DEXCOM INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DEXCOM INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	573	719	1,032	1,476	1,927	2,449	2,910	3,622	4,033	4,662
Cost of revenue	195	226	368	545	647	768	1,027	1,333	1,595	1,860
Gross profit	378	492	664	932	1,280	1,681	1,883	2,289	2,438	2,802
Research and development	156	185	200	274	360	517	484	506	552	599
Selling, general and administrative	286	349	433	516	618	811	1,008	1,185	1,286	1,291
Operating expenses	442	535	850	789	981	1,415	1,492	1,691	1,838	1,890
Operating income	-63.9	-42.5	-186	142	300	266	391	598	600	912
Interest expense	0.7	12.8	22.7	60.3	17.7	18.8	18.6	20.3	19	18.3
Interest income	0.4	3.3				1.7	23.8	135	134	113
Other non-operating income	-0.7	6.7	2.4	26.4	16.1	-9	-0.4	113	109	177
Pre-tax income	-64.9	-48.6	-127	104	298	257	391	710	709	1,088
Income tax	0.7	1.6	0.6	3.1	-252	39.9	49.6	169	133	252
Net income	-65.6	-50.2	-127	101	550	217	341	542	576	836
EBITDA	-48.9	-26.4	-157	191	367	368	547	784	818	1,164
EPS, basic	-0.21	-0.15	-0.38	0.29	1.46	0.56	0.88	1.40	1.46	2.14
EPS, diluted	-0.21	-0.15	-0.38	0.29	1.33	0.53	0.82	1.30	1.42	2.09
Shares, basic (weighted)	318	328	336	347	378	387	389	386	394	390
Shares, diluted (weighted)	318	328	336	351	420	429	428	426	413	406

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	94.5	442	1,137	446	818	1,053	642	566	606	918
Short-term investments	29.2	107	92.7			1,360	1,810	2,160	1,730
Receivables	102	134	227	286	429	514	713	974	1,006	1,216
Inventory	45.4	45.2	70.7	120	235	357	307	560	543	629
Other current assets	9.2	16.6	16.5	30	53.9	27.4	26.8	49.3	29.1	29.2
Total current assets	280	745	1,700	1,969	3,425	3,684	3,669	4,426	4,301	4,033
Property, plant and equipment	109	146	183	321	515	802	1,056	1,113	1,340	1,560
Lease right-of-use assets			0	71.5	93.3	88.1	80	71.4	62.8	77.4
Goodwill	11.3	12.1	18.7	18.6	19.3	26.5	25.7	25.2	22.8	24.2
Intangible assets	0.2					31.5	173	135	103	70.8
Long-term investments			14.4			321	19	38.5	119	218
Other non-current assets	2.1	1.7	14.7	14.2	21.4	10.5	47.1	75	173	279
Total assets	403	904	1,916	2,395	4,291	4,933	5,392	6,265	6,485	6,340
Accounts payable	41.1	46.7	75.5	102	163	189	238	276	345	344
Accrued liabilities	33.4	48.5	72.4	88.5	114	125	134	171	112	169
Deferred revenue	0.9	3.2	2.9	1.7	2.2	2.1	10.1	18.4	8
Total current liabilities	102	139	222	360	614	721	1,839	1,556	2,932	2,143
Lease liabilities			0	72.4	102	98.6	94.6	80.1	65	73.4
Other non-current liabilities	16.6	18.2	20	20.1	80.9	90	128	126	148	137
Total liabilities	119	485	1,253	1,512	2,464	2,891	3,260	4,196	4,382	3,594
Paid-in capital	906	1,094	1,561	1,676	1,727	2,109	2,258	3,515	2,094	2,282
Retained earnings	-621	-672	-799	-696	-78.2	139	480	1,021	1,598	2,434
Treasury stock		0	-100	-100	-100	-206	-595	-2,451	-1,581	-2,085
Other comprehensive income	-1	-2.6	1.5	2.3	3.2	0.5	-11.6	-16.7	-8	115
Shareholders' equity			663	883	1,552	2,042	2,132	2,069	2,103	2,746
Total equity	284	419	663	883	1,827	2,042	2,132	2,069	2,103	2,746
Total liabilities and equity	403	904	1,916	2,395	4,291	4,933	5,392	6,265	6,485	6,340
Shares outstanding	322	331	342	348	96.1	388	386	385	391	385

