the damages awarded in the Company’s consolidated statements of income, as EOFlow has appealed and EOFlow’s ability to satisfy the damages award is uncertain. Additionally, Insulet has cross-appealed. Further, EOFlow filed a motion to the court of appeals requesting that the permanent injunction against it be stayed in its entirety during the pendency of the appeal. On July 7, 2025, the court of appeals granted a stay in part “only to the extent that the district court’s temporary stay (set to end October 24, 2025), regarding EOFlow patients in the Republic of Korea and the European Union, is extended (1) to include patients residing in the European Union who were using the relevant product(s) as of April 24, 2025, and (2) until further notice of the court.” Briefing in EOFlow’s appeal was completed on October 17, 2025, and oral argument was held before the court of appeals on January 5, 2026.
The Company is, from time to time, involved in the normal course of business in various legal proceedings, including intellectual property, contract, employment, and product liability suits. The Company does not expect the outcome of these proceedings, either individually or in the aggregate, to have a material adverse effect on its results of operations.
v3.25.4
Equity
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Equity Equity
Equity Award Plan
In May 2025, the Company adopted the 2025 Stock Option and Incentive Plan (the “2025 Plan”), which replaced its previous stock option and incentive plan. The 2025 Plan provides for a maximum of 7.4 million shares to be issued, in addition to the number of shares related to awards outstanding under the 2017 and 2007 plans that are terminated by expiration, forfeiture, or cancellation. The shares can be issued as stock options, restricted stock units, stock appreciation rights, deferred stock awards, restricted stock, unrestricted stock, cash-based awards, performance share awards, or dividend equivalent rights. As of December 31, 2025, 7.3 million shares remain available for future issuance under the 2025 Plan.
Stock-Based Compensation Expense
Compensation expense related to stock-based awards was recorded as follows:
Years Ended December 31,
(in millions)202520242023
Cost of revenue$0.8 $0.7 $0.4 
Research and development12.0 9.0 11.6 
Selling, general and administrative49.8 59.6 36.4 
Total$62.6 $69.3 $48.4 
Stock Options
Options are granted to purchase common shares at prices that are equal to the fair market value of the shares on the date the options are granted. Options generally vest in equal annual installments over a period of four years and expire 10 years after the date of grant. The grant-date fair value of options, adjusted for estimated forfeitures, is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period.
The following summarizes the activity under the Company’s stock option plans:
Number
Weighted Average
Exercise Price		Weighted Average Remaining Contractual Term
(in years)		Aggregate
Intrinsic
Value
(in millions)
Outstanding at December 31, 2024
399,395 $155.65 
Granted131,959 $276.67 
Exercised(153,533)$124.46 $28.4 
Forfeited and canceled(85,400)$220.49 
Outstanding at December 31, 2025
292,421 $207.66 6.9$23.2 
Vested, December 31, 2025
108,507 $153.21 3.9$14.2 
Vested or expected to vest, December 31, 2025
260,575 $202.52 6.6$21.9 
The aggregate intrinsic value of options exercised for the years ended December 31, 2024 and 2023 was $16.5 million and $52.7 million, respectively.
The Company uses the Black-Scholes pricing model to determine the fair value of options granted. The assumptions used in the Black-Scholes pricing model are as follows:
•Risk-free Interest Rate—The risk-free interest rate is the implied yield available on U.S. treasury zero-coupon issues with a remaining term equal to the option’s expected term on the grant date.
•Expected Term—The expected term of options granted represents the period of time for which the options are expected to be outstanding. The Company estimates the expected term using both historical and hypothetical exercise data for outstanding options.
•Dividend Yield—The Company has never declared or paid any cash dividends on any of its capital stock and does not expect to do so in the foreseeable future. Accordingly, the Company uses an expected dividend yield of zero to calculate the grant-date fair value of a stock option.
•Expected Volatility—The expected volatility is a measure of the amount by which the Company’s stock price is expected to fluctuate during the expected term of options granted. The Company determines the expected volatility based primarily upon the historical volatility of the Company’s common stock over a period commensurate with the option’s expected term.
The weighted-average assumptions used in the Black-Scholes pricing model for options granted during each year, along with the weighted-average grant-date fair values, were as follows:
 Years Ended December 31,
 202520242023
Risk-free interest rate
4.1%
4.4%
4.3%
Expected life of options (in years)
4.2
4.1
4.2
Dividend yield—%—%—%
Expected stock price volatility
42.9%
46.2%
45.7%
Fair value per option$108.51$69.48$115.32
As of December 31, 2025, there was $13.3 million of unrecognized compensation cost related to non-vested stock options. This cost is expected to be recognized over a weighted average period of 2.7 years.
Restricted Stock Units
Restricted Stock Units (“RSUs”) generally vest in equal annual installments over a three-year period. The grant-date fair value of RSUs, adjusted for estimated forfeitures, is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. The Company determines the fair value of RSUs based on the closing price of its common stock on the date of grant.
Activity for RSUs is as follows:
Number
Weighted
Average
Fair Value
Outstanding at December 31, 2024
392,746 $196.74 
Granted232,054 $277.24 
Vested(177,303)$207.62 
Forfeited(54,623)$222.38 
Outstanding at December 31, 2025
392,874 $235.78 
The weighted-average grant-date fair value per share of RSUs granted was $171.23 and $259.86 for the years ended December 31, 2024 and 2023, respectively. The total fair value of RSUs vested was $36.8 million, $28.3 million, and $24.1 million for the years ended December 31, 2025, 2024, and 2023, respectively.
As of December 31, 2025, there was $63.1 million of unrecognized compensation cost related to time-based RSUs, which is expected to be recognized over a weighted-average period of 1.9 years.
Performance Stock Units
Performance stock units (“PSUs”) generally vest over a three-year period from the grant date and include both a service and performance component. Beginning in 2025, the Company added a market component to PSUs based on relative total shareholder return (total shareholder return for the Company compared with total shareholder return of a peer group). PSUs are recognized when performance conditions are probable of being achieved. Certain of these PSUs could ultimately vest at up to 250% of the target award depending on the achievement of the performance and market criteria. The Company determines the fair value of PSUs based on the closing price of its common stock on the date of grant. The Company uses the Monte Carlo model to estimate the probability of satisfying the market condition.
Activity for PSUs is as follows:
Number
Weighted
Average
Fair Value
Outstanding at December 31, 2024
236,772 $205.74 
Granted
119,459 $299.58 
Vested(83,216)$239.48 
Performance adjustment(1)
33,742 $272.27 
Forfeited(99,907)$226.81 
Outstanding at December 31, 2025(2)
206,850 $241.67 
(1) Represents the adjustment to awards granted in 2022 for the three-year performance cycle award period ended 2024, based on the actual performance achievement of 169%. These shares vested in February 2025.
(2) Based on 200% achievement of the performance metrics, 53 thousand shares of Insulet were earned for awards that were granted in 2023 for the performance period ended December 31, 2025. These shares vest in February 2026.

The weighted-average assumptions used in the Monte Carlo model for PSUs granted were:
Risk-free interest rate
4.0 %
Expected stock price volatility 41.7 %
Peer group stock price volatility 46.0 %
Correlation of returns 29.2 %
The weighted-average grant-date fair value per share of PSUs granted was $166.86 and $276.36 for the years ended December 31, 2024 and 2023, respectively. The total fair value of PSUs vested was $19.9 million, $4.7 million, and $8.7 million for the years ended December 31, 2025, 2024, and 2023, respectively.
As of December 31, 2025, there was $63.7 million of unrecognized compensation cost related to PSUs, which is expected to be recognized over a weighted-average period of 1.6 years.
Employee Stock Purchase Plan
The Employee Stock Purchase Plan (“ESPP”) authorizes the issuance of up to 880,000 shares of common stock to participating employees. Employees that participate in the Company’s ESPP may annually purchase up to a maximum of 800 shares per offering period or $25,000 worth of common stock by authorizing payroll deductions of up to 10% of their base salary. The purchase price for each share purchased is 85% of the lower of the fair market value of the common stock on the first or last day of the offering period. The Company issued 59,487, 78,068, and 55,439 shares of common stock for the years ended December 31, 2025, 2024, and 2023, respectively, to employees participating in the ESPP. As of December 31, 2025, 226,855 shares remain available for future issuance under the ESPP.
The Company uses the Black-Scholes pricing model to determine the fair value of shares purchased under the ESPP. The calculation of the fair value of shares purchased is affected by the stock price on the purchase date, the expected volatility of the Company’s stock over the expected term, the risk-free interest rate, and the dividend yield.
The estimated fair value of shares purchased under the ESPP were based on the following assumptions:
 Years Ended December 31,
 202520242023
Risk-free interest rate
 3.8% - 4.3%
4.4% - 5.4%
5.3% - 5.4%
Expected term (in years)0.50.50.5
Dividend yield—%—%—%
Expected stock price volatility
32.0% - 42.9%
34.2% - 40.9%
29.1% - 47.0%
The weighted average grant date fair value of the six-month option inherent in the ESPP was $82.86, $58.54, and $60.67, for the years ended December 31, 2025, 2024, and 2023, respectively.
As of December 31, 2025, there was $2.3 million of unrecognized compensation cost related to the ESPP. This cost is expected to be recognized over a weighted average period of 0.4 years.
Share Repurchase Program
In March 2025, the Company’s Board of Directors authorized a program to repurchase up to $125 million in common stock through December 31, 2026 to offset dilution from stock-based compensation. In February 2026, the Board of Directors extended the authorization of this program to December 31, 2027 and approved an additional $350 million in common stock repurchases through December 31, 2027.
v3.25.4
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
Changes in the components of accumulated other comprehensive income (loss), net of tax, were as follows:
(in millions)Foreign Currency Translation Adjustment
Unrealized Losses on Securities
Unrealized Gains on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2022
$(16.9)$— $36.9 $20.0 
Other comprehensive income (loss) before reclassifications
2.5 (0.3)6.1 8.3 
Amounts reclassified to net income(1)
— — (20.3)(20.3)
Balance, December 31, 2023
(14.4)(0.3)22.8 8.0 
Other comprehensive income (loss) before reclassifications
(7.9)— (39.4)(47.2)
Amounts reclassified to net income(1)
— — 26.0 26.0 
Balance, December 31, 2024
(22.3)(0.3)9.4 (13.2)
Other comprehensive income (loss) before reclassifications29.7 — (24.4)5.4 
Amounts reclassified to net income(1)
— — 20.3 20.3 
Balance, December 31, 2025
$7.5 $(0.3)$5.3 $12.5 
(1) Income tax expense on cash flow hedges in other comprehensive income (loss) before reclassification for the year ended December 31, 2025 and December 31, 2024 were $1.2 million and $3.9 million, respectively. There was no tax impact for the year ended December 31, 2023. Additionally, there is no income tax impact on currency translation adjustments.
v3.25.4
Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Benefit Plans Benefit Plans
Defined Contribution Plan
The Company maintains a tax-qualified 401(k) retirement plan in the United States. Through 2025, the Company generally made a matching contribution equal to 50% of each employee’s elective contribution to the plan up to 6% of the employee’s eligible pay. In addition, the Company offers defined contribution plans for eligible employees in its foreign subsidiaries. The total amount contributed by the Company to these defined contribution plans was $17.9 million, $13.3 million, and $12.1 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Deferred Compensation Plan
The Company has an unfunded, non-qualified deferred compensation plan for non-employee directors that allows participants to defer receipt of RSUs or cash compensation in the form of stock until a later date. Deferred awards are credited to a deferred stock account. The shares are held in a rabbi trust, which is classified and accounted for as equity in a manner consistent with the accounting for treasury stock. As of December 31, 2025, 3,142.5 shares were held in the trust. No shares were held in the trust as of December 31, 2024. The shares will be distributed when board service ceases.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The U.S. and foreign components of income before income taxes were as follows:
Years Ended December 31,
(in millions)202520242023
U.S.$248.0 $253.9 $199.5 
Foreign
91.5 46.3 15.1 
Income before income taxes$339.5 $300.2 $214.7 
The provision for income taxes consists of the following: 
Years Ended December 31,
(in millions)202520242023
Current
Federal
$2.9 $5.8 $— 
State
1.8 6.4 3.7 
Foreign
25.4 6.6 4.1 
Total current tax expense
30.1 18.8 7.8 
Deferred
Federal
58.9 (111.1)0.1 
State4.8 (18.6)— 
Foreign
(1.5)(7.2)0.4 
Total deferred tax expense (benefit)
62.3 (136.9)0.5 
Income tax expense (benefit)
$92.4 $(118.1)$8.3 
Reconciliations of the U.S. federal statutory rate to the Company’s effective tax rate for the year ended December 31, 2025 are as follows:
Year Ended December 31, 2025
(in millions)
AmountPercent
U.S. federal statutory tax rate$71.3 21.0 %
State and local income taxes, net of federal income tax effect(1)
6.0 1.8 
Foreign tax effects
   United Kingdom4.8 1.4 
   Other foreign jurisdictions(0.1)— 
Effect of cross-border tax laws— — 
Tax credits:
R&D(14.6)(4.3)
Foreign tax credit(3.6)(1.1)
Change in valuation allowance0.5 0.1 
Nontaxable or nondeductible items
   Extinguishment of debt22.8 6.7 
   Other nondeductible items2.0 0.6 
Other(0.1)— 
Changes in unrecognized tax benefits 3.6 1.1 
Effective tax rate$92.4 27.2 %
(1) State and local taxes in Colorado comprise the majority of this category.
Reconciliations of the U.S. federal statutory rate to the Company’s effective tax rate for the years ended December 31, 2024 and 2023 are as follows:
 Year Ended December 31, 2024Year Ended December 31, 2023

AmountPercent
Amount
Percent
U.S. federal statutory rate
$63.0 21.0 %$45.1 21.0 %
Foreign tax rate differential
3.2 1.1 1.3 0.6 
State taxes, net of federal benefit6.9 2.3 5.2 2.4 
Federal and state R&D credits
(13.2)(4.4)(12.6)(5.9)
Stock-based compensation1.4 0.5 (6.8)(3.2)
Non-deductible officers’ compensation1.8 0.6 2.8 1.3 
Permanent items
3.2 1.1 1.6 0.7 
Change in valuation allowance(179.4)(59.8)(23.2)(10.8)
Change to prior year R&D credit
(8.3)(2.8)(6.0)(2.8)
Other3.2 1.1 1.2 0.6 
Effective tax rate$(118.1)(39.3)%$8.3 3.9 %
During the year ended December 31, 2024, following the evaluation of the positive and negative evidence including cumulative income (loss) position, revenue growth, current profitability, and expectations regarding future forecasted income, the Company released a substantial portion of its valuation allowance against deferred tax assets.
For all periods presented, no provision for income taxes has been provided on undistributed earnings of the Company’s foreign subsidiaries, except for Canada, because such earnings are indefinitely reinvested in the foreign operations. The Company has recorded a deferred tax liability for the tax costs on these earnings to the extent they cannot be repatriated in a tax-free manner. No deferred tax liability has been recorded related to the repatriation of $127.2 million in earnings that are indefinitely reinvested. Events that could trigger a tax liability include, but are not limited to, distributions, reorganizations or restructurings, and/or tax law changes. Determining the amount of unrecognized deferred tax liabilities on these indefinitely reinvested earnings is not practicable due to complexities associated with the hypothetical calculation.
