ResMed Inc (RMD)

Pretax margin

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	1,677,565	1,577,244	1,534,972	1,376,104	1,264,798	1,183,867	1,097,824	1,112,061	1,101,663	1,062,951	999,892	963,487	960,482	961,603	953,289	926,595	883,661	856,545	830,195	798,355
Revenue (ttm)	US$ in thousands	5,146,330	5,021,540	4,926,780	4,807,490	4,546,017	4,444,877	4,364,797	4,235,737	4,222,994	4,015,671	3,763,271	3,624,405	3,578,126	3,539,492	3,443,759	3,348,896	3,196,825	3,091,065	3,091,753	3,027,899
Pretax margin		32.60%	31.41%	31.16%	28.62%	27.82%	26.63%	25.15%	26.25%	26.09%	26.47%	26.57%	26.58%	26.84%	27.17%	27.68%	27.67%	27.64%	27.71%	26.85%	26.37%

June 30, 2025 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $1,677,565K ÷ $5,146,330K
= 32.60%

The pretax margin of ResMed Inc. exhibits a relatively stable trend over the analyzed period, indicating consistent profitability before taxes. Starting at approximately 26.37% as of September 30, 2020, the margin generally maintained a range between about 26.1% and 27.7% through March 31, 2023, suggesting effective control over operating costs relative to revenues.

From September 30, 2023, onward, the pretax margin shows an upward trajectory, rising from 26.25% on September 30, 2023, to 31.16% as of December 31, 2024, and further increasing to 32.60% projected for June 30, 2025. This indicates an improving trend in pre-tax profitability, potentially driven by better operational efficiency, favorable product mix, or expanded margins on sales.

Overall, while the pretax margin experienced minor fluctuations in the earlier period, the recent trend points toward a significant improvement, highlighting enhanced profitability and operational leverage in the company's financial performance.