DexCom Inc.
DXCMFinancial Snapshot
ticker: DXCM step: 04 generated: 2026-05-12 source: quick-research
DexCom Inc. (DXCM) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $2.91B | $3.62B | $4.03B | +11% |
| Gross Margin | ~65% | ~63% | ~62% | -1pp |
| Operating Margin | ~11% | ~13% | ~15% | +2pp |
| Net Income | ~$200M | ~$380M | ~$470M | +24% |
| EPS (diluted) | ~$0.50 | ~$0.97 | ~$1.20 | +24% |
Note: Non-GAAP gross margin for FY2024 was ~62%; GAAP operating margin was 14.9% ($600M / $4.03B). EPS estimates are approximate GAAP figures; non-GAAP EPS was approximately $1.85–$2.00 for FY2024.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$1.44B |
| Free Cash Flow | ~$1.08B |
| Cash & Equivalents | ~$3.0B |
| Total Debt | ~$2.4B |
FCF = Operating cash flow of $1.44B minus CapEx of ~$364M.
Key Ratios (approximate)
- P/E: ~50x (GAAP) | EV/Revenue: ~6x | FCF Yield: ~4%
- Revenue Growth (FY2024): +11% | FCF Margin: ~27%
- Non-GAAP Gross Margin: ~62% | Non-GAAP Operating Margin: ~19%
Growth Profile
DexCom has delivered strong revenue growth driven by penetration of the type 2 diabetes market, international expansion, and product upgrades from G6 → G7 → G7 15-Day. Growth accelerated from +11% in FY2024 to +16% in FY2025 ($4.66B), supported by the Stelo OTC launch and improving U.S. reimbursement coverage for non-insulin type 2 patients. The company is targeting $5.16–$5.25B in FY2026 revenue (+11–13%), with margin expansion as manufacturing scale (Ireland factory online by 2027) reduces COGS over time.
Forward Estimates
- FY2025 Actual: Revenue ~$4.66B (+16% YoY); non-GAAP operating margin ~20–21%
- FY2026 Guidance: Revenue $5.16–$5.25B (+11–13%); consensus non-GAAP EPS ~$2.20–$2.40
- Key upside lever: Medicare coverage expansion for ~12M non-insulin type 2 patients could accelerate growth to +15–20% range
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $DXCM.