DEXCOM INC

Listed Company

DXCMCIK 0001093557NasdaqLarge AcceleratedSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$4.66B

Net Income

$836.30M

Total Assets

$6.34B

Equity

$2.75B

Shares Out

385.87M

Op. Cash Flow

$1.44B

Business

DEXCOM INC is a medical device company focused on the design, development and commercialization of continuous glucose monitoring (CGM) systems for diabetes and metabolic health management. It offers CGM products and related services including the Dexcom G7, G6, Dexcom ONE, G6 Pro, the Stelo OTC biosensor, Dexcom Share remote monitoring, Dexcom Clarity cloud reporting and Real‑Time API connectivity. Key business activities include product development, manufacturing, direct sales and strategic collaborations to integrate CGM with insulin delivery and data platforms. The company sells globally through direct sales forces, distributors, e-commerce and reimbursement channels including Medicare, Medicaid and private payors.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	4,662	4,033	3,622	2,910	2,449
Cost of sales	1,860	1,595	1,333	1,027	768
Gross profit	2,802	2,438	2,289	1,883	1,681
Research and development	599	552	506	484	517
Selling, general and administrative	1,291	1,286	1,185	1,008	811
Total operating expenses	1,890	1,838	1,691	1,492	1,415
Operating income	912	600	598	391	266
Other income, net	177	109	113	−400,000	−9
Income before income taxes	1,088	709	710	391	257
Income tax expense	252	133	169	50	40
Net income	836	576	542	341	217
Basic net income per share (in usd per share)	2.14	1.46	1.4	0.88	0.56
Shares used to compute basic net income per share (in shares)	390	394	386	389	387
Diluted net income per share (in usd per share)	2.09	1.42	1.3	0.82	0.53
Shares used to compute diluted net income per share (in shares)	406	413	426	428	429

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	918	606	566	642	1,053
Short-term marketable securities	1,081	1,973	—	—	—
Accounts receivable, net	1,216	1,006	974	713	514
Inventory	629	543	560	307	357
Prepaid and other current assets	189	174	168	193	82
Total current assets	4,033	4,301	4,426	3,669	3,684
Property and equipment, net	1,560	1,340	1,113	1,056	802
Operating lease right-of-use assets	77	63	71	80	88
Goodwill	24	23	25	26	27
Intangibles, net	71	103	135	173	32
Deferred tax assets	296	481	419	341	291
Other assets	279	173	75	47	11
Total assets	6,340	6,485	6,265	5,392	4,933
Accounts payable and accrued liabilities	1,944	1,585	1,346	902	573
Accrued payroll and related expenses	169	112	171	134	125
Current portion of long-term senior convertible notes	0	1,204	0	773	0
Short-term operating lease liabilities	22	23	21	21	21
Other current liabilities	8	8	—	—	—
Total current liabilities	2,143	2,932	1,556	1,839	721
Long-term senior convertible notes	1,241	1,237	2,434	1,198	1,982
Long-term operating lease liabilities	73	65	80	95	99
Other long-term liabilities	137	148	126	128	90
Total liabilities	3,594	4,382	4,196	3,260	2,891
Commitments and contingencies (Note 6)	—	—	—	—	—
Preferred stock, $0.001 par value, 5.0 million shares authorized; no shares issued and outstanding at December 31, 2025 and December 31, 2024	0	0	0	0	0
Common stock, $0.001 par value, 800.0 million shares authorized; 410.7 million and 384.8 million shares issued and outstanding, respectively, at December 31, 2025; and 408.9 million and 390.7 million shares issued and outstanding, respectively, at December 31, 2024	400,000	400,000	400,000	400,000	400,000
Additional paid-in capital	2,282	2,094	3,515	2,258	2,109
Accumulated other comprehensive income (loss)	115	−8	−17	−12	500,000
Retained earnings	2,434	1,598	1,021	480	139
Treasury stock, at cost; 25.9 million shares at December 31, 2025 and 18.2 million shares at December 31, 2024	−2,085	−1,581	−2,451	−595	−206
Total stockholders equity	2,746	2,103	2,069	2,132	2,042
Total liabilities and stockholders equity	6,340	6,485	6,265	5,392	4,933

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	252	218	186	156	102
Share-based compensation	160	170	151	127	113
Non-cash interest expense	7	8	8	6	7
Deferred income taxes	182	−44	−55	−22	16
Net (gains) losses on equity investments	−78	1	−2	—	—
Other non-cash income and expenses	−22	−49	−84	35	44
Accounts receivable, net	−202	−35	−260	−200	−76
Inventory	−64	12	−253	49	−112
Prepaid and other assets	−15	−6	19	−132	−21
Operating lease right-of-use assets and liabilities, net	−7	−7	−5	—	—
Accounts payable and accrued liabilities	347	212	467	295	58
Accrued payroll and related expenses	55	−60	37	9	10
Deferred revenue and other liabilities	−12	−8	−3	11	9
Net cash provided by operating activities	1,441	990	749	670	443
Purchases of marketable securities	−1,247	−2,576	−3,200	−2,266	−2,473
Proceeds from sale and maturity of marketable securities	2,165	2,824	2,947	2,128	2,666
Purchases of property and equipment	−364	−359	−237	−365	−389
Purchases of non-marketable equity securities	−19	−81	−20	−15	—
Other investing activities	600,000	−16	2	200,000	10
Net cash provided by (used in) investing activities	536	−208	−507	−522	−216
Net proceeds from issuance of common stock	28	28	27	23	20
Purchases of treasury stock	−500	−750	−689	−558	0
Proceeds from issuance of convertible notes, net of issuance costs	0	0	1,231	0	0
Purchases of capped call transactions	0	0	−101	0	0
Payments for conversions of senior convertible notes	0	0	−787	0	0
Repayments for maturity of senior convertible notes	−1,208	0	0	—	—
Other financing activities	−7	−13	2	−17	−10
Net cash used in financing activities	−1,686	−735	−319	−553	10
Effect of exchange rate changes on cash, cash equivalents and restricted cash	22	−7	2	−6	−1
Increase (decrease) in cash, cash equivalents and restricted cash	312	40	−76	−410	235
Shares issued for repurchase and conversions of senior convertible notes	0	0	1,502	36	158
Shares received under note hedge upon conversion of 2023 Notes	0	0	−1,490	−34	−131
Acquisition of property and equipment included in accounts payable and accrued liabilities	63	75	53	26	45
Cash paid during the year for interest	11	11	12	12	12
Cash paid during the year for income taxes	94	198	212	114	17

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