[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","h0guvw63f5jqelygnmgq9b49h","revision",2,"title","DexCom Inc. 2026年第三季度财报发布","originalTitle","DEXCOM INC (0001093557) (Filer)","summary","DexCom Inc. 发布2026年第三季度财报，营收13.445亿美元，同比增长11%；净收入2.751亿美元，同比下降3%。前三季度净收入7.237亿美元，同比增长27%。公司同时披露了股票回购计划及法律诉讼风险。","reason","DexCom Inc. 2026年第三季度营收同比增长11%，净收入同比下降3%，但前三季度净收入同比增长27%。公司同时披露了股票回购计划及法律诉讼风险。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_77":91},"publishedAt","2026-10-29T21:22:41.000Z","discoveredAt","2026-10-29T21:55:20.022Z","timelineAt","category","ai-products","tags",[83,84,85,86,87,88],"stockSymbols",[82],"score",74,"selected",true,"channel","news","story",{"_73":74,"_16":17},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fKrOacHtnOwE",{"_73":74,"_16":17},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","0e22e1d7-40f0-42b4-8010-c56afcf6e655",{"_73":74,"_16":17},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表格


☒	根据《1934 年证券交易法》第 13 或 15(d) 条的季度报告
截至 2026 年 9 月 30 日的季度
	或
☐	根据《1934 年证券交易法》第 13 或 15(d) 条的过渡报告
从至

委员会文件编号： 000-51222

$\"dexcom-logo-green-rgb$

DEXCOM, INC.

（根据其章程规定的注册人全名）


特拉华州		33-0857544
（注册或组织的州或其它司法管辖区）		（I.R.S. 雇主识别号）


6340 Sequence Drive, San Diego, CA		92121
（主要执行办公室地址）		（邮政编码）

(858) 200-0200

（注册人的电话号码，包括区号）

根据《法案》第 12(b) 条注册的证券：

每类证券的名称

交易符号

每种证券的注册交易所

每股面值 0.001 美元的普通股

DXCM

纳斯达克全球精选市场

通过勾选方框表明注册人（1）是否已提交根据《证券交易法》第 13 或 15(d) 条在前 12 个月（或注册人需提交此类报告的较短期间）内要求提交的所有报告，以及（2）是否在过去 90 天内受到此类提交要求的约束。是 ☒ 否 ☐

通过勾选方框表明注册人是否已根据《S-T 规则》第 405 条（本章第 232.405 条）提交了在前 12 个月（或注册人需提交此类文件的较短期间）内要求提交的每个交互式数据文件。是 ☒ 否 ☐

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易法》第 12b-2 条中“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。

大型加速提交者

☒

加速提交者

☐

非加速提交者

☐

较小的报告公司

☐

新兴增长公司

☐

如果是一家新兴成长公司，请通过勾选方框表明注册人是否已选择不使用《交易法》第 13(a) 条规定的任何新修订的财务会计标准的延长过渡期。 ☐

通过勾选方框表明注册人是否为壳公司（根据《交易法》第 12b-2 条的定义）。是 ☐ 否 ☒

截至 2026年10月22日，发行人已发行普通股股份数量为 372,950,922股。


DexCom, Inc.
目录


		页码
第一部分财务信息
第1项	财务报表
	截至 2026年9月30日的合并资产负债表（未经审计）和 2025年12月31日	4
	汇总合并损益表（未经审计）三个月和九个月截至 2026年9月30日和 2025年	6
	汇总合并综合收益表（未经审计）三个月和九个月截至 2026年9月30日和 2025年	7
	汇总合并股东权益表（未经审计）三个月和九个月截至 2026年9月30日和 2025年	8
	截至 2026年9月30日止九个月的合并现金流量表（未经审计）和 2025年	10
	未审计合并财务报表附注	11
第2项	管理层讨论与分析	29
第3项	关于市场风险的定量和定性披露	41
第4项	内部控制和程序	42
第二部分其他信息
第1项	法律诉讼	43
第1A项	风险因素	45
第2项	未注册的股权证券销售及资金使用	46
第3项	高级证券违约	46
第4项	矿山安全披露	46
第5项	其他信息	47
第6项	附录	48
	签名	49


关于前瞻性声明的警示说明

除本文中包含的历史财务信息外，本季度10-Q表中讨论的事项可能被视为根据《1933年证券法》（经修订）第27A条或《证券法》以及《1934年证券交易法》（经修订）第21E条或《交易法》的含义中的前瞻性声明，并受1995年私人证券诉讼改革法案创建的免责条款的约束。此类声明包括关于我们运营、财务状况和前景以及业务策略的声明，这些声明基于本报告日期管理者的意图、信念、期望和假设。投资者应注意到，任何此类前瞻性声明都不是对未来表现的保证，并涉及许多风险、不确定性和其他因素，其中一些因素超出我们的控制范围。实际结果可能与这些前瞻性声明所表明或暗示的有重大差异。可能导致实际结果与这些前瞻性声明所表明的重大差异的重要因素包括但不限于：(i) 该信息具有初步性质，可能会进一步调整；(ii) 在我们截至2025年12月31日财年的年度报告10-K表中“风险因素”部分所识别的风险和不确定性，该报告于2026年2月12日提交给证券交易委员会（SEC），以及随后提交的季度10-Q表中“风险因素”部分所识别的任何更新；以及(iii) 我们在其他报告和注册声明中不时详细说明的其他风险。除非法律另有要求，我们不承担修订或公开更新任何前瞻性声明的义务，无论是否由于新信息、未来事件或其他原因。


可供信息

我们的网址是 www.dexcom.com，投资者关系网址是 investors.dexcom.com。我们通过电子方式向证券交易委员会（SEC）提交年度报告10-K、季度报告10-Q、8-K表格的当前报告，以及其他根据交易法第13(a)条或15(d)条提交或提供的报告。我们会在我们的网站上，免费提供这些报告和其他信息，只要合理可行，就在我们向证券交易委员会电子提交此类材料或向其提供后尽快提供。基于估计、预测、预测、市场研究或其他类似方法的信息本质上具有不确定性，实际事件或情况可能与该信息中反映的事件或情况有重大差异。除非另有明确说明，我们从市场研究公司和其他第三方编制的报告、市场调研、研究和类似数据、行业、医疗和一般出版物、政府数据等来源获取行业、业务、市场和其他数据。

我们通过多种方式向公众披露有关我们、我们的产品和其他事项的重要信息，包括向证券交易委员会（SEC）提交的文件、新闻稿、公开电话会议、演示文稿、网络广播以及我们的投资者关系网站，以实现信息的广泛、非排他性传播，并遵守我们在《法规FD》下的披露义务。我们还在上述网站上定期发布对投资者重要的信息，我们可能使用该网站作为披露重要非公开信息和遵守《法规FD》下披露义务的一种手段。因此，投资者应关注上述网站的投资者关系部分。通过上述渠道披露的信息可能被视为重要信息。因此，我们鼓励投资者、媒体和其他人关注上述列出的渠道，并审查通过这些渠道披露的信息。

除本季度报告10-Q中明确说明的内容外，我们网站和我们投资者关系网站的内容并未通过引用纳入，或被视为本季度报告10-Q或我们向证券交易委员会提交的任何其他报告或文件的一部分，任何对网站的引用仅旨在作为非活动文本引用。

“Dexcom”、“Dexcom Clarity”、“Dexcom Follow”、“Dexcom One”、“Dexcom One+”、“Dexcom Share”、“Stelo”以及本季度报告10-Q中出现的任何相关标志和设计标识均为DexCom, Inc.在美国和/或其他国家的注册商标或商标。本季度报告10-Q中提到的其他服务标志、商标和商号均为其各自所有者的财产。


第一部分财务信息

项目 1. 财务报表


DexCom, Inc.
合并资产负债表
（未经审计）



（单位为百万美元，除非另有说明）	2026年9月30日		2025年12月31日
资产
流动资产：
现金及现金等价物	$	961.4			$	917.7
短期可供出售证券	856.5			1,081.0
应收账款，净额	1,186.2			1,216.1
存货	770.7			629.1
预付及其他流动资产	141.2			189.4
流动资产合计	3,916.0			4,033.3
固定资产，净额	1,543.1			1,559.9
经营租赁使用权资产	83.7			77.4
商誉	24.0			24.2
无形资产，净额	89.4			70.8
递延税资产	305.4			295.6
其他资产	277.2			278.7
资产总计	$	6,238.8			$	6,339.9
负债和股东权益
流动负债：
应付账款和应计负债	$	2,065.6			$	1,944.0
应计工资及相关费用	159.7			169.2

