DexCom Inc. (DXCM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.61	$0.7	+14.8%	—	$1.3B	—
Q1 26	$0.47	$0.56	+19.1%	—	$1.2B	—
Q4 25	$0.65	$0.68	+4.6%	—	$1.3B	—
Q3 25	$0.57	$0.61	+7.0%	—	$1.2B	—
Q2 25	$0.44	$0.48	+9.1%	—	$1.2B	—
Q1 25	$0.33	$0.32	-3.0%	—	$1B	—
Q4 24	$0.5	$0.45	-10.0%	—	$1.1B	—
Q3 24	$0.43	$0.45	+4.7%	—	$994.2M	—
Q2 24	$0.39	$0.43	+10.3%	—	$1B	—
Q1 24	$0.27	$0.32	+18.5%	—	$921M	—
Q4 23	$0.43	$0.5	+16.3%	—	$1B	—
Q3 23	$0.34	$0.5	+47.1%	—	$975M	—
Q2 23	$0.23	$0.34	+47.8%	—	$871.3M	—
Q1 23	$0.15	$0.17	+13.3%	—	$741.5M	—
Q4 22	$0.27	$0.34	+25.9%	—	$815.2M	—
Q3 22	$0.24	$0.28	+16.7%	—	$769.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.14	—	—	$4.7B	—
FY24	—	$1.46	—	—	$4B	—
FY23	—	$1.4	—	—	$3.6B	—
FY22	—	$0.88	—	—	$2.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$573.3M	$718.5M	$1B	$1.5B	$1.9B	$2.4B	$2.9B	$3.6B	$4B	$4.7B
YoY change	+42.6%	+25.3%	+43.6%	+43.1%	+30.5%	+27.1%	+18.8%	+24.5%	+11.3%	+15.6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	573.3M	718.5M	1B	1.5B	1.9B	2.4B	2.9B	3.6B	4B	4.7B
Cost of revenue	194.9M	226.4M	367.7M	544.5M	646.6M	768M	1B	1.3B	1.6B	1.9B
Gross profit	378.4M	492.1M	663.9M	931.5M	1.3B	1.7B	1.9B	2.3B	2.4B	2.8B
Gross margin	66%	68.5%	64.4%	63.1%	66.4%	68.6%	64.7%	63.2%	60.5%	60.1%
Research & development	156.1M	185.4M	417.4M	273.5M	359.9M	604.2M	484.2M	505.8M	552.4M	599.1M
Selling, general & administrative	286.2M	349.2M	432.8M	515.7M	620.7M	810.5M	1B	1.2B	1.3B	1.3B
Operating expenses	442.3M	534.6M	850.2M	789.2M	980.6M	1.4B	1.5B	1.7B	1.8B	1.9B
Operating income	-63.9M	-42.5M	-186.3M	142.3M	299.5M	265.8M	391.2M	597.7M	600M	911.8M
Operating margin	-11.1%	-5.92%	-18.1%	9.64%	15.5%	10.9%	13.4%	16.5%	14.9%	19.6%
Non-operating income, net	-300K	3.4M	80.1M	-4.2M	-5.9M	8.1M	-5.6M	-2M	-6.2M	82.2M
Pretax income	-64.9M	-48.6M	-126.5M	104.2M	225M	256.8M	390.8M	710.4M	709M	1.1B
Income tax	700K	1.6M	600K	3.1M	-268.6M	39.9M	49.6M	168.9M	132.8M	252.1M
Net income	-65.6M	-50.2M	-127.1M	101.1M	493.6M	216.9M	341.2M	541.5M	576.2M	836.3M
Net margin	-11.4%	-6.99%	-12.3%	6.85%	25.6%	8.86%	11.7%	14.9%	14.3%	17.9%
EBITDA	-49.2M	-19.7M	-74.7M	213.2M	382.7M	377.7M	565.3M	916.7M	945.7M	1.4B
EPS	-0.2	-0.14	-0.36	0.28	1.31	0.4	0.88	1.4	1.46	2.14
Diluted EPS	-0.2	-0.14	-0.36	0.28	1.26	0.39	0.82	1.3	1.42	2.09

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	975M	1B	921M	1B	994.2M	1.1B	1B	1.2B	1.2B	1.3B	1.2B	1.3B
Cost of revenue	351.7M	377.9M	359.1M	377.6M	400.4M	457.7M	447M	468.3M	477.9M	466.9M	441.6M	478.4M
Gross profit	623.3M	656.6M	561.9M	626.7M	593.8M	655.8M	589M	688.8M	731.4M	792.7M	750.3M	830M
Gross margin	63.9%	63.5%	61%	62.4%	59.7%	58.9%	56.9%	59.5%	60.5%	62.9%	62.9%	63.4%
Research & development	131.4M	136.1M	141.5M	136M	135.4M	139.5M	145.2M	148.2M	157.5M	148.2M	145.3M	153M
