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Screener / SEC EDGAR /CIK 0001093557 /10-K filed Feb 12, 2026, compared with Feb 18, 2025 /Numbers from the XBRL of the 10-Ks
Health care peers:
WATDXCMRMDILMNCOOIDXX
Nasdaq Health care · Medical Instruments

Dexcom DXCM

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We are a medical device company primarily focused on the design, development and commercialization of continuous glucose monitoring, or CGM, systems for the management of diabetes and metabolic health by patients, caregivers, and clinicians around the world. 10-K, Item 1

Employees
11,100
Headquarters
San Diego, CA
CEO
Jacob Steven Leach
Next results
around Jan 11, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $4.7B through the costs to a net profit of $836.3M · income statement of the 10-K

20% operating margin
Revenue to Gross profit: $2.8BRevenue to Cost of revenue: $1.9BGross profit to Operating profit: $911.8MGross profit to Operating expenses: $1.9BOperating profit to Net profit: $659.7MOperating profit to Tax: $252.1MOther income to Net profit: $176.6MOperating expenses to R&D: $599.1MOperating expenses to SG&A: $1.3B Revenue: $4.7B REVENUE $4.7B +16% Y/Y Gross profit: $2.8B · 60% margin GROSS PROFIT $2.8B 60% margin · +15% Y/Y Cost of revenue: $1.9B · 40% of revenue COST OF REVENUE $1.9B 40% of revenue Operating profit: $911.8M · 20% margin OPERATING PROFIT $911.8M 20% margin · +52% Y/Y Other income: $176.6M · 4% of revenue OTHER INCOME $176.6M 4% of revenue Operating expenses: $1.9B · 41% of revenue OPERATING EXPENSES $1.9B 41% of revenue Net profit: $836.3M · 18% margin NET PROFIT $836.3M 18% margin · +45% Y/Y Tax: $252.1M · 5% of revenue TAX $252.1M 5% of revenue R&D: $599.1M · 13% of revenue R&D $599.1M 13% of revenue SG&A: $1.3B · 28% of revenue SG&A $1.3B 28% of revenue
Gross profit $2.8B 60% margin · +15% Y/Y
Operating profit $911.8M 20% margin · +52% Y/Y
Net profit $836.3M 18% margin · +45% Y/Y
The full income statement, year by year

DXCM among Health care peers

Six ratios from the latest 10-K. Each corner is the share of 59 peers the company is above, not a score.

Compare
Revenue growth: 15.6%, above 88% of 59 peers (their median 7.1%) REVENUE GROWTH 15.6% · above 88% Gross margin: 63.4%, above 48% of 50 peers (their median 65.2%) GROSS MARGIN 63.4% · above 48% Operating margin: 24.0%, above 84% of 50 peers (their median 13.4%) OPERATING MARGIN 24.0% · above 84% Net margin: 19.4%, above 80% of 59 peers (their median 9.5%) NET MARGIN 19.4% · above 80% FCF margin: 21.5%, above 76% of 55 peers (their median 15.2%) FCF MARGIN 21.5% · above 76% Return on capital: 27.6%, above 98% of 41 peers (their median 9.0%) RETURN ON CAPITAL 27.6% · above 98%
DXCM Peer median Below the median

What changed

18 new risk paragraphs and 2 accounting facts worth reading about. 10-K filed Feb 12, 2026 against Feb 18, 2025.

Risk factors
18 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Auditor change
8-K item 4.01 (change in certifying accountant) filed Mar 25, 2025
10-K · XBRL
Critical audit matters changed
New this year: Pharmacy Rebates in the United States (“As disclosed in Note 1 to the financial statements, when revenue is recognized, the Company includes an estimate of variable consideration in the calculation of the transaction price. Variable consideration includes, but is not limited to, rebates, chargebacks, product returns provision, and prompt ”). No longer listed: Estimation of variable consideration for revenue recognition. Same as last year: F-2
10-K · XBRL
Accounting checks
9 other checks clear, 2 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
4 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

2facts worth reading about the other 9 checks found nothing to note

  • Auditor change
    8-K item 4.01 (change in certifying accountant) filed Mar 25, 2025
  • Critical audit matters changed
    New this year: Pharmacy Rebates in the United States (“As disclosed in Note 1 to the financial statements, when revenue is recognized, the Company includes an estimate of variable consideration in the calculation of the transaction price. Variable consideration includes, but is not limited to, rebates, chargebacks, product returns provision, and prompt ”). No longer listed: Estimation of variable consideration for revenue recognition. Same as last year: F-2
  • Receivables +20.9% vs revenue +15.6% (+5.3 pts)
8 more checks with nothing to note
  • Cash from operations $1.4B vs net income $836.3M (FY ending Dec 31, 2025)
  • Inventory +15.9% vs revenue +15.6% (+0.3 pts)
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

18 paragraphs in Risk Factors that were not in the 10-K filed Feb 18, 2025. Quoted as filed.

All 18 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 18, 2025 10-K, ITEM 1A
    In the United States and other countries, government and private sector access to health care products continues to be a subject of focus, and efforts to reduce health care costs are being made by third-party payors. Most of our customers rely on third-party payors, including government programs and private health insurance plans, to…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 18, 2025 10-K, ITEM 1A
    On July 4, 2025, President Trump signed the budget reconciliation bill (entitled “One Big Beautiful Bill Act”, or the Bill) to meet spending targets aimed at funding the Administration’s domestic priorities that includes significant changes to the Medicaid program. Congressional Budget Office, or CBO, preliminary estimates show that the…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 18, 2025 10-K, ITEM 1A
    We are also aware of companies outside the traditional medical device sector that are attempting to develop competitive products and services, including for the general health and wellness, or population health space. Some of the companies developing or marketing competing devices are large and well-known publicly traded companies. Such…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 18, 2025 10-K, ITEM 1A
    From time to time, the FDA conducts inspections of our facilities and may issue Form 483 findings related to our operations and may issue warning letters or take other administrative or enforcement actions asserting noncompliance with FDA laws and regulations. In March 2025, we received an FDA warning letter following inspections of our…

New risk paragraphs, against peers

Latest 10-K of each, Health care companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$2.9B$3.6B$4.0B$4.7B
Net income$341.2M$541.5M$576.2M$836.3M
Operating cash flow$669.5M$748.5M$989.5M$1.4B
Free cash flow$304.7M$511.9M$630.7M$1.1B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$4.7B ▲ 15.6% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

4 filings in the last 30 days · SEC EDGAR

All filings

About the company

Dexcom, San Diego, CA · from the 10-K filed Feb 12, 2026

We are a medical device company primarily focused on the design, development and commercialization of continuous glucose monitoring, or CGM, systems for the management of diabetes and metabolic health by patients, caregivers, and clinicians around the world. We received approval from the Food and Drug Administration, or FDA, and commercialized our first product in 2006. We launched our latest generation systems, the Dexcom G7 Continuous Glucose Monitoring System, or G7, in 2023, and the Dexcom G7 15 Day Continuous Glucose Monitoring System, or G7 15 Day, in late 2025.

Headquarters
San Diego, CA
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Oct 29, 2026
Incorporated in
DE

Employees, at the top of the page: "As of December 31, 2025, we have approximately 11,100 employees around the globe, including 11,000 full-time employees" (10-K). Address and exchange: SEC's company file.

Email alerts

Sources

The 10-K filed Feb 12, 2026 (open at SEC), compared with the 10-K filed Feb 18, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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