$DXCM

DEXCOM INC

CIK:0001093557|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 1,308.4	$ 1,157.1	$ 2,500.3	$ 2,193.1
Cost of sales	478.4	468.3	920.0	915.3
Gross profit	830.0	688.8	1,580.3	1,277.8
Operating expenses:
Research and development	153.0	148.2	298.3	293.4
Selling, general and administrative	358.7	328.0	708.4	638.1
Total operating expenses	511.7	476.2	1,006.7	931.5
Operating income	318.3	212.6	573.6	346.3
Other income (expense), net	(0.8)	28.5	13.4	49.1
Income before income taxes	317.5	241.1	587.0	395.4
Income tax expense	68.4	61.3	138.4	110.2
Net income	$ 249.1	$ 179.8	$ 448.6	$ 285.2
Basic net income per share (in USD per share)	$ 0.65	$ 0.46	$ 1.17	$ 0.73
Shares used to compute basic net income per share (in shares)	382.2	392.1	383.7	391.6
Diluted net income per share (in USD per share)	$ 0.64	$ 0.45	$ 1.15	$ 0.71
Shares used to compute diluted net income per share (in shares)	390.1	408.2	391.8	407.8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 448.6	$ 285.2
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	135.3	123.0
Share-based compensation	82.3	79.5
Non-cash interest expense	2.0	3.7
Deferred income taxes	0.0	(14.7)
Net losses on equity investments	10.0	4.6
Other non-cash income and expenses	(0.2)	(17.3)
Changes in operating assets and liabilities:
Accounts receivable, net	(47.5)	(333.5)
Inventory	(101.6)	(12.3)
Prepaid and other assets	31.9	(5.5)
Operating lease right-of-use assets and liabilities, net	(2.3)	(3.0)
Accounts payable and accrued liabilities	258.0	359.4
Accrued payroll and related expenses	(32.1)	15.3
Deferred revenue and other liabilities	10.4	2.4
Net cash provided by operating activities	794.8	486.8
Investing activities
Purchases of marketable securities	(758.7)	(1,070.7)
Proceeds from sale and maturity of marketable securities	994.0	1,288.9
Purchases of property and equipment	(161.3)	(181.1)
Acquisitions, net of cash acquired	(41.2)	0.0
Purchases of non-marketable equity securities	(1.5)	0.0
Other investing activities	0.0	(0.5)
Net cash provided by investing activities	31.3	36.6
Financing activities
Net proceeds from issuance of common stock	12.7	14.2
Purchases of treasury stock	(603.6)	0.0
Payments for taxes related to net share settlement of equity awards	(37.6)	0.0
Other financing activities	(3.8)	(3.4)
Net cash provided by (used in) financing activities	(632.3)	10.8
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(7.7)	18.8
Increase in cash, cash equivalents and restricted cash	186.1	553.0
Cash, cash equivalents and restricted cash, beginning of period	919.1	607.3
Cash, cash equivalents and restricted cash, end of period	1,105.2	1,160.3
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	1,105.0	1,159.0
Restricted cash	0.2	1.3
Total cash, cash equivalents and restricted cash	1,105.2	1,160.3
Supplemental disclosure of non-cash investing and financing transactions:
Acquisition of property and equipment included in accounts payable and accrued liabilities	55.2	51.7
Right-of-use assets obtained in exchange for operating lease liabilities	20.0	0.5
Right-of-use assets obtained in exchange for finance lease liabilities	$ 2.6	$ 1.4

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,105.0	$ 917.7
Short-term marketable securities	842.0	1,081.0
Accounts receivable, net	1,257.7	1,216.1
Inventory	726.4	629.1
Prepaid and other current assets	155.5	189.4
Total current assets	4,086.6	4,033.3
Property and equipment, net	1,577.2	1,559.9
Operating lease right-of-use assets	88.0	77.4
Goodwill	24.1	24.2
Intangibles, net	101.6	70.8
Deferred tax assets	304.1	295.6
Other assets	273.7	278.7
Total assets	6,455.3	6,339.9
Current liabilities:
Accounts payable and accrued liabilities	2,191.5	1,944.0
Accrued payroll and related expenses	136.3	169.2
Short-term operating lease liabilities	20.7	21.6
Other current liabilities	9.2	7.7
Total current liabilities	2,357.7	2,142.5
Long-term senior convertible notes	1,242.8	1,240.9
Long-term operating lease liabilities	82.6	73.4
Other long-term liabilities	150.8	137.1
Total liabilities	3,833.9	3,593.9
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock, $0.001 par value, 5.0 million shares authorized; no shares issued and outstanding at June 30, 2026 and December 31, 2025	0.0	0.0
Common stock, $0.001 par value, 800.0 million shares authorized; 412.4 million and 377.4 million shares issued and outstanding, respectively, at June 30, 2026; and 410.7 million and 384.8 million shares issued and outstanding, respectively, at December 31, 2025	0.4	0.4
Additional paid-in capital	2,376.5	2,281.5
Accumulated other comprehensive income	90.0	115.0
Retained earnings	2,882.5	2,433.9
Treasury stock, at cost; 35.0 million shares at June 30, 2026 and 25.9 million shares at December 31, 2025	(2,728.0)	(2,084.8)
Total stockholders’ equity	2,621.4	2,746.0
Total liabilities and stockholders’ equity	$ 6,455.3	$ 6,339.9