DexCom (DXCM) financial statements
DexCom reported revenue of $4.7B in fiscal 2025, up 26.2% a year over 9 years.
Net income was $836M and the operating margin 19.6%, against -11.1% in 2016.
Free cash flow was $1.1B, and the company returned $500M in net buybacks.
The diluted share count rose 21% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from DexCom's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $573M | $718M | $1.0B | $1.5B | $1.9B | $2.4B | $2.9B | $3.6B | $4.0B | $4.7B |
| Cost of revenue | $195M | $226M | $368M | $544M | $647M | $768M | $1.0B | $1.3B | $1.6B | $1.9B |
| Gross profit | $378M | $492M | $664M | $932M | $1.3B | $1.7B | $1.9B | $2.3B | $2.4B | $2.8B |
| Research and development | $156M | $185M | $200M | $274M | $360M | $517M | $484M | $506M | $552M | $599M |
| Selling, general and admin | $286M | $349M | $433M | $516M | $618M | $810M | $1.0B | $1.2B | $1.3B | $1.3B |
| Operating income | -$64M | -$42M | -$186M | $142M | $300M | $266M | $391M | $598M | $600M | $912M |
| Interest expense | $700,000 | $13M | $23M | $60M | $18M | $19M | $19M | $20M | $19M | $18M |
| Pre-tax income | -$65M | -$49M | -$126M | $104M | $298M | $257M | $391M | $710M | $709M | $1.1B |
| Income tax | $700,000 | $2M | $600,000 | $3M | -$252M | $40M | $50M | $169M | $133M | $252M |
| Net income | -$66M | -$50M | -$127M | $101M | $550M | $217M | $341M | $542M | $576M | $836M |
| EPS (diluted) | -$0.20 | -$0.14 | -$0.36 | $0.28 | $1.33 | $0.53 | $0.82 | $1.30 | $1.42 | $2.09 |
| Diluted shares | 334M | 345M | 353M | 369M | 420M | 429M | 428M | 426M | 413M | 406M |
| Gross margin | 66.0% | 68.5% | 64.4% | 63.1% | 66.4% | 68.6% | 64.7% | 63.2% | 60.5% | 60.1% |
| Operating margin | -11.1% | -5.9% | -18.1% | 9.6% | 15.5% | 10.9% | 13.4% | 16.5% | 14.9% | 19.6% |
| Net margin | -11.4% | -7.0% | -12.3% | 6.8% | 28.5% | 8.9% | 11.7% | 14.9% | 14.3% | 17.9% |
Balance sheet
Fiscal years, from DexCom's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $124M | $549M | $1.2B | $446M | $818M | $2.4B | $2.5B | $2.7B | $2.3B | $918M |
| Receivables | $102M | $134M | $227M | $286M | $428M | $514M | $713M | $974M | $1.0B | $1.2B |
| Inventory | $45M | $45M | $71M | $120M | $235M | $357M | $307M | $560M | $543M | $629M |
| Total current assets | $280M | $745M | $1.7B | $2.0B | $3.4B | $3.7B | $3.7B | $4.4B | $4.3B | $4.0B |
| Property, plant and equipment | $109M | $146M | $183M | $321M | $515M | $802M | $1.1B | $1.1B | $1.3B | $1.6B |
| Goodwill | $11M | $12M | $19M | $19M | $19M | $26M | $26M | $25M | $23M | $24M |
| Total assets | $403M | $904M | $1.9B | $2.4B | $4.3B | $4.9B | $5.4B | $6.3B | $6.5B | $6.3B |
| Total current liabilities | $102M | $139M | $222M | $360M | $614M | $721M | $1.8B | $1.6B | $2.9B | $2.1B |
| Total liabilities | $119M | $485M | $1.3B | $1.5B | $2.5B | $2.9B | $3.3B | $4.2B | $4.4B | $3.6B |
| Shareholders' equity | $284M | $419M | $663M | $883M | $1.6B | $2.0B | $2.1B | $2.1B | $2.1B | $2.7B |
| Net debt | -$94M | -$442M | -$1.1B | -$446M | -$818M | -$1.1B | -$642M | -$566M | -$606M | -$918M |
Cash flow
Fiscal years, from DexCom's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $56M | $92M | $123M | $314M | $476M | $442M | $670M | $748M | $990M | $1.4B |
| Capital spending | $56M | $66M | $67M | $180M | $199M | $389M | $365M | $237M | $359M | $364M |
| Free cash flow | $500,000 | $26M | $56M | $134M | $277M | $53M | $305M | $512M | $631M | $1.1B |
| Stock-based compensation | $111M | $106M | $102M | $103M | $119M | $113M | $126M | $151M | $170M | $160M |
| Share buybacks (net) | $0 | $0 | -$100M | $0 | $0 | $0 | -$558M | -$689M | -$750M | -$500M |
| Net borrowing | -$2M | $0 | — | — | — | — | — | — | — | — |
| Free cash flow margin | 0.1% | 3.6% | 5.4% | 9.1% | 14.4% | 2.2% | 10.5% | 14.1% | 15.6% | 23.1% |
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Open DXCM in InvestinglyQuestions
What was DexCom's revenue in 2025?
$4.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does DexCom generate?
$1.1B in fiscal 2025 (operating cash flow minus capital spending).
From DexCom's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.