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-65.6	-50.2	-127	101	550	217	341	542	576	836
Depreciation and amortization	15	16.1	29.1	48.7	67.1	102	156	186	218	252
Stock-based compensation	111	106	102	103	119	113	127	151	170	160
Deferred income tax	-0.2	0	-2.2	0.2	-261	15.8	-21.6	-55	-43.8	182
Change in receivables	-27.2	-31.8	-93.2	-60	-142	-75.5	-200	-260	-35	-202
Change in inventory	-9.8	0.4	-25.5	-49.1	-115	-112	49.3	-253	12.4	-63.7
Change in payables	21.1	21.1	56.2	109	195	58	295	467	212	347
Cash from operations	56.2	92	123	315	476	443	670	749	990	1,441
Capital expenditures	-55.7	-66	-67.1	-180	-199	-389	-365	-237	-359	-364
Acquisitions	0.3	0	-11.3	0	0	-30.2	-3.9	0	0
Purchases of investments	-39.2	-172	-453	-2,030	-3,058	-2,473	-2,266	-3,200	-2,576	-1,247
Cash from investing	-55.9	-144	-140	-1,015	-1,018	-216	-522	-507	-208	536
Debt repaid	-2.3	0
Stock issued	10.4	10.1	10.8	11.9	15.3	20.3	22.5	26.6	28.2	28.1
Share buybacks	0	0	-100	0	0	0	-558	-689	-750	-500
Cash from financing	8.1	399	710	10.7	912	10.4	-553	-319	-735	-1,686
Exchange rate effect	0	0.3	1.8	-0.7	2.1	-1.4	-5.8	1.5	-7.4	21.5
Net change in cash	8.4	347	696	-691	372	235	-410	-75.8	39.8	312
Free cash flow	0.5	26	56.1	135	277	53.3	305	512	631	1,077
Interest paid	0.1	2.4	3.6	10.4	10.6	11.6	12.2	12.4	11.4	11.4
Income taxes paid	0.1	1.4	2.3	4.8	3.6	16.8	114	212	198	94.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $86.62 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	62.5%	Gross profit / revenue.
Operating margin	22.9%	Operating income / revenue.
EBITDA margin	28.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	25.8%	Pre-tax income / revenue.
Net margin	20.1%	Net income / revenue.
FCF margin	28.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	35.2%	Cash from operations / revenue.
Effective tax rate	21.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	38.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	15.5%	Net income / average total assets.
Return on invested capital (ROIC)	58.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	12.2%	Research and development expense / revenue.
SG&A / revenue	27.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.9%	Capital expenditures / revenue.
D&A / revenue	5.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	17.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	14.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	14.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	17.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	52.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	32.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	24.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	42.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	28.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	26.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	45.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	34.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	8.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	47.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	36.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	9.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	45.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	29.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	24.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	70.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	52.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	31.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	30.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.73x	Current assets / current liabilities.
Quick ratio	1.00x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.47x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	59.4%	Total liabilities / total assets.
Interest coverage	75.9x	Operating income / interest expense.
Working capital	$1.73B	Current assets - current liabilities.
Goodwill and intangibles / assets	1.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.50B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.77x	Revenue / average total assets.
Fixed asset turnover	3.15x	Revenue / average property, plant and equipment.
Inventory turnover	2.57x	Cost of revenue / average inventory.
Days inventory	142 days	365 x average inventory / cost of revenue.
Receivables turnover	3.95x	Revenue / average receivables.
Days sales outstanding	92 days	365 x average receivables / revenue.
Days payables	83 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	152 days	Days inventory + days sales outstanding - days payables.
FCF conversion	140.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	19.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.56	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.74	Revenue / diluted weighted shares.
FCF per share	$3.60	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.48	Cash from operations / diluted weighted shares.
Book value per share	$6.95	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.61	Tangible book value / shares outstanding.
Cash per share	$2.93	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$32.69B	Share price x shares outstanding.
Enterprise value	$31.58B	Market cap + total debt - cash - short-term investments.
P/E	32.7x	Market cap / net income. Only when net income is positive.
P/S	6.58x	Market cap / revenue.
P/B	12.5x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	13.1x	Market cap / tangible book value, when positive.
P/FCF	23.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.7x	Market cap / cash from operations, when positive.
EV/Sales	6.36x	Enterprise value / revenue.
EV/EBIT	27.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	22.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	22.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.3%	Free cash flow / market cap.
Earnings yield	3.1%	Net income / market cap (the inverse of P/E).
PEG	0.89x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was DEXCOM INC's revenue in fiscal 2025?

DEXCOM INC reported revenue of $4.66B for fiscal 2025, 15.6% higher than the year before.

Was DEXCOM INC profitable in fiscal 2025?

Yes. Net income was $836.3M, a net margin of 17.9%.

How much free cash flow did DEXCOM INC generate in fiscal 2025?

Cash from operations of $1.44B minus capital expenditures of $363.5M left free cash flow of $1.08B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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