短期经营租赁负债	20.7			21.6
其他流动负债	6.6			7.7
流动负债总额	2,252.6			2,142.5
长期高级可转换票据	1,243.7			1,240.9
长期经营租赁负债	77.5			73.4
其他长期负债	129.6			137.1
总负债	3,703.4			3,593.9
承诺和或有事项（注5）
股东权益：
优先股，面值0.001美元，授权500万股；截至2026年9月30日和2025年12月31日未发行和流通股	—			—
普通股，面值0.001美元，授权发行8亿股；截至2026年9月30日，已发行和流通4.127亿股和3.73亿股；以及截至2025年12月31日，已发行和流通4.107亿股和3.848亿股	0.4			0.4
额外 paid-in 资本	2,425.3			2,281.5
其他综合收益累计	85.5			115.0
留存收益	3,157.6			2,433.9
库藏股，按成本计算；截至2026年9月30日为3970万股，截至2025年12月31日为2590万股	(3,133.4)			(2,084.8)
股东权益总额	2,535.4			2,746.0
总负债和股东权益	$	6,238.8			$	6,339.9

参见附注


DexCom, Inc.
简要合并利润表
(未经审计)



	截至9月30日的三个月		截至9月30日的九个月
(单位为百万美元，每股数据除外)	2026		2025		2026		2025
收入	$	1,344.5			$	1,209.3		$	3,844.8	$	3,402.4
销售成本	480.1			477.9			1,400.1		1,393.2
毛利	864.4			731.4			2,444.7		2,009.2
运营费用：
研发	161.6			157.5			459.9		450.9

销售、一般及行政费用	375.6			331.4			1,084.0		969.5
总运营费用	537.2			488.9			1,543.9		1,420.4
运营收入	327.2			242.5			900.8		588.8
其他收入，净额	7.5			109.8			20.9		158.9
税前收入	334.7			352.3			921.7		747.7
所得税费用	59.6			68.5			198.0		178.7
净收入	$	275.1			$	283.8		$	723.7	$	569.0


基本每股净收益	$	0.73			$	0.73		$	1.90	$	1.45
计算基本每股净收益的股份数	374.7			391.1			380.6		391.4
稀释每股净收益	$	0.72			$	0.70		$	1.87	$	1.42
计算稀释每股净收益的股份数	383.5			407.4			389.0		407.7

参见附注


DexCom, Inc.
简要合并综合收益表
(未经审计)



	截至9月30日的三个月		截至9月30日的九个月
(单位为百万美元)	2026		2025		2026		2025
净收入	$	275.1			$	283.8		$	723.7	$	569.0
其他综合收益（损失），税后：
折算调整和其他	(3.5)			(3.6)			(25.7)		88.3
可交易债务证券的未实现损益	(1.0)			1.5			(3.8)		1.2
税后其他综合收益（损失）总额	(4.5)			(2.1)			(29.5)		89.5
综合收益	$	270.6			$	281.7		$	694.2	$	658.5

参见附注


DexCom, Inc.
简要合并股东权益表
(未经审计)



	截至2026年9月30日的三个月
					其他综合收益（损失）累计
(单位为百万美元)	普通股	额外实收资本		折算调整和其他	可交易证券的未实现损失				留存收益		库藏股	股东权益总额
股份数	金额
截至2026年6月30日的余额	377.4		$	0.4		$	2,376.5			$	91.6		$	(1.6)			$	2,882.5		$	(2,728.0)	$	2,621.4
根据股权激励计划发行普通股	0.1		—		—			—			—				—	—			—
根据员工股票购买计划发行普通股	0.2		—		12.0			—			—				—	—			12.0

与股权奖励的净股结算相关的普通股扣除	(0.1)		—		—			—			—				—	(1.6)			(1.6)
购买库藏股，包括消费税	(4.6)		—		—			—			—				—	(403.8)			(403.8)

股权激励费用	—		—		36.8			—			—				—	—			36.8
净收入	—		—		—			—			—				275.1	—			275.1
税后其他综合损失	—		—		—			(3.5)			(1.0)				—	—			(4.5)
截至2026年9月30日的余额	373.0		$	0.4		$	2,425.3			$	88.1		$	(2.6)			$	3,157.6		$	(3,133.4)	$	2,535.4


	截至2025年9月30日的三个月
					其他综合收益（损失）累计
(单位为百万美元)	普通股	额外的实收资本资金		翻译调整和其他	可供出售证券未实现收益				留存收益		库藏股	总股东权益
股份数量	金额
2025年6月30日的余额	392.2		$	0.4		$	2,187.5			$	83.5		$	0.1			$	1,882.8		$	(1,581.2)	$	2,573.1

员工股票购买计划下普通股的发行	0.2		—		13.9			—			—				—	—			13.9

库藏股的购买，包括消费税	(2.4)		—		—			—			—				—	(187.7)			(187.7)




基于股票的薪酬费用	—		—		45.1			—			—				—	—			45.1
净利润	—		—		—			—			—				283.8	—			283.8
其他综合损失，税后	—		—		—			(3.6)			1.5				—	—			(2.1)
2025年9月30日的余额	390.0		$	0.4		$	2,246.5			$	79.9		$	1.6			$	2,166.6		$	(1,768.9)	$	2,726.1

参见附注


DexCom, Inc.
股东权益合并报表
(未经审计)



	截至2026年9月30日的九个月
					其他综合累计损益（损失）
（以百万美元计）	普通股	额外的实收资本资金		翻译调整和其他	可供出售证券未实现损益（损失）				留存收益		库藏股	总股东权益
股份数量	金额
2025年12月31日的余额	384.8		$	0.4		$	2,281.5			$	113.8		$	1.2			$	2,433.9		$	(2,084.8)	$	2,746.0
根据股权激励计划发行的普通股	1.6		—		—			—			—				—	—			—
员工股票购买计划下普通股的发行	0.4		—		24.7			—			—				—	—			24.7
与股权奖励净股结算相关的普通股扣除	(0.6)		—		—			—			—				—	(39.2)			(39.2)
库藏股的购买，包括消费税	(13.2)		—		—			—			—				—	(1,009.4)			(1,009.4)

基于股票的薪酬费用	—		—		119.1			—			—				—	—			119.1
净利润	—		—		—			—			—				723.7	—			723.7
其他综合损失，税后	—		—		—			(25.7)			(3.8)				—	—			(29.5)
2026年9月30日的余额	373.0		$	0.4		$	2,425.3			$	88.1		$	(2.6)			$	3,157.6		$	(3,133.4)	$	2,535.4


	截至2025年9月30日的九个月
					其他综合累计损益（损失）
（以百万美元计）	普通股	额外的实收资本资金		翻译调整和其他	可供出售证券未实现收益				留存收益		库藏股	总股东权益
股份数量	金额
2024年12月31日的余额	390.7		$	0.4		$	2,093.8			$	(8.4)		$	0.4			$	1,597.6		$	(1,581.2)	$	2,102.6
根据股权激励计划发行的普通股	1.3		—		—			—			—				—	—			—
员工股票购买计划下普通股的发行	0.4		—		28.1			—			—				—	—			28.1

库藏股的购买，包括消费税	(2.4)		—		—			—			—				—	(187.7)			(187.7)




基于股票的薪酬费用	—		—		124.6			—			—				—	—			124.6
净利润	—		—		—			—			—				569.0	—			569.0
其他综合收益，税后	—		—		—			88.3			1.2				—	—			89.5
2025年9月30日的余额	390.0		$	0.4		$	2,246.5			$	79.9		$	1.6			$	2,166.6		$	(1,768.9)	$	2,726.1

参见附注


DexCom, Inc.
合并现金流量表（摘要）
(未经审计)



