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Stockholders' Equity
 12 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Common Stock. On February 21, 2014, our board of directors approved a new share repurchase program, authorizing us to acquire up to an aggregate of 20 million shares of our common stock. The program allows us to repurchase shares of our common stock from time to time for cash in the open market, or in negotiated or block transactions, as market and business conditions warrant and subject to applicable legal requirements. The 20 million shares the program authorizes us to purchase are in addition to the shares we repurchased on or before February 21, 2014 under our previous programs. There is no expiration date for this program, and the program may be accelerated, suspended, delayed or discontinued at any time at the discretion of our board of directors. All share repurchases since February 21, 2014 have been executed in accordance with this program.
During fiscal year 2026, we repurchased approximately 2.9 million shares at a cost of $705 million, including commissions and other incremental transaction costs. During fiscal year 2025, we repurchased approximately 1.3 million shares at a cost of $300 million. As of June 30, 2026, we have repurchased a total of approximately 46.8 million shares at a cost of $2.8 billion. Shares that are repurchased are classified as “treasury stock pending future use” and reduce the number of shares outstanding used in calculating earnings per share. At June 30, 2026, approximately 7.9 million additional shares can be repurchased under the approved share repurchase program.
Preferred Stock. In April 1997, our board of directors authorized 2 million shares of $0.01 par value preferred stock. No such shares were issued or outstanding at June 30, 2026.
Stock Options and Restricted Stock Units. We have granted stock options, restricted stock units, or RSUs, and performance restricted stock units, or PRSUs, to personnel, including officers and directors, in accordance with the ResMed Inc. 2009 Incentive Award Plan, as amended and restated, or the 2009 Plan. Options and restricted stock units vest over one year to four years and the options have expiration dates of seven years from the date of grant. We have granted the options with an exercise price equal to the market value as determined at the date of grant. We have granted PRSUs that are subject to market conditions, with the ultimate realizable number of PRSUs dependent on both absolute and relative total stockholder return over a period of three years. The maximum amounts to be issued under the awards range from 200% to 225% of the original grant. We have also granted PRSUs that are subject to a performance condition based on meeting threshold levels of profitability measured by our actual adjusted earnings compared to board approved targeted levels of earnings.
At the annual meeting of our stockholders in November 2025, our stockholders approved an amendment and restatement to the 2009 Plan to increase the number of shares of common stock that may be issued or transferred pursuant to awards under the 2009 Plan by 2.4 million. The amendment and restatement authorizes the grant of incentive stock options and extends the term of the 2009 Plan indefinitely, unless otherwise amended.
The maximum number of shares of our common stock authorized for issuance under the 2009 Plan is 53.5 million. The number of securities remaining available for future issuance under the 2009 Plan at June 30, 2026 is 11.9 million. The number of shares of our common stock available for issuance under the 2009 Plan will be reduced by (i) 2.8 shares for each one share of common stock delivered in settlement of any “full-value award,” which is any award other than a stock option, stock appreciation right or other award for which the holder pays a purchase price and (ii) one share for each share of common stock delivered in settlement of all other awards. The maximum number of shares, which may be subject to awards granted under the 2009 Plan to any individual during any calendar year, may not exceed 3 million shares of our common stock (except in a participant’s initial year of hiring up to 4.5 million shares of our common stock may be granted). The maximum award amount which may be granted under the 2009 Plan to a non-employee director in a calendar year, which when taken together with any other cash fees earned for services as a non-employee director during the calendar year, has a total value of $0.7 million, or $1.2 million in the case of a non-employee director who is also serving as chairman of our board of directors. In addition, the payment of dividends or dividend equivalents on unvested awards, including time-based restricted stock, deferred stock and stock payment, is prohibited under the 2009 Plan.
In certain regions, shares are withheld on behalf of employees to satisfy statutory tax withholding requirements upon exercise or vesting of awards. The number of shares withheld is based upon the closing price of our common stock on the trading day of the applicable settlement date. The remaining shares are delivered to the recipient as shares of our common stock. The amount remitted to the tax authorities for the employees’ tax obligation is reflected as a financing activity on our consolidated statements of cash flows. Shares withheld by us as a result of the net settlement are not considered issued and outstanding and are added to the shares available for future issuance under the 2009 Plan.
The total fair value of RSUs that vested during the years ended June 30, 2026, 2025 and 2024, was $58 million, $45 million and $38 million, respectively.
The total fair value of PRSUs that vested during the years ended June 30, 2026, 2025 and 2024, was $17 million, $10 million, and $13 million, respectively.
The following table summarizes the activity of RSUs and PRSUs during year ended June 30, 2026 (in thousands, except years and per share amounts):
Weighted Average Grant-Date
Fair Value
Weighted Average Remaining
Contractual Term in Years
Restricted
Stock
Units
Performance Restricted Stock Units
Restricted
Stock
Units
Performance Restricted Stock Units
Restricted
Stock
Units		Performance Restricted Stock Units
Outstanding at beginning of period833 342 $201.05 $213.28 1.51.5
Granted405 85 238.15 247.57 
Vested*(286)(80)202.61 213.08 
Forfeited (83)(30)202.54 211.33 
Outstanding at end of period869 317 $217.66 $220.43 1.41.5
*Includes approximately 62 thousand RSUs and 28 thousand PRSUs netted for tax.
