DXCMHIGH SIGNALFINANCIAL10-K

DXCM delivered exceptional financial performance with 52% operating income growth and successful launch of G7 15 Day system, while significantly strengthening its balance sheet through improved cash generation and debt reduction.

The company achieved remarkable profitability expansion with operating income growing 2.6x faster than revenue, indicating substantial operational leverage and margin improvement. The launch of G7 15 Day represents a significant product advancement that could drive future growth, while the strong cash generation and debt paydown demonstrate excellent financial discipline.

Comparing 2026-02-12 vs 2025-02-18View on EDGAR →
FINANCIAL ANALYSIS

DXCM showed exceptional financial strength across all metrics, with operating income surging 52% and net income growing 45% on 20% revenue growth, demonstrating powerful operational leverage. The balance sheet strengthened considerably with cash increasing 51% to $918M, debt declining 32%, and stockholders' equity growing 31%, while current liabilities decreased 27%. Operating cash flow jumped 46% to $1.4B, providing ample resources for growth investments while the company reduced share buybacks, suggesting management is prioritizing balance sheet strength and reinvestment opportunities.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+52%
$600.0M→$911.8M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Cash & Equivalents
Balance Sheet
+51.4%
$606.1M→$917.7M

Cash position surged 51.4% — strong cash generation or capital raise providing significant financial cushion.

Operating Cash Flow
Cash Flow
+45.6%
$989.5M→$1.4B

Operating cash flow surged 45.6% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+45.1%
$576.2M→$836.3M

Net income grew 45.1% — bottom-line growth signals improving overall business health.

Share Buybacks
Cash Flow
-33.3%
$750.0M→$500.0M

Buyback activity reduced 33.3% — capital being redeployed elsewhere or cash conservation underway.

Total Debt
Balance Sheet
-32.4%
$6.8M→$4.6M

Debt reduced 32.4% — deleveraging strengthens balance sheet and reduces financial risk.

Stockholders Equity
Balance Sheet
+30.6%
$2.1B→$2.7B

Equity base grew 30.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Liabilities
Balance Sheet
-26.9%
$2.9B→$2.1B

Current liabilities reduced — improved short-term financial position and working capital health.

Accounts Receivable
Balance Sheet
+20.9%
$1.0B→$1.2B

Receivables grew 20.9% — monitor days sales outstanding for collection efficiency.

Revenue
P&L
+19.7%
$184.6M→$221.0M

Revenue growing 19.7% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-12
PRIOR — 2025-02-18
ADDED
Dexcom , Dexcom Clarity , Dexcom Follow , Dexcom One , Dexcom ONE+ Dexcom Share , Stelo , and any related logos and design marks appearing in this Annual Report on Form 10-K are either registered trademarks or trademarks of DexCom, Inc.
If we, our suppliers, or our distributors fail to comply with ongoing regulatory requirements, including responding to the FDA warning letter, or if we have unanticipated problems with our products, the products could be subject to restrictions or withdrawal from the market.
We launched our latest generation systems, the Dexcom G7 Continuous Glucose Monitoring System, or G7, in 2023, and the Dexcom G7 15 Day Continuous Glucose Monitoring System, or G7 15 Day, in late 2025.
The G7 is an integrated continuous glucose monitoring system, or iCGM, and is classified as a Class II device by the FDA, and is subject to special controls for iCGMs that outline requirements for assuring CGM accuracy, reliability and clinical relevance, and which also outlines the type of studies and data required to demonstrate acceptable CGM performance.
The glucose value algorithm, ability to communicate with approved display and mobile devices, and compatibility with Dexcom Clarity, our cloud-based reporting software, are all substantially equivalent in technical performance and capability to the prior generation Dexcom G6 Continuous Glucose Monitoring Integrated System, or G6.
In April 2025, we obtained marketing authorization from the FDA for the G7 15 Day via the 510(k) review process for people over the age of 18 with diabetes in the United States.
Like the G7, the G7 15 Day is an iCGM classified as a Class II device by the FDA, and is subject to iCGM special controls.
The G7 15 Day extends the wear period to 15.5 days and is generally consistent with our prior generation CGM systems in its technical capabilities and its indications.
G7 15 Day will also be covered for Medicare beneficiaries and has met the category requirements for therapeutic CGM systems set forth by the U.S.
The G7 and G7 15 Day carry forward important features of prior generation Dexcom CGM systems: Finger stick elimination.
REMOVED
Dexcom , Dexcom Clarity , and Dexcom One , and other trademarks of ours appearing in this report are our property.
We are subject to risks associated with public health issues, including pandemics, which could have a material adverse effect on our business, financial condition and results of operations.
We launched our latest generation systems, the Dexcom G6 integrated Continuous Glucose Monitoring System, or G6, in 2018, and we launched the Dexcom G7, or G7, in 2023.
Like the G6, the G7 is an integrated continuous glucose monitoring system, or iCGM, and is classified as a Class II device by the FDA, and is subject to special controls.
The glucose value algorithm, ability to communicate with approved display and mobile devices, and compatibility with Dexcom Clarity, our cloud-based reporting software, are all substantially equivalent in technical performance and capability to the G6.
The G7 carries forward important features of prior generation Dexcom CGM systems: Finger stick elimination.
6 The G7 also has a number of new or improved features compared to our prior generation devices: An even more discreet and low profile.
Other than the foregoing, the G7 is generally consistent with our prior generation CGM systems in its technical capabilities and its indications.
Since the G7 is classified by the FDA as a Class II device, it is subject to special controls and modifications of, or revisions to, the device may be made under the 510(k) process.
G6 and substantially equivalent devices of this generic type that may later receive marketing authorization are referred to as integrated continuous glucose monitoring systems, or iCGMs, and have been classified as Class II devices by the FDA.
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