Dexcom Reports Fourth Quarter and Fiscal Year 2025 Financial Results (Form 8-K)

Dexcom Reports Fourth Quarter and Fiscal Year 2025 Financial Results

SAN DIEGO - (BUSINESS WIRE-February 12, 2026) - DexCom, Inc. (Nasdaq: DXCM) today reported its financial results as of and for the quarter and fiscal year ended December 31, 2025.

Fourth Quarter 2025 Financial Highlights:

•Revenue grew 13% year-over-year to $1.260 billion on a reported basis and 12% year-over-year on an organic1 basis.

•U.S. revenue grew 11% and international revenue grew 18% on a reported basis and 15% on an organic1 basis, all on a year-over-year basis.

•GAAP operating income of $323.0 million or 25.6% of revenue, an increase of 860 basis points compared to the fourth quarter of 2024. Non-GAAP operating income* of $331.5 million or 26.3% of reported revenue, an increase of 750 basis points compared to the fourth quarter of 2024.

Full Year 2025 Financial Highlights:

•Full year revenue grew 16% versus the prior year to $4.662 billion on a reported basis and 15% on an organic2 basis.

•U.S. revenue growth of 15% and international revenue growth of 16% on a reported basis. International revenue growth was 15% on an organic2 basis.

•GAAP operating income of $911.8 million or 19.6% of revenue, an increase of 470 basis points compared to 2024. Non-GAAP operating income* of $969.3 million or 20.8% of revenue, an increase of 200 basis points over the prior year.

Fourth Quarter 2025 Strategic Highlights:

•Launched Dexcom G7 15 Day CGM system in the United States

•Received FDA clearance for Dexcom Smart Basal, the first and only CGM-integrated basal insulin dosing optimizer

•Expanded access to Dexcom CGM in Québec under the Régie de l'assurance maladie du Québec (RAMQ), bringing coverage to eligible adults with type 2 diabetes

"2025 was another great year for Dexcom as we significantly expanded access to Dexcom CGM and launched our Dexcom G7 15 Day System," said Jake Leach, Dexcom's president and CEO. "We look forward to building on this momentum in 2026 as we work to deliver improved health outcomes for many more people globally."

2026 Annual Guidance

Dexcom is reiterating fiscal year 2026 guidance for Revenue, Non-GAAP Gross Profit Margin, Non-GAAP Operating Margin, and establishing Adjusted EBITDA Margin guidance at the following levels:

•Revenue of $5.16 - $5.25 billion (approximately 11-13% growth)

•Non-GAAP Gross Profit Margin of approximately 63-64%

•Non-GAAP Operating Margin of approximately 22-23%

•Adjusted EBITDA Margin of approximately 30-31%

1 Fourth quarter 2025 organic revenue was $1.250 billion and excludes $9.4 million of foreign exchange impact.

2 Full year 2025 organic revenue is $4.645 billion and excludes $17.1 million of foreign exchange impact.

Fourth Quarter 2025 Financial Results

Revenue: In the fourth quarter of 2025, worldwide revenue grew 13% to $1.260 billion on a reported basis, up from $1.114 billion in the fourth quarter of 2024.

Gross Profit: GAAP gross profit totaled $792.7 million or 62.9% of revenue for the fourth quarter of 2025, compared to $655.8 million or 58.9% of revenue in the fourth quarter of 2024.

Non-GAAP gross profit* totaled $799.8 million or 63.5% of reported revenue for the fourth quarter of 2025, compared to $661.2 million or 59.4% of reported revenue in the fourth quarter of 2024.

Operating Income: GAAP operating income for the fourth quarter of 2025 was $323.0 million or 25.6% of revenue, compared to GAAP operating income of $188.9 million or 17.0% of revenue for the fourth quarter of 2024.

Non-GAAP operating income* for the fourth quarter of 2025 was $331.5 million or 26.3% of reported revenue, compared to non-GAAP operating income of $209.5 million or 18.8% of reported revenue for the fourth quarter of 2024.

Net Income and Diluted Net Income Per Share: GAAP net income was $267.3 million, or $0.68 per diluted share, for the fourth quarter of 2025, compared to GAAP net income of $151.7 million, or $0.38 per diluted share, for the fourth quarter of 2024.

Non-GAAP net income* was $265.1 million, or $0.68 per diluted share, for the fourth quarter of 2025, compared to non-GAAP net income of $177.8 million, or $0.45 per diluted share, for the fourth quarter of 2024. The fourth quarter 2025 non-GAAP net income excludes $7.9 million of amortization of intangible assets, $0.6 million of business transition and other significant items, and $10.7 million of tax adjustments.

Cash and Liquidity: As of December 31, 2025, Dexcom held $2.00 billion in cash, cash equivalents and marketable securities and our revolving credit facility remains undrawn. The cash balance represents significant financial and strategic flexibility as Dexcom continues to expand production capacity and explore new market opportunities.

* See Table D below for a reconciliation of these GAAP and non-GAAP financial measures.

Conference Call

Management will hold a conference call today starting at 4:30 p.m. (Eastern Time). The conference call will be concurrently webcast. The link to the webcast will be available on the Dexcom Investor Relations website at investors.dexcom.com by navigating to "Events and Presentations," and will be archived for future reference. To listen to the conference call, please dial (888) 414-4585 (U.S./Canada) or (646) 960-0331 (International) and use the confirmation ID "9430114" approximately five minutes prior to the start time.

Statement Regarding Use of Non-GAAP Financial Measures