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Dexcom (DXCM) investor relations material
Dexcom Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue reached $1.21 billion, up 22% year-over-year, driven by strong sensor sales, expanded CGM access, and a growing customer base in both U.S. and international markets.
Net income for Q3 2025 was $283.8 million ($0.70 per diluted share), more than doubling from $134.6 million in Q3 2024, with record non-GAAP EPS of $0.61.
Stelo product surpassed $100 million in first-year revenue, with international expansion plans.
Launched new features including AI-powered meal logging, Dexcom Smart Basal, and enhanced digital experiences; Smart Basal submitted to FDA.
Broadened coverage for Type 2 diabetes, now reaching nearly 6 million non-insulin lives in the U.S.
Financial highlights
Q3 2025 worldwide revenue was $1.21 billion, with U.S. revenue at $852 million (up 21%) and international revenue at $357.4 million (up 22%).
Gross profit was $741.3 million (61.3% non-GAAP margin), with GAAP gross margin at 60.5%.
Operating income was $272.9 million (22.6% non-GAAP margin); GAAP operating income was $242.5 million (20.1% margin).
Adjusted EBITDA was $368.4 million (30.5% margin), up from $300.1 million in Q3 2024.
Ended Q3 with $3.32 billion in cash and equivalents, up nearly $400 million sequentially.
Outlook and guidance
2025 revenue guidance raised to $4.63–$4.65 billion (approx. 15% growth).
Non-GAAP gross margin expected at ~61%, operating margin at 20–21%, and adjusted EBITDA margin at 29–30%.
2026 base case assumes continued double-digit growth with current coverage.
Management expects continued positive operating cash flows and sufficient liquidity for at least the next 12 months.
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