Dexcom
DXCM · NasdaqSurgical & Medical Instruments & Apparatus · Fiscal year ends Dec 31
Dexcom reported revenue of $4.7B in the fiscal year ended Dec 2025, up 15.6% from the year before. Operating income was $912M, an operating margin of 19.6%, and net income was $836M. Operating cash flow of $1.4B less capital expenditure of $364M left free cash flow of $1.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.4B | $2.9B | $3.6B | $4B | $4.7B |
| Cost of revenue | $768M | $1B | $1.3B | $1.6B | $1.9B |
| Gross profit | $1.7B | $1.9B | $2.3B | $2.4B | $2.8B |
| Research & development | $517M | $484M | $506M | $552M | $599M |
| Selling, general & admin | $811M | $1B | $1.2B | $1.3B | $1.3B |
| Operating income | $266M | $391M | $598M | $600M | $912M |
| Interest expense | $19M | $19M | $20M | $19M | $18M |
| Pre-tax income | $257M | $391M | $710M | $709M | $1.1B |
| Income tax | $40M | $50M | $169M | $133M | $252M |
| Net income | $217M | $341M | $542M | $576M | $836M |
| Diluted EPS | 0.53 | 0.82 | 1.30 | 1.42 | 2.09 |
| Diluted shares | 429M | 428M | 426M | 413M | 406M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.1B | $642M | $566M | $606M | $918M |
| Receivables | $514M | $713M | $974M | $1B | $1.2B |
| Inventory | $357M | $307M | $560M | $543M | $629M |
| Current assets | $3.7B | $3.7B | $4.4B | $4.3B | $4B |
| Net PP&E | $802M | $1.1B | – | – | – |
| Goodwill | $27M | $26M | $25M | $23M | $24M |
| Total assets | $4.9B | $5.4B | $6.3B | $6.5B | $6.3B |
| Deferred revenue | $2M | $10M | $18M | $8M | – |
| Current liabilities | $721M | $1.8B | $1.6B | $2.9B | $2.1B |
| Total liabilities | $2.9B | $3.3B | $4.2B | $4.4B | $3.6B |
| Shareholders' equity | $2B | $2.1B | $2.1B | $2.1B | $2.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $443M | $670M | $749M | $990M | $1.4B |
| Capital expenditure | $389M | $365M | $237M | $359M | $364M |
| Free cash flow | $53M | $305M | $512M | $631M | $1.1B |
| Depreciation & amortisation | $102M | $156M | $186M | $218M | $252M |
| Stock-based compensation | $113M | $127M | $151M | $170M | $160M |
| Acquisitions | $30M | $4M | $0 | $0 | – |
| Share buybacks | $0 | $558M | $689M | $750M | $500M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 18.8% | 24.5% | 11.3% | 15.6% |
| Operating income growth (YoY) | – | 47.2% | 52.8% | 0.4% | 52.0% |
| EPS growth (YoY) | – | 54.7% | 58.5% | 9.2% | 47.2% |
| Gross margin | 68.6% | 64.7% | 63.2% | 60.5% | 60.1% |
| Operating margin | 10.9% | 13.4% | 16.5% | 14.9% | 19.6% |
| Net margin | 8.9% | 11.7% | 14.9% | 14.3% | 17.9% |
| Return on equityBlank when equity is negative | 10.6% | 16.0% | 26.2% | 27.4% | 30.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.3% | 11.0% | 12.7% | 16.9% | 21.7% |
| Free cash flow margin | 2.2% | 10.5% | 14.1% | 15.6% | 23.1% |
| Cash conversion (CFO ÷ net income) | 2.04x | 1.96x | 1.38x | 1.72x | 1.72x |
| Receivable days | 77 | 89 | 98 | 91 | 95 |
| Inventory days | 170 | 109 | 153 | 124 | 123 |
| Interest cover | 14.1x | 21.0x | 29.4x | 31.6x | 49.8x |
| Current ratio | 5.11x | 1.99x | 2.84x | 1.47x | 1.88x |
Recent filings
More in Surgical & Medical Instruments & Apparatus
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.