DEXCOM (DXCM) Company Report

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.

36 minutes ago

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.

1 hour ago

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.

2 hours ago

Transcript

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

3 hours ago

Presentation

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%.

3 hours ago

Press Release

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.

3 hours ago

Presentation

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%

4 hours ago

8-K

Dexcom reports FY2025 results and 2026 guidance

DXCM

Guidance Update

Product Launch

New Projects/Investments

Dexcom delivered $4.662 billion in full-year 2025 revenue (up 16%, 15% organic) and exited with 3.5 million active customers; Stelo contributed $130 million of revenue.
For 2026, the company guides to $5.16 billion–$5.25 billion in revenue (+11%–13%), with expanded gross margin, 22%–23% operating margin, $1 billion free cash flow, and $1.5 billion adjusted EBITDA.
Recent product highlights include full rollout of the G7 15-day sensor and approval of Smart Basal; the upcoming G8 platform targets a 50% smaller wearable and enhanced accuracy, alongside Stelo app enhancements.
To support growth and new products, Dexcom’s Ireland sensor manufacturing facility is on track to begin production in Q4 2026.

Jan 12, 2026, 3:30 PM

Transcript

Dexcom reports 2025 results and 2026 growth guidance

DXCM

Guidance Update

Product Launch

New Projects/Investments

FY2025 revenue of $4.662 billion, up 16% (15% organic), with 3.5 million active customers (+20% YoY)
2026 guidance: revenue $5.16–5.25 billion (+11–13%), operating margin 22–23%, $1 billion free cash flow, $1.5 billion adjusted EBITDA
Product pipeline: approved Smart Basal, full US launch of G7 15-day sensor, previewed next-gen G8 system, and Ireland manufacturing facility to start production in Q4 2026
Coverage expansion: top three US PBMs now cover CGM for all diabetes patients; targeting new access in Western Europe, Australia, and non-insulin type 2 markets supported by registry and upcoming RCT data

Jan 12, 2026, 3:30 PM

Transcript

Dexcom provides 2026 guidance and growth strategy at JPM Healthcare Conference

DXCM

Guidance Update

Product Launch

Dexcom reported preliminary 2025 revenue of $4.662 billion (organic growth ~15%) and grew its active user base by over 20% to approximately 3.5 million globally.
For fiscal year 2026, Dexcom guided to $5.16–$5.25 billion in revenue (~11–13% growth), non-GAAP gross margin of ~63–64%, and non-GAAP operating margin of ~22–23%.
Key product innovations include the launch of the G7 15 Day CGM, FDA clearance for Dexcom Smart Basal, and expansion of Stelo to ~500,000 users generating ~$130 million in 2025 revenue.
Dexcom is expanding international manufacturing with an Ireland facility on track for Q4 2026 production, and has integrated CGM data into 160+ health systems via Dexcom Direct EHR.

Jan 12, 2026, 3:30 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

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DEXCOM (DXCM)

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Q3 2025

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Jereme Sylvain

Michael Brown

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Mike Polark

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