Short answer
Dexcom (DXCM) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $4.7B (+15.6% year over year) and net income of $836M.
- Top risk flagged: Cybersecurity risk exposure due to integration of cloud-based technology platforms increasing operational costs
FY2025 key financial metrics · XBRL
- Revenue
- $4.7B
- +15.6% YoY
- Net income
- $836M
- +45.1% YoY
- Operating margin
- 19.6%
- +4.7 pp YoY
- Gross margin
- 60.1%
- −0.4 pp YoY
- EPS (diluted)
- $2.09
- +47.2% YoY
- ROE
- 30.5%
- +3.1 pp YoY
- Operating cash flow
- $1.4B
- +45.6% YoY
Source: XBRL data from the Dexcom (DXCM) FY2025 10-K on SEC EDGAR. USD.
Dexcom FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Design, development, and commercialization of continuous glucose monitoring (CGM) systems for diabetes and metabolic health management
- New product launched: Stelo, first over-the-counter glucose biosensor for prediabetes and Type 2 diabetes adults not using insulin (U.S. launch Aug 2024)
- Strategic shift: Expanded market beyond insulin-using diabetics to prediabetes and broader metabolic health with OTC Stelo product
- Quantitative metric: G7 15 Day system FDA cleared with 15.5-day wear, 8.0% MARD accuracy, coverage by Medicare and Medicaid in majority of U.S. states
- Noteworthy fact: Dexcom ONE+ CGM system received CE Mark approval Nov 2023 and launched in multiple European countries, expanding international presence
Management Discussion & Analysis
- Revenue $4,662M, up 16% YoY from $4,033M driven by 600K-700K net customer additions
- Operating margin 20.0% vs 14.9%, operating income $911.8M up 52% YoY from $600.0M
- Best segment: U.S. distributor revenue $3,195.7M up $371.3M; worst segment: U.S. direct revenue $139.2M up $73.8M (smallest absolute growth)
- Net income $836.3M up 45% YoY with net margin 17.9% vs 14.3%
- Cash from operations supporting R&D ($599.1M), SG&A ($1,291M), no specific buybacks/dividends noted; expectations of adequate liquidity, possible future debt market access for inorganic growth
Risk Factors
- Cybersecurity risk exposure due to integration of cloud-based technology platforms increasing operational costs
- Board Technology Committee delegation for cybersecurity risk oversight with annual compliance reviews to applicable laws and standards
- Key-person dependency on cybersecurity officers with 15-25 years experience and multiple professional certifications managing risk
- Supply chain vulnerability linked to global IT infrastructure managed by CIO with 30 years experience in IT and supply chain
- No specific regulatory, geopolitical, competitive, or financial risk detailed in this section
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.