The Company files federal, state, and foreign tax returns, which are subject to examination by the relevant tax authorities. The U.S. Internal Revenue Service is currently examining the Company’s U.S. federal income tax return for 2023. The Company’s U.S. federal and state tax returns are currently open to examination for tax years 2022 and 2024. In addition, the Company’s U.S. net operating loss carryforwards from 2001 and forward may be subject to examination in the periods that they are utilized.
The following table summarizes the activity related to the Company’s unrecognized tax benefits:
Years Ended December 31,
(in millions)202520242023
Unrecognized tax benefits at beginning of year
$12.8 $5.0 $— 
Additions related to current period tax positions
3.8 2.7 2.4 
Additions related to prior period tax positions
0.1 5.1 2.6 
Unrecognized tax benefits at end of year
$16.7 $12.8 $5.0 
As of December 31, 2025, 2024, and 2023, the Company had unrecognized tax benefits that would impact the effective tax rate if recognized of $16.7 million, $12.8 million, and $5.0 million, respectively. No interest and penalties were recognized related to uncertain tax positions for the years ended December 31, 2025, 2024, and 2023, respectively, and no interest or penalties were accrued as of December 31, 2025 and 2024, respectively.
Income taxes paid by jurisdiction for the year ended December 31, 2025 were as follows:
(in millions)
U.S. federal$14.7 
U.S. state and local
   Colorado
2.2 
   Other
3.8 
Foreign
   United Kingdom
11.9 
   Other
5.8 
Total income taxes paid
$38.5 

The components of the net deferred tax asset were as follows:
 As of December 31,
(in millions)20252024
Deferred tax assets:
Net operating loss carryforwards$19.6 $23.4 
Tax credits69.8 56.7 
Capitalized research and development expenditures15.7 78.8 
Accrued expenses39.0 34.5 
Inventory capitalization8.2 8.2 
Intangible assets6.9 6.4 
Incentive compensation21.3 14.7 
Stock-based compensation12.2 10.2 
Other7.5 11.3 
Total deferred tax assets200.2 244.0 
Deferred tax liabilities:
Prepaid assets(12.0)(9.3)
Property, plant and equipment(56.7)(47.5)
Capitalized contract acquisition costs(17.4)(13.1)
Other(2.0)(8.6)
Total deferred tax liabilities(88.1)(78.4)
Net deferred tax asset before valuation allowance112.1 165.6 
Valuation allowance(30.6)(23.9)
Net deferred tax asset$81.6 $141.7 
During the year ended December 31, 2025, the Company recognized a $69.2 million decrease in deferred tax assets associated with the One Big Beautiful Bill Act primarily resulting from the immediate expensing of domestic capitalized research and development expenditures. The $6.7 million increase in the valuation allowance for the year ended December 31, 2025 was primarily due to an increase in state research and development credits.
As of December 31, 2025, the Company’s net operating loss carryforwards were as follows:
(in millions)
Expiration Period
Net Operating Loss Carryforwards
U.S. federal
2032 - 2037$40.2 
State
2026 - 2042$196.4 
Foreign
Indefinite$1.5 
As of December 31, 2025, the Company’s tax credit carryforwards were as follows:
(in millions)
Expiration Period
Tax Credit Carryforwards
U.S. federal
2026 - 2045$54.1 
State2026 - 2045$39.6 
The Company's net operating loss and tax credit carryforwards may be subject to limitations as a result of changes in the ownership of the Company's stock.
v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed using the weighted average number of common shares outstanding and, when dilutive, common share equivalents. The computation of basic and diluted earnings per share was as follows:
Years Ended December 31,
(in millions, except share and per share data)202520242023
Net income$247.1 $418.3 $206.3 
Add back interest expense, net of tax attributable to assumed conversion of Convertible Senior Notes
3.0 9.1 10.4 
Net income, diluted$250.1 $427.4 $216.8 
Weighted average number of common shares outstanding, basic
(in thousands)		70,348 70,076 69,751 
Convertible Senior Notes
1,234 3,528 3,528 
Stock options100 150 286 
Restricted stock units204 136 68 
Weighted average number of common shares outstanding, diluted (in thousands)
71,886 73,891 73,633 
Earnings per share
    Basic
$3.51 $5.97 $2.96 
    Diluted
$3.48 $5.78 $2.94 
The number of common share equivalents excluded from the computation of diluted earnings per share because either the effect would have been anti-dilutive, or the performance criteria related to the units had not yet been met, were as follows:
Years Ended December 31,
(in thousands)202520242023
Restricted stock units425 464 322 
Stock options129 209 163 
Total554 673 485 
v3.25.4
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
Years Ended December 31,
(in millions)202520242023
Cash paid for interest, net of amount capitalized$50.8 $47.1 $49.9 
Cash paid for taxes$38.5 $20.6 $8.1 
Purchases of property and equipment included in accounts payable and accrued expenses$6.9 $3.2 $7.1 
Purchases of property, plant and equipment included in long-term debt$3.5 $7.1 $12.9 
v3.25.4
Schedule II - Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II - Valuation and Qualifying Accounts
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
The following table sets forth activities in the Company’s valuation allowance accounts:
DescriptionBalance at
Beginning of
Year		Additions Charged 
to Costs and
Expenses
Other
DeductionsBalance at
End
of Year
(in millions)
Year Ended December 31, 2025
Reserve for rebates, chargebacks and wholesaler fees
$171.7 $847.6 $— $(786.5)$232.8 
Deferred tax valuation allowance$23.9 $6.7 $— $— $30.6 
Reserve for inventory excess and obsolescence
$24.3 $6.9 $— $(6.7)$24.5 
Year Ended December 31, 2024
Reserve for rebates, chargebacks and wholesaler fees
$157.7 $587.8 $— $(573.8)$171.7 
Deferred tax valuation allowance$202.9 $5.1 $— $(184.2)$23.9 
Reserve for inventory excess and obsolescence
$9.8 $20.4 $— $(5.9)$24.3 
Year Ended December 31, 2023
Reserve for rebates, chargebacks and wholesaler fees
$77.3 $465.5 $— $(385.1)$157.7 
Deferred tax valuation allowance
$222.8 $73.5 $3.6 $(97.1)$202.9 
Reserve for inventory excess and obsolescence
$5.5 $5.9 $— $(1.5)$9.8 
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Like other companies, we currently operate in an environment characterized by increasing global cybersecurity vulnerabilities and threats. Accordingly, we have invested in people, processes, and technology aimed at identifying, assessing, and responding to cybersecurity threats. We take a holistic, layered approach to cybersecurity, with a strategy focused on prevention, detection, and mitigation. Our cybersecurity team assesses, monitors, and manages cybersecurity risk through a combination of technical, physical, and administrative controls. These controls include the implementing of cybersecurity policies, procedures, and strategies designed to prevent cybersecurity incidents to the extent feasible and to enhance the resilience of our systems to minimize business impact should a cybersecurity incident occur. We maintain a cybersecurity risk register, and cybersecurity team leaders meet monthly to discuss and prioritize cybersecurity threats, review risk assessments, and monitor progress on remediation activities. We leverage the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework 2.0 to manage and respond to cybersecurity threats. Additionally, Insulet’s information security management system is ISO 27001 and 27701 certified and we hold ISO certifications specific to Cloud Computing and Health Informatics.
Key facets of our cybersecurity program include:
•Ongoing Cybersecurity Threat Monitoring. Our cybersecurity operations centers operate across multiple time zones to support continuous monitoring, enabling timely detection, investigation, and response to cybersecurity threats.
•External Threat Landscape Assessment. Insulet employs multiple third-party threat intelligence services to monitor for cybersecurity threats and cybersecurity incidents. In addition, we participate in a third-party healthcare industry cybersecurity threat intelligence data-sharing organization.
•Insider Risk Detection. We use targeted third-party tools aimed at detecting insider cybersecurity threats and suspicious data movement.
•Cloud and Vulnerability Management. To enhance cloud and data security, we work to reduce our potential attack surface by establishing secure defaults, implementing least privilege access principles, and continuously monitoring cloud and system configurations. As part of our vulnerability and overall security posture management, a cross-functional team meets regularly to review and remediate issues identified through security scans and security configuration checks. This ongoing effort helps to maintain the security hygiene of our computing devices and supports the resilience of our technology environment.
•Testing and Audits. Regular penetration testing, incident response tabletop testing, and independent audits are performed by third-party cybersecurity consultants and our Internal Audit function. The results of these assessments, including final reports and gap analysis documentation, are reviewed by our cybersecurity team and logged in our risk register, as appropriate.
•Operating Technology (“OT”) Visibility. As a manufacturer of medical devices, the interconnectedness between our OT and other business critical information systems can present material cybersecurity risks. To mitigate these risks, we implement network segmentation, access controls, and OT-specific monitoring capabilities.
•Vendor Management. New vendors and key business partners are subject to our vendor risk assessment process. Once engaged, these vendors are monitored by our third-party threat intelligence tools. Where appropriate, we incorporate security and privacy provisions or contractual addenda to ensure vendors maintain standards consistent with our cybersecurity and data protection requirements to ensure vendors maintain standards consistent with applicable cybersecurity and data protection law as well as our requirements.
•Training and Culture. Training, awareness, and incorporating cybersecurity into our culture is key to reducing risk around common threats such as phishing. All employees are required to complete annual cybersecurity training, supplemented by frequent “nanolearning” modules. These short, targeted trainings are designed to increase awareness of cybersecurity threats among our employees and equip employees with the knowledge and tools needed to recognize and respond appropriately to potential cybersecurity threats. We also conduct phishing simulations to evaluate the effectiveness of our training program with the goal of reducing the percentage of employees who click on suspicious emails.
Our guiding principle of “security and privacy by design” underlies our product development. We have a cybersecurity team embedded within our research and development organization to deliver on this mission as well as a Product Cybersecurity Risk Management Policy that aligns with FDA guidance. Omnipod 5 incorporates cybersecurity by design principles, which includes secure data transfer between the Pod, Controller, cloud storage, and compatible CGMs. We have processes in place to systematically integrate cybersecurity into each phase of our product design and development process. Omnipod 5 is certified by ISO (27001, 27017 and 27799) and the U.K. Cyber Essentials. Omnipod 5 incorporates authentication, encryption, and cybersecurity protection to safeguard against unauthorized devices or individuals accessing its system.
Should a cybersecurity incident occur, we maintain a Cybersecurity Incident Response Procedure (“CIRP”) and Crisis Management Plan designed to support efficient, coordinated, and timely response efforts. Under the CIRP, cybersecurity incidents are initially reviewed and rated by our security operations team. Cybersecurity incidents are rated based on predefined severity levels and escalated to members of our cybersecurity incident response team (“CIRT”) based on the facts and circumstances of the incident. Our CIRT consists of our Chief Information Security Officer (“CISO”), Chief Compliance Officer, Chief Privacy Officer, VP of Commercial Legal, and relevant members of our executive leadership team, including our General Counsel and CEO. When appropriate, such incidents are also reported to the Board of Directors (“Board”) in accordance with our governance protocols. In addition, our internal Disclosure Committee reviews any planned public disclosures or regulatory filings.
Assessing, identifying, and managing cybersecurity-related risks is also integrated into our overall enterprise risk management (“ERM”) program. Cybersecurity risks are included in the risk universe evaluated by the ERM function as it identifies and assesses the Company’s top enterprise risks on an annual basis. The results of the annual ERM risk assessment are presented to our Board, with additional reporting during the year to the Nominating, Governance and Risk Committee (“NGR Committee”) of the Board.
We currently do not believe that risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected the Company’s business strategy, results of operations, or financial condition. While Insulet maintains cybersecurity insurance, the costs related to cybersecurity threats or disruptions may not be fully insured. See Item 1A. “Risk Factors” for a discussion of cybersecurity and other risks which may impact Insulet.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Our guiding principle of “security and privacy by design” underlies our product development. We have a cybersecurity team embedded within our research and development organization to deliver on this mission as well as a Product Cybersecurity Risk Management Policy that aligns with FDA guidance.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board oversees management’s processes for identifying and mitigating risks, including from cybersecurity threats, to help align our risk exposure to our strategic objectives. While the Board reviews the Company’s cybersecurity program annually, the
NGR Committee has primary responsibility for cybersecurity as part of its risk oversight mandate. The NGR Committee is updated regularly on cybersecurity matters from our CISO and members of the CISO’s team. Our CISO briefs the NGR Committee on management’s actions to identify and detect threats and reviews the structure of, and enhancements to, the Company’s defenses as well as management’s progress on its cybersecurity strategic roadmap. The NGR Committee Chair reports to the full Board after each Committee meeting, including information relating to the cybersecurity discussions.
Our Cybersecurity organization, which includes infrastructure security, product security, technology risk management, and security awareness and culture is led by our CISO. Our CISO reports directly to our Chief Technology Officer (“CTO”) and is responsible for developing and implementing our cybersecurity program, including setting the directional cybersecurity strategy, including for the assessment and detection of risks from cybersecurity threats, and continuous improvement plans for the overall cybersecurity program. Our CISO has over a decade of experience leading cybersecurity and technology risk management programs in medical device manufacturing organizations and achieved specific industry certifications, including Certified Information Systems Security Professional.
Our CTO ensures cybersecurity measures are prioritized across research and development, software engineering, and our information technology functions. Our CTO has more than 15 years of experience leading R&D and information technology departments at medical device and technology companies. Our CTO and CISO co-chair a quarterly Technology Risk Committee aimed at providing proper oversight and governance of the cybersecurity program, remediation of identified cybersecurity threats, and execution of our cybersecurity strategy.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The NGR Committee is updated regularly on cybersecurity matters from our CISO and members of the CISO’s team. Our CISO briefs the NGR Committee on management’s actions to identify and detect threats and reviews the structure of, and enhancements to, the Company’s defenses as well as management’s progress on its cybersecurity strategic roadmap. The NGR Committee Chair reports to the full Board after each Committee meeting, including information relating to the cybersecurity discussions.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The NGR Committee is updated regularly on cybersecurity matters from our CISO and members of the CISO’s team. Our CISO briefs the NGR Committee on management’s actions to identify and detect threats and reviews the structure of, and enhancements to, the Company’s defenses as well as management’s progress on its cybersecurity strategic roadmap. The NGR Committee Chair reports to the full Board after each Committee meeting, including information relating to the cybersecurity discussions. Our Cybersecurity organization, which includes infrastructure security, product security, technology risk management, and security awareness and culture is led by our CISO. Our CISO reports directly to our Chief Technology Officer (“CTO”) and is responsible for developing and implementing our cybersecurity program, including setting the directional cybersecurity strategy, including for the assessment and detection of risks from cybersecurity threats, and continuous improvement plans for the overall cybersecurity program. Our CISO has over a decade of experience leading cybersecurity and technology risk management programs in medical device manufacturing organizations and achieved specific industry certifications, including Certified Information Systems Security Professional.