Selling, general & administrative	286.4M	308.8M	319.3M	332.7M	306.4M	327.4M	310.1M	328M	331.4M	321.5M	349.7M	358.7M
Operating expenses	417.8M	444.9M	460.8M	468.7M	441.8M	466.9M	455.3M	476.2M	488.9M	469.7M	495M	511.7M
Operating income	205.5M	216.9M	101.1M	158M	152M	188.9M	133.7M	212.6M	242.5M	323M	255.3M	318.3M
Operating margin	21.1%	21%	11%	15.7%	15.3%	17%	12.9%	18.4%	20.1%	25.6%	21.4%	24.3%
Non-operating income, net	-1.7M	400K	-300K	-1.6M	-1.9M	-2.4M	-3.2M	5.2M	81.8M	-1.6M	-2.2M	-14.7M
Pretax income	240.4M	246.2M	132.5M	187.8M	177.4M	211.3M	154.3M	241.1M	352.3M	340.7M	269.5M	317.5M
Income tax	119.7M	-10.1M	-13.9M	44.3M	42.8M	59.6M	48.9M	61.3M	68.5M	73.4M	70M	68.4M
Net income	120.7M	256.3M	146.4M	143.5M	134.6M	151.7M	105.4M	179.8M	283.8M	267.3M	199.5M	249.1M
Net margin	12.4%	24.8%	15.9%	14.3%	13.5%	13.6%	10.2%	15.5%	23.5%	21.2%	16.7%	19%
EBITDA	293.5M	303.6M	189.6M	244.7M	237.4M	274M	219M	308.8M	420.6M	410.1M	339.7M	388.7M
EPS	0.31	0.67	0.38	0.36	0.34	0.39	0.27	0.46	0.73	0.69	0.52	0.65
Diluted EPS	0.29	0.62	0.36	0.35	0.34	0.38	0.27	0.45	0.7	0.68	0.51	0.64

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	5B	5B	10.6B	19.9B	34.9B	51.9B	44.1B	47.9B	30.6B	25.9B	32.7B
Enterprise value	4.9B	4.7B	10.2B	19.6B	34B	51.3B	43.8B	47.8B	30.6B	25.3B	32.2B
Shares outstanding	334.4M	345.2M	352.8M	364.4M	377.6M	386.8M	389.4M	386M	393.6M	390.2M	390.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	197.1	70.7	239.4	129.2	88.5	53.1	31	34.3
P/S	8.71	6.89	10.2	13.5	18.1	21.2	15.2	13.2	7.59	5.56	6.58
P/B	17.6	11.8	15.9	22.6	19.1	25.4	20.7	23.2	14.6	9.43	12.5
EV/EBITDA	-99.1	-240.5	-136.5	91.7	88.9	136	77.5	52.1	32.4	18.6	22.9
EV/Sales	8.5	6.59	9.89	13.2	17.7	21	15	13.2	7.59	5.42	6.47
Earnings yield	—	—	—	0.51%	1.41%	0.42%	0.77%	1.13%	1.88%	3.23%	2.92%
FCF yield	0.01%	0.52%	0.53%	0.67%	0.79%	0.1%	0.69%	1.07%	2.06%	4.16%	3.12%
PEG	—	—	—	—	—	—	—	—	—	—	0.83

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	66%	68.5%	64.4%	63.1%	66.4%	68.6%	64.7%	63.2%	60.5%	60.1%	63.4%
Operating margin	-11.1%	-5.92%	-18.1%	9.64%	15.5%	10.9%	13.4%	16.5%	14.9%	19.6%	24.3%
Net margin	-11.4%	-6.99%	-12.3%	6.85%	25.6%	8.86%	11.7%	14.9%	14.3%	17.9%	20.1%
ROE	-23.1%	-12%	-19.2%	11.5%	27%	10.6%	16%	26.2%	27.4%	30.5%	38.5%
ROA	-16.3%	-5.55%	-6.63%	4.22%	11.5%	4.4%	6.33%	8.64%	8.89%	13.2%	10.3%
ROIC	-38.3%	-20.7%	-63.1%	27.1%	31.3%	15.3%	18.8%	23.5%	23.1%	32.8%	42.9%
Return on tangible assets	-17.3%	-5.71%	-6.77%	4.29%	11.7%	4.5%	6.83%	9.11%	9.25%	13.6%	16.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.73	5.36	7.64	5.47	5.58	5.11	1.99	2.84	1.47	1.88	1.73
Quick ratio	2.29	5.04	7.32	5.13	5.19	4.62	1.83	2.48	1.28	1.59	1.43
Debt / equity	0.02	0.8	1.53	1.31	1.01	1.06	1.01	1.25	1.23	0.51	0.53
Debt / assets	0.02	0.37	0.53	0.48	0.43	0.44	0.4	0.41	0.4	0.22	0.22
Net debt / EBITDA	2.38	10.9	4.93	-1.75	-2.27	-1.52	-0.55	-0.14	0.01	-0.45	-0.35
