Company file · DXCM

Dexcom

Dexcom's revenue rose 15.6% in FY2025, to $4.7B, and net income rose 45.1% to $836M

Revenue rose 15.6% to $4.7B in FY2025, from $4.0B in FY2024. Net income rose 45.1% to $836M. United States was the largest region, at 72% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 12, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026) · Data pulled Nov 11, 2026

Key facts

Dexcom (Nasdaq: DXCM) reported revenue of $4.7B for fiscal 2025, the year ended Dec 31, 2025, up 15.6% from fiscal 2024. Net income was $836M, up 45.1%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $1.3B, up 11.2% from the same quarter a year earlier, and net income was $275M. The largest piece by region was United States, at 72% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 12, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026).

Revenue$4.7BFY2025 · +15.6% vs FY2024

Net income$836MFY2025 · +45.1% vs FY2024

Operating cash flow$1.4BFY2025 · +45.6% vs FY2024

Cash & equivalents$961Mat Sep 30, 2026 · +4.8% vs FY2025 end

Diluted shares406MFY2025 avg · −1.7% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 12, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 30, 2026 · 10-Q filed Jul 30, 2026 · 10-Q filed Oct 29, 2026

How it makes money

By region, FY2025

LineAmountSharevs FY2024
United States$3.3B72%+15.4%
Non-US$1.3B28%+16.1%

Source: 10-K FY2025, XBRL breakdown

By region in FY2025: United States (72%) and Non-US (28%), as shares of total revenue. Total revenue was $4.7B.

By region: three-year mixShare of the total each fiscal year

FY2023

72%28%

FY2024

72%28%

FY2025

72%28%

United StatesNon-US

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$1.3B Q3 2026

$1.2B Q3 2025

11.2% increase

Net income

$275M Q3 2026

$284M Q3 2025

3.1% decrease

Source: Dexcom 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026

By region

United States

$970M Q3 2026

$852M Q3 2025

13.8% increase

Non-US

$375M Q3 2026

$357M Q3 2025

4.8% increase

Source: Dexcom 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026

Cash & equivalents $961M at Sep 30, 2026, vs $918M at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.1B vs $1.1B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 15.6% in FY2025 to $4.7B, from $4.0B a year earlier. 10-K, FY2025
Net income rose 45.1% in FY2025 to $836M, from $576M. 10-K, FY2025
Operating cash flow rose 45.6% in FY2025 to $1.4B. 10-K, FY2025
Diluted shares fell 1.7% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

Net income in the quarter ended Sep 30, 2026 was $275M, down 3.1% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Dexcom is in the health care equipment industry, part of the health care sector. The SEC files it under Surgical & Medical Instruments & Apparatus.

The full description of Dexcom's business is in Item 1 of its 10-K, linked below. This page shows its revenue by region.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the health care equipment industry. They are not a summary of Dexcom’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

RegulationApprovals, safety rules and government oversight shape what it can sell and how.
Pricing and reimbursementPayers, insurers and governments influence what it can charge.
CompetitionNew treatments, generics and rival products can take share.
LitigationProduct liability and other legal claims can lead to costs.
SupplyManufacturing and supplier problems can interrupt products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$3.6B	$4.0B	$4.7B
Net income	$542M	$576M	$836M
Operating cash flow	$748M	$990M	$1.4B
Cash & equivalents (year end)	$566M	$606M	$918M
Diluted shares	426M	413M	406M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

What we left out

Total debt: the company's filing data doesn't carry a consistent debt total for the years shown, so it isn't shown.

Recent filings

Form	Filed	Period
10-Q	Oct 29, 2026	Sep 30, 2026
10-Q	Jul 30, 2026	Jun 30, 2026
10-Q	Apr 30, 2026	Mar 31, 2026
DEF 14A	Apr 15, 2026	May 27, 2026
10-K	Feb 12, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Dexcom

How does Dexcom make money?

Dexcom's revenue was $4.7B in fiscal 2025. By region in FY2025: United States (72%) and Non-US (28%), as shares of total revenue. Total revenue was $4.7B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

What was Dexcom's revenue in fiscal 2025?

$4.7B of revenue for the fiscal year ended Dec 31, 2025, up 15.6% from $4.0B in fiscal 2024. Fiscal 2023 was $3.6B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

Is Dexcom profitable?

Dexcom reported net income of $836M for fiscal 2025, up 45.1% from $576M in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $275M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

What did Dexcom report in its latest quarterly filing?

Revenue was $1.3B in the quarter ended Sep 30, 2026, up 11.2% from $1.2B a year earlier. Net income was $275M, down 3.1% from $284M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026.

What are the main risks Dexcom faces?

Dexcom's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 12, 2026. Risks that are common among companies in the health care equipment industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.

Where do these Dexcom numbers come from?

From Dexcom's own SEC filings: the 10-K for fiscal 2025 (filed Feb 12, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Dexcom

Baillie Gifford: 14,521,620 shares, reported value $1.25B at Sep 30, 2026 (−1.9% in shares since the filing for Jun 30, 2026). Form 13F filed Nov 9, 2026.
Renaissance Technologies: 1,630,796 shares, reported value $109.8M at Jun 30, 2026 (+3.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
Citadel Advisors: 1,211,767 shares, reported value $81.6M at Jun 30, 2026 (−42.1% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Bridgewater Associates: 400,929 shares, reported value $27.0M at Jun 30, 2026 (+187.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 395,392 shares, reported value $26.6M at Jun 30, 2026 (−75.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Point72 Asset Management: 282,840 shares, reported value $19.0M at Jun 30, 2026 (+9.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 46,697 shares, reported value $3.1M at Jun 30, 2026 (−95.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in DXCM: The editor holds no position in Dexcom (DXCM). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell DXCM from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 9, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold DXCM, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
DexcomDXCM	FY2025	$4.7B	+15.6%	$836M
AbbottABT	FY2025	$44.3B	+5.7%	$6.5B
Intuitive SurgicalISRG	FY2025	$10.1B	+20.5%	$2.9B
MedtronicMDT	FY2026	$36.4B	+8.4%	$4.8B
StrykerSYK	FY2025	$25.1B	+11.2%	$3.2B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.