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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 7, 2026
DEXCOM, INC.
(Exact Name of the Registrant as Specified in Its Charter)
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| Delaware | 000-51222 | 33-0857544 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
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6340 Sequence Drive, San Diego, CA | | 92121 |
(Address of Principal Executive Offices) | | (Zip Code) |
(858) 200-0200
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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| Title of Each Class | | Trading Symbol(s) | | Name of Each Exchange on Which Registered |
| Common Stock, $0.001 Par Value Per Share | | DXCM | | Nasdaq Global Select Market |
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| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |
| | Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
In connection with remarks to be made at the J.P. Morgan 44th Annual Healthcare Conference on Monday, January 12, 2026, beginning at 10:30 a.m. (Eastern Time), DexCom, Inc. (“Dexcom”) President and Chief Executive Officer, Jake Leach, will report preliminary, unaudited financial results for the fourth quarter of 2025 and fiscal year 2025, initial financial outlook for fiscal year 2026, and certain other information.
The fourth quarter and fiscal year 2025 preliminary unaudited financial results contained in Mr. Leach’s presentation, the press release and this Current Report on Form 8-K are subject to finalization in connection with the preparation of Dexcom’s Annual Report on Form 10-K for the twelve months ended December 31, 2025. This Current Report on Form 8-K and the press release contain, and Mr. Leach’s presentation on January 12, 2026 will contain, forward-looking statements that are not purely historical regarding Dexcom’s or its management’s intentions, beliefs, expectations and strategies for the future, including those related to Dexcom’s preliminary, unaudited revenue for the fourth quarter of and the full fiscal year 2025, including growth rates; total revenue guidance for fiscal 2026; Non-GAAP Gross Profit Margin and Non-GAAP Operating Margin guidance for fiscal 2025 and 2026, including expected growth rates; and potential strategic and business opportunities. All forward-looking statements included in Mr. Leach’s presentation, the press release and in this Current Report on Form 8-K are made as of the date published, based on information currently available to Dexcom as of the date hereof. Forward-looking statements deal with future events and therefore are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. The risks and uncertainties that may cause actual results to differ materially from Dexcom’s current expectations are more fully described in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Dexcom’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. Should one or more of these risks or uncertainties materialize, or should any of Dexcom’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Except as required by law, Dexcom assumes no obligation to update any such forward-looking statement after the date of this report or to conform these forward-looking statements to actual results.
In connection with Mr. Leach’s presentation, on January 12, 2026, Dexcom issued a press release announcing preliminary, unaudited results for the fourth quarter of 2025 and fiscal year 2025, initial financial outlook for fiscal year 2026, and certain other information, which is attached here as Exhibit 99.1.
Additionally, on January 7, 2026, Dexcom issued a press release providing a business update, which is attached here as Exhibit 99.2.
The information in this Item 2.02, including Exhibits 99.1 and 99.2 hereto, is furnished shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section. The information contained herein and in the accompanying exhibit is not incorporated by reference in any filing of Dexcom under the Securities Act of 1933 or the Exchange Act, whether made before or after the date hereof except as shall be expressly set forth by specific reference in such a filing.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
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| Number | | Description |
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| 99.1 | | |
| 99.2 | | |
| 104 | | Cover Page Interactive Data File (formatted as Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| DEXCOM, INC. |
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| By: | | /s/ JEREME M. SYLVAIN Jereme M. Sylvain Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
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Date: | | January 12, 2026 |
Exhibit 99.1
Dexcom Reports Preliminary, Unaudited Results for the Fourth Quarter and Fiscal Year 2025 and Initial 2026 Outlook
SAN DIEGO, CA - (BUSINESS WIRE-January 12, 2026) - DexCom, Inc. (Nasdaq: DXCM) today reported preliminary, unaudited results for the fourth quarter ended December 31, 2025 with total revenue of approximately $1.260 billion, an increase of 13% over the fourth quarter of 2024. U.S. revenue is expected to be approximately $892 million, representing growth of 11% over the fourth quarter of 2024. International revenue is expected to be approximately $368 million, an increase of 18% over the fourth quarter of 2024.