Cybersecurity Risk Role of Management [Text Block]
Our Cybersecurity organization, which includes infrastructure security, product security, technology risk management, and security awareness and culture is led by our CISO. Our CISO reports directly to our Chief Technology Officer (“CTO”) and is responsible for developing and implementing our cybersecurity program, including setting the directional cybersecurity strategy, including for the assessment and detection of risks from cybersecurity threats, and continuous improvement plans for the overall cybersecurity program. Our CISO has over a decade of experience leading cybersecurity and technology risk management programs in medical device manufacturing organizations and achieved specific industry certifications, including Certified Information Systems Security Professional.
Our CTO ensures cybersecurity measures are prioritized across research and development, software engineering, and our information technology functions. Our CTO has more than 15 years of experience leading R&D and information technology departments at medical device and technology companies. Our CTO and CISO co-chair a quarterly Technology Risk Committee aimed at providing proper oversight and governance of the cybersecurity program, remediation of identified cybersecurity threats, and execution of our cybersecurity strategy.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Cybersecurity organization, which includes infrastructure security, product security, technology risk management, and security awareness and culture is led by our CISO. Our CISO reports directly to our Chief Technology Officer (“CTO”) and is responsible for developing and implementing our cybersecurity program, including setting the directional cybersecurity strategy, including for the assessment and detection of risks from cybersecurity threats, and continuous improvement plans for the overall cybersecurity program.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CTO has more than 15 years of experience leading R&D and information technology departments at medical device and technology companies. Our CTO and CISO co-chair a quarterly Technology Risk Committee aimed at providing proper oversight and governance of the cybersecurity program, remediation of identified cybersecurity threats, and execution of our cybersecurity strategy.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our CISO briefs the NGR Committee on management’s actions to identify and detect threats and reviews the structure of, and enhancements to, the Company’s defenses as well as management’s progress on its cybersecurity strategic roadmap. The NGR Committee Chair reports to the full Board after each Committee meeting, including information relating to the cybersecurity discussions.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying financial statements reflect the consolidated operations of Insulet Corporation and its subsidiaries. The consolidated financial statements have been prepared in United States dollars, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from those estimates. Amounts have been calculated using actual, non-rounded figures; accordingly, amounts may not recalculate, and columns and rows within tables may not add due to rounding.
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated.
Foreign Currency Translation
Foreign Currency Translation
The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars using exchange rates as of the balance sheet date, while income and expenses of foreign subsidiaries are translated using the average exchange rates in effect for the related month. The net effect of these translation adjustments is reported in accumulated other comprehensive income (loss) within stockholders’ equity on the consolidated balance sheets. Net realized and unrealized gains (losses) from foreign currency transactions are included in other income (expense), net in the consolidated statements of income and were $1.8 million and $(2.3) million for the years ended December 31, 2025 and 2024, respectively. The amount of net realized and unrealized losses from foreign currency transactions for the year ended December 31, 2023 was insignificant.
Cash and Cash Equivalents
Cash and Cash Equivalents
The Company considers all highly liquid investments with maturities of 90 days or less at the time of purchase to be cash equivalents. Cash equivalents may include money market mutual funds, commercial paper, and U.S. government and agency bonds, that are carried at cost.
Certain of the Company’s subsidiaries participate in a multi-currency, notional cash pooling arrangement with a third-party bank provider to manage global liquidity requirements. Under this arrangement, cash deposited by participating subsidiaries may be in positive or negative cash positions to the extent the overall balance in the cash pool is at least zero. The net cash balance of the notional cash pooling arrangement is included within cash and cash equivalents in the consolidated balance sheets and was insignificant at both December 31, 2025 and 2024.
Investments
Investments
The Company has investments in equity securities of privately held companies, in which the Company’s interest is less than 20%, the Company does not exercise significant influence over the investee, and the investment does not have a readily determinable fair value. These investments are carried at cost less impairment, if any. If an observable price change in orderly transactions for the identical or similar investment in the same issuer is identified, the investment is measured at its fair value as of the date that the observable transaction occurred with the adjustments reflected in other income (expense), net in the Company’s consolidated statements of income. Investments in equity securities are recorded within other assets on the consolidated balance sheets.
The Company also has investments in debt securities of privately held companies, which are either classified as available-for-sale securities or for which the Company has elected the fair value option. The available-for-sale securities are recorded at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity on the consolidated balance sheets. The other investment is a debt security that contains embedded derivatives. Unrealized gains and losses for this investment are recorded as a component of other income (expense), net in the consolidated statements of income. Investments in debt securities are recorded within other assets on the consolidated balance sheets.
The Company may also invest in marketable securities, including term deposits, commercial paper, U.S. government and agency bonds, and corporate bonds, which are classified as available-for-sale and carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity on the consolidated balance sheets. Investments with a stated maturity date of more than one year from the balance sheet date and that are not expected to be used in current operations are classified as long-term investments within other assets on the consolidated balance sheets. The Company reviews investments for impairment when the fair value of an investment is less than its amortized cost. If an available-for-sale security is impaired, a credit loss is included in other income (expense), net in the consolidated statements of income and a non-credit loss is included in other comprehensive income (loss) in the consolidated statements of comprehensive income.
Accounts Receivable and Allowance for Credit Losses
Accounts Receivable and Allowance for Credit Losses
Trade accounts receivable consist of amounts due from intermediaries, third-party payors, and customers and are presented at amortized cost. The allowance for credit losses reflects an estimate of losses inherent in the Company’s accounts receivable portfolio determined based on historical experience, specific allowances for known troubled accounts, and other available evidence. Accounts receivable are written off when management determines they are uncollectible.
The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the allowance for credit losses using the following methods:
Direct Customer Receivables—The Company measures expected credit losses on direct customer receivables using an aging methodology. The risk of loss for direct customer receivables is higher than other portfolios. The Company relies on third-party payors to accept and timely process claims and on direct consumers to have the ability to pay. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and supportable forecasts.
Distributor Receivables—The Company measures expected credit losses on distributor receivables using an individual reserve methodology. The risk of loss in this portfolio is low based on the Company’s historical experience. The estimate of expected credit losses considers payment history and the financial condition of the distributors.
National Healthcare System Receivables—The Company measures expected credit losses on national healthcare system receivables using an individual reserve methodology. The risk of loss in this portfolio is low based on the Company’s historical experience. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and supportable forecasts.
Inventories
Inventories
Inventories are stated at the lower of cost or net realizable value, with cost determined under the first-in, first-out method. The Company reduces the carrying value of inventories for those items that are potentially excess, obsolete, or slow-moving based on changes in customer demand, technology developments, or other economic factors in order to state inventories at net realizable value. Factors influencing these adjustments include inventories on hand compared to estimated future usage and sales.
Contract Acquisition Costs and Revenue Recognition
Contract Acquisition Costs
The Company incurs commission costs to obtain a contract related to new customer starts. These costs are capitalized as contract assets in other assets on the consolidated balance sheets, net of the short-term portion included in prepaid expenses and other current assets. Costs to obtain a contract are amortized to selling, general and administrative expense on a straight-line basis over the expected period of benefit, which considers future product upgrades. These costs are periodically reviewed for impairment.
Revenue Recognition
The Company generates most of its revenue from the sale of its Controller/PDM and Pods. We generally recognize revenue when control is transferred to our customers in an amount that reflects the net consideration to which we expect to be entitled. In determining how revenue should be recognized, a five-step process is used, which includes identifying performance obligations in the contract, determining whether the performance obligations are separate, allocating the transaction price to each separate performance obligation, estimating the amount of variable consideration to include in the transaction price, and determining the timing of revenue recognition for separate performance obligations.
•Contracts and Performance Obligations. The Company generally considers customer purchase orders, which in most cases are governed by agreements with distributors or third-party payors, to be contracts with a customer that creates an enforceable right to payment. The Company considers the obligation to transfer the Controller/PDM, the initial and subsequent quantity of Pods ordered, and product training to be separate performance obligations.
•Transaction Price. Transaction price for the Controller/PDM and Pods reflects the net consideration to which the Company expects to be entitled. The prices charged depend on the Company’s pricing as established with third-party payors and intermediaries. Variable consideration is estimated at the outset of the contract and includes, but is not limited to reductions for: consideration payable to customers, such as rebates, chargebacks, and administrative fees paid to distributors; product returns provision; prompt payment discounts; and various other promotional or incentive arrangements. If a contract contains more than one performance obligation, the transaction price is allocated to each performance obligation based on relative standalone selling price.
•Rebates. The Company is subject to pricing rebates under arrangements with managed care organizations, including pharmacy benefit managers, governmental payors, and third-party commercial payors, primarily in the United States. The Company estimates provisions for rebates primarily based on historical experience, sales trends, levels of inventory in the distribution channel, and contractual terms. The provisions for rebates are included in accrued expenses and other liabilities.
•Chargebacks. The Company participates in chargeback programs in the United States, under which pricing on products below negotiated list prices is provided to participating entities. Distributors selling to participating entities receive a chargeback equal to the difference between their acquisition cost and the lower negotiated price. The Company estimates provisions for chargebacks primarily based on historical experience on a program basis and current contract prices. Provisions for chargebacks are reflected as deductions to accounts receivable.
•Administrative fees paid to distributors. The Company pays administrative fees to certain distributors, which is generally based on a fixed percentage multiplied by either gross purchases from Insulet or gross sales of Insulet products sold by the distributor. These fees are not in exchange for a distinct good or service and therefore are recognized as a reduction of the transaction price. The Company accrues for these fees based on gross sales and contractual fee rates negotiated with the customer. The accruals for these fees are reflected as deductions to accounts receivable.
•Product Returns. The Company estimates product return provisions primarily based on historical experience by applying a historical return rate to the amounts of revenue estimated to be subject to returns. Additionally, the Company considers other specific factors such as the estimated shelf life of inventory in the distribution channel and changes to customer contract terms. The provision for returns is reflected as a deduction to accounts receivable.
•Discounts. The Company offers customers with prompt payment discounts, which reduce the transaction price if payment is received within a specified period. The Company estimates prompt payment discount accruals based on actual gross sales and contractual discount rates. The accruals for prompt payment discounts are reflected as deductions to accounts receivable.
•Other Arrangements. Other incentive or promotional arrangements may be offered to customers, including but not limited to financial assistance programs for users with commercial insurance. We record a provision for the incentive earned based on the number of estimated claims and our estimate of the cost per claim at the time of sale. The provisions for financial assistance programs are included in accrued expenses and other liabilities.
•Revenue Recognition. The Company records revenue upon transfer of control of the product to the customers, which is generally when the product is shipped or delivered and title passes to the customer. Revenue from product training is recognized in the period it is provided. The Company records deferred revenue if a customer pays consideration, or the Company has the right to invoice, before the Company transfers a good or service to a customer. Deferred revenue primarily represents product training as there is generally a lag between when the customer is billed and when the end-user receives training, as well as the obligation to provide additional Pods under certain arrangements.
The Company’s Drug Delivery product line includes sales of a modified version of the Pod to a pharmaceutical company who use the Company’s technology as a delivery method for their drugs. The product is produced pursuant to the customer’s firm purchase commitments, the Company has an enforceable right to payment for performance completed to date, and the inventory has no alternative use to the Company. Accordingly, revenue is recognized over time using a percentage-of-completion method, measured based on costs incurred to date relative to total estimated costs at completion, which results in the recognition of an associated unbilled receivable.
Derivative Instruments
Derivative Instruments
The Company is exposed to certain risks relating to its business operations. Risks that relate to interest rate exposure are managed by using interest rate swaps. The Company recognizes derivative instruments as either assets or liabilities at fair value on the consolidated balance sheets. Changes in a derivative financial instrument’s fair value are recognized in earnings unless specific hedge criteria are met, in which case changes in fair value are recognized as adjustments to other comprehensive income. The Company has designated its interest rate swap contracts as cash flow hedges. Additional information on the Company’s derivative instruments is included in Note 15 and fair values are included in Note 14.
Fair Value Measurements
Fair Value Measurements
Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.
To measure fair value of assets and liabilities, the Company uses the following fair value hierarchy based on three levels of inputs:
Level 1 — observable inputs, such as quoted prices in active markets for identical assets or liabilities;
Level 2 — significant other observable inputs that are observable either directly or indirectly; and
Level 3 — significant unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions.
Judgement is involved in estimating inputs, such as discount rates, used in Level 3 fair value measurements. Changes to these inputs can have a significant effect on fair value measurements and amounts that could be realized.
Certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses and other current liabilities, are carried at cost, which approximates their fair value because of their short-term maturity.
Property, Plant and Equipment
Property, Plant and Equipment
Property, plant and equipment is stated at cost less accumulated depreciation. Major improvements are capitalized, while routine repairs and maintenance are expensed as incurred. Depreciation for property, plant and equipment, other than land and construction in progress, is based upon the following estimated useful lives using the straight-line method:
Building and building improvements
20 to 39 years
Leasehold improvementsLesser of lease term or useful life of asset
Machinery and equipment
2 to 15 years
Furniture and fixtures
3 to 5 years
The Company assesses the recoverability of assets whenever events or changes in circumstances suggest that the carrying value of an asset may not be recoverable. The Company recognizes an impairment loss if the carrying amount of a long-lived asset is not recoverable based on its undiscounted future cash flows. The impairment loss is measured as the difference between the carrying amount and the fair value of the asset.
Business Combinations
Business Combinations
The Company recognizes the assets and liabilities assumed in business combinations based on their estimated fair values at the date of acquisition. The Company allocates the purchase price in excess of net tangible assets acquired to identifiable intangible assets. The Company assesses the fair value of assets, including intangible assets, using a variety of methods and each asset is measured at fair value from the perspective of a market participant. Assets recorded from the perspective of a market participant that are determined to not have economic use for the Company are expensed immediately. Any excess purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. Transaction costs and restructuring costs associated with a business combination are expensed as incurred.
Goodwill
Goodwill
Goodwill represents the excess of the purchase price of an acquired entity over the amounts assigned to assets and liabilities assumed in a business combination. The Company performs an assessment of its goodwill for impairment annually on October 1 or whenever events or changes in circumstances indicate there might be impairment. Goodwill is evaluated for impairment at the reporting unit level.
The Company may assess its goodwill for impairment initially using a qualitative approach to determine whether conditions exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying value. If management concludes, based on its assessment of relevant events, facts, and circumstances that it is more likely than not that a reporting unit’s carrying value is greater than its fair value, then a quantitative analysis will be performed to determine if there is any impairment. Alternatively, the Company may elect to initially perform a quantitative analysis instead of starting with a qualitative analysis. The Company would record an impairment loss to the extent that the carrying value of the reporting unit’s goodwill exceeds its fair value.