	截至 2026年9月30日的九个月
（以百万美元计）	2026		2025
经营活动
净利润	$	723.7			$	569.0
调整以将净利润调整为经营活动产生的现金：
折旧和摊销	209.8			186.6
基于股票的薪酬	119.1			124.6
非现金利息支出	3.1			5.6
递延所得税	(0.9)			103.3
股权投资的净（收益）损失	10.0			(78.1)
其他非现金收入和支出	6.8			(18.7)
经营性资产和负债的变化：
净应收账款	22.7			(95.7)
存货	(146.8)			(45.9)
预付和其他资产	51.0			(7.9)
经营租赁使用权资产和负债，净额	(3.1)			(4.5)
应付账款和应计负债	144.4			357.1
应计薪金及相关费用	(8.4)			56.6
递延收入和其他负债	(11.0)			(5.3)
经营活动产生的净现金	1,120.4			1,146.7
投资活动
购买交易性证券	(941.4)			(1,246.6)
出售和到期交易性证券的收益	1,160.9			1,755.1
购买固定资产和设备	(214.2)			(261.6)
收购，扣除已购现金	(41.2)			—
购买非交易性权益证券	(9.5)			(18.0)
其他投资活动	—			0.5
投资活动产生的净现金	(45.4)			229.4
筹资活动
发行普通股的净收益	24.7			28.1

回购库藏股	(1,003.6)			(187.2)
支付与股权奖励净股结算相关的税款	(39.2)			—



其他筹资活动	(5.7)			(5.1)
筹资活动使用的净现金	(1,023.8)			(164.2)
汇率变动对现金、现金等价物和受限现金的影响	(8.8)			17.7
现金、现金等价物和受限现金的增加额	42.4			1,229.6
期初现金、现金等价物和受限现金	919.1			607.3
期末现金、现金等价物和受限现金	$	961.5			$	1,836.9

期末现金、现金等价物和受限现金的调节表：
现金和现金等价物	$	961.4			$	1,835.7
受限现金	0.1			1.2
现金、现金等价物和受限现金总额	$	961.5			$	1,836.9

非现金投资和筹资交易的补充披露：


包含在应付账款和应计负债中的固定资产和设备的收购	$	41.1			$	46.4
以经营租赁负债交换获得的使用权资产	$	20.7			$	2.7
以融资租赁负债交换获得的使用权资产	$	2.9			$	1.4

参见附注


DexCom, Inc.
简要合并财务报表附注
（未审）


1. 组织和重要会计政策


组织和业务

我们是一家医疗设备公司，主要专注于设计、开发和推广连续血糖监测（CGM）系统，用于全球患者、护理人员和临床医生对糖尿病和代谢健康的管理。除非上下文另有要求，否则“我们”、“我们”、“我们的”、“公司”或“Dexcom”指的是DexCom, Inc.及其子公司。


列报基础和合并原则

我们根据美国通用会计准则（GAAP）编制附带的未经审计的简要合并财务报表，适用于中期财务信息，并遵循10-Q表格和证券交易委员会（SEC）《法规S-X》第10条的说明。因此，它们不包含GAAP要求的完整财务报表所需的所有信息和披露。在管理层看来，所有调整（仅包括为公允列报所必需的正常经常性调整）均已包括在内。

截至2026年9月30日的三个月和九个月的经营成果不一定表明截至2026年12月31日的财年可能实现的成果。

这些合并财务报表应与我们于2026年2月12日向美国证券交易委员会（SEC）提交的2025年12月31日止财年的年度报告10-K表中包含的经审计的合并财务报表及相关附注一并阅读。

这些合并财务报表包括DexCom, Inc.及其所有子公司账户。所有重大的内部往来余额和交易均已合并抵消。

我们已重新分类某些前期金额以符合当期的披露。

我们通过审查每个子公司主要产生和支出现金的环境来确定其功能货币。对于功能货币为当地货币的国际子公司，我们使用期末汇率将财务报表折算为美元，对于收入、成本和费用则使用各期间的平均汇率。我们将与折算相关的调整计入综合收益，并计入我们合并资产负债表权益部分的累计其他综合收益。我们将与客户和供应商的交易产生的汇兑损益以及某些内部交易产生的汇兑损益计入我们合并损益表中的其他收入（净额）。


重要会计政策

截至2026年9月30日的九个月内，我们的重要会计政策与我们在2025年12月31日止财年的年度报告10-K表中第II部分第8项财务报表的附注1“组织及重要会计政策”中所述内容相比，没有重大变化。


估计的使用

根据公认会计原则（GAAP）编制合并财务报表需要我们做出某些估计和假设，这些估计和假设会影响我们合并财务报表中报告的金额以及附注中披露的信息。需要重大估计的领域包括药房回扣、存货准备金、损失可能性以及我们全球税项的金额。尽管我们力求建立准确的估计并使用合理的假设，但实际结果可能与我们的估计不同。


信用风险集中

可能使我们面临信用风险集中的金融工具主要包括现金、现金等价物、短期可交易证券和应收账款。我们通过将现金和投资存放在少数主要金融机构来限制我们对信用风险的敞口。我们还制定了有关投资多样化及其到期日的指南，这些指南旨在保持本金并最大化流动性。我们定期审查这些指南，并根据收益率和利率趋势以及我们运营和财务状况的变化对其进行修改。我们根据历史趋势、客户财务状况和外部市场因素监控客户的信用状况。


合同余额

合同余额是指我们在合并资产负债表中列示的金额，当我们将商品或服务转移给客户或客户根据合同向我们支付对价时。这些合同余额包括应收账款和递延收入。付款条件因合同类型和客户类型而异，通常在30至90天之间。

截至2026年9月30日和2025年12月31日，应收账款中包含未开票金额分别为1990万美元和1690万美元。我们预计将在十二个月内开票并收回所有未开票的应收账款。

当现金付款在履行相关履约义务之前收到时，我们会确认递延收入。我们的履约义务通常在初始合同日期后的十二个月内完成。截至2026年9月30日和2025年12月31日，当前的递延收入余额不重大。


每股净收益

基本每股净收益是将归属于普通股股东的净收益除以当期加权平均流通普通股股数计算得出的。稀释每股净收益是使用当期加权平均流通普通股股数以及在具有稀释性时的潜在普通股等值计算得出的。

潜在稀释性普通股包括从限制性股票单位（RSUs）或业绩股票单位（PSUs）以及我们的高级可转换债券中可能发行的股票。其他工具，包括认股权证和基于销售的里程碑，将在适用时进行评估。RSUs和PSUs行权时可能发行的潜在稀释性普通股是根据每个期间的平均股价采用库存股票法确定的。我们的高级可转换债券转换时可能发行的潜在稀释性普通股是根据假设转换法确定的。

下表列示了基本每股净收益和稀释每股净收益的计算：



	截至9月30日的三个月		截至9月30日的九个月
（以百万美元为单位，每股数据除外）	2026		2025		2026		2025
净收益	$	275.1			$	283.8		$	723.7	$	569.0
加回与假设转换高级可转换债券相关的税后利息费用	1.6			2.8			4.9		8.6
稀释净收益	$	276.7			$	286.6		$	728.6	$	577.6

每股净收益
基本	$	0.73			$	0.73		$	1.90	$	1.45
稀释	$	0.72			$	0.70		$	1.87	$	1.42

基本加权平均流通股数	374.7			391.1			380.6		391.4
稀释性潜在证券：


RSUs和PSUs	1.1			0.6			0.7		0.6
高级可转换债券	7.7			15.7			7.7		15.7

稀释加权平均流通股数	383.5			407.4			389.0		407.7

未计入归属于普通股股东的稀释每股净收益计算中的未稀释证券如下：



	截至9月30日的三个月	截至9月30日的九个月
（以百万美元为单位）	2026	2025		2026	2025
RSUs和PSUs	0.1		0.9		0.7	1.1


最近的会计指引

最近采用的会计准则

2024年11月，FASB发布了ASU 2024-04，可转换债务及其他选择权的债务。该ASU明确了确定某些可转换债务工具的结算是否应作为诱导性转换进行会计处理的要求。该ASU适用于2025年12月15日之后开始的年度报告期间以及这些年度报告期间内的中期期间，允许提前采用。该ASU可以以前瞻性或追溯性基础应用。我们在2026年第一季度以前瞻性基础采用了该准则，且对该合并中期财务报表没有重大影响。

