DexCom, Inc. (DXCM) financials

NASDAQ · Healthcare · Medical - Devices · 11,050 employees · CEO Jacob Steven Leach

Price: $82.29 +2.95%
Market cap: $30.7B
Enterprise value: $31.1B
Last report: Q3 '26 filed 2026-10-29
Next report: 2027-02-11 EPS est. $0.72

Revenue (TTM)$5.1B+13.0% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)24.0%+6.8 pp vs a year agoOperating income $1.22B

Net income (TTM)$991M+37.5% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$1.1B+3.4% vs a year agoCapex $316M

Diluted EPS (TTM)$2.55+41.7% vs a year agoSum of the last 4 quarters

Net cash$425M-43.1% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $30.7B
Revenue: $5.1B
Revenue growth: +12%
Profit margin: 19.4%
P/E: 31.8×
P/S: 6.0×
EV / EBITDA: 20.1×
Free cash flow: $1.1B
Net income: $991M
Revenue estimate: $5.23B
Earnings: 2027-02-11
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-29): revenue beat by 1.2%, EPS beat by 8.1%Revenue $1.34B vs $1.33B expected (+1.2%); EPS $0.73 vs $0.68 (+8.1%).
Revenue growth slowing: 11.2% year on yearQ3 '26 revenue $1.34B, against an average of 15.7% over the four quarters before.
Operating margin 24.0% (TTM), +6.8 pp on a year agoOperating income grew 57.4% while revenue grew 13.0%.
Capex 6.2% of revenue (a year ago 8.6%)$316M invested in the last 4 quarters (-18.2% on a year earlier). Free cash flow $1.1B = 110.8% of net income.
Returned $1.32B to shareholders = 119.9% of free cash flowBuybacks $1.32B (a year earlier $187M), dividends $0, stock-based pay $154M (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count down 5.9% in a year384M diluted shares in Q3 '26, 407M a year earlier.
Net cash $425MCash + short-term investments $1.82B, debt incl. leases $1.39B; a year ago net cash $747M.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$1.34B	$1.21B	+11.2%
Gross margin	64.3%	60.5%	+3.8 pp
Operating income	$327M	$243M	+34.9%
Operating margin	24.3%	20.1%	+4.3 pp
Net income	$275M	$284M	-3.1%
Diluted EPS	$0.72	$0.70	+2.9%
Operating cash flow	$326M	$660M	-50.7%
Capex	$52.9M	$80.5M	-34.3%
Free cash flow	$273M	$579M	-52.9%
R&D	$162M	$158M	+2.6%
Stock-based compensation	$36.8M	$45.1M	-18.4%

Reported vs consensus

2026-10-29

	Actual	Consensus	vs consensus
Revenue	$1.34B	$1.33B	+1.2%
EPS (as estimated)	$0.73	$0.68	+8.1%

From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Reportable Segment	$1.34B	–	100.0%	–	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Non-US	$375M	+4.8%	100.0%	$1.48B	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Reportable Segment	$1.34B	–	$327M	–	24.3%	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $1.41B
Capex: -$316M
Buybacks: -$1.32B
Dividends: $0
Acquisitions: $0
Net debt issued: $0
Stock-based compensation: $154M
Free cash flow: $1.1B
Returned to shareholders / FCF: 119.9%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	31.8×	107.8×	31.0× – 239.7×
EV / EBITDA	20.1×	66.1×	19.4× – 140.5×
EV / Sales	6.1×	13.0×	5.7× – 21.7×
Price / FCF	27.9×	257.3×	24.0× – 974.4×
Price / Book	12.2×	18.7×	9.4× – 25.4×
FCF yield	3.6%	1.6%	0.1% – 4.2%
Return on invested capital	24.0%	9.9%	5.3% – 16.6%
Return on equity	36.5%	22.1%	10.6% – 30.5%