Other Intangible Assets
Other Intangible Assets
Intangible assets acquired in a business combination are recorded at fair value, while intangible assets purchased or software developed for internal-use are recorded at cost and are stated at cost less accumulated amortization. Intangible assets with finite useful lives are amortized based on the pattern in which the economic benefits of the assets are estimated to be consumed over the following estimated useful lives of the assets:
Customer relationships14 years
Internal-use software
3 to 5 years
Developed technology
5 to 15 years
Patents
8 to 15 years
Amortization expense related developed technology is generally included in cost of revenue, while amortization expense related to intangible assets that contribute to the Company’s ability to sell, market, and distribute products is included in selling, general and administrative expenses in the consolidated statement of income. The Company reviews intangible assets for impairment by comparing the fair value of the assets, estimated using an income approach, with their carrying value. If the carrying value exceeds the fair value of the intangible asset, the Company recognizes an impairment equal to the difference between the carrying value of the asset and the present value of future cash flows. The Company assesses the remaining useful life and the recoverability of intangible assets whenever events or circumstances indicate that the carrying value of an asset may not be recoverable using undiscounted cash flows.
Cloud Computing Arrangements
Cloud Computing Arrangements
Cloud computing arrangements include services used to support certain internal corporate functions as well as technology platforms that support commercial initiatives. The Company capitalizes costs incurred to implement cloud computing arrangements that are service contracts and records such amounts within other current and non-current assets. These capitalized implementation costs are amortized on a straight-line basis over the expected term of the hosting arrangement, which ranges from three to ten years. Amortization expense is recorded in the same income statement line as the associated cloud operating expenses. The Company assesses the recoverability of capitalized implementation costs in accordance with the policy disclosed under Property, Plant and Equipment.
Leases
Leases
The Company determines if an arrangement includes a lease at inception. At lease commencement, the Company recognizes lease liabilities equal to the present value of the future lease payments and lease assets representing the right to use the underlying asset throughout the lease term. The Company uses an incremental borrowing rate based on the information available at lease commencement in determining the present value of lease payments, when the implicit rate is not readily determinable. The Company’s incremental borrowing rate reflects a secured rate that considers the term of the lease, the nature of the underlying asset, and the economic environment. Lease terms may include options to extend and/or terminate the lease. These options are included in the lease term when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. Right-of-use assets are calculated as the initial measurement of the lease liability plus lease payments made prior to lease commencement and initial direct costs incurred, less lease incentives received. The Company excludes leases with an expected term of one year or less from recognition on the consolidated balance sheets and does not separate lease and non-lease components.
Loss Contingencies
Loss Contingencies
The Company records a liability for loss contingencies on the consolidated balance sheets when a loss is considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed. Legal costs associated with loss contingencies are expensed as incurred.
Product Warranty
Product Warranty
The Company provides a four-year warranty on its Controllers and PDMs Controllers sold in the United States and Europe and a five-year warranty on PDMs sold in Canada and may replace Pods that do not function in accordance with product specifications. The Company estimates its warranty obligation at the time the product is shipped based on historical experience and the estimated cost to service the claims. Costs to service the claims reflect the current product cost, reclaim costs, shipping and handling costs and direct and incremental distribution and customer service support costs. Warranty expense is recorded in cost of revenue in the consolidated statements of income.
Related Party Transactions
Related Party Transactions
During a portion of 2025, a member of the Company’s Board of Directors was married to an executive officer of one of the Company’s distributors. The terms of the distribution agreement are consistent with those prevailing at arm’s length. As of October 1, 2025, the Company's transactions with the distributor are no longer considered related party transactions.
Research and Software Development Costs
Research and Software Development Costs
Internal research and development costs are expensed as incurred. Research and development expenses include salary and benefits, allocated overhead and occupancy costs, clinical trial and related clinical manufacturing costs, contract services, and other costs.
Costs incurred in the research, design, and development of software embedded in products to be sold to customers are charged to expense until technological feasibility of the product to be sold is established. The Company’s policy is that technological feasibility is achieved when a working model, with the key features and functions of the product, is available for customer testing. Software development costs incurred after the establishment of technological feasibility and until the product is available for general release are capitalized, provided recoverability is reasonably assured. Capitalized software development costs are amortized over their estimated useful life and recorded within cost of revenue.
Shipping and Handling Costs
Shipping and Handling Costs
The Company does not typically charge its customers for shipping and handling costs associated with shipping its product to its customers unless non-standard shipping and handling services are requested. These shipping and handling costs are included in selling, general and administrative expenses
Advertising Costs
Advertising Costs
The Company expenses advertising costs as they are incurred.
Stock-Based Compensation Expense
Stock-Based Compensation Expense
The Company measures stock-based compensation on the grant date based on the fair value of the award and recognizes the compensation expense over the requisite service period, which is generally the vesting period. The amount of stock-based compensation expense recognized during a period is based on the portion of the awards that are expected to vest. Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates.
Income Taxes
Income Taxes
The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that will be in effect in the years in which the differences are expected to reverse. The Company reviews its deferred tax assets for recoverability by considering all available positive and negative evidence, including historical profitability, projected future taxable income, and the expected timing of the reversals of existing temporary differences and tax planning strategies. A
valuation allowance is provided to reduce the deferred tax assets if, based on the available evidence, it is more likely than not that some or all the deferred tax assets will not be realized. The effect of a change in enacted tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Interest and penalties are classified as a component of income tax expense.
Concentration Risk
Concentration Risk
Credit Risk—Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents and accounts receivable. The Company maintains most of its cash and investments in money market funds with a limited number of financial institutions that have a high investment grade credit rating. See Notes 4 and 5 for customer concentration.
Supply Risk—The Company uses different types of semiconductor chips, which are sourced from external suppliers, in the manufacturing of its products. While the Company has multiple suppliers of semiconductor chips, each type is typically sourced from a single supplier. Supply chain disruptions, supplier shortages, logistic delays, or quality problems could result in manufacturing delays, increased costs, or a possible loss of sales, which could adversely affect operating results.
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards
Income Taxes—The Company adopted Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, during the fourth quarter of 2025, and applied the amendments prospectively. ASU 2023-09 requires additional annual income tax disclosures, including standardized categories for the effective tax rate reconciliation, disaggregation of income taxes paid, and expanded income tax-related disclosures. The required disclosures are included in Note 20.
Segment Reporting—The Company adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures during the fourth quarter of 2024, and applied the amendments retrospectively. ASU 2023-07 requires incremental disclosures on reportable segments, primarily significant segment expenses. The required disclosures are included in Note 3.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Property, Plant and Equipment Depreciation for property, plant and equipment, other than land and construction in progress, is based upon the following estimated useful lives using the straight-line method:
Building and building improvements
20 to 39 years
Leasehold improvementsLesser of lease term or useful life of asset
Machinery and equipment
2 to 15 years
Furniture and fixtures
3 to 5 years
Property, plant and equipment at cost and accumulated depreciation were as follows: 
 As of December 31,
(in millions)20252024
Land
$16.4 $12.2 
Building and building improvements
233.7 226.8 
Machinery and equipment787.7 672.7 
Furniture and fixtures22.7 20.8 
Leasehold improvements24.8 16.4 
Construction in process166.9 136.6 
Property, plant and equipment, gross1,252.3 1,085.5 
Less: accumulated depreciation
(432.8)(362.4)
Property, plant and equipment, net$819.5 $723.1 
Schedule of Components of Intangible Assets Intangible assets with finite useful lives are amortized based on the pattern in which the economic benefits of the assets are estimated to be consumed over the following estimated useful lives of the assets:
Customer relationships14 years
Internal-use software
3 to 5 years
Developed technology
5 to 15 years
Patents
8 to 15 years
The gross carrying amount, accumulated amortization, and net book value of intangible assets at the end of each period were as follows:
 As of December 31,
20252024
(in millions)Gross Carrying AmountAccumulated AmortizationNet Book ValueGross Carrying AmountAccumulated AmortizationNet Book Value
Customer relationships$43.2 $(35.8)$7.4 $43.1 $(33.5)$9.6 
Internal-use software68.3 (14.1)54.2 52.4 (15.6)36.8 
Developed technology
28.3 (6.9)21.4 27.4 (4.9)22.5 
Patents
44.0 (9.9)34.2 36.2 (6.5)29.6 
Total intangible assets $183.8 $(66.7)$117.1 $159.1 $(60.6)$98.5 
v3.25.4
Segment and Geographic Data (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Revenue by Geographic Region Based on Delivery Location
Geographic information about revenue, based on customer location, is as follows:
Years Ended December 31,
(in millions)202520242023
U.S.$1,953.9 $1,548.2 $1,287.0 
International754.3 523.4 410.1 
Total revenue$2,708.1 $2,071.6 $1,697.1 
Schedule of Long-lived assets, Net, Excluding Goodwill and Other Intangible Assets by Geographic Area
Geographic information about long-lived assets, net, excluding goodwill and other intangible assets is as follows:
As of December 31,
(in millions)20252024
U.S.
$472.5 $475.9 
Malaysia220.0 159.1 
China
74.1 78.5 
Other52.9 9.7 
Property, plant and equipment, net
$819.5 $723.1 
v3.25.4
Revenue and Contract Acquisition Costs (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table summarizes the Company’s disaggregated revenue:
Years Ended December 31,
(in millions)202520242023
U.S.$1,919.8 $1,509.3 $1,251.0 
International754.3 523.4 410.1 
Total Omnipod products
2,674.0 2,032.7 1,661.1 
Drug Delivery34.1 38.9 36.0 
Total revenue$2,708.1 $2,071.6 $1,697.1 
Schedules of Concentration of Risk
The percentages of total revenue for customers that represent 10% or more of total revenue was as follows:
Years Ended December 31,

202520242023
Distributor A27%28%28%
Distributor B26%26%24%
Distributor C25%21%19%
The percentages of total accounts receivable trade for customers that represent 10% or more of total accounts receivable trade were as follows:
As of December 31,

20252024
Distributor A37%35%
Distributor B20%27%
Distributor C10%15%
Schedule of Deferred Revenue
Deferred revenue related to unsatisfied performance obligations was included in the following consolidated balance sheet accounts in the amounts shown:
As of December 31,
(in millions)202520242023
Accrued expenses and other current liabilities$14.0 $12.0 $15.4 
Other liabilities1.5 2.0 1.9 
Total deferred revenue$15.5 $14.0 $17.4 
Revenue recognized from amounts included in deferred revenue at the beginning of each respective period was as follows:
As of December 31,
(in millions)202520242023
Deferred revenue recognized$8.2 $15.4 $16.0 
Schedule of Contract Acquisition Costs
Capitalized contract acquisition costs, representing capitalized commission costs related to new customers, net of amortization, were included in the following consolidated balance sheet captions in the amounts shown:
As of December 31,
(in millions)20252024
Prepaid expenses and other current assets$25.3 $20.1 
Other assets53.0 40.8 
Total capitalized contract acquisition costs, net$78.4 $60.9 
v3.25.4
Accounts Receivable, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Accounts Receivable
Accounts receivable, net were comprised of the following:
As of December 31,
(in millions)202520242023
Accounts receivable trade, net$511.3 $242.8 $234.5 
Unbilled receivable5.7 9.7 5.8 
Accounts receivable, net$516.9 $252.5 $240.3 
Schedules of Concentration of Risk
The percentages of total revenue for customers that represent 10% or more of total revenue was as follows:
Years Ended December 31,

202520242023
Distributor A27%28%28%
Distributor B26%26%24%
Distributor C25%21%19%
The percentages of total accounts receivable trade for customers that represent 10% or more of total accounts receivable trade were as follows:
As of December 31,

20252024
Distributor A37%35%
Distributor B20%27%
Distributor C10%15%
Schedule of Allowance for Credit Loss
The following table presents the activity in the allowance for credit losses:
Years Ended December 31,
(in millions)202520242023
Credit losses at beginning of year$1.4 $2.4 $2.5 
Provision for expected credit losses0.7 (0.2)2.3 
Write-offs charged against allowance(0.7)(0.8)(2.6)
Recoveries of amounts previously reserved— — 0.3 
Foreign currency translation0.2 — — 
Credit losses at end of year$1.6 $1.4 $2.4 
v3.25.4
Inventories (Tables)
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories were comprised of the following:
As of December 31,
(in millions)20252024
Raw materials$194.1 $156.7 
Work in process64.6 81.2 
Finished goods193.9 192.5 
    Total inventories$452.6 $430.4 
v3.25.4
Cloud Computing Costs (Tables)
 12 Months Ended
Dec. 31, 2025
Research and Development [Abstract]  
Schedule of Capitalized Could Computing Costs
Capitalized costs to implement cloud computing arrangements at cost and accumulated amortization were as follows: 