尚未采用的近期发布的会计规定

2024年11月，FASB发布了ASU 2024-03，利润表费用的分解。该ASU要求在财务报表附注中对某些成本和费用进行分解披露。该ASU适用于2026年12月15日之后开始的年度报告期间，以及2027年12月15日之后开始的中期期间，允许提前采用。该ASU可以以前瞻性或追溯性基础应用。我们正在评估该准则对披露的影响。

2025年12月，FASB发布了ASU 2025-11，中期报告。该ASU明确了中期披露要求和第270主题的适用性。该ASU适用于2027年12月15日之后开始的年度报告期间以及这些年度报告期间内的中期期间，允许提前采用。该ASU可以以前瞻性或追溯性基础应用。我们正在评估该准则对披露的影响。


2. 公允价值计量

以公允价值持续计量的资产和负债

我们使用相同工具的未调整报价市场价来估计我们一级金融工具的公允价值，这些工具处于活跃市场。

我们从主要专业定价来源获取我们二级金融工具的公允价值，该来源使用相同或可比工具的报价市场价，而不是直接观察活跃市场中的报价。从该专业定价来源获得的公允价值也可以基于定价模型，其中所有重要的可观测输入，包括到期日、发行日、结算日、基准收益率、报告交易、经纪商-交易商报价、发行利差、基准证券、出价、要价或其他市场相关数据，都是可观测的，或可从可观测的市场数据中得出或得到证实，对于资产的整个期限来说基本上是可观测的。

由于缺乏报价市场价和固有的流动性不足，我们根据不可观测输入和其他估计技术来估计我们三级金融工具的公允价值。

下表总结了截至2026年9月30日我们以公允价值持续计量的金融资产，按照公允价值层级进行分类：



	使用公允价值计量
（单位：百万美元）	一级		二级		三级		总计
现金等价物	$	402.3			$	5.5		$	—	$	407.8

债务证券，可供出售：
美国政府机构 (1)	—			336.0			—		336.0
商业票据	—			132.6			—		132.6
公司债务	—			387.9			—		387.9

总计债务证券，可供出售	—			856.5			—		856.5

其他资产：
可转换票据投资	—			—			10.7		10.7
递延补偿计划资产 (2)	21.8			—			—		21.8


以公允价值持续计量的总资产	$	424.1			$	862.0		$	10.7	$	1,296.8

(1)包括由美国政府资助企业或美国政府机构发行的债务义务。

(2)包括根据高级管理人员递延补偿计划持有的资产，主要包括共同基金。

下表总结了截至2025年12月31日我们以公允价值持续计量的财务资产，按照公允价值层级进行分类：


	公允价值计量使用
（以百万美元计）	第1级		第2级		第3级		总计
现金等价物	$	392.8			$	—		$	—	$	392.8

债务证券，可供出售：
美国政府机构 (1)	—			357.3			—		357.3
商业票据	—			123.4			—		123.4
公司债务	—			600.3			—		600.3

总计债务证券，可供出售	—			1,081.0			—		1,081.0

其他资产：
可转换票据投资	—			—			10.5		10.5
递延补偿计划资产 (2)	20.0			—			—		20.0

以公允价值持续计量的总资产	$	412.8			$	1,081.0		$	10.5	$	1,504.3

(1)包括由美国政府资助企业或美国政府机构发行的债务义务。

(2)包括根据高级管理人员递延补偿计划持有的资产，主要包括共同基金。

在截至2026年9月30日的三个月和九个月内以及2025年9月30日，没有发生第3级证券的转入或转出。没有在截至2026年9月30日的三个月和九个月内以及2025年9月30日，没有发生第3级证券的转入或转出。

外币和衍生金融工具

由于我们在许多货币中开展全球业务，我们面临外汇汇率变动的风险。为了限制这种风险，我们签订外币远期合约，以对冲以非功能货币计价的货币性资产和负债，包括内部贷款。我们的外币远期合约未被指定为对冲工具。因此，这些合约的公允价值变动在我们的合并损益表中作为其他收入（净额）确认，从而抵消了相关外币资产和负债的当期收益影响。这些合约的期限通常不到一年。

截至2026年9月30日和2025年12月31日，未到期外币远期合约的名义金额分别为2.733亿美元和2.293亿美元。货币对冲活动对我们合并财务报表的影响在截至2026年9月30日的三个月和九个月以及2025年9月30日的期间内不显著。

我们通过风险管理体系监控外币风险对财务结果的成本和影响。我们不使用衍生金融工具进行投机或交易目的，或用于风险管理以外的活动。我们不要求也不需要为这些金融工具提供担保，并且我们不采用任何主协议净额结算安排来缓解信用风险。

按非经常性基础以公允价值计量的资产和负债

根据权威指南，我们按非经常性基础对某些非金融资产和负债以公允价值进行计量。这些计量通常使用折现现金流法或成本法以及第三级输入值。这些包括在企业合并中最初按公允价值计量的非金融资产和负债，以及为减值评估而按公允价值计量的非金融长期资产。一般来说，非金融资产，包括商誉、无形资产和固定资产，在存在减值迹象时按公允价值计量，并且仅在确认减值时按公允价值记录。

我们没有可确定公允价值的非上市股权投资按照计量替代方法进行核算。因此，我们按成本减去减值后的金额计量这些投资，并根据相同发行人相同或类似投资的有序交易中的可观察价格变动进行调整。由于这些实体是私人持有的，且信息有限，我们难以定期估计这些投资的公允价值。我们在合并资产负债表的其他资产中包含这些投资的账面价值。由于可观察价格变动和减值导致的这些投资账面价值的调整，在合并损益表的其他净收入中进行记录。

我们非上市股权投资的账面价值截至2026年9月30日为2.175亿美元，截至2025年12月31日为2.18亿美元。在截至2026年9月30日的三个月和九个月内，我们没有记录任何上调调整。在截至2025年9月30日的三个月和九个月内，我们记录了8250万美元的上调调整用于可观察价格变动。

截至2026年9月30日持有的非上市股权投资，可观察价格变动的累计上调调整为8250万美元，累计下调调整和减值并不显著。

在截至2026年9月30日的三个月和九个月内，非上市股权投资的未实现净损失并不显著。在截至2025年9月30日的三个月和九个月内，非上市股权投资的未实现净收益分别为8250万美元和8000万美元。

在截至2026年9月30日和2025年9月30日的三个月和九个月内，按非经常性基础以公允价值计量的资产和负债没有重大减值损失。


3. 资产负债表详细信息和其他财务信息


短期债务可交易证券

短期债务可交易证券，包括可供出售的债务证券，如下所示：



	2026年9月30日
（以百万美元计）	摊销成本		累计未实现收益		累计未实现损失		估计市场价值
可供出售的债务证券：
美国政府机构 (1)	$	337.3			$	—		$	(1.3)	$	336.0
商业票据	132.8			—			(0.2)		132.6
公司债务	389.8			—			(1.9)		387.9

总计可供出售的债务证券	$	859.9			$	—		$	(3.4)	$	856.5

(1)包括由美国政府资助企业或美国政府机构发行的债务义务。


	2025年12月31日
（以百万美元计）	摊销成本		累计未实现收益		累计未实现损失		估计市场价值
可供出售的债务证券：
美国政府机构 (1)	$	356.6			$	0.7		$	—	$	357.3
商业票据	123.4			—			—		123.4
公司债务	599.4			0.9			—		600.3

总计可供出售的债务证券	$	1,079.4			$	1.6		$	—	$	1,081.0

(1)包括由美国政府资助企业或美国政府机构发行的债务义务。

截至2026年9月30日，我们期限在12个月内的短期债务证券和期限在12至18个月内的短期债务证券的估计市场价值分别为722.9百万美元和133.6百万美元。截至2025年12月31日，我们期限在12个月内的短期债务证券的估计市场价值为10.8亿美元。截至2026年9月30日的三个月和九个月以及截至2025年9月30日的三个月和九个月，我们短期债务证券销售产生的总已实现收益和损失不显著。