Interest coverage	-91.7	-2.8	-4.57	2.73	3.66	14.7	22	36	38.3	60.5	86.3
Effective tax rate	0%	0%	0%	2.98%	0%	15.5%	12.7%	23.8%	18.7%	23.2%	21.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.71	2.08	2.92	4.05	5.1	6.33	7.47	9.38	10.2	11.9	12.9
EPS (basic)	-0.2	-0.14	-0.36	0.28	1.31	0.4	0.88	1.4	1.46	2.14	2.14
EPS (diluted)	-0.2	-0.14	-0.36	0.28	1.26	0.39	0.82	1.3	1.42	2.09	2.53
Book value per share	0.85	1.21	1.88	2.42	4.84	5.28	5.47	5.36	5.34	7.04	6.95
FCF per share	0	0.08	0.16	0.37	0.73	0.14	0.78	1.33	1.6	2.76	3.6
Cash per share	0.37	1.59	3.93	4.21	7.17	7.06	6.31	7.06	6.55	5.12	5.16
Capex per share	0.17	0.19	0.19	0.49	0.53	1.01	0.94	0.61	0.91	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	9.72%	9.19%	6.5%	12.2%	10.3%	15.9%	12.5%	6.53%	8.9%	—	—
Capex / operating cash flow	107.9%	78.7%	36.8%	59.7%	44.6%	83.7%	46%	34.1%	34%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$975M	$1B	$921M	$1B	$994.2M	$1.1B	$1B	$1.2B	$1.2B	$1.3B	$1.2B	$1.3B
YoY change	+26.7%	+26.9%	+24.2%	+15.3%	+1.97%	+7.64%	+12.5%	+15.2%	+21.6%	+13.1%	+15%	+13.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	123.7M	548.6M	1.4B	1.5B	2.7B	2.7B	2.5B	2.7B	2.6B	2B
Receivables	101.7M	134.3M	226.7M	286.3M	428.5M	514.3M	713.3M	973.9M	1B	1.2B
Inventory	45.4M	45.2M	70.7M	119.8M	234.7M	357.3M	306.7M	559.6M	542.6M	629.1M
Total current assets	280M	744.7M	1.7B	2B	3.4B	3.7B	3.7B	4.4B	4.3B	4B
Property, plant & equipment	103.4M	139.6M	177.1M	377.3M	559.4M	840.8M	1.1B	994M	1.1B	1.3B
Goodwill & intangibles	22.8M	24.2M	37.4M	37.2M	81.4M	116M	398M	319.4M	252.4M	190M
Total assets	402.8M	904.1M	1.9B	2.4B	4.3B	4.9B	5.4B	6.3B	6.5B	6.3B
Accounts payable	41.1M	46.7M	75.5M	102.3M	163.3M	189.4M	237.9M	276.4M	345.3M	344.3M
Short-term debt	—	—	—	13.6M	16.5M	20.5M	793.1M	21.1M	1.2B	21.6M
Total current liabilities	102.4M	138.9M	222.4M	360.2M	614.1M	720.8M	1.8B	1.6B	2.9B	2.1B
Long-term debt	6.7M	334.3M	1B	1.1B	1.8B	2.1B	1.4B	2.6B	1.4B	1.4B
Total liabilities	119M	484.7M	1.3B	1.5B	2.5B	2.9B	3.3B	4.2B	4.4B	3.6B
Shareholders' equity	283.8M	419.4M	663.3M	882.6M	1.8B	2B	2.1B	2.1B	2.1B	2.7B
Total debt	6.7M	334.3M	1B	1.2B	1.8B	2.2B	2.1B	2.6B	2.6B	1.4B
Net debt	-87.8M	-107.2M	-119.4M	713.9M	1B	1.1B	1.5B	2B	2B	472M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.2B	2.7B	2.9B	3.1B	2.5B	2.6B	2.7B	2.9B	3.3B	2B	2.4B	1.9B
Receivables	785.7M	973.9M	978.6M	945.2M	1B	1B	1.2B	1.3B	1.1B	1.2B	1.1B	1.3B
Inventory	498.6M	559.6M	589.1M	570.3M	586.3M	542.6M	538.2M	570.7M	604.1M	629.1M	693.6M	726.4M
Total current assets	4.7B	4.4B	4.6B	4.8B	4.3B	4.3B	4.6B	5B	5.2B	4B	4.3B	4.1B
Property, plant & equipment	989.1M	994M	960.5M	1B	1.1B	1.1B	1.1B	1.2B	1.2B	1.3B	1.3B	1.3B
Goodwill & intangibles	339.6M	319.4M	293M	275.6M	260M	252.4M	236.6M	222.6M	206.2M	190M	209.8M	282.2M
Total assets	6.6B	6.3B	6.5B	6.8B	6.4B	6.5B	6.8B	7.3B	7.5B	6.3B	6.6B	6.5B
