dxcm-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
			or
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number: 000-51222

DEXCOM, INC.

(Exact name of registrant as specified in its charter)


Delaware						33-0857544
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


6340 Sequence Drive, San Diego, CA						92121
(Address of principal executive offices)						(Zip Code)

(858) 200-0200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 Par Value Per Share

DXCM

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 23, 2026, there were 385,872,977 shares of the registrant’s common stock outstanding.

Table of Contents


DexCom, Inc.
Table of Contents


		Page
PART I. FINANCIAL INFORMATION
ITEM 1.	Financial Statements
	Condensed Consolidated Balance Sheets (unaudited) as of March 31, 2026 and December 31, 2025	4
	Condensed Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2026 and 2025	5
	Condensed Consolidated Statements of Comprehensive Income (unaudited) for the three months ended March 31, 2026 and 2025	6
	Condensed Consolidated Statements of Stockholders’ Equity (unaudited) for the three months ended March 31, 2026 and 2025	7
	Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2026 and 2025	8
	Notes to Condensed Consolidated Financial Statements (unaudited)	9
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	35
ITEM 4.	Controls and Procedures	36
PART II. OTHER INFORMATION
ITEM 1.	Legal Proceedings	37
ITEM 1A.	Risk Factors	39
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
ITEM 3.	Defaults Upon Senior Securities	39
ITEM 4.	Mine Safety Disclosures	39
ITEM 5.	Other Information	40
ITEM 6.	Exhibits	41
	Signatures	43

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Except for historical financial information contained herein, the matters discussed in this Quarterly Report on Form 10-Q may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Such statements include declarations regarding our operations, financial condition and prospects, and business strategies, and are based on management’s intent, beliefs, expectations, and assumptions as of the date of this report. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks, uncertainties and other factors, some of which are beyond our control. Actual results could differ materially from those indicated or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to: (i) that the information is of a preliminary nature and may be subject to further adjustment; (ii) those risks and uncertainties identified under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission, or the SEC, on February 12, 2026, together with any updates identified under “Risk Factors” in our subsequently filed Quarterly Reports on Form 10-Q; and (iii) the other risks detailed from time-to-time in our other reports and registration statements filed with the SEC. Except as required by law, we undertake no obligation to revise or update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.


AVAILABLE INFORMATION

Our website address is located at www.dexcom.com and our investor relations website is located at investors.dexcom.com. We file electronically with the SEC our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. We make available on our website, free of charge, copies of these reports and other information as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information. Unless otherwise expressly stated, we obtained industry, business, market, and other data from reports, research surveys, studies, and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data, and similar sources.

We announce material information to the public about us, our products, and other matters through a variety of means, including filings with the SEC, press releases, public conference calls, presentations, webcasts, and our investor relations website, in order to achieve broad, non-exclusionary distribution of information to the public and to comply with our disclosure obligations under Regulation FD. We also routinely post important information for investors on our website noted above, and we may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations portion of our website noted above. The information disclosed by the foregoing channels could be deemed to be material information. As such, we encourage investors, the media, and others to follow the channels listed above and review the information disclosed through such channels.

Except as expressly set forth in this Quarterly Report on Form 10-Q, the contents of our website and our investor relations website are not incorporated by reference into, or otherwise to be regarded as part of, this Quarterly Report on Form 10-Q or any other report or document we file with the SEC, and any references to websites are intended to be inactive textual references only.

“Dexcom”, “Dexcom Clarity”, “Dexcom Follow”, “Dexcom One”, “Dexcom One+”, “Dexcom Share”, “Stelo”, and any related logos and design marks appearing in this Quarterly Report on Form 10-Q are either registered trademarks or trademarks of DexCom, Inc. in the United States and/or other countries. Other service marks, trademarks and trade names referred to in this Quarterly Report on Form 10-Q are the property of their respective owners.

Table of Contents


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


DexCom, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)



(In millions, except share and par value data)	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	1,118.2	$	917.7
Short-term marketable securities	1,297.0		1,081.0
Accounts receivable, net	1,088.6		1,216.1
Inventory	693.6		629.1
Prepaid and other current assets	134.3		189.4
Total current assets	4,331.7		4,033.3
Property and equipment, net	1,559.7		1,559.9
Operating lease right-of-use assets	73.1		77.4
Goodwill	24.2		24.2
Intangibles, net	62.6		70.8
Deferred tax assets	296.1		295.6
Other assets	285.9		278.7
Total assets	$	6,633.3	$	6,339.9
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities	$	2,073.9	$	1,944.0
Accrued payroll and related expenses	121.8		169.2

Short-term operating lease liabilities	20.5		21.6
Other current liabilities	7.6		7.7
Total current liabilities	2,223.8		2,142.5
Long-term senior convertible notes	1,241.8		1,240.9
Long-term operating lease liabilities	69.0		73.4
Other long-term liabilities	141.8		137.1
Total liabilities	3,676.4		3,593.9
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock, $0.001 par value, 5.0 million shares authorized; no shares issued and outstanding at March 31, 2026 and December 31, 2025	—		—
Common stock, $0.001 par value, 800.0 million shares authorized; 412.3 million and 385.9 million shares issued and outstanding, respectively, at March 31, 2026; and 410.7 million and 384.8 million shares issued and outstanding, respectively, at December 31, 2025	0.4		0.4
Additional paid-in capital	2,337.5		2,281.5
Accumulated other comprehensive income	106.2		115.0
Retained earnings	2,633.4		2,433.9
Treasury stock, at cost; 26.4 million shares at March 31, 2026 and 25.9 million shares at December 31, 2025	(2,120.6)		(2,084.8)
Total stockholders’ equity	2,956.9		2,746.0
Total liabilities and stockholders’ equity	$	6,633.3	$	6,339.9

