DexCom reported Q4 2025 results with 13% revenue growth, beating guidance, and provided 2026 guidance of 11-13% growth. Management highlighted strong G7 15-day launch momentum, improving supply chain, and a path to major market expansion via Medicare coverage for type 2 non-insulin patients. They remained focused on innovation, customer experience, and international growth. Q4 2025 revenue grew 13% YoY to $1.26B, driving FY2025 results above the high end of guidance.
DexCom reported Q4 2025 results with 13% revenue growth, beating guidance, and provided 2026 guidance of 11-13% growth. Management highlighted strong G7 15-day launch momentum, improving supply chain, and a path to major market expansion via Medicare coverage for type 2 non-insulin patients. They remained focused on innovation, customer experience, and international growth. Q4 2025 revenue grew 13% YoY to $1.26B, driving FY2025 results above the high end of guidance.
DexCom reported Q4 2025 results with 13% revenue growth, beating guidance, and provided 2026 guidance of 11-13% growth. Management highlighted strong G7 15-day launch momentum, improving supply chain, and a path to major market expansion via Medicare coverage for type 2…
Q4 2025 revenue grew 13% YoY to $1.26B, driving FY2025 results above the high end of guidance.
FY2026 revenue guidance of $5.16B-$5.25B implies 11-13% growth, assuming stable coverage landscape.
Guidance · revenue to $5.205B
Management discussed plans to integrate AI into the customer experience, with additional offerings planned in the near future, and mentioned adding more AI insights to technology to potentially drive higher utilization.
Management sounds positive on its own trajectory, citing strong demand, improved operational execution, and the launch of G7 15-day. They are guiding to continued 11-13% growth in 2026, but the tone is more about sustained momentum than an inflection.
The company is investing in a new Ireland manufacturing facility, with hiring, depreciation, and validation costs expected to impact OpEx in 2026 and then move to COGS when the facility turns on in Q4, positioning for global coverage expansion.
Management expressed optimism about growth opportunities, product launches, and international expansion, while acknowledging past challenges and framing them as resolved.
“in the fourth quarter, we turn on Ireland. And so all of those fixed costs... flip to Cox. And so we'd actually expect a decline in our gross margin into the fourth quarter.”
“rebate rates... G7 15-day, G7 10-day are effectively the same price. So that, for a month supply... effectively, same revenue per month.”
“We'd expect that to kick in really here more in 2028. So I think that's at least how we're thinking about it in terms of how that unlock would play out.”
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Gross margin | FY2026 | 63%–64% | 63.5% | GUIDED |
| Op margin | FY2026 | 22%–23% | 22.5% | GUIDED |
| Revenue | FY2026 | $5.16B–$5.25B | $5.205B | GUIDED |