Dexcom (DXCM) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $1.26 billion, up 13% year-over-year, driven by strong new customer demand and the G7 15-Day product launch.

• CEO outlined strategic priorities: premier glucose sensing, customer experience leadership, and international expansion.

• Operational improvements in manufacturing, logistics, and supply chain led to higher inventory and reduced sensor issues.

• Stelo contributed $130 million in 2025 revenue, with new app features planned for 2026.

• FDA clearance for Smart Basal and launch of G7 15-Day CGM in the U.S.

Financial highlights

• Q4 2025 worldwide revenue: $1.26 billion; U.S. revenue: $892 million (+11%), international revenue: $368 million (+18%).

• Q4 non-GAAP gross profit: $799.8 million (63.5% margin), up from 59.4% in Q4 2024.

• Q4 non-GAAP operating income: $331.5 million (26.3% margin), up from $209.5 million (18.8%) in Q4 2024.

• Adjusted EBITDA: $422.2 million (33.5% margin), up from $300.1 million (27.0%) in Q4 2024.

• Q4 GAAP net income: $267.3 million ($0.68 per share), up from $151.7 million ($0.38) in Q4 2024.

Outlook and guidance

• 2026 revenue guidance: $5.16–$5.25 billion, representing 11–13% growth, with incremental contributions from Stelo and new products.

• Full-year 2026 non-GAAP gross margin expected at 63–64%, operating margin at 22–23%, and adjusted EBITDA margin at 30–31%.

• Margin expansion expected from lower freight costs, manufacturing efficiencies, and G7 15-Day contributions.

• Investments planned for sales, innovation, and Ireland manufacturing facility launch in late 2026.