DEXCOM (DXCM) Company Report

Dexcom reported 2025 results: ~15% organic revenue growth, >20% active base growth to 3.5 million customers; guided 2026 revenue growth of 11–13%, gross margin 63–64%, operating margin 22–23%, EBITDA margin 30–31% and over $1 billion free cash flow.
Expanded US coverage: secured top PBM coverage for Type 2 insulin users (intensive and basal), with clinical real-world data showing sustained A1C, weight and BMI improvements; planning CMS and non-insulin Type 2 coverage based on RCT readouts in H1 2026.
Launched G7 15-Day system in DME and retail channels—featuring enhanced accuracy and a 12-hour warm-up—and rolling out Smart Basal remote insulin titration in select clinics.
Highlighted international growth initiatives: coverage expansions in Japan, France and Canada; opening Ireland manufacturing in H2 2026 and deploying a tiered portfolio (G-Series, Dexcom ONE/ONE+) to boost global adoption.
Announced G8 sensor development—promising the smallest form factor, highest accuracy and dual-analyte capability—with full details to be unveiled at the May 2026 Investor Day.

2 days ago

Transcript

Dexcom outlines 2026 strategy at RJ Institutional Investors Conference

DXCM

Guidance Update

Product Launch

New Projects/Investments

Dexcom grew 15% organic revenue and over 20% active user growth in 2025 to 3.5 million customers, and guided 2026 revenue growth of 11–13%, gross margins of 63–64%, operating margins of 22–23%, EBITDA margins of 30–31%, and over $1 billion in free cash flow.
Announced full coverage by major PBMs for Type 2 intensive and basal insulin users and expecting CMS coverage for non-insulin Type 2 to unlock up to 12 million lives, while pursuing international expansions in Japan, France, and Canada to capture under-penetrated markets.
Highlighted product roadmap with the recent launch of G7 15-day system in DME and retail channels with positive feedback, rollout of Smart Basal in select U.S. clinics, and a preview of the G8 sensor – the smallest and most accurate to date – at the May 2026 Investor Day.
Unveiled digital and customer experience initiatives including My Dexcom Account portal, EHR integrations across 160 health systems, and an enhanced Stelo app featuring AI coaching and meal logging to drive adherence and engagement.
Emphasized scalability investments through enhancements to the Quality Management System, supply chain resiliency measures, and the upcoming Ireland manufacturing facility launching in H2 2026.

2 days ago

Transcript

Dexcom outlines 2026 outlook and product strategy amid CEO transition

DXCM

Management Change

Guidance Update

Product Launch

Jake Leach succeeds Kevin Sayer as CEO (Sayer becomes Executive Chairman) after a 21-year tenure at Dexcom and prior experience at MiniMed.
2026 guidance calls for 11–13% organic revenue growth, 63–64% gross margin, 22–23% operating margin, 30–31% EBITDA margin, and over $1 billion in free cash flow.
Rolled out the Dexcom G7 15-day system with enhanced accuracy and 12-hour warm-up alongside Smart Basal insulin-titration in select U.S. clinics; previewed G8 sensor with smaller form factor and dual-analyte capability for May Investor Day.
Secured coverage with all major U.S. PBMs for Type 2 categories, is pursuing CMS non-insulin Type 2 coverage, and plans to expand globally via a tiered product portfolio (G-Series, Dexcom ONE/ONE+) and a new Ireland manufacturing facility in 2H 2026.

2 days ago

Transcript

Dexcom reports Q4 2025 results

DXCM

Earnings

Product Launch

In Q4 2025, Dexcom generated $1.26 billion in revenue, with 12% organic growth year-over-year (11% US; 15% international).
Operating margin expanded by ~750 basis points compared to Q4 2024.
Dexcom launched the G7 15-day CGM in the US and received FDA clearance for Smart Basal during the quarter.

Feb 12, 2026, 9:30 PM

Presentation

Dexcom reports Q4 2025 results

DXCM

Earnings

Guidance Update

Product Launch

Worldwide revenue of $1.26 billion (+13% year-over-year), with U.S. revenue of $892 million (+11%) and international revenue of $368 million (+18%).
Gross profit of $799.8 million (63.5% of revenue) vs. 59.4% a year ago, driving operating income of $331.5 million (26.3% margin) and adjusted EBITDA of $422.2 million (33.5% margin).
Cash and cash equivalents of $2 billion; free cash flow surpassed $1 billion in 2025; settled $1.2 billion of convertible notes and repurchased $300 million of stock.
Launched Dexcom G7 15-Day in the U.S. with positive early feedback; issued 2026 guidance of $5.16 billion–$5.25 billion revenue (+11%–13%), 63%–64% gross margin, and 30%–31% adjusted EBITDA margin.

Feb 12, 2026, 9:30 PM

Transcript

Dexcom reports Q4 2025 results

DXCM

Earnings

Product Launch

Guidance Update

Dexcom delivered Q4 2025 revenue of $1.26 billion, up 13% YoY; U.S. revenue was $892 million (+11%) and international was $368 million (+18%).
Non-GAAP gross margin improved to 63.5% (vs. 59.4% in Q4 2024), operating income was 26.3% of revenue and adjusted EBITDA was 33.5% of revenue.
Net income was $265.1 million (EPS of $0.68); the company ended the quarter with approximately $2 billion in cash, generated over $1 billion of free cash flow in 2025, settled $1.2 billion of convertible notes and repurchased $300 million of stock.
CEO Jake Leach highlighted the U.S. launch of the Dexcom G7 15-day system, early access to Smart Basal, the My Dexcom Account digital support platform, and new patch technology to boost sensor durability.
Dexcom guided 2026 revenue of $5.16–$5.25 billion (11–13% growth) and announced an Investor Day planned for May 2026.