Analysts

Consensus target $97.85 (+18.9%)
range $86.00 – $115.00 · rating Buy

Strong buy1

Buy43

Hold8

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$5.23B	+12.2%	$2.70	+29.2%	30.5×	13
FY2027	$5.77B	+10.3%	$3.13	+15.9%	26.3×	15
FY2028	$6.41B	+11.1%	$3.71	+18.6%	22.2×	7
FY2029	$7.09B	+10.5%	$4.28	+15.3%	19.2×	2
FY2030	$7.82B	+10.4%	$4.95	+15.7%	16.6×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 267 figures DexCom, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable and Other Accrued Liabilities, Current	$2.07B	$1.93B	+6.9%	$1.94B	$1.59B	+22.6%
Accounts Payable, Trade, Current	$309M	$452M	-31.7%	$344M	$345M	-0.3%
Accounts Receivable, after Allowance for Credit Loss	$1.22B2025-12-31	$1.01B	+20.9%	$1.22B	$1.01B	+20.9%
Accounts Receivable, after Allowance for Credit Loss, Current	$1.19B	$1.11B	+6.9%	$1.22B	$1.01B	+20.9%
Accounts Receivable, Allowance for Credit Loss	$12.5M2025-12-31	$9.2M	+35.9%	$12.5M	$9.2M	+35.9%
Accounts Receivable, before Allowance for Credit Loss	$1.23B2025-12-31	$1.01B	+21.1%	$1.23B	$1.01B	+21.1%
Accrued Employee Benefits, Current	$28.7M	$28.3M	+1.4%	$34.6M	$37.5M	-7.7%
Accrued Income Taxes, Current	$25.6M	$6.8M	+276.5%	$8.9M	$3.9M	+128.2%
Accrued Income Taxes, Noncurrent	$46.6M2025-12-31	$44.8M	+4.0%	$46.6M	$44.8M	+4.0%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$85.5M	$81.5M	+4.9%	$115M	-$8M	+1,537.5%
Additional Paid in Capital, Common Stock	$2.43B	$2.25B	+8.0%	$2.28B	$2.09B	+9.0%
Advertising Expense	–	–	–	$224M	$194M	+15.2%
Amortization of Debt Issuance Costs	$1M	$1.8M	-44.4%	$7M	$7.2M	-2.8%
Amortization of Intangible Assets	–	–	–	$4.2M	$6.7M	-37.3%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$36.8M	$45.1M	-18.4%	$160M	$170M	-6.3%
Asset Retirement Obligation	$19.9M	$17.6M	+13.1%	$20.6M	$17M	+21.2%
Assets	$6.24B	$7.5B	-16.8%	$6.34B	$6.48B	-2.2%
Assets, Current	$3.92B	$5.22B	-25.0%	$4.03B	$4.3B	-6.2%
Assets, Fair Value Disclosure	$1.87B2026-03-31	$2.19B	-14.7%	$1.5B	$2.14B	-29.7%
Cash and Cash Equivalents, at Carrying Value	$961M	$1.84B	-47.6%	$918M	$606M	+51.4%
Cash Equivalents, at Carrying Value	$538M2026-03-31	$363M	+48.4%	$393M	$134M	+192.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$962M	$1.84B	-47.7%	$919M	$607M	+51.3%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$144M	$677M	-121.2%	$312M	$39.8M	+683.4%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	800M	800M	0.0%	800M	800M	0.0%
Common Stock, Shares, Issued	413M	411M	+0.5%	411M	409M	+0.4%
Common Stock, Shares, Outstanding	373M	390M	-4.4%	385M	391M	-1.5%
Common Stock, Value, Outstanding	$400K	$400K	0.0%	$400K	$400K	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$271M	$282M	-3.9%	$959M	$585M	+64.0%
Contract with Customer, Liability, Current	$2.9M2025-09-30	$13.9M	-79.1%	$8M2024-12-31	$18.4M	-56.5%
Contract with Customer, Liability, Noncurrent	$8.5M2025-09-30	$5.2M	+63.5%	$9.5M2024-12-31	$7.4M	+28.4%
Convertible Notes Payable, Current	$02025-12-31	$1.2B	-100.0%	$0	$1.2B	-100.0%
Convertible Notes Payable, Noncurrent	$1.24B	$1.24B	+0.3%	$1.24B	$1.24B	+0.3%
Cost of Goods and Services Sold	$480M	$478M	+0.5%	$1.86B	$1.59B	+16.6%
Current Federal Tax Expense (Benefit)	–	–	–	$37.1M	$157M	-76.4%
Current Foreign Tax Expense (Benefit)	–	–	–	$25.7M	$2.7M	+851.9%
Current Income Tax Expense (Benefit)	–	–	–	$69.9M	$177M	-60.4%
Current State and Local Tax Expense (Benefit)	–	–	–	$7.1M	$16.5M	-57.0%
Debt Conversion, Converted Instrument, Amount	–	–	–	$0	$0	–
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	$0	$1.8M	-100.0%	$1.6M	$1.7M	-5.9%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$3.4M	$200K	+1,600.0%	$0	$1.1M	-100.0%
Debt Securities, Realized Gain (Loss)	$02025-12-31	$0	–	$0	$0	–
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss	$860M	$1.48B	-42.1%	$1.08B	$1.97B	-45.3%
DebtSecuritiesAvailableForSaleExcludingAccruedInterest	$857M	$1.49B	-42.4%	$1.08B	$1.97B	-45.2%
DebtSecuritiesAvailableForSaleExcludingAccruedInterestCurrent	$723M	$1.41B	-48.7%	$1.08B	$1.73B	-37.6%
DebtSecuritiesAvailableForSaleExcludingAccruedInterestNoncurrent	$134M	$76.3M	+75.1%	$248M2024-12-31	–	–
Deferred Compensation Liability, Current	$21.8M	$20.5M	+6.3%	$20M	$18.6M	+7.5%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$170M	-$55.2M	+407.4%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$3.5M	$13.4M	-126.1%
Deferred Income Tax Assets, Net	$305M	$376M	-18.7%	$296M	$481M	-38.6%
Deferred Income Tax Expense (Benefit)	-$900K	$118M	-100.8%	$182M	-$43.8M	+516.0%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$16M	-$2M	+900.0%
Deferred Tax Assets, Gross	$508M2025-12-31	$748M	-32.1%	$508M	$748M	-32.1%
Deferred Tax Assets, in Process Research and Development	$104M2025-12-31	$265M	-60.9%	$104M	$265M	-60.9%
Deferred Tax Assets, Net	$283M2025-12-31	$467M	-39.4%	$283M	$467M	-39.4%
Deferred Tax Assets, Net of Valuation Allowance	$347M2025-12-31	$526M	-34.0%	$347M	$526M	-34.0%
Deferred Tax Assets, Operating Loss Carryforwards	$12.6M2025-12-31	$14.4M	-12.5%	$12.6M	$14.4M	-12.5%
Deferred Tax Assets, Tax Credit Carryforwards	$85.6M2025-12-31	$79.2M	+8.1%	$85.6M	$79.2M	+8.1%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$20.6M2025-12-31	$22.5M	-8.4%	$20.6M	$22.5M	-8.4%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities	$86.8M2025-12-31	$87.4M	-0.7%	$86.8M	$87.4M	-0.7%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-02