我们定期审查债务证券组合，以确定任何投资是否因信用损失或其他潜在估值问题而发生减值。对于公允价值低于摊销成本基础的债务证券，我们已根据各种定量因素（包括但不限于投资性质、信用评级变化、利率波动、行业分析师报告以及减值严重程度）在个别证券层面进行了评估。截至2026年9月30日，可供出售债务证券的未实现损失主要由于利率变化（包括市场信用利差）所致，而非由于特定证券的信用风险增加。我们无意出售这些投资，并且很可能不会在摊销成本基础恢复之前被要求出售这些投资，这可能在到期时发生。因此，我们未记录信用损失准备金。


存货



（以百万美元计）	2026年9月30日		2025年12月31日
原材料	$	230.5			$	257.6
在制品	77.3			105.0
产成品	462.9			266.5
总计存货	$	770.7			$	629.1

我们在截至2026年9月30日和2025年9月30日的三个月内分别记录了3.3亿美元和1.6亿美元的存货准备金费用，并在截至2026年9月30日和2025年9月30日的九个月内分别记录了11.72亿美元和5.3亿美元的费用。这些费用计入销售成本，反映了我们对质量控制数据的持续评估、G6制造的计划停产、预测需求、风险敞口分析以及产品持续改进和创新所建立的准备金。


预付和其他流动资产



（以百万美元计）	2026年9月30日		2025年12月31日
预付费用	$	72.4			$	66.4
递延薪酬计划资产	21.8			20.0
应税款项应收	7.6			60.8
间接税应收	11.4			13.0
其他流动资产	28.0			29.2
预付和其他流动资产总额	$	141.2			$	189.4


物业和设备



（以百万美元计）	2026年9月30日		2025年12月31日
建筑物	$	503.7			$	319.7
计算机软件和硬件	98.9			87.8
家具和设备	44.1			41.0
土地和土地改良	66.5			58.3
租赁改良	298.8			302.1
机器和设备	1,174.7			1,016.3
在建工程	326.8			593.5
总成本	2,513.5			2,418.7
减：累计折旧和摊销	(970.4)			(858.8)
物业和设备净值	$	1,543.1			$	1,559.9

无形资产，净值

在2026年第二季度，我们收购了一家实体，其中几乎所有的公允价值的总资产都集中在一个类似的可识别资产组中。因此，该交易被记账为一项资产组的收购。与该收购相关的，我们记录了4.87亿美元的总无形资产，主要与获得的技术有关。无形资产净值从2025年12月31日增加了1.86亿美元，反映了收购的影响，部分被截至2026年9月30日的九个月内确认的摊销费用所抵消。


其他资产



（以百万美元计）	2026年9月30日		2025年12月31日
非上市股权证券	$	217.5			$	218.0
资本化软件	17.9			19.1
长期存款	24.1			17.2
其他资产	17.7			24.4
其他资产总额	$	277.2			$	278.7


应付账款和应计负债



（以百万美元计）	2026年9月30日		2025年12月31日
应付账款贸易	$	308.5			$	344.3
应计回扣	1,615.2			1,487.6
应计税款、审计和法律费用	36.4			27.0
应计保修	17.4			10.4

递延薪酬计划负债	21.8			20.0
应交税款	25.6			8.9
其他应计负债	40.7			45.8
应付账款和应计负债总额	$	2,065.6			$	1,944.0


应计工资及相关费用



（以百万美元计）	2026年9月30日		2025年12月31日
应计工资、奖金和税款	$	131.0			$	134.6
其他应计员工福利	28.7			34.6
应计工资及相关费用总额	$	159.7			$	169.2


其他长期负债



（以百万美元计）	2026年9月30日		2025年12月31日
资产弃置义务	$	19.9			$	20.6
融资租赁义务	51.0			53.8
应交税款	31.3			46.6
其他负债	27.4			16.1
其他长期负债总额	$	129.6			$	137.1


净其他收入



	截至 9月30日的三个月		截至 9月30日的九个月
（以百万美元计）	2026		2025		2026		2025
利息和股息收入	$	14.3			$	32.7		$	50.7	$	89.2
利息支出	(3.1)			(4.7)			(9.2)		(14.1)
权益投资的净收益（损失）	—			82.7			(10.0)		78.1
其他收入（支出），净额	(3.7)			(0.9)			(10.6)		5.7
其他收入，净额	$	7.5			$	109.8		$	20.9	$	158.9


4. 债务


可转换高级债券

截至2026年9月30日和2025年12月31日，我们未担保的2028年到期的可转换高级债券（以下简称“2028年债券”）的转换价值未超过其未偿本金金额。我们未担保的2025年到期的可转换高级债券（以下简称“2025年债券”）于2025年11月到期，我们在到期日以现金全额偿还了12.1亿美元的本金。

我们高级可转换债券的账面价值如下：



（以百万美元计）	2026年9月30日		2025年12月31日
本金金额：

2028年债券	$	1,250.0			$	1,250.0

未摊销债务发行成本	(6.3)			(9.1)
高级可转换债券的账面价值	$	1,243.7			$	1,240.9

以下表格总结了我们高级可转换债券的利息支出组成部分及有效利率：



	截至 9月30日的三个月		截至 9月30日的九个月
（以百万美元计）	2026		2025		2026		2025
现金利息支出：
合同票面利息 (1)	$	1.1			$	1.9			$	3.5		$	5.8
非现金利息支出：
债务发行成本的摊销	1.0			1.8			2.9			5.4
在高级债券上确认的总利息支出	$	2.1			$	3.7			$	6.4		$	11.2

有效利率：
2025年债券	*		0.5	%		*		0.5	%
2028年债券	0.7	%		0.7	%		0.7	%		0.7	%

(1) 2025年债券的利息自发行之日起开始计息，并在每年5月15日和11月15日每半年支付一次，直到2025年11月2025年债券到期。2028年债券的利息自发行之日起开始计息，并在每年5月15日和11月15日每半年支付一次。

* 在相关期间没有债券未偿时，不适用。

高级可转换债券的公允价值

根据交易价格（第1级输入值）计算的我们高级可转换债券的公允价值如下：



	使用第1级的公允价值计量
（以百万美元计）	2026年9月30日		2025年12月31日

2028年债券	$	1,185.5		$	1,152.1

可转换债务摘要

以下表格总结了2028年债券的关键细节：

高级可转换债券

发行完成日期

到期日期

票面利率

发行的总本金金额

净收益(1)

初始转换率(2)

（每1000美元本金金额）

转换价格

（每股票）

结算方式(3)

2028年债券

2023年5月

2028年5月15日

0.375%

12.5亿美元

12.3亿美元

6.1571股

$162.41

现金和/或股票

(1) 净收益是通过从相关债券系列的总本金金额中扣除初始购买方的折扣和与发行直接相关的估计成本计算得出的。

(2) 受适用的契约中定义的调整影响。

(3) 2028年票据在转换时可能以现金、股票或其组合方式结算，仅由我们自行决定。

我们使用假设转换法来计算高级可转换票据的假设转换，以确定稀释每股收益的加权平均流通普通股股数。

在到期前，我们的任何高级可转换票据均无本金支付。除了与某些重大变化、合并或资产出售相关的限制以及常规的反稀释调整外，与我们的高级可转换票据相关的契约包含常规条款和约定，包括在某些违约事件发生后，高级可转换票据可能立即到期并应付款项。

2028年上限买入交易

2023年5月，与2028年票据的发行相关，我们与某些金融机构私下协商签订了上限买入交易，即2028年上限买入，这些交易覆盖我们2028年票据最初所依据的普通股股数，但需根据与2028年票据类似的反稀释调整。2028年上限买入预计通常会减少2028年票据转换时对我们普通股的潜在稀释，并根据具体情况，抵消我们需支付的超过转换后2028年票据本金金额的现金支付，此类减少和/或抵消受上限限制。2028年上限买入的初始上限价格为每股212.62美元，经调整后，这相当于2023年5月2日纳斯达克全球精选市场我们普通股收盘价118.12美元的80%溢价。购买2028年上限买入的费用为1.013亿美元，在我们的合并资产负债表中作为额外实收资本的减项记录，因为2028年上限买入符合在股东权益中分类的标准。