The following table summarizes option activity during the year ended June 30, 2026 (in thousands, except years and per share amounts):
OptionsWeighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term in Years
Outstanding at beginning of period517 $175.61 2.7
Granted36 250.52 
Exercised*(205)136.82 
Forfeited(2)224.58 
Outstanding at end of period346 $206.02 3.2
Options exercisable at end of period265 $201.27 2.4
Options vested and expected to vest at end of period342 $205.65 3.1
*Includes approximately 8 thousand shares netted for tax.
The aggregate intrinsic value of options exercised during the fiscal years 2026, 2025 and 2024, was $25 million, $38 million and $18 million, respectively. As at June 30, 2026, the aggregate intrinsic value of options outstanding, exercisable, and vested and expected to vest were $6 million, $5 million and $6 million respectively.
Employee Stock Purchase Plan, or the ESPP. Under the ESPP, we offer participants the right to purchase shares of our common stock at a discount during successive offering periods. Each offering period under the ESPP will be for a period of time determined by the board of directors’ compensation committee of no less than 3 months and no more than 27 months. The purchase price for our common stock under the ESPP will be the lower of 85% of the fair market value of our common stock on the date of grant or 85% of the fair market value of our common stock on the date of purchase. An individual participant cannot subscribe for more than $25,000 in common stock during any calendar year. At the annual meeting of our stockholders in November 2025, our stockholders approved an amendment and restatement to the ESPP to increase the number of shares of common stock that may be issued or transferred pursuant to awards under the ESPP by 3.0 million shares. At June 30, 2026, the number of shares remaining available for future issuance under the ESPP is 3.5 million shares.
During years ended June 30, 2026, 2025 and 2024, we issued approximately 254,000, 226,000 and 323,000 shares to our employees in two offerings and we recognized $11 million, $12 million and $11 million, respectively, of stock compensation expense associated with the ESPP.
Stock–based Employee Compensation. We measure the compensation expense of all stock-based awards at fair value on the grant date. We estimate the fair value of stock options and purchase rights granted under the ESPP using the Black-Scholes valuation model. The fair values of RSUs and PRSUs subject to performance conditions are equal to the market value of the underlying shares as determined at the grant date less the fair value of dividends that holders are not entitled to during the vesting period. The fair value of PRSUs that are subject to market conditions is measured using a Monte-Carlo simulation valuation model. We recognize the fair value as compensation expense using the straight-line method over the service period for awards expected to vest.
For the years ended June 30, 2026, 2025 and 2024, we estimated the fair value of PRSUs that are measured using a Monte-Carlo simulation valuation model, stock options granted under our stock option plans and purchase rights granted under the ESPP using the assumptions in the following tables. The risk-free interest rate is estimated using the U.S. Treasury yield curve and is based on the term of the award. The expected term of awards is estimated from the vesting period of the award, as well as historical exercise behavior, and represents the period of time the awards granted are expected to be outstanding. Expected volatility is estimated based upon the historical volatility of Resmed stock.
202620252024
Performance restricted stock units
Weighted average grant date fair value$263.31$272.47$168.14
Weighted average risk-free interest rate3.63%4.23%4.50%
Expected life in years
3 - 4
3 - 4
3 - 4
Dividend yield(1)
0.93% - 1.29%
0.88%1.29%
Expected volatility
32% - 33%
32% - 34%
31% - 36%
Average peer volatility(2)
30%31%31%
Average peer correlation coefficient(3)
0.43160.51890.5385
Stock options:
Weighted average grant date fair value$97.63$88.54$50.48
Weighted average risk-free interest rate3.80%4.17%4.44%
Expected life in years7.04.94.9
Dividend yield0.96%0.85%1.29%
Expected volatility35%37%36%
ESPP purchase rights:
Weighted average grant date fair value$52.87$59.55$47.40
Weighted average risk-free interest rate3.9%4.7%5.4%
Expected life in years0.50.50.5
Dividend yield
0.90% - 1.29%
0.87% - 0.90%
0.75% - 1.30%
Expected volatility
19% - 34%
34% - 39%
27% - 40%
(1)    The dividend yield used to project the value of the stock delivered to the holder is based on historical dividends and the expectation of future dividend payouts. Total stockholder return is determined assuming the reinvestment of dividends over the performance period, which is mathematically equivalent to a 0% dividend yield.
(2)    The correlation coefficients are based upon the stock price data used to estimate the volatility assumptions.
(3)    The average peer volatility is estimated based upon the historical volatility of each peer company.
The following table summarizes total stock-based compensation costs incurred and the associated tax benefit recognized during the years ended June 30, 2026, 2025 and 2024 (in thousands):
202620252024
Cost of sales $10,121 $8,945 $7,563 
Research and development expenses22,042 18,128 14,472 
Selling, general and administrative expenses72,185 64,588 58,149 
Stock-based compensation costs104,348 91,661 80,184 
Tax benefit(23,127)(21,833)(15,053)
Stock-based compensation costs, net of tax benefit$81,221 $69,828 $65,131 
At June 30, 2026, there was $177 million in unrecognized compensation costs related to unvested stock-based compensation arrangements. This is expected to be recognized over a weighted average period of 2.5 years.