Dexcom (DXCM) Q4 FY2025 earnings: revenue $1.3 billion, up 13.1% on the year

Dexcom Inc. (DXCM) reported revenue of $1.3 billion for Q4 FY2025, the quarter ended 31 December 2025, up 13.1% on the same quarter a year earlier. Net income was $267 million, up 76.2% on the year, and diluted earnings per share $0.68. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue

$1.3 billion

+13.1% on the year · +4.2% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

25.6%

17.0% a year earlier

Q1 FY2024Q4 FY2025

Net income

$267 million

+76.2% on the year · -5.8% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.68

+78.9% on the year · -2.9% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new, 3 kept.

Quarterly revenue grew 13%: Fourth-quarter revenue reached $1.260 billion, up from $1.114 billion a year earlier; organic growth was 12%.
Full-year revenue reached $4.662 billion: Full-year 2025 revenue was $4.662 billion, up 16% reported and 15% organic from $4.033 billion in 2024.
Quarterly operating margin reached 25.6%: GAAP operating income was $323.0 million, 25.6% of revenue, up 860 basis points; non-GAAP operating income was $331.5 million, 26.3%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	1,260	1,209	1,114	+4.2%	+13.1%
Cost of revenue	467	478	458	-2.3%	+2.0%
Gross profit	793	731	656	+8.4%	+20.9%
Gross margin	62.9%	60.5%	58.9%
Research and development	148	158	140	-5.9%	+6.2%
Selling, general and administrative	322	331	327	-3.0%	-1.8%
Operating income	323	242	189	+33.2%	+71.0%
Operating margin	25.6%	20.1%	17.0%
Interest expense	4.2	4.7	4.9	-10.6%	-14.3%
Pre-tax income	341	352	211	-3.3%	+61.2%
Income tax	73.4	68.5	59.6	+7.2%	+23.2%
Effective tax rate	21.5%	19.4%	28.2%
Net income	267	284	152	-5.8%	+76.2%
Net margin	21.2%	23.5%	13.6%
Diluted EPS	$0.68	$0.70	$0.38	-2.9%	+78.9%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	294	660	301	-55.4%	-2.5%
Capital expenditure	102	80.5	125	+26.6%	-18.2%
Free cash flow	192	579	177	-66.8%	+8.7%
Free cash flow margin	15.3%	47.9%	15.9%
Cash from investing	307	193	-304	+59.0%
Cash from financing	-1,522	-175	-1.6
Depreciation and amortisation	65.2	63.6	57.8	+2.5%	+12.8%
Share-based compensation	35.0	45.1	43.3	-22.4%	-19.2%
Buybacks	n/a	187	n/a
Diluted shares, weighted	399m	407m	407m	-2.1%	-1.9%
Shares outstanding at period end	385m	390m	391m	-1.3%	-1.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	2,746	2,726	2,103	+0.7%	+30.6%
Debt	1,241	2,447	2,441	-49.3%	-49.2%
Operating lease liabilities	73.4	50.6	65.0	+45.1%	+12.9%
Finance lease liabilities	53.8	54.6	58.5	-1.5%	-8.0%
Other liabilities	2,226	2,222	1,817	+0.2%	+22.5%
Total liabilities and equity	6,340	7,500	6,484	-15.5%	-2.2%
Goodwill	24.2	24.1	22.8	+0.4%	+6.1%
Intangible assets	70.8	79.0	103	-10.4%	-31.5%
Investments	218	217	1,849	+0.5%	-88.2%
Cash and equivalents	918	1,836	606	-50.0%	+51.4%
Receivables	1,216	1,110	1,006	+9.6%	+20.9%
Inventory	629	604	543	+4.1%	+15.9%
Other assets	3,264	3,631	2,355	-10.1%	+38.6%
Total assets	6,340	7,500	6,484	-15.5%	-2.2%

Questions

What was Dexcom's revenue in Q4 FY2025?

Dexcom (DXCM) reported revenue of $1.3 billion for Q4 FY2025, the quarter ended 31 December 2025, up 13.1% on the same quarter a year earlier.

How much did Dexcom earn in Q4 FY2025?

Net income for Q4 FY2025 was $267 million, up 76.2% on the year, and diluted earnings per share $0.68.

When did Dexcom report Q4 FY2025 results?

Dexcom filed its 10-K for the year that ended with the quarter on 12 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 * †	Q1 FY2022 †	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	698	629	696	770	815	742	871	975	1,034	921	1,004	994	1,114	1,036	1,157	1,209	1,260	1,192	1,308	1,344
Cost of revenue	226	231	247	275	274	279	325	352	378	359	378	400	458	447	468	478	467	442	478	480
Gross profit	473	398	450	494	541	463	546	623	657	562	627	594	656	589	689	731	793	750	830	864
Gross margin	68%	63%	65%	64%	66%	62%	63%	64%	63%	61%	62%	60%	59%	57%	60%	60%	63%	63%	63%	64%
R&D	150	136	122	110	116	119	119	131	136	142	136	135	140	145	148	158	148	145	153	162
SG&A	237	219	249	235	296	296	299	286	304	319	333	306	327	310	328	331	322	350	359	376
Operating income	0.6	41.3	77.0	148	125	47.2	128	206	217	101	158	152	189	134	213	242	323	255	318	327
Operating margin	0%	7%	11%	19%	15%	6%	15%	21%	21%	11%	16%	15%	17%	13%	18%	20%	26%	21%	24%	24%
Interest expense	25.2	4.6	4.7	4.6	4.7	4.6	5.9	4.9	4.9	4.6	4.8	4.7	4.9	4.7	4.7	4.7	4.2	3.1	3.0	3.1
Pre-tax income	-14.7	36.1	75.3	146	133	64.5	159	240	246	132	188	177	211	154	241	352	341	270	318	335
Tax rate	n/a	-170%	32%	31%	31%	25%	27%	50%	-4%	-10%	24%	24%	28%	32%	25%	19%	22%	26%	22%	18%
Net income	-19.4	97.3	50.9	101	91.8	48.6	116	121	256	146	144	135	152	105	180	284	267	200	249	275
Net margin	-3%	15%	7%	13%	11%	7%	13%	12%	25%	16%	14%	14%	14%	10%	16%	23%	21%	17%	19%	20%
Diluted EPS	-$0.20	$0.93	$0.12	$0.24	$0.22	$0.12	$0.28	$0.29	$0.62	$0.36	$0.35	$0.34	$0.38	$0.27	$0.45	$0.70	$0.68	$0.51	$0.64	$0.72
Operating cash flow	106	71.0	173	293	132	155	190	269	134	209	279	200	301	184	303	660	294	526	269	326
Capital expenditure	80.2	102	91.5	108	63.5	74.7	59.0	50.4	52.5	56.9	66.1	111	125	87.0	94.1	80.5	102	76.6	84.7	52.9
Free cash flow	25.6	-30.6	81.3	185	69.0	80.7	131	219	81.1	152	213	88.3	177	96.8	209	579	192	449	184	273
Buybacks	n/a	n/a	n/a	558	n/a	n/a	n/a	0.0	n/a	n/a	n/a	750	n/a	n/a	n/a	187	n/a	n/a	n/a	400
Shares outstanding	97m	98m	393m	386m	386m	388m	386m	386m	385m	396m	401m	391m	391m	392m	392m	390m	385m	386m	377m	373m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 12 February 2026: the filing.