 As of December 31,
(in millions)20252024
Short-term portion$46.0 $31.7 
Long-term portion159.1 135.3 
Total capitalized implementation costs205.1 167.0 
Less: accumulated amortization(94.4)(62.4)
Capitalized implementation costs, net$110.7 $104.6 
v3.25.4
Property, Plant and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment, Net Depreciation for property, plant and equipment, other than land and construction in progress, is based upon the following estimated useful lives using the straight-line method:
Building and building improvements
20 to 39 years
Leasehold improvementsLesser of lease term or useful life of asset
Machinery and equipment
2 to 15 years
Furniture and fixtures
3 to 5 years
Property, plant and equipment at cost and accumulated depreciation were as follows: 
 As of December 31,
(in millions)20252024
Land
$16.4 $12.2 
Building and building improvements
233.7 226.8 
Machinery and equipment787.7 672.7 
Furniture and fixtures22.7 20.8 
Leasehold improvements24.8 16.4 
Construction in process166.9 136.6 
Property, plant and equipment, gross1,252.3 1,085.5 
Less: accumulated depreciation
(432.8)(362.4)
Property, plant and equipment, net$819.5 $723.1 
v3.25.4
Goodwill and Other Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill
The change in the carrying amount of goodwill for the period is as follows:
Years Ended December 31,
(in millions)
2025
2024
Goodwill at beginning of the year
$51.5 $51.7 
Foreign currency translation0.1 (0.2)
Goodwill at end of the year$51.6 $51.5 
Schedule of Other Intangible Assets Intangible assets with finite useful lives are amortized based on the pattern in which the economic benefits of the assets are estimated to be consumed over the following estimated useful lives of the assets:
Customer relationships14 years
Internal-use software
3 to 5 years
Developed technology
5 to 15 years
Patents
8 to 15 years
The gross carrying amount, accumulated amortization, and net book value of intangible assets at the end of each period were as follows:
 As of December 31,
20252024
(in millions)Gross Carrying AmountAccumulated AmortizationNet Book ValueGross Carrying AmountAccumulated AmortizationNet Book Value
Customer relationships$43.2 $(35.8)$7.4 $43.1 $(33.5)$9.6 
Internal-use software68.3 (14.1)54.2 52.4 (15.6)36.8 
Developed technology
28.3 (6.9)21.4 27.4 (4.9)22.5 
Patents
44.0 (9.9)34.2 36.2 (6.5)29.6 
Total intangible assets $183.8 $(66.7)$117.1 $159.1 $(60.6)$98.5 
Schedule of Amortization Expense Expected for Next Five Years Amortization expense associated with the intangible assets included on the Company’s consolidated balance sheet as of December 31, 2025 is expected to be as follows:
Years Ending December 31, (in millions)
2026$19.2 
2027$19.0 
2028$17.9 
2029$17.2 
2030$15.9 
v3.25.4
Accrued Expenses and Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Current Liabilities
The components of accrued expenses and other current liabilities were as follows:
As of December 31,
(in millions)20252024
Accrued rebates
$205.5 $148.3 
Employee compensation and related costs209.2 142.9 
Professional and consulting services58.2 51.6 
Other113.9 81.2 
Accrued expenses and other current liabilities$586.7 $423.9 
Schedule of Reconciliation of Changes in Product Warranty Liability
Reconciliations of the changes in the Company’s product warranty liability were as follows:  
Years Ended December 31,
(in millions)202520242023
Product warranty liability at beginning of year$13.9 $10.2 $62.1 
Warranty expense25.0 24.2 18.5 
Change in estimate— (0.5)(11.5)
Warranty fulfillment(22.1)(20.0)(58.9)
Product warranty liability at end of year$16.8 $13.9 $10.2 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of ROU Assets and Operating Lease Liabilities
Operating lease assets and liabilities were included in the following consolidated balance sheet accounts in the amounts shown:
Years Ended December 31,
(in millions)20252024
Operating lease asset:
Other assets$43.7 $36.7 
Operating lease liabilities:
Accrued expenses and other current liabilities$3.0 $2.1 
Other liabilities48.9 40.0 
   Total operating lease liabilities$51.9 $42.1 
Schedule of Lease Cost
The Company’s operating and financing lease cost was as follows:
Years Ended December 31,
(in millions)
202520242023
Operating lease cost$10.6 $7.3 $8.8 
Finance lease cost:
    Amortization of leased assets— 0.7 0.4 
    Interest on lease liabilities— 1.0 0.6 
Total finance lease cost— 1.7 1.0 
    Total operating and financing lease cost$10.6 $9.0 $9.8 
Supplemental cash flow information related to leases is as follows:
Years Ended December 31,
(in millions)202520242023
Right-of-use assets obtained in exchange for lease liabilities
Operating leases
$10.2 $8.0 $5.4 
Finance lease
$— $— $22.3 
Lease payment made for amounts included in the measurement of operating lease liabilities
    Cash paid for operating leases included in operating cash flows $6.2 $5.8 $5.7 
    Cash paid for finance lease included in operating cash flows
$— $1.1 $— 
    Cash paid for finance lease included in financing cash flows
$— $22.7 $— 
Schedule of Future Minimum Undiscounted Lease Payments
Maturities of lease liabilities as of December 31, 2025 are as follows:
Years Ending December 31,
(in millions)
2026$6.6 
20278.0 
20287.9 
20298.1 
203012.4 
Thereafter39.3 
    Total future minimum lease payments82.3 
Less: imputed interest(30.5)
    Present value of future minimum lease payments$51.9 
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The components of debt consisted of the following: 
 December 31, 2025December 31, 2024
(in millions)
Maturity Date
Amount
Effective Interest Rate
Amount
Effective Interest Rate
Equipment financing
2025$— — %$8.7 5.90 %
Mortgage
2025— — %60.9 5.74 %
Convertible Senior Notes
2026— — %800.0 0.76 %
Equipment financing202834.9 
4.27% - 10.44%
40.8 
4.27% - 8.87%
Revolving Credit Facility
2030— — %— — %
Term Loan B
2031477.5 7.05 %482.5 8.68 %
Senior Unsecured Notes
2033450.0 6.84 %— 
Unamortized debt discount2025 - 2033(3.5)(5.4)
Debt issuance costs2025 - 2033(9.7)(7.7)
Total debt, net949.2 1,379.8 
Less: current portion18.4 83.8 
Total long term-debt, net$930.8 $1,296.1 
Schedule of Interest Expense
The components of interest expense related to the Convertible Senior Notes were as follows:
Years Ended December 31,
(in millions)
202520242023
Contractual interest expense
$1.4 $3.0 $3.0 
Amortization of debt issuance costs
1.2 3.0 3.0 
Total interest recognized on the Convertible Senior Notes
$2.6 $6.0 $6.0 
Schedule of Carrying Amount and Estimated Fair Value of Convertible Debt
The carrying value amounts of the Company’s debt were as follows:
As of December 31,
(in millions)20252024
Mortgage$— $60.6 
Convertible Senior Notes— 794.9 
Equipment financings34.8 49.3 
Term Loan B473.0 475.1 
Senior Unsecured Notes441.4 — 
Total debt, net$949.2 $1,379.8 
Schedule of Maturities of Debt
The maturity of debt as of December 31, 2025 is as follows:
Years Ending December 31, (in millions)
2026$18.4 
2027$19.4 
2028$12.1 
2029$5.0 
2030$5.0 
v3.25.4
Financial Instruments and Fair Value (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Disclosed at Fair value on Recurring Basis
The following tables provide a summary of the significant financial instruments disclosed at fair value on a recurring basis:
 Fair Value Measurements at December 31, 2025
(in millions)Level 1Level 2Level 3Total
Term Loan B(1)
$482.3 $— $— $482.3 
Senior Unsecured Notes(1)
469.2 — — 469.2 
Equipment financings(2)
— — 34.8 34.8 
Total
$951.4 $— $34.8 $986.2 
 Fair Value Measurements at December 31, 2024
(in millions)Level 1Level 2Level 3Total
Term Loan B(1)
$485.8 $— $— $485.8 
Convertible Senior Notes(1)
— 1,018.9 — 1,018.9 
Equipment financings(2)
— — 49.3 49.3 
Mortgage(2)
— — 60.6 60.6 
Total
$485.8 $1,018.9 $109.9 $1,614.7 
(1) Fair value was determined using quoted market prices obtained from third-party pricing sources.
(2) Fair value approximates carrying value and was determined using the cost basis.
Financial Instruments Measured at Fair Value on a Recurring Basis
The following tables provide a summary of financial instruments that are measured at fair value on a recurring basis:
Fair Value Measurements at December 31, 2025
(in millions)Level 1Level 2Level 3Total
Assets:
Cash(1)
$138.7 $— $— $138.7 
Money market mutual funds(1)
577.4 — — 577.4 
Interest rate swaps(2)
— 1.0 — 1.0 
Total assets at fair value
$716.1 $1.0 $— $717.1 
Liabilities:
Interest rate swaps(2)
$— $0.8 $— $0.8 
Fair Value Measurements at December 31, 2024
(in millions)Level 1Level 2Level 3Total
Cash(1)
$133.4 $— $— $133.4 
Money market mutual funds(1)
819.9 — — 819.9 
Interest rate swaps(2)
— 5.4 — 5.4 
Debt securities(3)
— — 4.7 4.7 
Total assets at fair value
$953.3 $5.4 $4.7 $963.5 
(1) Cash and cash equivalents are carried at face amounts, which approximate their fair values.
(2) Fair value represents the estimated amounts the Company would receive or pay to terminate the contracts and is determined using industry standard valuation models and market-based observable inputs, including credit risk and interest rate yield curves. The fair value of the swaps is included in other assets and other liabilities at December 31, 2025 and in prepaid expenses and other current assets at December 31, 2024.
(3) Fair value is determined using a discounted cash flow valuation model and market-based unobservable inputs, including credit spread, and risk free rate ranging from 4.0% - 4.7%.
Schedule of Reconciliation of Changes in Fair Value of investments
Below is a reconciliation of changes in fair value of debt and other investments:
(in millions)Debt Securities Other Investments Total
December 31, 2023$4.7 $3.8 $8.5 
Unrealized loss included in other income (expense), net
— (3.8)(3.8)
December 31, 20244.7 — 4.7 
Provision for credit loss included in selling, general and administrative expenses(4.7)— (4.7)
December 31, 2025$— $— $— 
v3.25.4
Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense
Compensation expense related to stock-based awards was recorded as follows:
Years Ended December 31,
(in millions)202520242023
Cost of revenue$0.8 $0.7 $0.4 
Research and development12.0 9.0 11.6 
Selling, general and administrative49.8 59.6 36.4 
Total$62.6 $69.3 $48.4 
Schedule of Stock Option Activity
The following summarizes the activity under the Company’s stock option plans:
Number
Weighted Average
Exercise Price		Weighted Average Remaining Contractual Term
(in years)		Aggregate
Intrinsic
Value
(in millions)
Outstanding at December 31, 2024
399,395 $155.65 
Granted131,959 $276.67 
Exercised(153,533)$124.46 $28.4 
Forfeited and canceled(85,400)$220.49 
Outstanding at December 31, 2025
292,421 $207.66 6.9$23.2 
Vested, December 31, 2025
108,507 $153.21 3.9$14.2 
Vested or expected to vest, December 31, 2025
260,575 $202.52 6.6$21.9 
Schedule of Assumptions Used for Options Granted
The weighted-average assumptions used in the Black-Scholes pricing model for options granted during each year, along with the weighted-average grant-date fair values, were as follows:
 Years Ended December 31,
 202520242023
Risk-free interest rate
4.1%
4.4%
4.3%
Expected life of options (in years)
4.2
4.1
4.2
Dividend yield—%—%—%
Expected stock price volatility
42.9%
46.2%
45.7%
Fair value per option$108.51$69.48$115.32
Schedule of Restricted Stock Units
Activity for RSUs is as follows:
Number
Weighted
Average
Fair Value
Outstanding at December 31, 2024
392,746 $196.74 
Granted232,054 $277.24 
Vested(177,303)$207.62 
Forfeited(54,623)$222.38 
Outstanding at December 31, 2025
392,874 $235.78 
Schedule of Performance Stock Units
Activity for PSUs is as follows:
Number
Weighted
Average
Fair Value
Outstanding at December 31, 2024
236,772 $205.74 
Granted
119,459 $299.58 
Vested(83,216)$239.48 
Performance adjustment(1)
33,742 $272.27 
Forfeited(99,907)$226.81 
Outstanding at December 31, 2025(2)
206,850 $241.67 
(1) Represents the adjustment to awards granted in 2022 for the three-year performance cycle award period ended 2024, based on the actual performance achievement of 169%. These shares vested in February 2025.
(2) Based on 200% achievement of the performance metrics, 53 thousand shares of Insulet were earned for awards that were granted in 2023 for the performance period ended December 31, 2025. These shares vest in February 2026.
Schedule of Estimated Fair Value of Share Purchase Under ESPP
The weighted-average assumptions used in the Monte Carlo model for PSUs granted were:
Risk-free interest rate
4.0 %
Expected stock price volatility 41.7 %
Peer group stock price volatility 46.0 %
Correlation of returns 29.2 %
The estimated fair value of shares purchased under the ESPP were based on the following assumptions:
 Years Ended December 31,
 202520242023
Risk-free interest rate
 3.8% - 4.3%
4.4% - 5.4%
5.3% - 5.4%
Expected term (in years)0.50.50.5
Dividend yield—%—%—%
Expected stock price volatility
32.0% - 42.9%
34.2% - 40.9%
29.1% - 47.0%
v3.25.4
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss), Net of Tax
Changes in the components of accumulated other comprehensive income (loss), net of tax, were as follows:
(in millions)Foreign Currency Translation Adjustment
Unrealized Losses on Securities
Unrealized Gains on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2022
$(16.9)$— $36.9 $20.0 
Other comprehensive income (loss) before reclassifications
2.5 (0.3)6.1 8.3 
Amounts reclassified to net income(1)
— — (20.3)(20.3)
Balance, December 31, 2023
(14.4)(0.3)22.8 8.0 
Other comprehensive income (loss) before reclassifications
(7.9)— (39.4)(47.2)
Amounts reclassified to net income(1)
— — 26.0 26.0 
Balance, December 31, 2024
(22.3)(0.3)9.4 (13.2)
Other comprehensive income (loss) before reclassifications29.7 — (24.4)5.4 
Amounts reclassified to net income(1)
— — 20.3 20.3 
Balance, December 31, 2025
$7.5 $(0.3)$5.3 $12.5 
(1) Income tax expense on cash flow hedges in other comprehensive income (loss) before reclassification for the year ended December 31, 2025 and December 31, 2024 were $1.2 million and $3.9 million, respectively. There was no tax impact for the year ended December 31, 2023. Additionally, there is no income tax impact on currency translation adjustments.
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Taxes
The U.S. and foreign components of income before income taxes were as follows:
Years Ended December 31,
(in millions)202520242023
U.S.$248.0 $253.9 $199.5 
Foreign
91.5 46.3 15.1 
Income before income taxes$339.5 $300.2 $214.7 
Schedule of Income Tax (Benefit) Provision
The provision for income taxes consists of the following: 
Years Ended December 31,
(in millions)202520242023
Current
Federal
$2.9 $5.8 $— 
State
1.8 6.4 3.7 
Foreign
25.4 6.6 4.1 
Total current tax expense
30.1 18.8 7.8 
Deferred
Federal
58.9 (111.1)0.1 
State4.8 (18.6)— 
Foreign
(1.5)(7.2)0.4 
Total deferred tax expense (benefit)
62.3 (136.9)0.5 
Income tax expense (benefit)
$92.4 $(118.1)$8.3 
Schedule of Effective Income Tax Rate Reconciliation
Reconciliations of the U.S. federal statutory rate to the Company’s effective tax rate for the year ended December 31, 2025 are as follows:
Year Ended December 31, 2025
(in millions)
AmountPercent
U.S. federal statutory tax rate$71.3 21.0 %
State and local income taxes, net of federal income tax effect(1)
6.0 1.8 
Foreign tax effects
   United Kingdom4.8 1.4 
   Other foreign jurisdictions(0.1)— 
Effect of cross-border tax laws— — 
Tax credits:
R&D(14.6)(4.3)
Foreign tax credit(3.6)(1.1)
Change in valuation allowance0.5 0.1 
Nontaxable or nondeductible items
   Extinguishment of debt22.8 6.7 
   Other nondeductible items2.0 0.6 
Other(0.1)— 
Changes in unrecognized tax benefits 3.6 1.1 
Effective tax rate$92.4 27.2 %
(1) State and local taxes in Colorado comprise the majority of this category.
