Skip to content
AnalystLens

DEXCOM INC 8-K Report, Financial Results (Feb 12, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 12, 2026
Period End
February 12, 2026
Security
DXCM
In the record · 2016–202610-K1110-Q328-K134

DXCM filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 134 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jun ’16Jun ’16
  2. Restructuring8-K · Feb ’19Feb ’19
  3. Leadership change8-K · Mar ’21Mar ’21
  4. Leadership change8-K · May ’25May ’25

01—Abstract

Summary

Summary of the 8-K filed February 12, 2026. Cited figures are marked; the original filing is the authoritative source.

DexCom reported fourth-quarter and full-year 2025 results on February 12, 2026, capping a strong year of growth.

Q4 revenue rose 13% year-over-year to $1.260 billiona (12% organic), with U.S. revenue up 11% and international up 18%. GAAP operating income reached $323.0 million (25.6% margin), up 860 basis points, while non-GAAP operating margin was 26.3%. For the full year, revenue grew 16% to $4.662 billion (15% organic), and GAAP operating income of $911.8 million (19.6% margin) was up 470 basis points.

GAAP diluted EPS for 2025 was $2.09b, versus $1.42 in 2024. Profitability improvement is the central story. Operating leverage is visible in both GAAP and non-GAAP figures, helped by a lower share of operating expenses relative to revenue and strong gross margin (GAAP gross margin of 62.9% in Q4 versus 58.9% a year earlier).

Full-year 2025 other income of $176.6 millionc, which includes a $78.1 million gain from equity investments, flattered net income, so investors should separate that non-operating contribution from core earnings. The company ended the year with $2.00 billion in cash and marketable securities and an undrawn revolving credit facility, giving it flexibility to expand manufacturing capacity and pursue new markets. For 2026, DexCom reiterated revenue guidance of $5.16 to $5.25 billion (about 11% to 13% growth), non-GAAP gross margin of roughly 63% to 64%, and non-GAAP operating margin of roughly 22% to 23%.

It also introduced Adjusted EBITDA margin guidance of roughly 30%d to 31%. The filing notes that organic growth and margin guidance were not reconciled to GAAP because certain items are difficult to predict. The 8-K furnishes the press release under Item 2.02 and is not deemed filed under the Exchange Act.

02—Key points

Key Highlights

  1. Q4 2025 revenue grew 13% year-over-year to $1.260 billion (12% organic); U.S. revenue rose 11% and international rose 18%.
  2. Full-year 2025 revenue reached $4.662 billion, up 16% reported and 15% organic, with GAAP operating margin expanding 470 basis points to 19.6%.
  3. Q4 GAAP operating income was $323.0 million (25.6% margin), up 860 basis points from Q4 2024; non-GAAP operating margin was 26.3%.
  4. Full-year 2025 GAAP diluted EPS was $2.09 versus $1.42 in 2024, though other income including a $78.1 million equity investment gain boosted results.
  5. Ended 2025 with $2.00 billion in cash, cash equivalents and marketable securities, with the revolving credit facility undrawn.
  6. 2026 guidance: revenue of $5.16-$5.25 billion (11-13% growth), non-GAAP gross margin of 63-64%, non-GAAP operating margin of 22-23%, and new Adjusted EBITDA margin guidance of 30-31%.
  7. Product milestones included the G7 15 Day CGM launch in the U.S., FDA clearance for Dexcom Smart Basal, and expanded CGM coverage in Québec under RAMQ.

03—Questions

Frequently Asked Questions

  1. How did DexCom perform in Q4 2025 compared with the prior year?

    Revenue rose 13% to $1.260 billion, or 12% on an organic basis. GAAP operating income grew to $323.0 million from $188.9 million, and GAAP diluted EPS rose to $0.68 from $0.38. International revenue grew faster (18%) than U.S. revenue (11%).

  2. What is DexCom guiding for 2026?

    The company reiterated revenue of $5.16-$5.25 billion (about 11-13% growth), non-GAAP gross margin of about 63-64%, and non-GAAP operating margin of about 22-23%. It also set Adjusted EBITDA margin guidance of about 30-31%.

  3. Did one-time items affect the full-year 2025 results?

    Yes. Full-year other income of $176.6 million included a $78.1 million gain from equity investments, and tax adjustments and business transition costs also affected the reconciliation. Investors should look at core operating income ($911.8 million GAAP) and the reconciled non-GAAP figures to gauge recurring performance.

  4. How strong is DexCom's balance sheet and liquidity position?

    At December 31, 2025, the company held $2.00 billion in cash, cash equivalents and marketable securities, and its revolving credit facility was undrawn. Total stockholders' equity rose to $2.75 billion. Long-term convertible notes of about $1.24 billion remain outstanding.

  5. Why does the 8-K say the results are furnished rather than filed?

    Under Item 2.02, the press release is furnished as Exhibit 99.1 and is not deemed filed for purposes of Section 18 of the Exchange Act. It is also not incorporated by reference into Securities Act or Exchange Act filings unless specifically referenced there, which limits its legal liability exposure.

04—Continue

← View all 8-K filings