Dexcom Q3 Revenue Rises 11% to $1.344 Billion; Company Raises 2026 Outlook

Dexcom reported third-quarter 2026 revenue of $1.344 billion on October 29, an 11% increase from $1.209 billion a year earlier, and raised the midpoint of its full-year revenue guidance.

The San Diego continuous glucose monitor (CGM) maker's results release, filed with the Securities and Exchange Commission, shows U.S. revenue grew 14% to $969.8 million in the quarter ended September 30, while international revenue grew 5% to $374.7 million. Organic revenue, which excludes $1.7 million of foreign exchange impact and $0.7 million of acquired non-CGM revenue, was $1.346 billion.

Margins and earnings

GAAP gross profit was $864.4 million, or 64.3% of revenue, compared with 60.5% in the third quarter of 2025. GAAP operating income rose to $327.2 million, or 24.3% of revenue, from $242.5 million, or 20.1%, a year earlier. On a non-GAAP basis, operating income was $339.5 million, or 25.3% of revenue.

GAAP net income was $275.1 million, or $0.72 per diluted share, compared with $283.8 million, or $0.70 per diluted share, in the prior-year quarter. The year-earlier figure included $109.8 million of other income, net, against $7.5 million this quarter, according to the company's statement of operations. Non-GAAP net income was $275.0 million, or $0.73 per diluted share, up from $0.61.

Dexcom ended the quarter with $1.82 billion in cash, cash equivalents and marketable securities, and said its revolving credit facility remains undrawn.

Guidance and buyback

The company now expects 2026 revenue of $5.20 billion to $5.25 billion, which it described as approximately 12-13% growth. In its second-quarter release on July 30, Dexcom had guided to $5.18 billion to $5.25 billion. It kept its non-GAAP gross margin target at approximately 64%, and raised its non-GAAP operating margin target to approximately 24%, from 23.5-24%, and its adjusted EBITDA margin target to approximately 32%, from 31.5-32%.

Dexcom also announced a share repurchase authorization of up to $1.0 billion in conjunction with the results.

"This performance enabled us to again raise our full-year revenue and operating margin guidance and reinforces our confidence in our ability to deliver on the long-term objectives we outlined at Investor Day," president and CEO Jake Leach said in the release.

Product and evidence milestones

Among the quarter's strategic highlights, the company listed the continued U.S. rollout of its Dexcom G7 15 Day System and its first two international regulatory clearances for that product. It also said it launched a fully redesigned Stelo experience, with enhanced glucose insights, simplified meal logging and more detailed nutritional information.

After the quarter closed, Dexcom said, the CONNECT randomized clinical trial of Dexcom G7 in people with type 2 diabetes not on insulin was published in The New England Journal of Medicine. The company characterised the outcomes as ones that "redefine the standard of care" for that population; that description is Dexcom's own.