Accounts payable	242.4M	276.4M	269.7M	307M	326.6M	345.3M	432M	472M	451.5M	344.3M	394.3M	423.8M
Short-term debt	145.2M	21.1M	20.7M	21.6M	22.3M	1.2B	1.2B	1.2B	1.2B	21.6M	20.5M	20.7M
Total current liabilities	1.7B	1.6B	1.6B	1.7B	1.7B	2.9B	3B	3.3B	3.3B	2.1B	2.2B	2.4B
Long-term debt	2.6B	2.6B	2.6B	2.6B	2.6B	1.4B	1.4B	1.3B	1.3B	1.4B	1.4B	1.4B
Total liabilities	4.3B	4.2B	4.2B	4.4B	4.4B	4.4B	4.5B	4.8B	4.8B	3.6B	3.7B	3.8B
Shareholders' equity	2.3B	2.1B	2.2B	2.4B	2B	2.1B	2.3B	2.6B	2.7B	2.7B	3B	2.6B
Total debt	2.7B	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B	1.4B	1.4B	1.4B
Net debt	2.1B	2B	1.7B	1.7B	2B	2B	1.7B	1.4B	739.9M	472M	266.6M	293.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-65.6M	-50.2M	-127.1M	101.1M	493.6M	216.9M	341.2M	541.5M	576.2M	836.3M
Depreciation & amortization	15M	16.1M	29.1M	48.7M	67.1M	102M	155.9M	186M	217.7M	251.8M
Stock-based compensation	110.8M	106.2M	101.9M	102.7M	119.4M	113.4M	126.5M	150.8M	170.4M	159.6M
Change in working capital	-10.9M	-5.5M	-61.7M	-2.7M	-44.5M	-121.1M	149.8M	-53.3M	174.6M	62.8M
Operating cash flow	51.6M	83.9M	182.5M	301.5M	446M	464.9M	792.8M	693.9M	1.1B	1.4B
Capital expenditure	-55.7M	-66M	-67.1M	-180M	-199M	-389.2M	-364.8M	-236.6M	-358.8M	—
Investing cash flow	-55.9M	-144.4M	-139.8M	-1B	-1B	-216.1M	-521.5M	-507.2M	-207.5M	899.5M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-100M	0	0	0	-557.7M	-688.7M	-750M	-500M
Financing cash flow	8.1M	324.1M	526.6M	10.7M	912.1M	10.4M	-552.5M	-318.6M	-734.8M	-1.7B
Net change in cash	3.8M	263.6M	569.3M	-703M	340.1M	259.2M	-281.2M	-131.9M	113M	653.8M
Free cash flow	500K	26M	56.1M	134.5M	276.6M	53.3M	304.7M	511.9M	630.7M	1.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	120.7M	256.3M	146.4M	143.5M	134.6M	151.7M	105.4M	179.8M	283.8M	267.3M	199.5M	249.1M
Depreciation & amortization	48.2M	52.5M	52.5M	52.1M	55.3M	57.8M	60M	63M	63.6M	65.2M	67.1M	68.2M
Stock-based compensation	39M	36.9M	39M	44.7M	43.4M	43.3M	34.2M	45.3M	45.1M	35M	43.3M	39M
Change in working capital	104.3M	-284.8M	68.3M	118.9M	-6.7M	-5.9M	-15.5M	28.5M	192.7M	-142.9M	210.5M	-93.5M
Operating cash flow	210.5M	107.8M	258.5M	330.7M	177M	289.1M	167.9M	303M	659.9M	294M	525.6M	269.2M
Capital expenditure	-50.4M	-52.5M	-56.9M	-66.1M	-111.2M	-124.6M	-87M	—	—	—	—	—
Investing cash flow	-179.5M	414.9M	74.8M	-188.9M	210.3M	-303.7M	100.2M	30.5M	273.3M	408.5M	-221.9M	455.7M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-500M	—	—	-750M	0	—	—	-187.2M	-312.8M	—	—
Financing cash flow	13.1M	-631.9M	4.7M	-1.4M	-736.5M	-1.6M	12.5M	-1.7M	-175M	-314.7M	-25M	-3.7M
Net change in cash	44.1M	-109.2M	338M	140.4M	-349.2M	-16.2M	280.6M	331.8M	758.2M	387.8M	278.7M	721.2M
Free cash flow	218.8M	81.1M	152.3M	213.3M	88.3M	176.8M	96.8M	208.9M	579.4M	192.1M	449M	184.5M

DexCom Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement