Dexcom has achieved revenues of $4.66bn in 2025 and beat analysts’ consensus for Q4 performance amid a strong demand for its continuous glucose monitoring (CGM) systems. Yet its 2026 outlook was lower than expected.
The company’s 2025 revenues reflected a 16% reported rise versus 2024’s performance of around $4bn, with Q4 2025 earnings of $1.26bn indicative of a 12.6% rise year-over-year. On an organic basis, the increase was 12%. Dexcom now expects 2026 revenues to fall between $5.16bn and $5.25bn.
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Despite Dexcom’s 2026 revenue forecast reflecting a healthy double-digit growth of 11%–13%, the midpoint lagged analysts’ expectations of $5.24bn, according to data compiled by the London Stock Exchange Group (LSEG) and seen by Reuters. Dexcom’s Q4 and full year 2025 performance was in line with its preliminary financials as released on 12 January.
Dexcom’s share price on the Nasdaq stock exchange saw a slight decline to $64.92 at market open on 13 February versus $65.08 previously. However, shares soon rallied, rising by over 8% by mid-morning. Dexcom has a market cap of $25.38bn.
Reflecting on the company’s onward plans to advance business operations, Dexcom’s CEO Jake Leach shared during a conference call that the company has several key aims for 2026.
These include building greater awareness of the new G7 15-day device, which launched in the US in December 2025, and advancing customer experience, both for users of its CGM systems and others involved in the diabetes care continuum. In this regard, Leach pointed to My Dexcom Account, the company’s recently launched digital support system.
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By GlobalDataLeach also highlighted Dexcom’s early launch access of Smart Basal, set for this month, stating: “Smart Basal has the potential to become the new standard for any person managing type 2 diabetes with basal insulin.
“We believe this personalised dosing module can lead to more accurate basal insulin titration, accelerate the time to reach optimal dose, significantly simplify workflows for the prescriber and, most importantly, improve outcomes for those using our products.”
As previously mentioned during his presentation at this year’s J.P. Morgan Healthcare conference, Leach also discussed Dexcom’s ambition to drive growth in its international markets by raising awareness and expanding CGM access.
According to a GlobalData market model, Dexcom, which is headquartered in the US, held the second largest CGM market share in the US in 2025 at 44.7%, trailing Abbott in pole position with a 48.5% share. Meanwhile, in territories including Europe, the Asia Pacific (APAC) region and the Middle East & Africa (MEA), Dexcom’s market share is dwarfed by leader Abbott.
According to a GlobalData market model, the CGM market is growing at a CAGR of 9.85% and projected to reach a valuation of $15.69bn in 2035.
In a summary statement on Dexcom’s financial results, Leach said: “2025 was another great year for Dexcom as we significantly expanded access to Dexcom CGM and launched our Dexcom G7 15 Day system. We look forward to building on this momentum in 2026.”
