Tandem Diabetes Care (TNDM) FY2025 results: revenue $1.0 billion, up 7.9% on the year
Tandem Diabetes Care Inc. (TNDM) reported revenue of $1.0 billion for fiscal 2025, the year ended 31 December 2025, up 7.9% on the year before. Net income was -$205 million, and diluted earnings per share $-3.04. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.
Revenue
$1.0 billion
+7.9% on the year
FY2018FY2025
Operating margin
-18.5%
-10.5% a year earlier
FY2018FY2025
Net income
-$205 million
FY2018FY2025
Diluted EPS
-$3.04
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 12 new.
Fourth-quarter sales rose to $290.4 million: Worldwide GAAP sales rose 3% from $282.6 million, which included $30.2 million of Tandem Choice revenue in the prior year. Excluding that, non-GAAP sales grew 15%.
Full-year sales passed $1 billion: Full-year worldwide sales were $1.015 billion. Non-GAAP sales rose 12% from $910.0 million, and GAAP sales rose 8% from $940.2 million.
Fourth-quarter pump shipments reported: Fourth-quarter shipments were more than 27,000 pumps in the United States and approximately 11,000 outside it, about 38,000 worldwide.
Gross margin reached 58% in quarter: Fourth-quarter gross margin was 58%, compared with 56% GAAP and 51% non-GAAP a year earlier. The full-year gross margin was 54%.
Fourth-quarter free cash flow positive: Operating cash flow was $9.8 million and free cash flow was $3.1 million in the fourth quarter, after capital expenditures of $6.7 million. Full-year free cash flow was negative $29.7 million.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
-9.7
24.2
-31.8
Capital expenditure
19.9
19.2
26.8
+3.7%
Free cash flow
-29.7
5.0
-58.6
Free cash flow margin
-2.9%
0.5%
-7.8%
Cash from investing
72.9
-23.5
-85.7
Cash from financing
-43.4
8.4
4.1
Depreciation and amortisation
17.7
16.6
15.7
+6.4%
Share-based compensation
92.4
101
88.1
-8.9%
Buybacks
0.0
30.0
0.0
Diluted shares, weighted
67m
65m
65m
+2.8%
Shares outstanding at period end
68m
66m
66m
+3.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
155
263
314
-41.0%
Debt
310
349
285
-11.1%
Operating lease liabilities
115
106
114
+8.0%
Other liabilities
301
249
240
+20.8%
Total liabilities and equity
881
968
953
-8.9%
Fixed assets
83.6
78.2
76.5
+6.9%
Intangible assets
11.7
0.9
2.8
+1,167.0%
Investments
202
369
409
-45.3%
Cash and equivalents
90.6
69.2
58.9
+30.9%
Receivables
165
115
106
+44.4%
Inventory
129
150
158
-13.9%
Other assets
199
186
142
+6.9%
Total assets
881
968
953
-8.9%
10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.