DexCom, Inc. (DXCM) Earnings
DexCom, Inc. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $0.60. DXCM has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +9.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.47 | $0.56 | +19.1% | $1.2B | +1.5% |
| Feb 12, 2026 | $0.65 | $0.68 | +4.6% | $1.3B | +6.5% |
| Oct 30, 2025 | $0.58 | $0.61 | +5.9% | $1.2B | +2.2% |
| Jul 30, 2025 | $0.44 | $0.48 | +8.2% | $1.2B | +2.9% |
| May 1, 2025 | $0.33 | $0.32 | -2.2% | $1.0B | +1.8% |
| Feb 13, 2025 | $0.48 | $0.45 | -6.1% | $1.1B | +0.4% |
| Oct 24, 2024 | $0.44 | $0.45 | +2.3% | $994M | +0.4% |
| Jul 25, 2024 | $0.39 | $0.43 | +10.3% | $1.0B | -3.2% |
| Apr 25, 2024 | $0.27 | $0.32 | +18.5% | $921M | +1.2% |
| Feb 8, 2024 | $0.43 | $0.50 | +16.3% | $1.0B | +2.0% |
| Oct 26, 2023 | $0.34 | $0.50 | +47.1% | $975M | +3.8% |
| Jul 27, 2023 | $0.23 | $0.34 | +47.8% | $871M | +3.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Jake mentioned first quarter revenue growth of 15% compared to first quarter of 2025 and organic revenue growth of 12%, driven by strong demand for Dexcom CGM globally. In U.S., strong momentum in type 2 diabetes care with share gains, especially from people with type 2 diabetes not on insulin. Announced reimbursement win with Prime Therapeutics for commercial type 2 non-insulin population. Expanded launch of Dexcom G7 15-day system in U.S., with positive feedback on new sensor algorithm. Working on new patch technology, software updates including redesign of Stello, and expansion of Smart Basal feature pilot. International markets showing strong growth with broader access and new product launches planned. Jake outlined three priorities for next phase of growth: be premier glucose sensing solution for all, set standard for customer experience, expand international market share. Jeremy discussed financial measures, including revenue growth, gross margin, operating expenses, and cash position.
Guidance
Reaffirming prior revenue guidance of $5.16 to $5.25 billion (11% to 13% growth for the year). Reiterating full-year non-GAAP gross profit margin guidance of 63% to 64%. Increasing non-GAAP operating profit margin guidance and adjusted EBITDA margin guidance to 23% to 23.5% and 31% to 31.5%, respectively. Left gross margin guidance unchanged due to geopolitical environment uncertainties, but strong cost control allowed raising operating and adjusted EBITDA margin guidance.
Segment performance
Worldwide revenue for first quarter of 2026 was $1.19 billion compared to $1.04 billion in first quarter of 2025, representing 15% growth on reported basis and 12% organic growth. U.S. revenue totaled $832 million in first quarter, up 11% from first quarter of 2025. International revenue grew 26% to $360 million in first quarter, with international organic revenue growth of 17%. First quarter gross profit was $757.4 million (63.5% of revenue) compared to 57.5% in first quarter of 2025. Operating expenses were $493.0 million in first quarter of 2026 compared to $453.1 million in first quarter of 2025. Operating income was $264.4 million (22.2% of revenue) in first quarter of 2026 compared to $143.1 million (13.8% of revenue) in first quarter of 2025. Adjusted EBITDA was $364.5 million (30.6% of revenue) in first quarter of 2026 compared to $230.4 million (22.2% of revenue) in first quarter of 2025. Net income was $216.3 million ($0.56 per share) in first quarter of 2026, representing 75% growth over first quarter of 2025.
Analyst Q&A
Q: David Roman from Goldman Sachs asked about U.S. market unfold and business metrics.
A: Jake said U.S. market has significant opportunity with 30% penetration in covered lives, new PBM coverage adding lives, and team targeting new coverage.
Q: Travis Steed from Bank of America asked about 15-day product's impact on new starts and margin.
A: Jake said 15-day helps drive momentum and new starts, Jeremy discussed margin impact with 50-100 basis points risk from fuel and resins.
Q: Simran on behalf of Larry Beagleson from Wells Fargo asked about type 2 non-insulin RCT and U.S. CGM market growth.
A: Jake said RCT readout at ADA and U.S. CGM market has strong growth potential.
Q: Robbie Marcus from JP Morgan asked about new patient starts.
A: Jake said globally it was a record new patient quarter, U.S. was close to record.
Q: Matt Taylor from Jefferies asked about CMS coverage.
A: Jake said CMS coverage is a matter of time.
Q: Jeff Johnson from Baird asked about international coverage and comps.
A: Jeremy said international coverage is progressing, no one-time tough comps.
Q: Marie Tibble from BTIG asked about share gains in Type 2 population.
A: Jake and Jeremy discussed customer satisfaction, coverage wins, and product portfolio.
Q: Anna on behalf of Matthew O'Brien from Piper Sandler asked about retention.
A: Jake said retention has been consistent, with MPS scores improving.
Q: Joanne Winch from Citi asked about next quarters' revenue growth.
A: Jeremy said revenue growth is relatively split between U.S. and international.
Q: Jason Bedford from Raymond James asked about Smart Basel launch expansion.
A: Jake said still in pilot, working on workflow fit.
Q: Jonathan Block from Stifel asked about U.S. and international revenue split.
A: Jake said both businesses have strong opportunities and are balanced.
Q: Issy Kirby from Redburn asked about Stello and international launch.
A: Jake discussed Stello's redesign and international launch plans.
Q: Brett on behalf of Mike Kratke from Lyric Partners asked about CMS and long-term plan.
A: Jake said CMS coverage is a matter of time, and long-term plan includes assumptions.
Q: Richard Newiter from Truist Securities asked about Prime Therapeutics win and margin.
A: Jeremy discussed Prime Therapeutics win's impact and margin considerations.
Q: Chris Pasquale from Nefron asked about operating margin leverage.
A: Jeremy said operating margin guide was raised due to expense management and R&D investment.
Q: Colin on behalf of Joshua Jennings from TD Cowan asked about CMS stipulations and adoption.
A: Jake said CMS coverage is a matter of time with minimal impact on population.
Q: Daniel Markowitz from Evercore ISI asked about sales force preparation and OPEX.
A: Jake discussed sales force evolution and OPEX impact.
Q: Bill Plavonic from Canaccord Genuity asked about free cash flow and capital allocation.
A: Jeremy said free cash flow allows for M&A and share buybacks, with more details at Investor Day.
Q: Shagam Singh from RBC Capital Markets asked about U.S. business growth and lifetime patient value.
A: Jake said growth is split and discussed lifetime patient value related to retention and utilization.
Q: Anthony Patron from Mizuho asked about RCT A1C reduction expectation.
A: Jake said registry data and RCT will show significant A1C reductions.