Dexcom Reports Fourth Quarter and Fiscal Year 2025 Financial Results

Fourth Quarter 2025 Financial Highlights:

• Revenue grew 13% year-over-year to $1.260 billion on a reported basis and 12% year-over-year on an organic¹ basis.
• U.S. revenue grew 11% and international revenue grew 18% on a reported basis and 15% on an organic¹ basis, all on a year-over-year basis.
• GAAP operating income of $323.0 million or 25.6% of revenue, an increase of 860 basis points compared to the fourth quarter of 2024. Non-GAAP operating income* of$331.5 million or 26.3% of reported revenue, an increase of 750 basis points compared to the fourth quarter of 2024.

Full Year 2025 Financial Highlights:

• Full year revenue grew 16% versus the prior year to $4.662 billion on a reported basis and 15% on an organic² basis.
• U.S. revenue growth of 15% and international revenue growth of 16% on a reported basis. International revenue growth was 15% on an organic² basis.
• GAAP operating income of $911.8 million or 19.6% of revenue, an increase of 470 basis points compared to 2024. Non-GAAP operating income* of $969.3 million or 20.8% of revenue, an increase of 200 basis points over the prior year.

Fourth Quarter 2025 Strategic Highlights:

• Launched Dexcom G7 15 Day CGM system in the United States
• Received FDA clearance for Dexcom Smart Basal, the first and only CGM-integrated basal insulin dosing optimizer
• Expanded access to Dexcom CGM in Québec under the Régie de l'assurance maladie du Québec (RAMQ), bringing coverage to eligible adults with type 2 diabetes

“2025 was another great year for Dexcom as we significantly expanded access to Dexcom CGM and launched our Dexcom G7 15 Day System,” said Jake Leach, Dexcom’s president and CEO. “We look forward to building on this momentum in 2026 as we work to deliver improved health outcomes for many more people globally."

2026 Annual Guidance

Dexcom is reiterating fiscal year 2026 guidance for Revenue, Non-GAAP Gross Profit Margin, Non-GAAP Operating Margin, and establishing Adjusted EBITDA Margin guidance at the following levels:

• Revenue of $5.16 - $5.25 billion (approximately 11-13% growth)
• Non-GAAP Gross Profit Margin of approximately 63-64%
• Non-GAAP Operating Margin of approximately 22-23%
• Adjusted EBITDA Margin of approximately 30-31%

Fourth Quarter 2025 Financial Results

Revenue: In the fourth quarter of 2025, worldwide revenue grew 13% to $1.260 billion on a reported basis, up from $1.114 billion in the fourth quarter of 2024.

Gross Profit: GAAP gross profit totaled $792.7 million or 62.9% of revenue for the fourth quarter of 2025, compared to $655.8 million or 58.9% of revenue in the fourth quarter of 2024.

Non-GAAP gross profit* totaled $799.8 million or 63.5% of reported revenue for the fourth quarter of 2025, compared to $661.2 million or 59.4% of reported revenue in the fourth quarter of 2024.

Operating Income: GAAP operating income for the fourth quarter of 2025 was $323.0 million or 25.6% of revenue, compared to GAAP operating income of $188.9 million or 17.0% of revenue for the fourth quarter of 2024.

Non-GAAP operating income* for the fourth quarter of 2025 was $331.5 million or 26.3% of reported revenue, compared to non-GAAP operating income of $209.5 million or 18.8% of reported revenue for the fourth quarter of 2024.

Net Income and Diluted Net Income Per Share: GAAP net income was $267.3 million, or $0.68 per diluted share, for the fourth quarter of 2025, compared to GAAP net income of $151.7 million, or $0.38 per diluted share, for the fourth quarter of 2024.

Non-GAAP net income* was $265.1 million, or $0.68 per diluted share, for the fourth quarter of 2025, compared to non-GAAP net income of $177.8 million, or $0.45 per diluted share, for the fourth quarter of 2024. The fourth quarter 2025 non-GAAP net income excludes $7.9 million of amortization of intangible assets, $0.6 million of business transition and other significant items, and $10.7 million of tax adjustments.

Cash and Liquidity: As of December 31, 2025, Dexcom held $2.00 billion in cash, cash equivalents and marketable securities and our revolving credit facility remains undrawn. The cash balance represents significant financial and strategic flexibility as Dexcom continues to expand production capacity and explore new market opportunities.

* See Table D below for a reconciliation of these GAAP and non-GAAP financial measures.

Conference Call

Management will hold a conference call today starting at 4:30 p.m. (Eastern Time). The conference call will be concurrently webcast. The link to the webcast will be available on the Dexcom Investor Relations website at investors.dexcom.com by navigating to “Events and Presentations,” and will be archived for future reference. To listen to the conference call, please dial (888) 414-4585 (U.S./Canada) or (646) 960-0331 (International) and use the confirmation ID “9430114” approximately five minutes prior to the start time.

Statement Regarding Use of Non-GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with generally accepted accounting principles in the United States (GAAP), please see the section titled “About Non-GAAP Financial Measures” below as well as the related Table D. We have not reconciled our organic revenue growth, Non-GAAP Gross Profit Margin, Non-GAAP Operating Margin, and Adjusted EBITDA Margin estimates for fiscal year 2025 because certain items that impact these figures are uncertain or out of our control and cannot be reasonably predicted. Accordingly, reconciliations of our organic revenue growth, Non-GAAP Gross Profit Margin, Non-GAAP Operating Margin and Adjusted EBITDA Margin estimates are not available without unreasonable effort.

About DexCom, Inc.

Dexcom empowers people to take control of health through innovative biosensing technology. Founded in 1999, Dexcom has pioneered and set the standard in glucose biosensing for more than 25 years. Its technology has transformed how people manage diabetes and track their glucose, helping them feel more in control and live more confidently.

Dexcom. Discover what you’re made of. For more information, visit www.dexcom.com.

Category: IR

Cautionary Statement Regarding Forward Looking Statements

This press release contains forward-looking statements that are not purely historical regarding Dexcom’s or its management’s intentions, beliefs, expectations and strategies for the future, including those related to Dexcom’s future operating results and financial position, including estimated Revenue, Non-GAAP Gross Profit Margin, Non-GAAP Operating Margin, and Adjusted EBITDA Margin for fiscal year 2026, and expected growth rates as compared to the year ended December 31, 2025; future expenses and investments; and potential business plans and opportunities. All forward-looking statements included in this press release are made as of the date of this press release, based on information currently available to Dexcom as of the date hereof. Forward-looking statements deal with future events and are therefore subject to various risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. The risks and uncertainties that may cause actual results to differ materially from Dexcom’s current expectations are more fully described in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Dexcom’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings filed with the Securities and Exchange Commission. Except as required by law, Dexcom assumes no obligation to update any such forward-looking statement after the date of this communication or to conform these forward-looking statements to actual results.