For fiscal 2025, total preliminary, unaudited revenue is approximately $4.662 billion, an increase of 16% over 2024. In conjunction with the preliminary fourth quarter results, the company is also reiterating 2025 non-GAAP gross profit margin guidance of approximately 61% and non-GAAP operating margin guidance of 20-21%.
“We are pleased to finish 2025 on a strong note with revenue exceeding the high end of our guidance and the initial launch of our latest sensor technology with the G7 15 Day system,” said Jake Leach, Dexcom’s president and CEO. “With clinical momentum building across the CGM category, we look forward to extending our growth runway through continued innovation and evidence generation in 2026.”
2026 Outlook
For 2026, Dexcom currently anticipates total revenue of $5.16 - $5.25 billion, representing expected growth of approximately 11-13% over 2025. This outlook considers sensor volume growth driven by increasing CGM awareness for people with diabetes, the continued rollout of Stelo, further international expansion, and overall market dynamics.
In addition, Dexcom currently estimates 2026 Non-GAAP Gross Profit Margin and Non-GAAP Operating Margin to be at the following levels:
–Non-GAAP Gross Profit Margin of approximately 63 – 64%
–Non-GAAP Operating Margin of approximately 22 – 23%
Fourth Quarter 2025 Financial Results Conference Call
Dexcom will report its audited full fourth quarter and fiscal 2025 financial results on Thursday, February 12, 2026 after the close of market. Management is currently scheduled to host a conference call at 4:30 p.m. (Eastern Time) that day. More details will be provided later.
About DexCom, Inc.
Dexcom empowers people to take control of health through innovative biosensing technology. Founded in 1999, Dexcom has pioneered and set the standard in glucose biosensing for more than 25 years. Its technology has transformed how people manage diabetes and track their glucose, helping them feel more in control and live more confidently.
Dexcom. Discover what you’re made of. For more information, visit www.dexcom.com.
Category: IR
Statement Regarding Use of Non-GAAP Financial Measures
This press release includes non-GAAP financial measures. We have not reconciled our Non-GAAP Gross Profit Margin and Non-GAAP Operating Margin guidance for fiscal years 2025 and 2026 because certain items that impact these figures are uncertain or out of our control and cannot be reasonably predicted. Accordingly, a reconciliation of Non-GAAP Gross Profit Margin and Non-GAAP Operating Margin is not available without unreasonable effort.
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements that are not purely historical regarding Dexcom’s or its management’s intentions, beliefs, expectations and strategies for the future, including those related to Dexcom’s preliminary, unaudited revenue for the fourth quarter of and the full fiscal year 2025, including growth rates; total revenue guidance for fiscal 2026; Non-GAAP Gross Profit Margin and Non-GAAP Operating Margin guidance for fiscal 2025 and 2026, including expected growth rates; and potential strategic and business opportunities. All forward-looking statements included in this press release are made as of the date of this release, based on information currently available to Dexcom as of the date hereof. Forward-looking statements deal with future events and therefore are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. The risks and uncertainties that may cause actual results to differ materially from Dexcom’s current expectations are more fully described in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Dexcom’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. Except as required by law, Dexcom assumes no obligation to update any such forward-looking statement after the date of this communication or to conform these forward-looking statements to actual results.
FOR MORE INFORMATION:
Sean Christensen
Vice President, Finance and Investor Relations
(858) 203-6657
www.dexcom.com
Exhibit 99.2
Dexcom Enters Next Era of Continued Innovation with Jake Leach as President and Chief Executive Officer
•Mr. Leach begins his inaugural year as CEO with speaking engagements at CES 2026 and the 44th annual J.P. Morgan Healthcare Conference
•A completely reimagined Stelo app experience will launch this year, further advancing personalized health technology for consumers interested in metabolic health
•With continued investments across its portfolio, including the pharmacy launch of Dexcom G7 15 Day and AI-driven enhanced features, Dexcom is poised to transform even more lives through its glucose biosensing technology in 2026
SAN DIEGO - (BUSINESS WIRE-January 7, 2026) - DexCom, Inc. (Nasdaq:DXCM), the global leader in glucose biosensing, is ushering in the next era of transformative, customer-driven innovation under the leadership of President and CEO Jake Leach, who assumed his expanded responsibilities on Jan. 1.
