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Dexcom

DXCM · Health Care

Last earnings Oct 29, 2026

Key results

Revenuequarter

22%

Third Quarter 2025 Financial Highlights Revenue grew 22% year-over-year to $1.209 billion on a reported basis and 20% year-over-year on an organic 1 basis.

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

U.S revenuequarter

21%

U.S. revenue grew 21% and international

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

International revenuequarter

22%

revenue grew 21% and international revenue grew 22% on a reported basis and 18% on an organic 1 basis, all on a year-over-year basis.

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

GAAP operating incomequarter

$242.5 million

GAAP operating income of $242.5 million or 20.1% of revenue, an increase of 480 basis points compared to the third quarter of 2024.

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Non-GAAP operating incomequarter

$272.9 million

Non-GAAP operating income* of $272.9 million or 22.6% of reported revenue, an increase of 130 basis points compared to the third quarter of 2024.

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Stelo revenuequarter

$100 million

Third Quarter 2025 Strategic Highlights Launched AI-powered meal logging feature in both the Stelo and Dexcom G7 app, supporting personalized insights into how meals are impacting glucose levels Expanded access to Dexcom G7 for anyone on insulin as part of the Ontario Drug Benefit Program in Canada Submitted Dexcom Smart Basal, a new basal insulin titration module within the G7 app, to the FDA for review Surpassed $100 million in Stelo revenue over the first twelve months since launch During the quarter, we delivered strong revenue results, expanded access to Dexcom G7, and introduced multiple enhancements to Dexcom s digital platform, said Jake Leach, Dexcom s president and interim CEO.

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Revenue of $4.630 - $4.650 billion (approximately 15% growth) Non-GAAP Gross Profit Margin of approximately 61%

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Non-GAAP operating marginquarter

21%

Non-GAAP Operating Margin of approximately 20-21% Adjusted EBITDA Margin of approximately

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

AI analysis

Q3 2025 · reported Oct 30, 2025

Based on: Earnings release + parent 8-K — transcript not held

GAAP operating income · Q3 2025
$242.5M
EX-99 · Oct 30, 2025
Non-GAAP operating income · Q3 2025
$272.9M
+28.4% vs prior quarter computed from stated figures
EX-99 · Oct 30, 2025
Stelo revenue · Q3 2025
$100M
EX-99 · Oct 30, 2025
Non-GAAP operating margin · Q3 2025
21%
0.0 pts vs prior quarter computed from stated figures
EX-99 · Oct 30, 2025

Headline figures

MetricQ3 2025Prior qtrYear ago
Revenue22%15%—
U.S revenue21%15%—
International revenue22%16%—
GAAP operating income$242.5 million$212.6 million—
Non-GAAP operating income$272.9 million$212.6 million—
Stelo revenue$100 million——
Non-GAAP operating margin21%21%—

EX-99 · Oct 30, 2025

Guidance · company-stated

Direction: Raised

Revenue$4.650 billion

“2025 Annual Guidance Dexcom is raising fiscal year 2025 guidance for Revenue, and updating guidance for Non-GAAP Gross Profit Margin, Non-GAAP Operating Margin, and Adjusted EBITDA Margin at the following levels Revenue of $4.630 - $4.650 billion (approximately 15% growth) Non-GAAP Gross Profit Margin of approximately 61% Non-GAAP Operating Margin of approximately 20-21% Adjusted EBITDA Margin of approximately 29-30% Third Quarter 2025 Financial Results Revenue In the third quarter of 2025, worldwide revenue grew 22% to $1.209 billion on a reported basis, up from $994.2 million in the third quarter of 2024.”

Classified from the release's primary full-year outlook statement.

Next earningsNo verified date on fileNo date is estimated or imported

Margin

Non-GAAP operating margin21%

Capital allocation

Cash and Liquidity As of September 30, 2025, Dexcom held $3.32 billion in cash, cash equivalents and marketable securities and our revolving credit facility remains undrawn.

Litigation settlement costs Gain or loss on extinguishment of debt and Adjustments related to taxes for the excluded items above, as well as excess benefits or tax deficiencies from share-based compensation, and the quarterly impact of other discrete items Adjusted EBITDA excludes non-cash operating charges for share-based compensation (including equity-related charges associated with severance, restructuring, or other business transition activities), depreciation and amortization as well as non-operating items such as interest income, interest expense, gain or loss on extinguishment of debt, income or loss from equity investments, and income tax expense or benefit.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Dexcom Reports Third Quarter 2025 Financial Results and Updates Full Year 2025 Guidance SAN DIEGO - (BUSINESS WIRE-October 30, 2025) - DexCom, Inc

Based on: Earnings release + parent 8-K — transcript not held

Guidance & outlook

Direction: Raised

Revenue: “2025 Annual Guidance Dexcom is raising fiscal year 2025 guidance for Revenue, and updating guidance for Non-GAAP Gross Profit Margin, Non-GAAP Operating Margin, and Adjusted EBITDA Margin at the following levels Revenue of $4.630 - $4.650 billion (approximately 15% growth) Non-GAAP Gross Profit Margin of approximately 61% Non-GAAP Operating Margin of approximately 20-21% Adjusted EBITDA Margin of approximately 29-30% Third Quarter 2025 Financial Results Revenue In the third quarter of 2025, worldwide revenue grew 22% to $1.209 billion on a reported basis, up from $994.2 million in the third quarter of 2024.”