Feb 12, 2026, 9:30 PM

Transcript

Dexcom reports Q4 2025 results

DXCM

Earnings

Guidance Update

Product Launch

Dexcom delivered $1.26 billion in Q4 2025 revenue, up 13% year-over-year (12% organic); U.S. sales were $892 million (+11%) and international sales $368 million (+18% reported, +15% organic).
Q4 gross profit was $799.8 million (63.5% margin vs. 59.4% a year ago); operating income was $331.5 million (26.3% margin), adjusted EBITDA $422.2 million (33.5%), and net income $265.1 million ($0.68 EPS); ending cash of $2 billion, with $1.2 billion of convertible notes settled and $300 million of stock repurchased; 2025 free cash flow surpassed $1 billion.
For 2026, Dexcom expects revenue of $5.16 billion–$5.25 billion (11%–13% growth), non-GAAP gross margin of 63%–64%, operating margin 22%–23%, and adjusted EBITDA margin 30%–31%.
Key product initiatives include the U.S. rollout of the G7 15-day system with strong early feedback, launch of the My Dexcom Account digital support platform, early access to Smart Basal, and live Direct EHR integration at over 160 health systems.

Feb 12, 2026, 9:30 PM

Transcript

Dexcom reports Q4 and FY2025 results

DXCM

Earnings

Guidance Update

Q4 revenue grew 13% year-over-year to $1.260 billion on a reported basis; U.S. sales +11% and international +18%
GAAP operating income in Q4 was $323.0 million (25.6% margin), up 860 bps versus Q4 2024; FY 2025 GAAP operating income was $911.8 million (19.6% margin)
Full-year revenue rose 16% to $4.662 billion (15% organic growth)
Cash & liquidity: as of December 31, 2025, held $2.00 billion in cash, cash equivalents and marketable securities
2026 guidance: revenue of $5.16–$5.25 billion (11–13% growth), non-GAAP operating margin ~22–23%, Adjusted EBITDA margin ~30–31%

Feb 12, 2026, 9:03 PM

8-K

Dexcom reports Q4 and FY2025 financial results

DXCM

Earnings

Guidance Update

Product Launch

Dexcom reported Q4 2025 revenue of $1.260 billion, up 13% year-over-year, and full-year 2025 revenue of $4.662 billion, up 16% versus 2024.
Q4 2025 GAAP operating income was $323.0 million (25.6% margin) and non-GAAP operating income was $331.5 million (26.3% margin); full-year GAAP operating income was $911.8 million (19.6%) and non-GAAP was $969.3 million (20.8%).
Strategic highlights include the U.S. launch of the Dexcom G7 15 Day CGM system, FDA clearance for Dexcom Smart Basal, and expanded access under Québec’s RAMQ program.
Dexcom reiterated FY2026 guidance for $5.16–5.25 billion in revenue (11–13% growth), non-GAAP gross profit margin of ~63–64%, non-GAAP operating margin of ~22–23%, and adjusted EBITDA margin of ~30–31%.

Feb 12, 2026, 9:03 PM

Press Release

Dexcom outlines 2026 growth and product roadmap

DXCM

Guidance Update

Product Launch

New Projects/Investments

Dexcom projects 11–13% revenue growth, 200+ bps gross margin expansion, over $1.5 billion adjusted EBITDA, and more than $1 billion free cash flow for 2026
Introduced Dexcom G7 15 Day sensor with 8.0% MARD and 15-day wear, and previewed the next-generation G8 sensor with advanced accuracy and reduced form factor
Stelo segment reached ~$130 million revenue in 2025 and over 500,000 users, capturing a leading share of the OTC CGM market
Dexcom CGM has powered more than 2.5 million patient years on automated insulin delivery, while expanding manufacturing with an Ireland facility slated for Q4 2026 production

Feb 12, 2026, 12:00 PM

Presentation

Earnings Transcripts

Quarterly earnings call transcripts for DEXCOM.

Q4 2025

Feb 12, 2026

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Q3 2025

Oct 30, 2025

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Q2 2025

Jul 30, 2025

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DEXCOM (DXCM)

Analyst Earnings Quarterly Reports

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Executives

Kevin Sayer

Jake Leach

Jereme Sylvain

Michael Brown

Sadie Stern

Board Members

Bridgette Heller

Euan Ashley

Kyle Malady

Mark Foletta

Nicholas Augustinos

Renée Galá

Richard Collins

Rimma Driscoll

Steven Altman

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Joanne Wuensch

Marie Thibault

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Michael Polark

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Shagun Singh Chadha

Danielle Antalffy

Issie Kirby

Matthew O'Brien

Steven Lichtman

Anthony Petrone

Bill Plovanic

Christopher Pasquale

Danielle Antalffy

Jeffrey Johnson

Matthew O'Brien

Matthew Taylor

Michael Kratky

Robert Marcus

William Plovanic

Jeff Johnson

Jon Block

Matthew Miksic

Matt Miksic

Mike Kratky

Zachary Day

Colin Clark

Kyle Rose

Larry Beagleson

Lawrence Biegelsen

Margaret Kaczor Andrew

Mathew Blackman

Matt O'Brien

Michael Pollock

Mike Polark

Patrick Wood

Simran

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