Reconciliations of the U.S. federal statutory rate to the Company’s effective tax rate for the years ended December 31, 2024 and 2023 are as follows:
 Year Ended December 31, 2024Year Ended December 31, 2023

AmountPercent
Amount
Percent
U.S. federal statutory rate
$63.0 21.0 %$45.1 21.0 %
Foreign tax rate differential
3.2 1.1 1.3 0.6 
State taxes, net of federal benefit6.9 2.3 5.2 2.4 
Federal and state R&D credits
(13.2)(4.4)(12.6)(5.9)
Stock-based compensation1.4 0.5 (6.8)(3.2)
Non-deductible officers’ compensation1.8 0.6 2.8 1.3 
Permanent items
3.2 1.1 1.6 0.7 
Change in valuation allowance(179.4)(59.8)(23.2)(10.8)
Change to prior year R&D credit
(8.3)(2.8)(6.0)(2.8)
Other3.2 1.1 1.2 0.6 
Effective tax rate$(118.1)(39.3)%$8.3 3.9 %
Schedule of Unrecognized Tax Benefits
The following table summarizes the activity related to the Company’s unrecognized tax benefits:
Years Ended December 31,
(in millions)202520242023
Unrecognized tax benefits at beginning of year
$12.8 $5.0 $— 
Additions related to current period tax positions
3.8 2.7 2.4 
Additions related to prior period tax positions
0.1 5.1 2.6 
Unrecognized tax benefits at end of year
$16.7 $12.8 $5.0 
Schedule of Income Taxes Paid
Income taxes paid by jurisdiction for the year ended December 31, 2025 were as follows:
(in millions)
U.S. federal$14.7 
U.S. state and local
   Colorado
2.2 
   Other
3.8 
Foreign
   United Kingdom
11.9 
   Other
5.8 
Total income taxes paid
$38.5 
Years Ended December 31,
(in millions)202520242023
Cash paid for interest, net of amount capitalized$50.8 $47.1 $49.9 
Cash paid for taxes$38.5 $20.6 $8.1 
Purchases of property and equipment included in accounts payable and accrued expenses$6.9 $3.2 $7.1 
Purchases of property, plant and equipment included in long-term debt$3.5 $7.1 $12.9 
Schedule of Company's Deferred Tax Assets (Liabilities)
The components of the net deferred tax asset were as follows:
 As of December 31,
(in millions)20252024
Deferred tax assets:
Net operating loss carryforwards$19.6 $23.4 
Tax credits69.8 56.7 
Capitalized research and development expenditures15.7 78.8 
Accrued expenses39.0 34.5 
Inventory capitalization8.2 8.2 
Intangible assets6.9 6.4 
Incentive compensation21.3 14.7 
Stock-based compensation12.2 10.2 
Other7.5 11.3 
Total deferred tax assets200.2 244.0 
Deferred tax liabilities:
Prepaid assets(12.0)(9.3)
Property, plant and equipment(56.7)(47.5)
Capitalized contract acquisition costs(17.4)(13.1)
Other(2.0)(8.6)
Total deferred tax liabilities(88.1)(78.4)
Net deferred tax asset before valuation allowance112.1 165.6 
Valuation allowance(30.6)(23.9)
Net deferred tax asset$81.6 $141.7 
Schedule of Net Operating Loss and Tax Credit Carryforwards
As of December 31, 2025, the Company’s net operating loss carryforwards were as follows:
(in millions)
Expiration Period
Net Operating Loss Carryforwards
U.S. federal
2032 - 2037$40.2 
State
2026 - 2042$196.4 
Foreign
Indefinite$1.5 
As of December 31, 2025, the Company’s tax credit carryforwards were as follows:
(in millions)
Expiration Period
Tax Credit Carryforwards
U.S. federal
2026 - 2045$54.1 
State2026 - 2045$39.6 
v3.25.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earning Per Share The computation of basic and diluted earnings per share was as follows:
Years Ended December 31,
(in millions, except share and per share data)202520242023
Net income$247.1 $418.3 $206.3 
Add back interest expense, net of tax attributable to assumed conversion of Convertible Senior Notes
3.0 9.1 10.4 
Net income, diluted$250.1 $427.4 $216.8 
Weighted average number of common shares outstanding, basic
(in thousands)		70,348 70,076 69,751 
Convertible Senior Notes
1,234 3,528 3,528 
Stock options100 150 286 
Restricted stock units204 136 68 
Weighted average number of common shares outstanding, diluted (in thousands)
71,886 73,891 73,633 
Earnings per share
    Basic
$3.51 $5.97 $2.96 
    Diluted
$3.48 $5.78 $2.94 
Schedule of Potential Common Shares Excluded from Computation of Diluted Earning per Share
The number of common share equivalents excluded from the computation of diluted earnings per share because either the effect would have been anti-dilutive, or the performance criteria related to the units had not yet been met, were as follows:
Years Ended December 31,
(in thousands)202520242023
Restricted stock units425 464 322 
Stock options129 209 163 
Total554 673 485 
v3.25.4
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Cash Flow Information
Income taxes paid by jurisdiction for the year ended December 31, 2025 were as follows:
(in millions)
U.S. federal$14.7 
U.S. state and local
   Colorado
2.2 
   Other
3.8 
Foreign
   United Kingdom
11.9 
   Other
5.8 
Total income taxes paid
$38.5 
Years Ended December 31,
(in millions)202520242023
Cash paid for interest, net of amount capitalized$50.8 $47.1 $49.9 
Cash paid for taxes$38.5 $20.6 $8.1 
Purchases of property and equipment included in accounts payable and accrued expenses$6.9 $3.2 $7.1 
Purchases of property, plant and equipment included in long-term debt$3.5 $7.1 $12.9 
v3.25.4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Significant Accounting Policies [Line Items]      
Net foreign currency realized and unrealized gains (losses) $ 1.8 $ (2.3)  
Selling, general and administrative expenses 1,165.0 917.2 $ 734.8
Advertising expense $ 121.3 84.3 63.1
Minimum | Cloud Computing Costs      
Significant Accounting Policies [Line Items]      
Useful life of finite-lived intangible asset 3 years    
Maximum | Cloud Computing Costs      
Significant Accounting Policies [Line Items]      
Useful life of finite-lived intangible asset 10 years    
Shipping and handling      
Significant Accounting Policies [Line Items]      
Selling, general and administrative expenses $ 22.0 $ 16.3 $ 12.4
United States And Europe      
Significant Accounting Policies [Line Items]      
Product warranty term for PDMs 4 years    
CANADA      
Significant Accounting Policies [Line Items]      
Product warranty term for PDMs 5 years    
v3.25.4
Summary of Significant Accounting Policies - Property Plant and Equipment (Details)
Dec. 31, 2025
Minimum | Building and building improvements  
Property, Plant and Equipment [Line Items]  
Useful life of property plant and equipment 20 years
Minimum | Machinery and equipment  
Property, Plant and Equipment [Line Items]  
Useful life of property plant and equipment 2 years
Minimum | Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Useful life of property plant and equipment 3 years
Maximum | Building and building improvements  
Property, Plant and Equipment [Line Items]  
Useful life of property plant and equipment 39 years
Maximum | Machinery and equipment  
Property, Plant and Equipment [Line Items]  
Useful life of property plant and equipment 15 years
Maximum | Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Useful life of property plant and equipment 5 years
v3.25.4
Summary of Significant Accounting Policies - Intangible Assets (Details)
Dec. 31, 2025
Customer relationships  
Finite-Lived Intangible Assets [Line Items]  
Useful life of finite-lived intangible asset 14 years
Minimum | Internal-use software  
Finite-Lived Intangible Assets [Line Items]  
Useful life of finite-lived intangible asset 3 years
Minimum | Developed technology  
Finite-Lived Intangible Assets [Line Items]  
Useful life of finite-lived intangible asset 5 years
Minimum | Patents  
Finite-Lived Intangible Assets [Line Items]  
Useful life of finite-lived intangible asset 8 years
Maximum | Internal-use software  
Finite-Lived Intangible Assets [Line Items]  
Useful life of finite-lived intangible asset 5 years
Maximum | Developed technology  
Finite-Lived Intangible Assets [Line Items]  
Useful life of finite-lived intangible asset 15 years
Maximum | Patents  
Finite-Lived Intangible Assets [Line Items]  
Useful life of finite-lived intangible asset 15 years
v3.25.4
Segment and Geographic Data - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segment 1
Number of operating segments 1
v3.25.4
Segment and Geographic Data - Revenue by Geographic Location (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenue $ 2,708.1 $ 2,071.6 $ 1,697.1
U.S.      
Segment Reporting Information [Line Items]      
Revenue 1,953.9 1,548.2 1,287.0
International      
Segment Reporting Information [Line Items]      
Revenue $ 754.3 $ 523.4 $ 410.1
v3.25.4
Segment and Geographic Data - Long-lived Assets by Geographical Location (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Property, plant and equipment, net $ 819.5 $ 723.1
U.S.    
Segment Reporting Information [Line Items]    
Property, plant and equipment, net 472.5 475.9
Malaysia    
Segment Reporting Information [Line Items]    
Property, plant and equipment, net 220.0 159.1
China    
Segment Reporting Information [Line Items]    
Property, plant and equipment, net 74.1 78.5
Other    
Segment Reporting Information [Line Items]    
Property, plant and equipment, net $ 52.9 $ 9.7
v3.25.4
Revenue and Contract Acquisition Costs - Schedule of Revenue from Contracts with Customers (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenue $ 2,708.1 $ 2,071.6 $ 1,697.1
U.S.      
Disaggregation of Revenue [Line Items]      
Total revenue 1,919.8 1,509.3 1,251.0
International      
Disaggregation of Revenue [Line Items]      
Total revenue 754.3 523.4 410.1
Total Omnipod products      
Disaggregation of Revenue [Line Items]      
Total revenue 2,674.0 2,032.7 1,661.1
Drug Delivery      
Disaggregation of Revenue [Line Items]      
Total revenue $ 34.1 $ 38.9 $ 36.0
v3.25.4
Revenue and Contract Acquisition Costs - Schedule of Revenue from Major Customers - Concentration Risk (Details) - Customer Concentration Risk - Sales Revenue
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Distributor A      
Concentration Risk [Line Items]      
Percentage of concentration risk 27.00% 28.00% 28.00%
Distributor B      
Concentration Risk [Line Items]      
Percentage of concentration risk 26.00% 26.00% 24.00%
Distributor C      
Concentration Risk [Line Items]      
Percentage of concentration risk 25.00% 21.00% 19.00%
v3.25.4
Revenue and Contract Acquisition Costs - Schedule of Deferred Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Accrued expenses and other current liabilities $ 14.0 $ 12.0 $ 15.4
Other liabilities 1.5 2.0 1.9
Total deferred revenue 15.5 14.0 17.4
Deferred revenue recognized $ 8.2 $ 15.4 $ 16.0
v3.25.4
Revenue and Contract Acquisition Costs - Schedule of Contract Acquisition Costs (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Prepaid expenses and other current assets $ 25.3 $ 20.1
Other assets 53.0 40.8
Total capitalized contract acquisition costs, net $ 78.4 $ 60.9
v3.25.4
Revenue and Contract Acquisition Costs - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Amortization of capitalized commission costs $ 22.7 $ 18.2 $ 16.3
v3.25.4
Accounts Receivable, Net - Schedule of Account Receivable (Details) - Nonrelated Party - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Accounts receivable, net $ 516.9 $ 252.5 $ 240.3
Unbilled receivable      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Accounts receivable, net 5.7 9.7 5.8
Accounts receivable trade, net      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Accounts receivable, net $ 511.3 $ 242.8 $ 234.5
v3.25.4
Accounts Receivable, Net - Schedule of Net Accounts Receivable Trade from Major Customers (Details) - Accounts Receivable - Customer Concentration Risk
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Distributor A    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage of concentration risk 37.00% 35.00%
Distributor B    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage of concentration risk 20.00% 27.00%
Distributor C    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage of concentration risk 10.00% 15.00%
v3.25.4
Accounts Receivable, Net - Activity in Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 1.4 $ 2.4 $ 2.5
Provision for expected credit losses 0.7 (0.2) 2.3
Write-offs charged against allowance (0.7) (0.8) (2.6)
Recoveries of amounts previously reserved 0.0 0.0 0.3
Foreign currency translation 0.2 0.0 0.0
Ending balance $ 1.6 $ 1.4 $ 2.4
v3.25.4
Accounts Receivable, Net - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Receivables [Abstract]    
Accounts receivable, receivables pledged as collateral $ 0.8 $ 12.2
Secured borrowings $ 0.8 $ 12.2
v3.25.4
Inventories - Schedule of Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 194.1 $ 156.7
Work in process 64.6 81.2
Finished goods 193.9 192.5
Total inventories $ 452.6 $ 430.4
v3.25.4
Inventories - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Omnipod GO  
Inventory [Line Items]  
Amounts charged for excess and obsolete inventory $ 13.5
v3.25.4
Cloud Computing Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Research and Development [Abstract]      
Short-term portion $ 46.0 $ 31.7  
Long-term portion 159.1 135.3  
Total capitalized implementation costs 205.1 167.0  
Less: accumulated amortization (94.4) (62.4)  
Capitalized implementation costs, net 110.7 104.6  
Capitalized implementation costs, amortization $ 32.1 $ 26.8 $ 20.3
v3.25.4
Property, Plant and Equipment, Net - Components of Property and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,252.3 $ 1,085.5
Less: accumulated depreciation (432.8) (362.4)
Property, plant and equipment, net 819.5 723.1
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 16.4 12.2
Building and building improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 233.7 226.8
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 787.7 672.7
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 22.7 20.8
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 24.8 16.4
Construction in process    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 166.9 $ 136.6
v3.25.4
Property, Plant and Equipment, Net - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Interest costs capitalized $ 4.2 $ 1.5 $ 1.6
Depreciation expense $ 79.9 $ 71.0 $ 62.6
v3.25.4
Goodwill and Other Intangible Assets, Net - Summary of Changes in Carrying Amounts of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Goodwill at beginning of the year $ 51.5 $ 51.7
Foreign currency translation 0.1 (0.2)
Goodwill at end of the year $ 51.6 $ 51.5
v3.25.4
Goodwill and Other Intangible Assets, Net - Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 183.8 $ 159.1
Accumulated Amortization (66.7) (60.6)
Net Book Value 117.1 98.5
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 43.2 43.1
Accumulated Amortization (35.8) (33.5)
Net Book Value 7.4 9.6
Internal-use software    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 68.3 52.4
Accumulated Amortization (14.1) (15.6)
Net Book Value 54.2 36.8
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 28.3 27.4
Accumulated Amortization (6.9) (4.9)
Net Book Value 21.4 22.5
Patents    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 44.0 36.2