高级可转换票据的转换权

我们发行的高级可转换票据的持有人有权要求我们以100%的本金金额加上任何应计未付利息的价格现金回购其票据的全部或部分，当发生适用的票据契约中定义的重大变化时。我们还要求在某些重大变化发生在到期日前或Dexcom发出赎回通知后，对于转换其票据的持有人提高转换率。

下表概述了与我们的2028年票据相关的转换选项：


2028年票据（或票据）持有人选择的转换权摘要

持有人选择的转换权		票据持有人可以按其选择，在以下情况下，以1000美元本金金额的倍数，在2028年2月15日之前的交易日纽约市时间下午5:00之前，将全部或部分票据转换：


情况1(1)		在适用期间之后开始的任何日历季度内（仅在此日历季度内），如果在上一个日历季度最后交易日结束的连续30个交易日期间内，Dexcom普通股的最后报告销售价格在至少20个交易日（无论是否连续）中大于或等于每张票据在每个适用交易日的适用转换价格的130%


情况2		在任何连续五个交易日之后的五个营业日周期内，如果该连续五个交易日中每个交易日的每1000美元本金金额的票据交易价格低于该交易日Dexcom普通股的最后报告销售价格和票据适用转换率的乘积的98%


情况3		如果我们于赎回日之前任何时间在赎回日当天营业结束前对任何或全部票据进行赎回（仅适用于被赎回或视为被赎回的票据）


情况4		在发生指定的公司事件时


情况5(2)		票据持有人可在到期日之前第二个预定交易日营业结束前，无论上述情况如何，均可转换其全部或部分票据


(1) 对于2028年票据，情况1在2023年9月30日结束的日历季度之后可用。
(2) 对于2028年票据，情况5自2028年2月15日起可用。


2028年票据公司选择权下的转换权摘要

我们选择权下的转换权(1)		Dexcom may redeem for cash all or part of the Notes, at its option, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which Dexcom provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date


(1) Dexcom does not have the right to redeem the 2028 Notes prior to May 20, 2026. Dexcom has the right to redeem the 2028 Notes on or after May 20, 2026 and prior to February 15, 2028.

Conversion Activity for Senior Convertible Notes

There was no conversion activity for the 2028 Notes for the nine months ended September 30, 2026.

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Credit Agreement

On September 14, 2026, we terminated our existing credit agreement, and entered into a new five-year credit agreement, or the Credit Agreement, which provides for a $200.0 million unsecured revolving credit facility, or the Credit Facility, scheduled to mature in September 2031. The Credit Facility includes a contingent accordion feature that allows us to request increases in the revolving commitments in an aggregate amount up to the greater of (i) 100% of EBITDA as of the increase effective date and (ii) 100% of EBITDA for the trailing four quarters, contingent upon the satisfaction of certain conditions and lender approval. The Credit Facility also includes a $75.0 million sublimit for the issuance of letters of credit.

Borrowings under the Credit Facility bear interest at a variable base rate, determined by the currency and type of borrowing, plus an applicable margin based on our long-term credit rating or total net leverage ratio. As of September 30, 2026, we had no outstanding borrowings, $8.7 million in outstanding letters of credit, and $191.3 million available for borrowing under the Credit Facility. Funds borrowed under the Credit Facility may be used for general corporate purposes.

The Credit Agreement contains customary representations, warranties, affirmative and negative covenants, and events of default. Financial covenants require us to maintain a minimum interest coverage ratio and a maximum total net leverage ratio. As of September 30, 2026, we were in compliance with these covenants.

As of September 30, 2026, we have other guarantee facilities related to certain international operations that are partially collateralized, which are included in non-current “Other assets” on our condensed consolidated balance sheets. These facilities are not significant to the condensed consolidated financial statements.

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5. Contingencies


Litigation

We are subject to various claims, complaints and legal actions that arise from time to time in the normal course of business, including commercial insurance, product liability, intellectual property and employment related matters. In addition, from time to time we may bring claims or initiate lawsuits against various third parties with respect to matters arising out of the ordinary course of our business, including commercial and employment related matters.

Due to uncertainty surrounding the securities class action litigation, the derivative actions, and the G6 and G7 Class Action Litigation, we are unable to reasonably estimate the ultimate outcome of any of the litigation matters at this time. We intend to defend against these claims vigorously in all of these actions.

We do not believe we are party to any other currently pending legal proceedings, the outcome of which could have a material adverse effect on our business, financial condition, or results of operations. There can be no assurance that existing or future legal proceedings arising in the ordinary course of business or otherwise will not have a material adverse effect on our business, financial condition, or results of operations.


6. Income Taxes

We estimate our annual effective tax rate to be 21.7% for the full year 2026, which differs from the U.S. federal statutory rate due to state and foreign income taxes, federal taxation of international operations, and nondeductible executive compensation, partially offset by federal tax credits generated. Our actual effective tax rate of 21.5% for the nine months ended September 30, 2026 compared to the estimated annual effective tax rate of 21.7% was lower primarily due to the release of reserves for uncertain tax positions due to statute of limitations expiration, partially offset by shortfalls recognized for employee share-based compensation, net of disallowed executive compensation.

The Organization for Economic Co-operation and Development’s, or OECD, Pillar Two Initiative introduced a 15% global minimum tax for certain multinational groups exceeding minimum annual global revenue thresholds. As of September 30, 2026, the global minimum tax rules enacted in countries in which we operate, including the transitional safe harbor provisions, do not have a material impact on our condensed consolidated financial statements.

In June 2026, the California Franchise Tax Board commenced an audit of our California income tax returns for the 2022 and 2023 years. In July 2026, the IRS commenced an audit of our 2024 federal income tax return. As of September 30, 2026, we do not expect any significant adjustments as a result of either audit.

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7. Stockholders’ Equity

Share-Based Compensation

Our share-based compensation expense is associated with RSUs, PSUs, and our Employee Stock Purchase Plan, or ESPP. The following table summarizes our share-based compensation expense included in our condensed consolidated statements of operations:



	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions)	2026		2025		2026		2025
Cost of sales	$	2.7			$	1.0		$	8.6	$	8.2
Research and development	10.3			12.2			31.6		38.5
Selling, general and administrative	23.8			31.9			78.9		77.9
Total share-based compensation expense	$	36.8			$	45.1		$	119.1	$	124.6

As of September 30, 2026, unrecognized estimated compensation costs related to RSUs and PSUs totaled $219.4 million and are expected to be recognized over a weighted-average period of approximately 1.9 years.

Share Repurchase Program and Treasury Shares

2025 Share Repurchase Program

In April 2025, our Board of Directors authorized and approved a share repurchase program of up to $750.0 million of our outstanding common stock, with a repurchase period ending no later than June 30, 2026, or the 2025 Share Repurchase Program. During the twelve months ended December 31, 2025, we repurchased 7.7 million shares of our common stock for $500.0 million under the 2025 Share Repurchase Program. In May 2026, our Board of Directors terminated the existing 2025 Share Repurchase Program, of which $250.0 million remained available to be repurchased under the program.

2026 Share Repurchase Program

In May 2026, our Board of Directors authorized and approved a share repurchase program of up to $1.00 billion of our outstanding common stock, with a repurchase period ending no later than June 30, 2027, or the 2026 Share Repurchase Program. During the three and nine months ended September 30, 2026, we repurchased 4.6 million and 13.2 million shares, respectively, of our common stock for $400.0 million and $1.00 billion, respectively, under the 2026 Share Repurchase Program. As of September 30, 2026, the 2026 Share Repurchase Program was completed.

Repurchases of our common stock under the 2026 Share Repurchase Program were permitted to be made from time to time in the open market, in privately negotiated transactions or by other methods, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, at our discretion, and in accordance with the limitations set forth in Rule 10b-18 promulgated under the Exchange Act and other applicable federal and state laws and regulations.

During the three and nine months ended September 30, 2026, 0.1 million and 0.6 million shares, respectively, of our common stock were withheld to satisfy employee tax withholding obligations related to net share settlement.

Repurchased and withheld shares of our common stock are held as treasury shares until they are reissued or retired. We have not yet determined the ultimate disposition of repurchased or withheld shares and consequently we continue to hold them as treasury shares rather than retiring them. Authorization of future stock repurchase programs is subject to the final determination of our Board of Directors.

