INSP
$71.34+1.70%
Inspire Medical Systems Inc.Stock · HealthcareRussell 2000 · 0.04% of IWMUS Stock Market · 0.002% of VTIRussell 3000 · 0.002% of IWV
INSP financial statements
The full income statement, balance sheet, and cash-flow statement for Inspire Medical Systems Inc. (INSP), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 29.8M2024-09 30.0M2024-12 29.7M2025-03 29.5M2025-06 29.6M2025-09 29.1M2025-12 28.6M2026-03 28.8M2026-06 28.9M-3.1% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
PeriodRangeOrderChangeFiguresAs-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 912M+13.6% | 803M+28.5% | 625M+53.2% | 408M+74.7% | 233M+102.3% | |
| 779M+14.6% | 680M+28.7% | 528M+54.6% | 342M+70.8% | 200M+104.7% | ||
| Cost of revenue | 133M+8.3% | 123M+27.3% | 96.6M+46.1% | 66.1M+98.7% | 33.3M+88.8% | |
| — | — | 568M+46.0% | 389M+62.2% | 240M+55.9% | ||
| Research & development | 103M-9.6% | 114M-2.1% | 117M+69.8% | 68.6M+83.8% | 37.4M+43.1% | |
| Selling, general & administrative | 625M+17.9% | 530M+17.2% | 452M+40.9% | 321M+58.3% | 203M+58.4% | |
| Provision for credit losses | 923K-3.6% | 957K-41.0% | 1.62M+12576.9% | -13.0K-122.8% | 57.0K | |
| Operating income | 51.0M+41.2% | 36.1M+189.6% | -40.3M+15.4% | -47.6M-19.4% | -39.9M+29.1% | |
| Interest expense | 137K+522.7% | 22.0K | 0.00-100.0% | 1.68M-21.2% | 2.13M+0.5% | |
| Interest & investment income | — | — | — | — | 125K-88.6% | |
| Other non-operating income | -2.66M-210.6% | -855K-338.5% | -195K-298.0% | -49.0K+58.1% | -117K-180.7% | |
| Pre-tax income | 65.7M+12.4% | 58.5M+393.6% | -19.9M+55.0% | -44.3M-5.5% | -42.0M+26.5% | |
| Income tax | -79.7M-1712.6% | 4.94M+296.5% | 1.25M+103.4% | 613K+751.4% | 72.0K-37.4% | |
| Net income | 145M+171.8% | 53.5M+353.0% | -21.2M+52.9% | -44.9M-6.8% | -42.0M+26.5% | |
| $4.89+179.4% | $1.75+343.1% | -$0.72+55.0% | -$1.60-3.9% | -$1.54+29.7% | ||
| EPS (basic) | $4.95+175.0% | $1.80+350.0% | -$0.72+55.0% | -$1.60-3.9% | -$1.54+29.7% | |
| Weighted-avg shares (basic) | 29.4M-1.3% | 29.8M+1.6% | 29.3M+4.4% | 28.1M+3.0% | 27.3M+4.6% | |
| Weighted-avg shares (diluted) | 29.8M-2.6% | 30.5M+4.2% | 29.3M+4.4% | 28.1M+3.0% | 27.3M+4.6% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 584M-7.5% | 631M+6.2% | 594M+12.0% | 530M+97.4% | 269M-0.5% | ||
| Cash & equivalents | 105M-30.2% | 150M-19.1% | 186M-58.0% | 442M+105.9% | 214M+12.6% | |
| Short-term investments | 203M-31.1% | 295M+7.5% | 275M+2698.5% | 9.82M | 0.00-100.0% | |
| Accounts receivable | 120M+28.6% | 93.1M+3.5% | 89.9M+46.8% | 61.2M+79.1% | 34.2M+36.4% | |
| Inventory | 145M+81.3% | 80.1M+136.4% | 33.9M+185.1% | 11.9M-31.0% | 17.2M+103.2% | |
| Prepaid expenses | 10.4M-13.9% | 12.1M+25.8% | 9.60M+74.3% | 5.50M+107.0% | 2.66M+35.4% | |
| 907M+12.2% | 808M+19.4% | 677M+19.8% | 565M+91.4% | 295M+4.9% | ||
| Property, plant & equipment | 97.9M+36.1% | 71.9M+79.9% | 40.0M+131.8% | 17.2M+103.3% | 8.49M+59.8% | |
| Operating lease right-of-use | 23.5M+0.9% | 23.3M+2.9% | 22.7M+229.5% | 6.88M-13.1% | 7.92M+36.4% | |
| Long-term investments | 96.3M+35.7% | 71.0M+676.5% | 9.14M | 0.00-100.0% | 9.94M | |
| Deferred tax assets | 88.7M | — | — | — | — | |
| Other non-current assets | 17.3M+52.4% | 11.3M+0.5% | 11.3M+5.3% | 10.7M+5152.5% | 204K+0.0% | |
| 96.1M+8.5% | 88.5M+13.3% | 78.1M+27.7% | 61.2M+48.1% | 41.3M+99.3% | ||
| Accounts payable | 36.6M-5.5% | 38.7M-0.4% | 38.8M+44.7% | 26.8M+130.2% | 11.7M+61.8% | |
| Accrued liabilities | 59.5M+19.4% | 49.8M+26.9% | 39.3M+14.3% | 34.3M+67.9% | 20.5M+51.3% | |
| Current lease liability | 2.16M+23.0% | 1.75M | 0.00-100.0% | 1.34M+328.2% | 312K | |
| 126M+6.3% | 119M+13.8% | 104M+51.4% | 68.9M+4.3% | 66.0M+28.4% | ||
| Long-term debt | — | — | — | — | 24.5M+0.0% | |