Accumulated Amortization (9.9) (6.5)
Net Book Value $ 34.2 $ 29.6
v3.25.4
Goodwill and Other Intangible Assets, Net - Narrative (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization of intangible assets $ 10.5 $ 9.8 $ 10.2
v3.25.4
Goodwill and Other Intangible Assets, Net - Amortization Expense Expected for Next Five Years (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Years Ending December 31,  
2026 $ 19.2
2027 19.0
2028 17.9
2029 17.2
2030 $ 15.9
v3.25.4
Investments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]      
Payments to acquire equity securities   $ 12.0  
Equity securities without readily determinable fair value $ 19.1 21.9  
Equity securities without readily determinable fair value, impairment loss 2.8 0.0  
Payments to acquire debt securities     $ 5.0
Debt securities, amortized cost 5.0 5.0  
Debt securities 0.0 4.7  
Debt securities, allowance for credit losses recorded 4.7    
Other investments $ 0.0 $ 0.0 $ 2.0
v3.25.4
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - Nonrelated Party - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Accrued rebates $ 205.5 $ 148.3
Employee compensation and related costs 209.2 142.9
Professional and consulting services 58.2 51.6
Other 113.9 81.2
Accrued expenses and other current liabilities $ 586.7 $ 423.9
v3.25.4
Accrued Expenses and Other Current Liabilities - Product Warranty Liability (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]      
Product warranty liability at beginning of year $ 13.9 $ 10.2 $ 62.1
Warranty expense 25.0 24.2 18.5
Change in estimate 0.0 (0.5) (11.5)
Warranty fulfillment (22.1) (20.0) (58.9)
Product warranty liability at end of year $ 16.8 $ 13.9 $ 10.2
v3.25.4
Accrued Expenses and Other Current Liabilities - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]      
Change in estimate $ 0.0 $ (0.5) $ (11.5)
v3.25.4
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Leases [Abstract]    
Option to extend lease, maximum number of years   10 years
Purchase of property $ 18.1  
Operating leases, weighted average remaining lease term   10 years
Operating leases, weighted-average discount rate used to determine the operating lease liability   7.90%
v3.25.4
Leases - Schedule of ROU Assets and Operating Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating lease asset:    
Operating lease asset $ 43.7 $ 36.7
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets (includes $1.0 and $10.1 at fair value) Other assets (includes $1.0 and $10.1 at fair value)
Operating lease liabilities:    
Operating lease liabilities, current $ 3.0 $ 2.1
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Operating lease liabilities, noncurrent $ 48.9 $ 40.0
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Total operating lease liabilities $ 51.9 $ 42.1
v3.25.4
Leases - Lease Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 10.6 $ 7.3 $ 8.8
Finance lease cost:      
Amortization of leased assets 0.0 0.7 0.4
Interest on lease liabilities 0.0 1.0 0.6
Total finance lease cost 0.0 1.7 1.0
Total operating and financing lease cost $ 10.6 $ 9.0 $ 9.8
v3.25.4
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Right-of-use assets obtained in exchange for lease liabilities      
Operating leases $ 10.2 $ 8.0 $ 5.4
Finance lease 0.0 0.0 22.3
Lease payment made for amounts included in the measurement of operating lease liabilities      
Cash paid for operating leases included in operating cash flows 6.2 5.8 5.7
Cash paid for finance lease included in operating cash flows 0.0 1.1 0.0
Cash paid for finance lease included in financing cash flows $ 0.0 $ 22.7 $ 0.0
v3.25.4
Leases - Future Minimum Undiscounted Lease Payments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating Leases    
2026 $ 6.6  
2027 8.0  
2028 7.9  
2029 8.1  
2030 12.4  
Thereafter 39.3  
Total future minimum lease payments 82.3  
Less: imputed interest (30.5)  
Present value of future minimum lease payments $ 51.9 $ 42.1
v3.25.4
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Unamortized debt discount $ (3.5) $ (5.4)
Debt issuance costs (9.7) (7.7)
Total debt, net 949.2 1,379.8
Less: current portion 18.4 83.8
Total long term-debt, net 930.8 1,296.1
Revolving Credit Facility    
Debt Instrument [Line Items]    
Long-term debt, gross $ 0.0 $ 0.0
Effective Interest Rate 0.00% 0.00%
Equipment Financing due 2025 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 0.0 $ 8.7
Effective Interest Rate 0.00% 5.90%
Mortgage | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 0.0 $ 60.9
Effective Interest Rate 0.00% 5.74%
Convertible Senior Notes | Convertible Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 0.0 $ 800.0
Effective Interest Rate 0.00% 0.76%
Equipment financing due 2028 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 34.9 $ 40.8
Equipment financing due 2028 | Secured Debt | Minimum    
Debt Instrument [Line Items]    
Effective Interest Rate 4.27% 4.27%
Equipment financing due 2028 | Secured Debt | Maximum    
Debt Instrument [Line Items]    
Effective Interest Rate 10.44% 8.87%
Term Loan B | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 477.5 $ 482.5
Effective Interest Rate 7.05% 8.68%
Senior Unsecured Notes | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 450.0 $ 0.0
Effective Interest Rate 6.84%  
v3.25.4
Debt - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 31, 2025
Jun. 30, 2025
Aug. 31, 2024
Jan. 31, 2024
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]                  
Proceeds from issuance of Term Loan B, net of issuance costs             $ 15,500,000 $ 130,000,000.0 $ 0
Repayment of convertible debt             1,052,200,000 0 0
Loss on extinguishment of debt             123,900,000 0 0
Additional paid in capital decrease, debt conversion             144,800,000    
Settlement of capped call options             164,600,000 0 $ 0
Secured Debt | Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Increased borrowing capacity $ 500,000,000                
Secured Debt | Revolving Credit Facility | Minimum                  
Debt Instrument [Line Items]                  
Debt, basis spread on variable rate   1.50%              
Secured Debt | Revolving Credit Facility | Maximum                  
Debt Instrument [Line Items]                  
Debt, basis spread on variable rate   2.00%              
Senior Secured Term Loan B | Secured Debt                  
Debt Instrument [Line Items]                  
Debt, face amount             500,000,000    
Debt, basis spread on variable rate   2.00% 2.50% 3.00%          
Debt, floor rate       0.00%          
Senior Unsecured Notes | Secured Debt                  
Debt Instrument [Line Items]                  
Debt, face amount $ 450,000,000                
Debt, interest rate 6.50%                
Proceeds from issuance of Term Loan B, net of issuance costs $ 440,700,000                
Convertible Senior Notes | Convertible Debt                  
Debt Instrument [Line Items]                  
Debt, interest rate   0.375%       0.375%      
Principal repurchased, gross         $ 380,100,000 $ 419,900,000      
Principal repurchased, net         378,400,000 417,600,000      
Repayment of convertible debt         510,700,000 541,500,000      
Loss on extinguishment of debt           $ 123,900,000      
Additional paid in capital decrease, debt conversion         $ 132,300,000        
Settlement of capped call options             $ 164,600,000    
Debt unamortized issuance costs               $ 5,100,000  
v3.25.4
Debt - Schedule of Interest Expense (Details) - Convertible Senior Notes - Convertible Debt - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Contractual interest expense $ 1.4 $ 3.0 $ 3.0
Amortization of debt issuance costs 1.2 3.0 3.0
Total interest recognized on the Convertible Senior Notes $ 2.6 $ 6.0 $ 6.0
v3.25.4
Debt - Schedule of Carrying Value of Company's Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Carrying Value    
Debt Instrument [Line Items]    
Debt instrument fair value $ 949.2 $ 1,379.8
Mortgage | Secured Debt    
Debt Instrument [Line Items]    
Debt instrument fair value   60.6
Mortgage | Secured Debt | Carrying Value    
Debt Instrument [Line Items]    
Debt instrument fair value 0.0 60.6
Convertible Senior Notes | Convertible Debt    
Debt Instrument [Line Items]    
Debt instrument fair value   1,018.9
Convertible Senior Notes | Convertible Debt | Carrying Value    
Debt Instrument [Line Items]    
Debt instrument fair value 0.0 794.9
Equipment financings | Secured Debt    
Debt Instrument [Line Items]    
Debt instrument fair value 34.8 49.3
Equipment financings | Secured Debt | Carrying Value    
Debt Instrument [Line Items]    
Debt instrument fair value 34.8 49.3
Term Loan B | Secured Debt    
Debt Instrument [Line Items]    
Debt instrument fair value 482.3 485.8
Term Loan B | Secured Debt | Carrying Value    
Debt Instrument [Line Items]    
Debt instrument fair value 473.0 475.1
Senior Unsecured Notes | Secured Debt    
Debt Instrument [Line Items]    
Debt instrument fair value 469.2  
Senior Unsecured Notes | Secured Debt | Carrying Value    
Debt Instrument [Line Items]    
Debt instrument fair value $ 441.4 $ 0.0
v3.25.4
Debt - Schedule of Maturities of Debt (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 18.4
2027 19.4
2028 12.1
2029 5.0
2030 $ 5.0
v3.25.4
Financial Instruments and Fair Value - Schedule of Financial Instruments Disclosed at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total $ 986.2 $ 1,614.7
Term Loan B | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 482.3 485.8
Senior Unsecured Notes | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 469.2  
Convertible Senior Notes | Convertible Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value   1,018.9
Equipment financings | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 34.8 49.3
Mortgage | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value   60.6
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 951.4 485.8
Level 1 | Term Loan B | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 482.3 485.8
Level 1 | Senior Unsecured Notes | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 469.2  
Level 1 | Convertible Senior Notes | Convertible Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value   0.0
Level 1 | Equipment financings | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 0.0 0.0
Level 1 | Mortgage | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value   0.0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 0.0 1,018.9
Level 2 | Term Loan B | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 0.0 0.0
Level 2 | Senior Unsecured Notes | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 0.0  
Level 2 | Convertible Senior Notes | Convertible Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value   1,018.9
Level 2 | Equipment financings | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 0.0 0.0
Level 2 | Mortgage | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value   0.0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 34.8 109.9
Level 3 | Term Loan B | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 0.0 0.0
Level 3 | Senior Unsecured Notes | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 0.0  
Level 3 | Convertible Senior Notes | Convertible Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value   0.0
Level 3 | Equipment financings | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value $ 34.8 49.3
Level 3 | Mortgage | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value   $ 60.6
v3.25.4
Financial Instruments and Fair Value - Schedule of Assets and Liabilities Measured at Fair Value Recurring Basis (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Assets:    
Interest rate swaps $ 1.0 $ 5.4
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets (includes $1.0 and $10.1 at fair value) Prepaid expenses and other current assets
Debt securities $ 0.0 $ 4.7
Total assets at fair value 717.1 963.5
Liabilities:    
Interest rate swaps $ 0.8  
Minimum | Risk free interest rate | Discounted cash flow    
Liabilities:    
Measurement input 0.040  
Maximum | Risk free interest rate | Discounted cash flow    
Liabilities:    
Measurement input 0.047  
Level 1    
Assets:    
Interest rate swaps $ 0.0 0.0
Debt securities   0.0
Total assets at fair value 716.1 953.3
Liabilities:    
Interest rate swaps 0.0  
Level 2    
Assets:    
Interest rate swaps 1.0 5.4
Debt securities   0.0
Total assets at fair value 1.0 5.4
Liabilities:    
Interest rate swaps 0.8  
Level 3    
Assets:    
Interest rate swaps 0.0 0.0
Debt securities   4.7
Total assets at fair value 0.0 4.7
Liabilities:    
Interest rate swaps 0.0  
Cash    
Assets:    
Cash and cash equivalents 138.7 133.4
Cash | Level 1    
Assets:    
Cash and cash equivalents 138.7 133.4
Cash | Level 2    
Assets:    
Cash and cash equivalents 0.0 0.0
Cash | Level 3    
Assets:    
Cash and cash equivalents 0.0 0.0
Money market mutual funds    
Assets:    
Cash and cash equivalents 577.4 819.9
Money market mutual funds | Level 1    
Assets:    
Cash and cash equivalents 577.4 819.9
Money market mutual funds | Level 2    
Assets:    
Cash and cash equivalents 0.0 0.0
Money market mutual funds | Level 3    
Assets:    
Cash and cash equivalents $ 0.0 $ 0.0
v3.25.4
Financial Instruments and Fair Value - Schedule of Reconciliation of Changes in Fair Value of investments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period $ 4.7 $ 8.5
Unrealized loss included in other income (expense), net   $ (3.8)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]   Other income (expense), net
Provision for credit loss included in selling, general and administrative expenses (4.7)  
Balance at the end of period 0.0 $ 4.7
Debt Securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period 4.7 4.7
Unrealized loss included in other income (expense), net   0.0
Provision for credit loss included in selling, general and administrative expenses (4.7)  
Balance at the end of period 0.0 4.7
Other Investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period 0.0 3.8
Unrealized loss included in other income (expense), net   (3.8)
Provision for credit loss included in selling, general and administrative expenses 0.0  
Balance at the end of period $ 0.0 $ 0.0
v3.25.4
Derivative Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2025
Apr. 30, 2025
Derivative [Line Items]        
Gain on embedded derivative     $ 12.5  
Derecognition of derivative asset, decrease to additional paid in capital     $ 12.5  
Convertible Senior Notes | Convertible Debt        
Derivative [Line Items]        
Principal repurchased, gross $ 380.1 $ 419.9    
Interest Rate Swap        
Derivative [Line Items]        
Fixed interest rate       3.47%
Notional amount       $ 460.0
v3.25.4
Commitments and Contingencies (Details)
$ in Millions
Apr. 24, 2025
USD ($)
Dec. 03, 2024
USD ($)
trade_secret
Insulet Corporation vs. EOFLOW Co., Ltd.    