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8. Business Segment and Geographic Information

We manage our business on a global consolidated basis within one operating and one reportable segment, which is consistent with how our chief operating decision maker (CODM), our President and Chief Executive Officer, reviews our business, makes investment and resource allocation decisions, and assesses operating performance. The majority of our revenue is generated in the United States. Our reportable segment derives revenues from the sale of disposable sensors and reusable transmitters and receivers.

The measures of segment profit or loss that are most consistent with U.S. GAAP used by the CODM to assess performance and allocate resources are operating income and net income. Our CODM also reviews total assets, as reported on our condensed consolidated balance sheets, and purchases of property and equipment, as reported on our condensed consolidated statements of cash flows.

Our CODM uses operating income and net income to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the Company, monitor budget versus actual results, acquire companies, or invest in other companies.

The following table sets forth our segment information for revenue, measures of segment profit or loss, and significant expenses:



	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions)	2026		2025		2026		2025
Revenue	$	1,344.5			$	1,209.3		$	3,844.8	$	3,402.4
Less:
Cost of sales (1)	480.1			477.9			1,400.1		1,393.2
Payroll related expenses	240.8			233.2			697.0		675.4
Stock-based compensation expense	34.1			44.1			110.5		116.4
Marketing expense	96.4			75.7			272.8		224.9
Travel related expenses	17.3			15.2			56.5		49.1
Supply expenses and clinical trials	14.8			17.7			38.5		45.8
Consulting & professional fees	41.3			33.1			117.3		100.9
Equipment, office & facility expenses	30.8			22.8			85.2		66.8
IT software and data	43.7			36.8			122.0		107.9
Depreciation and amortization	17.2			9.6			41.4		28.1
Other segment items (2)	0.8			0.7			2.7		5.1
Operating income	327.2			242.5			900.8		588.8
Other income, net	7.5			109.8			20.9		158.9
Income tax expense	59.6			68.5			198.0		178.7
Net income	$	275.1			$	283.8		$	723.7	$	569.0

(1) Includes amounts stated in other significant expense captions.
(2) Other segment items are primarily composed of bad debt expense and other miscellaneous operating expenses.



	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions)	2026		2025	2026		2025
Other segment disclosures
Depreciation and amortization (1)	$	74.5		$	63.6		$	209.8	$	186.6
Expenditures for long-lived assets	$	52.9		$	80.5		$	214.2	$	261.6
Significant noncash items other than depreciation and amortization expense:
Deferred income tax expense (benefit)	$	(0.9)		$	118.0		$	(0.9)	$	103.3
Net (gains) losses on equity investments	$	—		$	(82.7)		$	10.0	$	(78.1)

(1) Includes depreciation and amortization recorded in both cost of sales and operating expenses.

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See Note 3 “Balance Sheet Details and Other Financial Information—Other Income, Net” for information about our interest income and interest expense.

See Note 7 “Stockholders’ Equity—Share-Based Compensation” for information about our share-based compensation expense.

Revenue by Customer Sales Channel and Geographic Region

We sell our CGM systems direct and to distributors. We also disaggregate our revenue by our two primary geographical markets, the United States and International, based on the geographic location of delivery.

The following table presents our revenue disaggregated by major sales channel and geographic region:



	Three Months Ended September 30,
2026		2025
(In millions)	United States		International		Total		United States	International		Total
Distributor	$	933.1			$	214.9		$	1,148.0		$	818.1		$	207.9	$	1,026.0
Direct	36.7			159.8			196.5		33.8		149.5		183.3
Total revenue	$	969.8			$	374.7		$	1,344.5		$	851.9		$	357.4	$	1,209.3



	Nine Months Ended September 30,
2026		2025
(In millions)	United States		International		Total		United States	International		Total
Distributor	$	2,623.5			$	637.2		$	3,260.7		$	2,338.7		$	545.1	$	2,883.8
Direct	112.0			472.1			584.1		104.7		413.9		518.6
Total revenue	$	2,735.5			$	1,109.3		$	3,844.8		$	2,443.4		$	959.0	$	3,402.4

During the three and nine months ended September 30, 2026, and September 30, 2025, no individual country outside the United States generated revenue that represented more than 10% of our total revenue.

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9. Subsequent Events

In October 2026, our Board of Directors authorized and approved a share repurchase program of up to $1.00 billion of our outstanding common stock with a repurchase period ending no later than December 31, 2027, which we refer to as the 2027 Share Repurchase Program.

Repurchases of our common stock under the 2027 Share Repurchase Program may be made from time to time in the open market, in privately negotiated transactions or by other methods, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, at our discretion, and in accordance with the limitations set forth in Rule 10b-18 promulgated under the Exchange Act and other applicable federal and state laws and regulations. The timing of any repurchases will depend on market conditions and will be made at our discretion.

The 2027 Share Repurchase Program does not obligate us to repurchase any dollar amount or number of shares of our common stock, and the program may be extended, modified, suspended, or discontinued at any time.

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ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Quarterly Report on Form 10-Q, including the following Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements that are not purely historical regarding Dexcom’s or its management’s intentions, beliefs, expectations and strategies for the future. These forward-looking statements fall within the meaning of the federal securities laws that relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “intend,” “potential” or “continue” or the negative of these terms or other comparable terminology. Forward-looking statements are made as of the date of this Quarterly Report on Form 10-Q, deal with future events, are subject to various risks and uncertainties, and actual results could differ materially from those anticipated in those forward looking statements. The risks and uncertainties that could cause actual results to differ materially are more fully described under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on February 12, 2026, together with any updates identified under “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q, elsewhere in this Quarterly Report on Form 10-Q, and in our other reports filed with the SEC. We assume no obligation to update any of the forward-looking statements after the date of this Quarterly Report on Form 10-Q or to conform these forward-looking statements to actual results. You should read the following discussion and analysis together with our condensed consolidated financial statements and related notes in Part I, Item 1 of this Quarterly Report on Form 10-Q.


Overview

Who We Are

We are a medical device company primarily focused on the design, development and commercialization of continuous glucose monitoring, or CGM, systems for the management of diabetes and metabolic health by patients, caregivers, and clinicians around the world.

We received approval from the Food and Drug Administration, or FDA, and commercialized our first product in 2006. We launched our latest generation systems, the Dexcom G7 Continuous Glucose Monitoring System, or G7, in 2023, and the Dexcom G7 15 Day Continuous Glucose Monitoring System, or G7 15 Day, in late 2025. In August 2024, we launched Stelo, our biosensor designed for adults with prediabetes and Type 2 diabetes who do not use insulin, as the first over-the-counter glucose biosensor in the U.S. In June 2026, Stelo received FDA clearance expanding its indication to include children ages 2 years and older who do not use insulin.

Unless the context requires otherwise, the terms “we,” “us,” “our,” the “company,” or “Dexcom” refer to DexCom, Inc. and its subsidiaries.


	Global Presence
	We have built a direct sales organization in North America and certain international markets to call on health care professionals, such as endocrinologists, physicians and diabetes educators, who can educate and influence patient adoption of continuous glucose monitoring. To complement our direct sales efforts, we have entered into distribution arrangements in North America and several international markets that allow distributors to sell our products.


	Future Developments
	Product Development: We plan to develop future generations of technologies that are focused on improved performance and convenience and that will enable intelligent insulin administration. Over the longer term, we plan to continue to develop and improve networked platforms with open architecture, connectivity and transmitters capable of communicating with other devices. We also intend to expand our efforts to accumulate CGM patient data and metrics and apply predictive modeling and machine learning to generate interactive CGM insights that can inform patient behavior.


	Partnerships: We continue to support partnerships with insulin pump companies and companies or institutions developing insulin delivery systems, including automated insulin delivery systems. With the introduction of Stelo, we are also pursuing and supporting development partnerships with consumer technology product companies that seek to provide metabolic health insights to their customers.


	New Opportunities: We are also exploring how to extend our offerings to other opportunities, including for people with pre-diabetes, people who are obese, people who are pregnant, and people in the hospital setting. Eventually, we may apply our technological expertise to products beyond glucose monitoring.