| Non-current lease liability | 30.0M-0.1% | 30.0M+20.9% | 24.8M+229.7% | 7.54M-14.3% | 8.80M+49.4% | |
| Operating lease liability (total) | 32.2M+1.1% | 31.8M+28.0% | 24.8M+180.0% | 8.87M-2.6% | 9.11M+54.7% | |
| Other non-current liabilities | 104K-29.7% | 148K-89.0% | 1.35M+821.9% | 146K+9.0% | 134K+57.6% | |
| 781M+13.3% | 690M+20.5% | 573M+15.4% | 496M+116.6% | 229M-0.3% | ||
| Preferred stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock | 29.0K-3.3% | 30.0K+0.0% | 30.0K+3.4% | 29.0K+7.4% | 27.0K+0.0% | |
| Additional paid-in capital | 927M-5.5% | 981M+7.0% | 917M+11.8% | 820M+61.3% | 508M+8.9% | |
| Retained earnings | -146M+49.8% | -292M+15.5% | -345M-6.5% | -324M-16.1% | -279M-17.7% | |
| Accumulated other comprehensive income | 464K-13.4% | 536K-33.0% | 800K+1030.2% | -86.0K-56.4% | -55.0K-289.7% | |
| Total equity incl. non-controlling | — | — | 573M+15.4% | 496M+116.6% | 229M-0.3% | |
| Total liabilities & equity | 907M+12.2% | 808M+19.4% | 677M+19.8% | 565M+91.4% | 295M+4.9% | |
| Common shares issued | 28.6M-3.9% | 29.7M+0.6% | 29.6M+1.9% | 29.0M+5.8% | 27.4M+1.3% | |
| Common shares outstanding | 28.6M-3.9% | 29.7M+0.6% | 29.6M+1.9% | 29.0M+5.8% | 27.4M+1.3% | |
| Shares outstanding (cover) | 28.6M-3.6% | 29.7M+0.3% | 29.6M+1.8% | 29.0M+5.5% | 27.5M+1.5% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 117M-10.2% | 130M+428.3% | 24.7M+113.1% | 11.6M+157.5% | -20.1M+62.1% | ||
| Depreciation & amortization | 14.0M+113.1% | 6.55M+130.1% | 2.85M+53.2% | 1.86M+52.5% | 1.22M+45.0% | |
| Share-based compensation | 130M+12.3% | 116M+40.7% | 82.5M+58.7% | 52.0M+98.5% | 26.2M+104.2% | |
| Deferred income taxes | -88.8M-682600.0% | -13.0K | 0.00 | 0.00 | — | |
| Change in inventory | 65.2M+41.0% | 46.2M+110.2% | 22.0M+511.6% | -5.34M-161.1% | 8.75M+230.9% | |
| Change in payables | -3.75M-720.4% | 604K-93.5% | 9.30M-35.2% | 14.4M+200.4% | 4.78M+133.3% | |
| 21.4M+119.0% | -113M+61.6% | -295M-1404.5% | -19.6M-167.3% | 29.1M-66.4% | ||
| Capital expenditure | 38.5M-1.6% | 39.1M+65.6% | 23.6M+159.8% | 9.10M+94.9% | 4.67M+90.1% | |
| Free cash flow | 78.5M-13.9% | 91.1M+8798.7% | 1.02M-58.6% | 2.47M+110.0% | -24.8M+55.3% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Purchases of investments | — | — | — | — | 9.99M-81.0% | |
| Sales/maturities of investments | 310M-9.9% | 345M+3263.3% | 10.2M | 0.00-100.0% | 43.8M-69.1% | |
| -183M-250.1% | -52.4M-475.6% | 13.9M-94.1% | 235M+1472.6% | 14.9M-88.9% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00-100.0% | 24.5M | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00-100.0% | 244M | 0.00-100.0% | |
| Common stock repurchased | 175M | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| FX effect on cash | -310K-162.7% | -118K-172.0% | 164K+118.7% | 75.0K+494.7% | -19.0K-272.7% | |
| Net change in cash | -45.3M-28.1% | -35.4M+86.2% | -256M-212.7% | 227M+848.4% | 23.9M-85.7% | |
| Interest paid | 137K+522.7% | 22.0K | 0.00-100.0% | 2.32M+22.9% | 1.89M-0.3% | |
| Income taxes paid | 8.32M | — | — | — | — | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 2.64B-52.1% | 5.50B-8.4% | 6.01B-17.5% | 7.28B+14.9% | 6.33B+24.1% | |
| P/E | 18.1×-82.4% | 102.8× | — | — | — | |
| P/S | 2.9×-57.8% | 6.9×-35.0% | 10.5×-49.6% | 20.9×-23.0% | 27.1×-38.6% | |
| P/B | 3.4×-57.7% | 8.0×-27.7% | 11.0×-28.7% | 15.5×-44.0% | 27.7×+24.5% | |
| P/FCF | 33.6×-44.3% | 60.4×-91.9% | 740.7× | — | — | |
| Earnings yield | 5.5%+466.9% | 0.97% | — | — | — | |
| FCF yield | 3.0%+79.6% | 1.7%+1127.1% | 0.14% | — | — | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: INSP’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all INSP filings on SEC EDGAR → Not investment advice.