DXCM · DexCom, Inc.

DexCom delivered a robust start to fiscal 2026, with first-quarter revenue rising 15% year-over-year to $1.192 billion—well above the high end of its prior guidance range and reflecting strong underlying demand across geographies and channels. U.S. revenue grew 11% and international surged 26% on a reported basis, underscoring continued global adoption momentum, particularly following the expanded U.S. launch of the Dexcom G7 15-Day CGM and enhanced Smart Meal Logging features on Stelo. Gross margin improved sharply to 62.9% GAAP (up 600 bps YoY), driven by manufacturing scale, favorable product mix, and cost discipline. Operating leverage accelerated further: GAAP operating income jumped 91% YoY to $255.3 million, lifting operating margin to 21.4%—an 850-basis-point improvement—while Non-GAAP operating margin reached 22.2%. Management attributed this performance to both healthy demand and 'continued operational improvement.' Notably, DexCom raised its full-year Non-GAAP Operating Margin guidance to 23–23.5% (from prior 22–23%) and Adjusted EBITDA Margin to 31–31.5%, signaling confidence in sustaining margin expansion amid ongoing investments. The company also highlighted $2.42 billion in total liquid assets as of March 31, 2026, reinforcing its ability to fund capacity expansion and pursue strategic opportunities without dilution or debt issuance. CEO Jake Leach emphasized building on this momentum through 2026 and previewed deeper long-term growth insights at an upcoming Investor Day—suggesting near-term execution is now firmly aligned with longer-term market opportunity.