10-K · May 1, 2026
Masimo's 10-K for the fiscal year ended January 3, 2026 reveals significant operational transitions, including an ongoing merger with Danaher Corporation, which could impact corporate strategy and financial positioning.…
Earnings analysis · 10-Q
MASI earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
Masimo Corporation reported Q1 2026 earnings with revenues of $403.6M, an increase of 8.5% from Q1 2025's $372M, driven by strong consumables and service revenue. Gross margin fell slightly to 62.1% from 62.9%, and…
Read full summary
Masimo Corporation reported Q1 2026 earnings with revenues of $403.6M, an increase of 8.5% from Q1 2025's $372M, driven by strong consumables and service revenue. Gross margin fell slightly to 62.1% from 62.9%, and operating income was $77.4M, slightly down from $78.0M in the prior year. There was a net income of $57.1M compared to a loss of $170.7M in the previous year, marking a significant recovery.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.36
- Segment
- Healthcare
- Segment
- OEM
What stood out
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Strong Revenue Growth
Revenue grew to $403.6M, an 8.5% increase from $372.0M in Q1 2025.
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Positive Net Income
Net income reached $57.1M, a substantial turnaround from a loss of $170.7M in the prior year.
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High Gross Margin
Despite a slight decline, gross margin remained robust at 62.1%.
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Increased Operating Income
Operating income was $77.4M, just slightly below last year's $78.0M.
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Robust Cash Flow from Operations
Cash provided by operating activities was $46.8M, an increase from $37.9M in Q1 2025.
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Effective Management of Tariffs
Incremental tariffs incurred were $6.7M, managed through operational efficiencies.
What to watch
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Increased Costs from Tariffs
Incremental tariffs increased costs by $6.7M, which may affect future profitability.
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Cybersecurity Incident Impact
A cybersecurity incident impacted operations; though recovered, risks remain.
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Merger-Related Expenses
Transaction-related costs from the Danaher merger incurred approximately $17.9M.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-K · February 27, 2026
Masimo’s 2026 Form 10-K is dominated by the proposed Merger with Danaher (Merger Agreement dated February 16, 2026) that would pay $180.00 per share in cash and creates material transaction-related risks and costs…
10-Q · November 4, 2025
Masimo reported Q3 revenue of $371.5M, up $28.2M (+8.2%) versus Q3 2024 ($343.3M), with gross profit of $230.6M (62.1% gross margin) and operating income of $83.6M (22.5% operating margin). Continuing operations…
10-Q · May 6, 2025
Masimo reported quarterly revenue of $372.0 million, up from $339.6 million a year earlier, with gross margin expanding to 62.9% and operating income rising to $78.0 million. Continuing operations delivered diluted…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.