# DexCom Inc. (DXCM) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/DXCM/thesis · /stocks/DXCM/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/DXCM/fundamental

## Navigation

- Overview: /stocks/DXCM
- Financials (this page): /stocks/DXCM/financials
- Thesis: /stocks/DXCM/thesis
- Investment Memo: /stocks/DXCM/memo
- Coverage universe: /stocks