DexCom (DXCM) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Dexcom published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Dexcom reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Dexcom reports one segment. The rows above are its revenue by geographic region, by location of delivery, from Table C of the release.
• Q3 2025 GAAP net income included $82.7 million of income from equity investments, which Dexcom excludes from its non-GAAP figures. That gain is why GAAP net income fell year over year while operating income rose 35%.

Source: Dexcom Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Dexcom splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Dexcom's United States revenue was $970 million in Q3 2026, up 14% from $852 million in Q3 2025, 72% of total revenue.
• Dexcom's International revenue was $375 million in Q3 2026, up 5% from $357 million in Q3 2025, 28% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Dexcom said:

“Revenue of $5.20-$5.25 billion (approximately 12-13% growth)”

“Non-GAAP Gross Profit Margin of approximately 64%”

“Non-GAAP Operating Margin of approximately 24%”

“Adjusted EBITDA Margin of approximately 32%”

Source: Dexcom Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the DXCM forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted net income per share, each as first reported in that quarter's release. Dexcom's first quarter is seasonally lower than the fourth because U.S. insurance deductibles reset each January.

We do not hold a confirmed date for Dexcom's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

Dexcom's revenue comes from the sale of disposable sensors and reusable transmitters and receivers for its continuous glucose monitoring (CGM) systems. Q3 2026 revenue was $1,344.5 million, up 11% from $1,209.3 million, and organic revenue also grew 11%. The 10-Q puts the increase down primarily to higher sales volume of disposable sensors as the worldwide customer base grew. (Dexcom Q3 2026 release, Oct 29, 2026; Dexcom Form 10-Q, Q3 2026, Oct 29, 2026)

Dexcom's sales run mostly through distributors. In Q3 2026 distributors accounted for $1,148.0 million of revenue and direct sales for $196.5 million. In the United States almost all revenue is through distributors ($933.1 million of $969.8 million), while internationally direct sales were $159.8 million of $374.7 million. (Dexcom Q3 2026 release, Oct 29, 2026)

Dexcom's U.S. revenue grew 14% to $969.8 million and international revenue grew 5% to $374.7 million. Countries outside the United States accounted for about 28% of revenue in 2025, and no single country outside the United States generated more than 10% of total revenue in the quarter. (Dexcom Q3 2026 release, Oct 29, 2026; Dexcom Form 10-K, 2025, Feb 12, 2026; Dexcom Form 10-Q, Q3 2026, Oct 29, 2026)

Dexcom's product line in the quarter centered on the G7 and the G7 15 Day system, which wears for 15.5 days and launched in late 2025. The company advanced the U.S. rollout of G7 15 Day and secured its first two international regulatory clearances. Stelo, the over-the-counter biosensor for adults with prediabetes and Type 2 diabetes who do not use insulin, launched in August 2024 and in June 2026 received FDA clearance for children ages 2 years and older who do not use insulin. (Dexcom Q3 2026 release, Oct 29, 2026; Dexcom Form 10-Q, Q3 2026, Oct 29, 2026; Dexcom Form 10-K, 2025, Feb 12, 2026)

Dexcom's GAAP diluted EPS rose to $0.72 from $0.70, a much smaller rise than the 35% increase in operating income to $327.2 million. Q3 2025 other income included $82.7 million of income from equity investments, and other income fell to $7.5 million from $109.8 million. GAAP gross margin was 64.3% of revenue, up from 60.5%, which the 10-Q credits to volume, G7 15 Day benefits and manufacturing efficiencies. (Dexcom Q3 2026 release, Oct 29, 2026; Dexcom Form 10-Q, Q3 2026, Oct 29, 2026)

Dexcom's non-GAAP EPS was $0.73 against $0.61. Its non-GAAP figures exclude amortization of acquired intangible assets ($11.9 million in the quarter), business transition and other significant items ($0.4 million, mainly rent on vacated office space in San Diego), income or loss from equity investments, and related tax adjustments. Share-based compensation of $36.8 million is not excluded from non-GAAP net income. (Dexcom Q3 2026 release, Oct 29, 2026)

Buybacks cut Dexcom's share count. Shares used for diluted EPS fell to 383.5 million from 407.4 million. Dexcom repurchased 4.6 million shares for $400.0 million in the quarter and 13.2 million for $1.00 billion over nine months, completing its 2026 program, and in October 2026 its board approved a new program of up to $1.00 billion running to December 31, 2027. The estimated annual effective tax rate for 2026 is 21.7%. (Dexcom Q3 2026 release, Oct 29, 2026; Dexcom Form 10-Q, Q3 2026, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Dexcom gives full-year guidance in its release. For 2026 it raised the midpoint of its revenue range to $5.20 to $5.25 billion, about 12% to 13% growth, kept non-GAAP gross profit margin at about 64%, and raised non-GAAP operating margin to about 24% and adjusted EBITDA margin to about 32%. Over the first nine months revenue was $3,844.8 million. (Dexcom Q3 2026 release, Oct 29, 2026)

Dexcom does not reconcile its organic revenue growth or margin targets for the year to GAAP, saying certain items cannot be reasonably predicted. (Dexcom Q3 2026 release, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Dexcom, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Dexcom's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning DXCM is on is DXCM a buy or a sell?, what analysts expect next is on the DXCM forecast, and what the company does is on the DexCom (DXCM) stock page.

Every number on this page can be traced to a document Dexcom published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.