See accompanying notes

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DexCom, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)



	Three Months Ended March 31,
(In millions, except per share data)	2026		2025
Revenue	$	1,191.9	$	1,036.0
Cost of sales	441.6		447.0
Gross profit	750.3		589.0
Operating expenses:
Research and development	145.3		145.2

Selling, general and administrative	349.7		310.1
Total operating expenses	495.0		455.3
Operating income	255.3		133.7
Other income, net	14.2		20.6
Income before income taxes	269.5		154.3
Income tax expense	70.0		48.9
Net income	$	199.5	$	105.4


Basic net income per share	$	0.52	$	0.27
Shares used to compute basic net income per share	385.1		391.1
Diluted net income per share	$	0.51	$	0.27
Shares used to compute diluted net income per share	393.6		407.5

See accompanying notes

Table of Contents


DexCom, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)



	Three Months Ended March 31,
(In millions)	2026		2025
Net income	$	199.5	$	105.4
Other comprehensive income (loss), net of tax:
Translation adjustments and other	(6.5)		10.0
Unrealized gain (loss) on marketable debt securities	(2.3)		0.2
Total other comprehensive income (loss), net of tax	(8.8)		10.2
Comprehensive income	$	190.7	$	115.6

See accompanying notes

Table of Contents


DexCom, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)



	Three Months Ended March 31, 2026
						Accumulated Other Comprehensive Income (Loss)
(In millions)	Common Stock			Additional Paid-In Capital		Translation Adjustments and Other		Net Unrealized Gain (Loss) on Marketable Securities		Retained Earnings		Treasury Stock		Total Stockholders’ Equity
	Shares	Amount
Balance at December 31, 2025	384.8	$	0.4	$	2,281.5	$	113.8	$	1.2	$	2,433.9	$	(2,084.8)	$	2,746.0
Issuance of common stock under equity incentive plans	1.4	—		—		—		—		—		—		—
Issuance of common stock for Employee Stock Purchase Plan	0.2	—		12.7		—		—		—		—		12.7

Common stock withheld related to net share settlement of equity awards	(0.5)	—		—		—		—		—		(35.8)		(35.8)


Share-based compensation expense	—	—		43.3		—		—		—		—		43.3
Net income	—	—		—		—		—		199.5		—		199.5
Other comprehensive loss, net of tax	—	—		—		(6.5)		(2.3)		—		—		(8.8)
Balance at March 31, 2026	385.9	$	0.4	$	2,337.5	$	107.3	$	(1.1)	$	2,633.4	$	(2,120.6)	$	2,956.9


	Three Months Ended March 31, 2025
						Accumulated Other Comprehensive Income (Loss)
(In millions)	Common Stock			Additional Paid-In Capital		Translation Adjustments and Other		Net Unrealized Gain on Marketable Securities		Retained Earnings		Treasury Stock		Total Stockholders’ Equity
	Shares	Amount
Balance at December 31, 2024	390.7	$	0.4	$	2,093.8	$	(8.4)	$	0.4	$	1,597.6	$	(1,581.2)	$	2,102.6
Issuance of common stock under equity incentive plans	1.2	—		—		—		—		—		—		—
Issuance of common stock for Employee Stock Purchase Plan	0.2	—		14.2		—		—		—		—		14.2






Share-based compensation expense	—	—		34.2		—		—		—		—		34.2
Net income	—	—		—		—		—		105.4		—		105.4
Other comprehensive income, net of tax	—	—		—		10.0		0.2		—		—		10.2
Balance at March 31, 2025	392.1	$	0.4	$	2,142.2	$	1.6	$	0.6	$	1,703.0	$	(1,581.2)	$	2,266.6

See accompanying notes

Table of Contents


DexCom, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)




	Three Months Ended March 31,
(In millions)	2026		2025
Operating activities
Net income	$	199.5	$	105.4
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	67.1		60.0
Share-based compensation	43.3		34.2
Non-cash interest expense	1.0		1.9
Deferred income taxes	0.3		(5.8)
Net losses on equity investments	—		4.2
Other non-cash income and expenses	—		(16.5)
Changes in operating assets and liabilities:
Accounts receivable, net	124.6		(148.9)
Inventory	(65.2)		6.2
Prepaid and other assets	51.0		16.5
Operating lease right-of-use assets and liabilities, net	(1.3)		(0.9)
Accounts payable and accrued liabilities	145.1		125.4
Accrued payroll and related expenses	(47.1)		(0.6)
Deferred revenue and other liabilities	7.3		2.7
Net cash provided by operating activities	525.6		183.8
Investing activities
Purchases of marketable securities	(688.6)		(462.5)
Proceeds from sale and maturity of marketable securities	468.2		650.2
Purchases of property and equipment	(76.6)		(87.0)

Purchases of non-marketable equity securities	(1.5)		—

SEC Form 10-Q filed by DexCom Inc.