DEXCOM INC Earnings Summary — Q1 2026

• Revenue for Q1 2026 reached $1.192 billion, representing a 15.05% year-over-year increase.
• Net income saw explosive growth of 89.28% compared to the prior year quarter, reaching $199.5 million.
• Operating income rose to $255.3 million from $133.7 million in Q1 2025, driven by improved operating leverage.
• Gross profit margins remained strong at approximately 62.9%, demonstrating pricing resilience.
• Selling, General & Admin expenses increased to $349.7 million, suggesting continued aggressive market expansion.
• The company has successfully expanded from Type 1 diabetes into Type 2 and non-insulin users.
• Shares outstanding decreased by 3.41% YoY, reflecting effective share capital management.
• Quarter-over-quarter metrics showed a seasonal slowdown in revenue (-5.4%) and net income (-25.4%) vs Q4 2025.

Management maintains a strategic focus on transitioning CGM from a physician-prescribed 'luxury' device to a pharmacy-available standard of care globally.

Improving

Year-over-year net income growth of nearly 90% suggests significantly higher operational efficiency and scaling compared to previous cycles.

The outlook remains strong as Dexcom leverages its G7 platform for international expansion and manages competitive threats through integration with GLP-1 therapies.