“I’ve had the honor of playing a role in shaping Dexcom’s industry-defining innovation since joining the company more than 20 years ago. From building the technology as an engineer in my early days, to advancing global scale to meet our long-term growth demand as COO, it’s an honor to step into the role of CEO during such a pivotal moment for the business—and a growing global metabolic health crisis,” said Jake Leach. “I look forward to further advancing Dexcom’s long legacy of empowering people to take control of health.”
Mr. Leach’s tenure commences with prominent appearances that underscore Dexcom’s leadership in biosensing innovation. His first public engagement as CEO will occur at CES 2026 on Jan. 7, where he will join a mainstage panel alongside leaders from Dexcom partners ŌURA and Rimidi examining the revolutionary impact of continuous health monitoring for users, clinicians and the healthcare system at large.
Subsequently, Mr. Leach will deliver the opening presentation at the 44th Annual J.P. Morgan Healthcare Conference on Jan. 12 at 7:30 A.M. PT, where he will present his vision for Dexcom and outline key milestones to expect in 2026.
During these upcoming events, Mr. Leach will share the transformational updates taking place across Dexcom’s product portfolio while the company maintains a steady commitment to users with diabetes and beyond, including:
•A completely reimagined app experience for Stelo: With significant investments in AI-enabled features to personalize insights and the user experience, including more robust capabilities around food logging like macronutrient information, Dexcom is revamping the Stelo app to continue making accurate glucose health information more consumer-friendly.
•Increased product availability to better serve the diabetes community: Following the initial launch of the Dexcom G7 15 Day CGM System to durable medical equipment (DME) providers, the longest lasting CGM system*,†,1 with 15.5 days of wear* began shipping to pharmacies in early January 2026.
•Expanded coverage for glucose biosensing technology for people with diabetes: Dexcom added coverage for several million people globally over the past 2 years1 and remains committed to achieving even greater coverage to increase access to glucose biosensors for anyone with diabetes.
•More personalized user experiences: 2026 will be another year of category-leading innovation from Dexcom, coming off the many product updates introduced in 2025, including the Dexcom G7 integration with Insulet’s Omnipod® 5 app on iOS systems in the US, the Stelo integration with Oura Ring, the Dexcom G7 integration with NovoPen® 6 and NovoPen Echo® Plus, AI-powered Smart Food Logging and more.
Always On: How Continuous Health Data is Transforming Care at CES 2026 on Jan. 7 at 10 A.M. PT is open to all registered CES attendees and will also be live-streamed. Dexcom’s J.P. Morgan presentation will be available at investors.dexcom.com on Monday, Jan. 12.
Mr. Leach assumes the role of CEO from Kevin Sayer, who spent the last decade guiding Dexcom through unprecedented growth. Under Mr. Sayer’s leadership, Dexcom grew from approximately $250 million to more than $4.6 billion in annual revenue and pioneered the CGM category with a long list of industry firsts, including the first approval to replace fingersticks in treatment decisions, the first approval to send glucose data directly to smartphones and the first CGM cleared for use in the US without a prescription, among other accomplishments.
About Dexcom
Dexcom empowers people to take control of health through innovative biosensing technology. Founded in 1999, Dexcom has pioneered and set the standard in glucose biosensing for more than 25 years. Its technology has transformed how people manage diabetes and track their glucose, helping them feel more in control and live more confidently.
Dexcom. Discover what you’re made of. For more information, visit www.dexcom.com.
Category: IR
*A study was conducted to assess the sensor life where 73.9% of sensors lasted the full 15 days. In other words, when using the product per the package labeling, approximately 26% of sensors may not last for the full 15 days. †Excludes implantable CGM systems.
1 Dexcom, Data on File, 2025
Media Contact
James McIntosh
959-716-6698
Investor Contact
Sean Christensen
