Dexcom (DXCM) FY2025 results: revenue $4.7 billion, up 15.6% on the year

Dexcom is a medical device company focused on continuous glucose monitoring systems, used to manage diabetes and metabolic health by patients, their caregivers and clinicians. It received approval from the Food and Drug Administration and commercialised its first product in 2006. At the end of 2025 it had approximately 11,100 employees globally, including 11,000 full-time.

What a Dexcom system does

A sensor sits on the body and reads glucose continuously, replacing the finger stick. The key technologies are biomaterials, membrane systems, electrochemistry and low power microelectronics. The membrane is built from multiple polymer layers configured to let through the right mix of glucose and oxygen, which react with a glucose-specific enzyme to create an extremely low electrical current measured in pico-amperes; that current is then translated into a glucose value. The electronics are packaged in a small, sealed, lightweight unit.

A transmitter sends the reading wirelessly to a Dexcom receiver or to a compatible mobile phone, where an app displays real-time and trended values and raises alerts and alarms. With the current systems the receiver's functions can be had through an iOS or Android device instead, though some jurisdictions, the United States among them, may require a receiver as the primary display or a backup. Readings arrive every five minutes, and no finger stick is needed for calibration or for treatment decisions unless symptoms do not match the readings.

The product line

G7 is the current generation, cleared in the United States for everyone with diabetes aged two and over. It received a CE Mark in March 2022 and marketing authorisation from the Food and Drug Administration in December 2022 through the 510(k) process, and is an integrated continuous glucose monitoring system classified as a Class II device. G7 15 Day, authorised in April 2025 for people over 18 in the United States, extends the wear period to 15.5 days. The company reports a mean absolute relative difference of 8.0% for G7 15 Day, with 94.2% of values within 20% of their comparator, and describes it as the most accurate such system cleared by the Food and Drug Administration.

G6, authorised in March 2018, was the first continuous glucose monitor the regulator permitted to work as part of an integrated system with other compatible devices such as automated insulin delivery systems and insulin pumps. The filing states that the company anticipates transitioning its G6 customers to the G7 and G7 15 Day sensor systems by the end of 2026. Dexcom ONE+, CE marked in November 2023 and launched in several European countries, carries many of the same features as G7 and covers people aged two and over including pregnant women; the earlier Dexcom ONE is anticipated to be phased out by the end of 2026.

Stelo, launched in August 2024, is different in kind: a biosensor for adults with prediabetes and Type 2 diabetes who do not use insulin, and the first over-the-counter glucose biosensor in the United States. Because it needs no prescription, it reaches beyond people with diabetes to those managing metabolic health.

Around the sensors sit Dexcom Share and Dexcom Follow, which send a patient's glucose information to the cloud and on to apps belonging to up to ten designated followers, who can monitor remotely and receive alerts, including on a wearable device. The Dexcom Real-Time API, cleared in July 2021, lets authorised third-party developers pull real-time data into their own digital health apps for permitted uses, though not for automated insulin delivery or for settings the system is not cleared for, such as hospital inpatient care.

Partnerships and manufacturing

The company has multiple collaboration agreements that integrate its monitoring with insulin delivery: a partner's pump or pen receives and displays glucose readings from the transmitter and, in some cases, uses them for semi-automated insulin delivery. It also collaborates with organisations running Type 2 diabetes treatment programmes, and, since Stelo, with consumer technology companies that want to offer metabolic health insights.

Manufacturing is primarily at Mesa, Arizona and Penang, Malaysia, with a new facility being built at Athenry, Ireland. Production has to happen in a highly controlled and clean environment to keep out particles and other contaminants that limit yield and quality. In March 2025 the company received a warning letter from the Food and Drug Administration following inspections of its San Diego, California and Mesa facilities relating to observed non-conformities in manufacturing. Selling runs through a direct field sales force, supplemented by distribution arrangements in North America and several international markets.

From Dexcom's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.