Revenue — Raised (“raising”)
“2025 Annual Guidance Dexcom is raising fiscal year 2025 guidance for Revenue, and updating guidance for Non-GAAP Gross Profit Margin, Non-GAAP Operating Margin, and Adjusted EBITDA Margin at the following levels Revenue of $4.630 - $4.650 billion (approximately 15% growth) Non-GAAP Gross Profit Margin of approximately 61% Non-GAAP Operating Margin of approximately 20-21% Adjusted EBITDA Margin of approximately 29-30% Third Quarter 2025 Financial Results Revenue In the third quarter of 2025, worldwide revenue grew 22% to $1.209 billion on a reported basis, up from $994.2 million in the third quarter of 2024.”

Classified from the release's primary full-year outlook statement.

Capital allocation

Cash and Liquidity As of September 30, 2025, Dexcom held $3.32 billion in cash, cash equivalents and marketable securities and our revolving credit facility remains undrawn.

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Litigation settlement costs Gain or loss on extinguishment of debt and Adjustments related to taxes for the excluded items above, as well as excess benefits or tax deficiencies from share-based compensation, and the quarterly impact of other discrete items Adjusted EBITDA excludes non-cash operating charges for share-based compensation (including equity-related charges associated with severance, restructuring, or other business transition activities), depreciation and amortization as well as non-operating items such as interest income, interest expense, gain or loss on extinguishment of debt, income or loss from equity investments, and income tax expense or benefit.

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Strategy & priorities

Third Quarter 2025 Strategic Highlights Launched AI-powered meal logging feature in both the Stelo and Dexcom G7 app, supporting personalized insights into how meals are impacting glucose levels Expanded access to Dexcom G7 for anyone on insulin as part of the Ontario Drug Benefit Program in Canada Submitted Dexcom Smart Basal, a new basal insulin titration module within the G7 app, to the FDA for review Surpassed $100 million in Stelo revenue over the first twelve months since launch During the quarter, we delivered strong revenue results, expanded access to Dexcom G7, and introduced multiple enhancements to Dexcom s digital platform, said Jake Leach, Dexcom s president and interim CEO.

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

The cash balance represents significant financial and strategic flexibility as Dexcom continues to expand production capacity and explore new market opportunities.

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Category IR Cautionary Statement Regarding Forward Looking Statements This press release contains forward-looking statements that are not purely historical regarding Dexcom s or its management s intentions, beliefs, expectations and strategies for the future, including those related to Dexcom s future operating results and financial position, including estimated Revenue, Non-GAAP Gross Profit Margin, Non-GAAP Operating Margin, and Adjusted EBITDA Margin for fiscal year 2025, and expected growth rates as compared to the year ended December 31, 2024 future expenses and investments and potential business plans and opportunities.

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Risks & headwinds

The third quarter 2025 non-GAAP net income excludes $8.0 million of amortization of intangible assets, $22.7 million of business transition and other significant items, $0.3 million of intellectual property litigation costs, $82.7 million of income from equity investments, and $11.0 million of tax adjustments.

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Forward-looking statements deal with future events and are therefore subject to various risks and uncertainties.

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

The risks and uncertainties that may cause actual results to differ materially from Dexcom s current expectations are more fully described in the sections titled Risk Factors and Management s Discussion and Analysis of Financial Condition and Results of Operations in Dexcom s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings filed with the Securities and Exchange Commission.

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

(4) We have excluded third-party attorney s fees, costs, and expenses incurred by Dexcom exclusively in connection with Dexcom s patent infringement litigation against Abbott Diabetes Care, Inc.

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

, as further described in the section titled Legal Proceedings in Dexcom s Annual Report on Form 10-K for the year ended December 31, 2024.

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

These amounts may reflect changes in value due to observable price changes or impairments Third-party intellectual property litigation costs in connection with Dexcom s patent infringement litigation against Abbott Diabetes Care, Inc.

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

What changed vs prior quarter

Guidance direction — prior quarter: Raised; this quarter: Raised

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Revenue — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

U.S revenue — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Dexcom — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Competitors

Competitors & peers

Named in the company’s own filings

Medtronic (MDT)“Medtronic (MiniMed) markets and sells a standalone glucose monitoring product called Guardian Connect, both internationally and in the United States, and a disposable CGM system called Simplera in the U.S.”
Documents

Filings

65 documents

Earnings releases

20 documents

Presentations

0 documents

No presentations for Dexcom are held in this edition of the library.

Transcripts

0 documents

No transcripts for Dexcom are held in this edition of the library.

Mentioned by

4 companies

Other tracked companies whose held documents mention Dexcom by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.