TO OUR STAKEHOLDERS
In 2025, Dexcom advanced its mission to empower people to take control of health with new
product launches, expanded global scale, and broader access to our CGM technology.
Some key highlights from the year included our launch of Dexcom G7 15 Day in the United
States (U.S.), significant new reimbursement wins, strengthened connectivity across our
ecosystem, and new customer-focused software features. Our financial performance
demonstrated continued momentum, delivering strong revenue growth and operating margin
expansion. These outcomes reflect the continued execution of our strategy as we work to
help millions of more people around the globe.
Our progress in 2025 demonstrates our commitment to our mission. In 2025 we:
• Grew our active customer base by more than 20%. 2025 closed with approximately 3.5
million users globally (excluding Stelo).
• Announced broader coverage in the U.S. with the 3 largest PBMs now covering Dexcom
CGM for anyone with diabetes.
• Expanded access to Dexcom G7 in Canada under the Ontario Drug Benefit (ODB) Program.
• Received FDA clearance for Dexcom Smart Basal.
• Launched Dexcom G7 15 Day CGM system in the U.S.
• Progressed Ireland manufacturing facility in preparation for late 2026 production.
Together, these achievements reflect the dedication of our team as we broaden access to
Dexcom CGM, advance meaningful innovation, and build the scale required to support long
term, sustainable growth.
This annual Shareholder Letter contains forward-looking statements. These references are preliminary, may be subject to future adjustment and
should be read in conjunction with the “Risk Factors” enclosed in this Annual Report on Form 10-K filed with the Securities and Exchange Commission.
EXPANDING ACCESS TO DEXCOM CGM
In 2025, we continued to advance global access to Dexcom CGM. In the U.S., we achieved a significant milestone by
establishing coverage for all people with diabetes with the national formularies of the three largest pharmacy
benefit managers. This marked an important step as we work to build coverage for the 25 million people in the United
States with type 2 diabetes who are not on insulin.
Internationally, we advanced access for Dexcom G7 across key Canadian markets. In Ontario, the inclusion of
Dexcom G7 under the Ontario Drug Benefit program extended access for all people with diabetes using insulin, and
in Québec, we established expanded coverage for people with type 2 diabetes on intensive insulin therapy.
Together, these milestones reflect our continued focus on expanding access through evidence generation and
advocacy efforts, while laying the groundwork to serve a much broader global population over time.
2025 FINANCIAL PERFORMANCE
Dexcom’s financial performance in 2025 reflects a focus on growth, efficiency, and scale. The company generated
$4.662 billion in revenue, representing an increase of nearly $630 million and 16% growth year over year, driven by
continued customer base expansion, broader coverage, and growing adoption of Dexcom CGM globally. As our
opportunity continues to expand, we remain focused on balancing growth with operational efficiency. In 2025, this
focus helped us deliver operating margin expansion of approximately 200 basis points and manufacturing scale
improvements. Entering 2026, we are well positioned to continue to execute on our strategic priorities, including
advancing global scale, innovation, and amplifying customer health outcomes as we drive global growth.
2025 FINANCIAL HIGHLIGHTS
16%
Total revenue growth versus
the prior year to $4.662 billion
$500M
Shares repurchased
Maintained balance sheet flexibility, ending 2025 with nearly
Over
15%
U.S. revenue
growth
16%
International
revenue growth
300
Basis points of operating expense
leverage while investing in organic growth
$2B
in cash, cash equivalents,
and marketable securities
PROGRESSING OUR HARDWARE AND SOFTWARE CAPABILITIES
In 2025, we further advanced our hardware and software capabilities to better meet the needs of a broader and more
diverse customer population. This included innovation that extends sensor wear time, enhances customer decision
support, and simplifies the user experience.
A key hardware milestone during the year was the U.S. launch of the Dexcom G7 15 Day CGM system. This highly
anticipated product extends our G7 wear time out to 15 days, which results in fewer sensor changes for our customers
and includes a new algorithm that delivers our best sensor accuracy to date.
In software, we received FDA clearance for Dexcom
Smart Basal. Dexcom Smart Basal is designed to help
customers and healthcare providers navigate the basal
insulin titration process. This personalized dosing
module has the potential to accelerate the time
needed to reach optimal dose and simplify workflows
for clinicians.
We also continued to advance our Stelo platform with
complementary digital capabilities, including AI-
powered food logging. This new feature is designed to
simplify meal-related data capture and provide more
intuitive, real world context around glucose patterns.
Together, these innovations strengthen our ecosystem,
enhance engagement, and position Dexcom to lead at
the intersection of hardware, software, and data-
driven care.
2026 AND BEYOND
As we enter 2026, we are aligned around three priorities that guide our strategy and investment decisions. First, we will
be the premier glucose sensing solution for all. This means that we will continue to advance the performance and
reliability of our sensing platform to better serve our customers. Second, we will set the standard for customer
experience. To support this ambition, we are investing in simpler, more connected experiences across hardware and
software. Third, we will expand our international market share. In the coming years, we will continue to scale outside
the U.S. by pairing access expansion with clinical advocacy and broader manufacturing capacity. With these pillars,
Dexcom enters 2026 positioned to deliver on our mission with broader access, a relentless focus on customer
experience, and growing scale.
We want to thank our shareholders, without whom our ability to grow and bring CGM systems to our approximately
3.5 million global customers would not be possible. On behalf of our employees and our customers, I want to personally
thank you for the trust that you have placed in our team. We look forward to providing you updates as we progress
throughout 2026 and beyond.
Jake Leach
President and Chief Executive Officer