Loss Contingencies [Line Items]    
Number of trade secrets | trade_secret   4
Litigation settlement, amount awarded from other party $ 59.4 $ 452.0
Insulet Corporation vs. EOFLOW Co., Ltd., Compensatory Damages    
Loss Contingencies [Line Items]    
Litigation settlement, amount awarded from other party   170.0
Insulet Corporation vs. EOFLOW Co., Ltd., Exemplary Damages    
Loss Contingencies [Line Items]    
Litigation settlement, amount awarded from other party   $ 282.0
v3.25.4
Equity - Equity Award Plan (Details) - 2025 Plan - shares
Dec. 31, 2025
May 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares authorized (in shares)   7,400,000
Shares available for issuance (in shares) 7,300,000  
v3.25.4
Equity - Cost Related to Stock-Based Compensation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 62.6 $ 69.3 $ 48.4
Cost of revenue      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 0.8 0.7 0.4
Research and development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 12.0 9.0 11.6
Selling, general and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 49.8 $ 59.6 $ 36.4
v3.25.4
Equity - Stock Options Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Intrinsic value, exercised in the period $ 28.4 $ 16.5 $ 52.7
Unrecognized compensation cost, period for recognition 1 year 10 months 24 days    
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 4 years    
Award expiration period 10 years    
Dividend yield 0.00% 0.00% 0.00%
Unrecognized compensation cost $ 13.3    
Unrecognized compensation cost, period for recognition 2 years 8 months 12 days    
v3.25.4
Equity - Summary of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number      
Beginning balance (in shares) 399,395    
Granted (in shares) 131,959    
Exercised (in shares) (153,533)    
Forfeited and canceled (in shares) (85,400)    
Ending balance (in shares) 292,421 399,395  
Vested (in shares) 108,507    
Vested or expected to vest (in shares) 260,575    
Weighted Average Exercise Price      
Beginning balance (in dollars per share) $ 155.65    
Granted (in dollars per share) 276.67    
Exercised (in dollars per share) 124.46    
Forfeited and canceled (in dollars per share) 220.49    
Ending balance (in dollars per share) 207.66 $ 155.65  
Vested (in dollars per share) 153.21    
Vested or expected to vest (in dollars per share) $ 202.52    
Weighted Average Remaining Contractual Term (in years)      
Options outstanding, weighted average remaining contractual life 6 years 10 months 24 days    
Options vested, weighted average remaining contractual life 3 years 10 months 24 days    
Vested or expected to vest, weighted average remaining contractual term 6 years 7 months 6 days    
Aggregate Intrinsic Value (in millions)      
Intrinsic value, exercised in the period $ 28.4 $ 16.5 $ 52.7
Intrinsic value, options outstanding 23.2    
Intrinsic value, options vested 14.2    
Intrinsic value, options vested and expected to vest $ 21.9    
v3.25.4
Equity - Assumptions Used for Options Granted (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected stock price volatility 42.90% 46.20% 45.70%
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 4.10% 4.40% 4.30%
Expected life of options (in years) 4 years 2 months 12 days 4 years 1 month 6 days 4 years 2 months 12 days
Dividend yield 0.00% 0.00% 0.00%
Fair value per option (in dollars per share) $ 108.51 $ 69.48 $ 115.32
v3.25.4
Equity - Restricted Stock Units Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation cost, period for recognition 1 year 10 months 24 days    
Restricted stock units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 3 years    
Granted (in dollars per share) $ 277.24 $ 171.23 $ 259.86
Fair value of awards vested $ 36.8 $ 28.3 $ 24.1
Unrecognized compensation cost $ 63.1    
v3.25.4
Equity - Summary of Restricted Stock Units (Details) - Restricted stock units - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number      
Beginning balance (in shares) 392,746    
Granted (in shares) 232,054    
Vested (in shares) (177,303)    
Forfeited (in shares) (54,623)    
Ending balance (in shares) 392,874 392,746  
Weighted Average Fair Value      
Beginning balance (in dollars per share) $ 196.74    
Granted (in dollars per share) 277.24 $ 171.23 $ 259.86
Vested (in dollars per share) 207.62    
Forfeited (in dollars per share) 222.38    
Ending balance (in dollars per share) $ 235.78 $ 196.74  
v3.25.4
Equity - Performance Stock Units Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost, period for recognition 1 year 10 months 24 days      
Performance Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period 3 years     3 years
Award vesting percentage 250.00%      
Granted (in dollars per share) $ 299.58 $ 166.86 $ 276.36  
Fair value of awards vested $ 19.9 $ 4.7 $ 8.7  
Unrecognized compensation cost $ 63.7      
Unrecognized compensation cost, period for recognition 1 year 7 months 6 days      
v3.25.4
Equity - Summary of Performance Stock Units (Details) - Performance Shares - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number        
Beginning balance (in shares) 236,772      
Granted (in shares) 119,459   53,000  
Vested (in shares) (83,216)      
Performance adjustment (in shares) 33,742      
Forfeited (in shares) (99,907)      
Ending balance (in shares) 206,850 236,772    
Weighted Average Fair Value        
Beginning balance (in dollars per share) $ 205.74      
Granted (in dollars per share) 299.58 $ 166.86 $ 276.36  
Vested (in dollars per share) 239.48      
Performance adjustment (in dollars per share) 272.27      
Forfeited (in dollars per share) 226.81      
Ending balance (in dollars per share) $ 241.67 $ 205.74    
Award vesting period 3 years     3 years
Award performance achievement percentage 200.00%     169.00%
v3.25.4
Equity - Schedule of Valuation Assumptions (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected stock price volatility 42.90% 46.20% 45.70%
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 4.00%    
Expected stock price volatility 41.70%    
Peer group stock price volatility 46.00%    
Correlation of returns 29.20%    
v3.25.4
Equity - Employee Stock Purchase Plan Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation cost, period for recognition 1 year 10 months 24 days    
ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award offering period 6 months    
Granted (in dollars per share) $ 82.86 $ 58.54 $ 60.67
Unrecognized compensation cost $ 2,300,000    
Unrecognized compensation cost, period for recognition 4 months 24 days    
ESPP | ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares authorized (in shares) 880,000    
Annual maximum shares per employee (in shares) 800    
Annual maximum common stock value purchase per employee $ 25,000    
Percentage of employees' compensation deduction for share purchase 10.00%    
Purchase price percentage of fair market value 85.00%    
Issuance of shares for employee stock purchase plan (in shares) 59,487 78,068 55,439
Shares available for issuance (in shares) 226,855    
v3.25.4
Equity - Summary Employee Stock Purchase Plan (Details) - ESPP
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate, minimum 3.80% 4.40% 5.30%
Risk-free interest rate, maximum 4.30% 5.40% 5.40%
Expected term (in years) 6 months 6 months 6 months
Dividend yield 0.00% 0.00% 0.00%
Expected stock price volatility, minimum 32.00% 34.20% 29.10%
Expected stock price volatility, maximum 42.90% 40.90% 47.00%
v3.25.4
Equity - Share Repurchase Program Narrative (Details) - USD ($)
$ in Millions
Feb. 18, 2026
Mar. 31, 2025
2025 Share Repurchase Program    
Share Repurchase Program [Line Items]    
Share repurchase program, authorized   $ 125
2026 Share Repurchase Program | Subsequent Event    
Share Repurchase Program [Line Items]    
Share repurchase program, authorized $ 350  
v3.25.4
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 1,211.6 $ 732.7 $ 476.4
Other comprehensive income (loss) before reclassifications 5.4 (47.2) 8.3
Amounts reclassified to net income 20.3 26.0 (20.3)
Ending balance 1,515.2 1,211.6 732.7
Other comprehensive income before reclassification, tax expense (benefit) 1.2 3.9 0.0
Accumulated Other Comprehensive Income (Loss)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (13.2) 8.0 20.0
Ending balance 12.5 (13.2) 8.0
Foreign Currency Translation Adjustment      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (22.3) (14.4) (16.9)
Other comprehensive income (loss) before reclassifications 29.7 (7.9) 2.5
Amounts reclassified to net income 0.0 0.0 0.0
Ending balance 7.5 (22.3) (14.4)
Unrealized Losses on Securities      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (0.3) (0.3) 0.0
Other comprehensive income (loss) before reclassifications 0.0 0.0 (0.3)
Amounts reclassified to net income 0.0 0.0 0.0
Ending balance (0.3) (0.3) (0.3)
Unrealized Gains on Cash Flow Hedges      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 9.4 22.8 36.9
Other comprehensive income (loss) before reclassifications (24.4) (39.4) 6.1
Amounts reclassified to net income 20.3 26.0 (20.3)
Ending balance $ 5.3 $ 9.4 $ 22.8
v3.25.4
Benefit Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Employer matching percentage of employees contribution percentage 50.00%    
Maximum elective contributions of employee's eligible pay 6.00%    
Contributions by employer $ 17.9 $ 13.3 $ 12.1
Common stock, shares held in employee trust (in shares) 3,142.5 0  
v3.25.4
Income Taxes - Components of Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
U.S. $ 248.0 $ 253.9 $ 199.5
Foreign 91.5 46.3 15.1
Income before income taxes $ 339.5 $ 300.2 $ 214.7
v3.25.4
Income Taxes - Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current      
Federal $ 2.9 $ 5.8 $ 0.0
State 1.8 6.4 3.7
Foreign 25.4 6.6 4.1
Total current tax expense 30.1 18.8 7.8
Deferred      
Federal 58.9 (111.1) 0.1
State 4.8 (18.6) 0.0
Foreign (1.5) (7.2) 0.4
Total deferred tax expense (benefit) 62.3 (136.9) 0.5
Income tax expense (benefit) $ 92.4 $ (118.1) $ 8.3
v3.25.4
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation - 2025 (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory tax rate $ 71.3 $ 63.0 $ 45.1
State and local income taxes, net of federal income tax effect 6.0 6.9 5.2
Foreign tax effects   3.2 1.3
Effect of cross-border tax laws 0.0    
Tax credits:      
R&D (14.6) (13.2) (12.6)
Foreign tax credit (3.6)    
Change in valuation allowance 0.5 (179.4) (23.2)
Nontaxable or nondeductible items      
Extinguishment of debt 22.8    
Other nondeductible items 2.0 3.2 1.6
Other (0.1) 3.2 1.2
Changes in unrecognized tax benefits 3.6    
Income tax expense (benefit) $ 92.4 $ (118.1) $ 8.3
Percent      
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
State taxes, net of federal benefit 1.80% 2.30% 2.40%
Foreign tax effects   1.10% 0.60%
Effect of cross-border tax laws 0.00%    
Tax credits:      
R&D (4.30%) (4.40%) (5.90%)
Foreign tax credit (1.10%)    
Change in valuation allowance 0.10% (59.80%) (10.80%)
Nontaxable or nondeductible items      
Extinguishment of debt 6.70%    
Other nondeductible items 0.60% 1.10% 0.70%
Other 0.00% 1.10% 0.60%
Changes in unrecognized tax benefits 1.10%    
Effective tax rate 27.20% (39.30%) 3.90%
United Kingdom      
Amount      
Foreign tax effects $ 4.8    
Percent      
Foreign tax effects 1.40%    
Other      
Amount      
Foreign tax effects $ (0.1)    
Percent      
Foreign tax effects 0.00%    
v3.25.4
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation - 2024 and 2023 (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory rate $ 71.3 $ 63.0 $ 45.1
Foreign tax rate differential   3.2 1.3
State taxes, net of federal benefit 6.0 6.9 5.2
Federal and state R&D credits (14.6) (13.2) (12.6)
Stock-based compensation   1.4 (6.8)
Non-deductible officers’ compensation   1.8 2.8
Permanent items 2.0 3.2 1.6
Change in valuation allowance 0.5 (179.4) (23.2)
Change to prior year R&D credit   (8.3) (6.0)
Other (0.1) 3.2 1.2
Income tax expense (benefit) $ 92.4 $ (118.1) $ 8.3
Percent      
U.S. federal statutory rate 21.00% 21.00% 21.00%
Foreign tax rate differential   1.10% 0.60%
State taxes, net of federal benefit 1.80% 2.30% 2.40%
Federal and state R&D credits (4.30%) (4.40%) (5.90%)
Stock-based compensation   0.50% (3.20%)
Non-deductible officers’ compensation   0.60% 1.30%
Permanent items 0.60% 1.10% 0.70%
Change in valuation allowance 0.10% (59.80%) (10.80%)
Change to prior year R&D credit   (2.80%) (2.80%)
Other 0.00% 1.10% 0.60%
Effective tax rate 27.20% (39.30%) 3.90%
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Foreign earnings repatriated $ 127,200,000    
Unrecognized tax benefits that would impact effective tax rate 16,700,000 $ 12,800,000 $ 5,000,000.0
Income tax penalties and interest expense 0 0 $ 0
Income tax penalties and interest expense accrued 0 $ 0  
One Big Beautiful Bill Act, deferred tax asset decrease 69,200,000    
Valuation allowance increase $ 6,700,000    
v3.25.4
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefits at beginning of year $ 12.8 $ 5.0 $ 0.0
Additions related to current period tax positions 3.8 2.7 2.4
Additions related to prior period tax positions 0.1 5.1 2.6
Unrecognized tax benefits at end of year $ 16.7 $ 12.8 $ 5.0
v3.25.4
Income Taxes - Schedule of Income Taxes Paid (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Effective Income Tax Rate Reconciliation [Line Items]  
U.S. federal $ 14.7
Total income taxes paid 38.5
Colorado  
Effective Income Tax Rate Reconciliation [Line Items]  
U.S. state and local 2.2
Other  
Effective Income Tax Rate Reconciliation [Line Items]  
U.S. state and local 3.8
United Kingdom  
Effective Income Tax Rate Reconciliation [Line Items]  
Foreign 11.9
Other  
Effective Income Tax Rate Reconciliation [Line Items]  
Foreign $ 5.8
v3.25.4
Income Taxes - Components of Deferred Tax Assets (Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Net operating loss carryforwards $ 19.6 $ 23.4
Tax credits 69.8 56.7
Capitalized research and development expenditures 15.7 78.8
Accrued expenses 39.0 34.5
Inventory capitalization 8.2 8.2
Intangible assets 6.9 6.4
Incentive compensation 21.3 14.7
Stock-based compensation 12.2 10.2
Other 7.5 11.3
Total deferred tax assets 200.2 244.0
Deferred tax liabilities:    
Prepaid assets (12.0) (9.3)
Property, plant and equipment (56.7) (47.5)
Capitalized contract acquisition costs (17.4) (13.1)
Other (2.0) (8.6)
Total deferred tax liabilities (88.1) (78.4)
Net deferred tax asset before valuation allowance 112.1 165.6
Valuation allowance (30.6) (23.9)
Net deferred tax asset $ 81.6 $ 141.7
v3.25.4
Income Taxes - Net Operating Loss and Tax Credit Carryforwards (Details)
$ in Millions
Dec. 31, 2025
USD ($)
U.S. federal  
Operating Loss Carryforwards [Line Items]  
Net Operating Loss Carryforwards $ 40.2
Tax Credit Carryforwards 54.1
State  
Operating Loss Carryforwards [Line Items]  
Net Operating Loss Carryforwards 196.4
Tax Credit Carryforwards 39.6
Foreign  
Operating Loss Carryforwards [Line Items]  
Net Operating Loss Carryforwards $ 1.5
v3.25.4
Earnings Per Share - Schedule of Net Income Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Net income $ 247.1 $ 418.3 $ 206.3
Add back interest expense, net of tax attributable to assumed conversion of Convertible Senior Notes 3.0 9.1 10.4
Net income, diluted $ 250.1 $ 427.4 $ 216.8
Weighted average number of common shares outstanding, basic (in shares) 70,348 70,076 69,751
Convertible Senior Notes (in shares) 1,234 3,528 3,528
Weighted average number of common shares outstanding, diluted (in shares) 71,886 73,891 73,633
Earnings per share      
Basic (in dollars per share) $ 3.51 $ 5.97 $ 2.96
Diluted (in dollars per share) $ 3.48 $ 5.78 $ 2.94
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Effect of dilutive common share equivalents (in shares) 100 150 286
Restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Effect of dilutive common share equivalents (in shares) 204 136 68
v3.25.4
Earnings Per Share - Potential Common Shares Excluded from Computation of Diluted Net Income Per Share (Detail) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 554 673 485
Restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 425 464 322
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 129 209 163
v3.25.4
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]      
Cash paid for interest, net of amount capitalized $ 50.8 $ 47.1 $ 49.9
Cash paid for taxes 38.5 20.6 8.1
Purchases of property and equipment included in accounts payable and accrued expenses 6.9 3.2 7.1
Purchases of property, plant and equipment included in long-term debt $ 3.5 $ 7.1 $ 12.9
v3.25.4
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reserve for rebates, chargebacks and wholesaler fees      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year $ 171.7 $ 157.7 $ 77.3
Additions Charged  to Costs and Expenses 847.6 587.8 465.5
Other 0.0 0.0 0.0
Deductions (786.5) (573.8) (385.1)
Balance at End of Year 232.8 171.7 157.7
Deferred tax valuation allowance      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year 23.9 202.9 222.8
Additions Charged  to Costs and Expenses 6.7 5.1 73.5
Other 0.0 0.0 3.6
Deductions 0.0 (184.2) (97.1)
Balance at End of Year 30.6 23.9 202.9
Reserve for inventory excess and obsolescence      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year 24.3 9.8 5.5
Additions Charged  to Costs and Expenses 6.9 20.4 5.9
Other 0.0 0.0 0.0
Deductions (6.7) (5.9) (1.5)
Balance at End of Year $ 24.5 $ 24.3 $ 9.8