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Dec 31, 2025
DexCom Q4 2025 Earnings Report
Dexcom reported strong financial results for the fourth quarter and full fiscal year 2025, with significant revenue growth and improved operating income.
Key Takeaways
Dexcom delivered a robust performance in Q4 2025, with worldwide revenue increasing by 13% year-over-year to $1.260 billion. The company also saw a substantial rise in GAAP operating income, up 860 basis points from the prior year, and launched its Dexcom G7 15 Day CGM system in the United States.
Worldwide revenue grew 13% year-over-year to $1.260 billion on a reported basis.
GAAP operating income reached $323.0 million, representing 25.6% of revenue, an increase of 860 basis points compared to Q4 2024.
U.S. revenue increased by 11% and international revenue grew by 18% on a reported basis.
The company launched its Dexcom G7 15 Day CGM system in the United States and received FDA clearance for Dexcom Smart Basal.
Revenue by Geographic Location
Forward Guidance
Dexcom reiterated its fiscal year 2026 guidance, projecting continued revenue growth and strong profitability margins.
Positive Outlook
- Revenue projected to be between $5.16 billion and $5.25 billion, indicating 11-13% growth.
- Non-GAAP Gross Profit Margin expected to be approximately 63-64%.
- Non-GAAP Operating Margin anticipated to be approximately 22-23%.
- Adjusted EBITDA Margin forecast to be approximately 30-31%.
- Continued focus on expanding access to Dexcom CGM and launching new systems.
Challenges Ahead
- Uncertainty regarding certain items that impact non-GAAP figures, making reconciliation difficult.
- Potential risks and uncertainties that could cause actual results to differ materially from forward-looking statements.
- Reliance on continued market adoption of CGM technology.
- Competitive pressures in the medical device market.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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