Dexcom (DXCM) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $1.192 billion, up 15% year-over-year, with 12% organic growth, driven by strong global demand, new product launches, and expanded access.

• U.S. revenue grew 11% to $832.3 million; international revenue rose 26% to $359.6 million, with significant share gains in the U.S. Type 2 diabetes segment and expanded access in key international markets.

• Launched G7 15-Day system in the U.S. and internationally, receiving positive feedback for improved accuracy and longer wear time; new Smart Meal Logging and Stelo biosensor features introduced.

• Record global new patient starts in Q1, with U.S. new patient starts near record levels.

• Free cash flow exceeded $400 million, ending Q1 with $2.42 billion in cash, cash equivalents, and marketable securities.

Financial highlights

• Q1 2026 worldwide revenue: $1.192 billion (+15% YoY); U.S.: $832.3 million (+11% YoY); International: $359.6 million (+26% YoY reported, 17% organic).

• Gross profit was $757.4 million (63.5% non-GAAP margin), up from $596.2 million (57.5%) in Q1 2025.

• Operating income was $264.4 million (22.2% non-GAAP margin), up from $143.1 million (13.8%) year-over-year.

• Adjusted EBITDA was $364.5 million (30.6% margin), up from $230.4 million (22.2%).

• Net income was $216.3 million ($0.56 per share non-GAAP), up from $127.7 million ($0.32) in Q1 2025; GAAP net income was $199.5 million ($0.51 per share).

Outlook and guidance

• 2026 revenue guidance reaffirmed at $5.16–$5.25 billion (11–13% growth).

• Non-GAAP gross profit margin expected at 63–64%; non-GAAP operating margin at 23–23.5%; adjusted EBITDA margin at 31–31.5%.

• Margin expansion driven by improved freight, manufacturing efficiencies, and growing G7 15 Day contribution.

• Guidance reflects caution due to geopolitical risks, fuel prices, and shipping uncertainties.