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Critical Accounting Estimates

The discussion and analysis of our financial condition and results of operations are based on our condensed consolidated financial statements, which we have prepared in accordance with GAAP. The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements as well as the reported revenue and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates and judgments. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

We believe that the estimates, assumptions and judgments involved in the accounting policies described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, have the greatest potential impact on our financial statements, so we consider them to be our critical accounting policies and estimates. There were no material changes to our critical accounting estimates during the nine months ended September 30, 2026.

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Overview of Financial Results

The most important financial indicators that we use to assess our business are revenue, gross profit, operating income, net income, and operating cash flow.

Key Highlights for the Three Months Ended September 30, 2026 include the following:

Revenue

Gross Profit

Operating Income

Net Income

Operating
Cash Flow

$1.34 billion

$864.4 million

$327.2 million

$275.1 million

$325.6 million

up 11% from the same period in 2025

up 18% from the same period in 2025

up 35% from the same period in 2025

down 3% from the same period in 2025

down 51% from the same period in 2025

We ended the third quarter of 2026 with cash, cash equivalents and short-term marketable securities totaling $1.82 billion.


Results of Operations


Financial Overview


Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025

	Three Months Ended September 30,		2026 - 2025
(In millions, except per share amounts)	2026		% of Revenue (1)		2025		% of Revenue (1)		$ Change		% Change
Revenue	$	1,344.5			100	%		$	1,209.3			100	%		$	135.2			11	%
Cost of sales	480.1			36	%		477.9			40	%		2.2			—	%
Gross profit	864.4			64	%		731.4			60	%		133.0			18	%
Operating expenses:
Research and development	161.6			12	%		157.5			13	%		4.1			3	%
Selling, general and administrative	375.6			28	%		331.4			27	%		44.2			13	%
Total operating expenses	537.2			40	%		488.9			40	%		48.3			10	%
Operating income	327.2			24	%		242.5			20	%		84.7			35	%
Other income, net	7.5			1	%		109.8			9	%		(102.3)			(93)	%
Income before income taxes	334.7			25	%		352.3			29	%		(17.6)			(5)	%
Income tax expense	59.6			4	%		68.5			6	%		(8.9)			(13)	%
Net income	$	275.1			20	%		$	283.8			23	%		$	(8.7)			(3)	%

Basic net income per share	$	0.73			**		$	0.73			**		$	—			—	%
Diluted net income per share	$	0.72			**		$	0.70			**		$	0.02			3	%

(1) The sum of the individual percentages may not equal the total due to rounding.
** Not meaningful

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Revenue

We generate our revenue from the sale of disposable sensors and reusable transmitters and receivers. We expect that the revenue we generate from the sales of our products will fluctuate from quarter to quarter. We typically experience seasonality, with lower sales in the first quarter of each year compared to the immediately preceding fourth quarter. This seasonal sales pattern relates to U.S. annual insurance deductible resets and unfunded flexible spending accounts.

Cost of sales

Cost of sales includes direct labor and materials costs related to each product sold or produced, including assembly, test labor and scrap, as well as factory overhead supporting our manufacturing operations. Factory overhead includes facilities, material procurement and control, manufacturing engineering, quality assurance, supervision and management. These costs are primarily salary, fringe benefits, share-based compensation, facility expense, supplies and purchased services. All of our manufacturing costs are included in cost of sales. In addition, amortization of certain licensing related intangibles are also included in cost of sales.

Research and development

Our research and development expenses primarily consist of engineering and research expenses related to our sensing technology, clinical trials, regulatory expenses, quality assurance programs, employee compensation, and business process outsourcers.

Selling, general and administrative

Our selling, general and administrative expenses primarily consist of employee compensation for our executive, financial, sales, marketing, information technology and administrative functions. Other significant expenses include commissions, marketing and advertising, IT software license costs, insurance, professional fees for our outside legal counsel and independent auditors, litigation expenses, patent application expenses and consulting expenses.

Other income, net

Other income, net consists primarily of interest and dividend income on our cash, cash equivalents and short-term marketable securities portfolio, foreign currency transaction gains and losses resulting from the effects of foreign currency fluctuations, realized and unrealized gains and losses on marketable and non-marketable equity investments, including changes in fair value, and interest expense related to our senior convertible notes.

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Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025

$\"6\"$



	Three Months Ended September 30,
2026		2025
(In millions)	United States		International		Total		United States	International		Total
Distributor	$	933.1			$	214.9		$	1,148.0		$	818.1		$	207.9	$	1,026.0
Direct	36.7			159.8			196.5		33.8		149.5		183.3
Total revenue	$	969.8			$	374.7		$	1,344.5		$	851.9		$	357.4	$	1,209.3



		Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025


Revenue		The revenue increase was primarily driven by increased sales volume of our disposable sensors due to the continued growth of our worldwide customer base. We added approximately 600,000 to 700,000 net customers, excluding Stelo customers, to our worldwide customer base in 2025.


Cost of sales & Gross profit		The increase in gross profit and gross profit margin percentage in the third quarter of 2026 compared to the third quarter of 2025 was primarily driven by increased sales volume, G7 15 Day benefits, improved manufacturing efficiencies, higher production volumes, and a more favorable manufacturing mix, which resulted in better absorption of fixed costs. The increase in gross margin was attributable to the implementation of additional quality testing and material validation efforts relative to the prior year. These favorable impacts were partially offset by higher inventory reserve charges primarily associated with the planned discontinuation of G6 manufacturing. Cost of sales remained relatively consistent primarily as a result of improved manufacturing efficiencies.

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		Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025


Research and development expense		Research and development expense was relatively consistent due to the timing of project spend. We continue to believe that focused investments in research and development are critical to our future growth and competitive position in the marketplace, and to the development of new and enhanced products and services that are central to our core business strategy.





Selling, general and administrative expense		Selling, general and administrative expense increased primarily due to $20.7 million in incremental investments in advertising and marketing costs, $11.1 million in higher facilities-related costs, and $6.9 million in higher third party and consulting fees.


Other income, net		Other income, net, decreased primarily due to the absence of an $82.5 million prior year gain on equity investments and $18.4 million in lower interest and dividend income. The decrease in interest income was driven by a decrease in the average invested balances and changes in market interest rates.


Income tax expense		The income tax expense recorded for the three months ended September 30, 2026 was primarily attributable to income tax expense from normal, recurring operations, partially offset by the release of reserves for uncertain tax positions due to statute of limitations expiration. The income tax expense recorded for the three months ended September 30, 2025 was primarily attributable to income tax expense from normal, recurring operations and the tax benefit related to the commencement of our Malaysia tax holiday. The decrease in our effective tax rate for the three months ended September 30, 2026 compared to the same period in 2025 is primarily attributable to the tax benefits recognized upon the release of reserves for uncertain tax positions due to statute of limitations expiration and mix of earnings by jurisdiction, partially offset by the prior-year benefit from the initial recognition of the Malaysia tax holiday in the third quarter of 2025.

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Results of Operations

Financial Overview


Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025

	Nine Months Ended September 30,		2026 - 2025
(In millions, except per share amounts)	2026		% of Revenue (1)		2025		% of Revenue (1)		$ Change		% Change
Revenue	$	3,844.8			100	%		$	3,402.4			100	%		$	442.4			13	%
Cost of sales	1,400.1			36	%		1,393.2			41	%		6.9			—	%
Gross profit	2,444.7			64	%		2,009.2			59	%		435.5			22	%
Operating expenses:
Research and development	459.9			12	%		450.9			13	%		9.0			2	%
Selling, general and administrative	1,084.0			28	%		969.5			28	%		114.5			12	%
Total operating expenses	1,543.9			40	%		1,420.4			42	%		123.5			9	%
Operating income	900.8			23	%		588.8			17	%		312.0			53	%
Other income, net	20.9			1	%		158.9			5	%		(138.0)			(87)	%
Income before income taxes	921.7			24	%		747.7			22	%		174.0			23	%
Income tax expense	198.0			5	%		178.7			5	%		19.3			11	%
Net income	$	723.7			19	%		$	569.0			17	%		$	154.7			27	%

Basic net income per share	$	1.90			**		$	1.45			**		$	0.45			31	%
Diluted net income per share	$	1.87			**		$	1.42			**		$	0.45			32	%

(1) The sum of the individual percentages may not equal the total due to rounding.
** Not meaningful

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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025

$\"7\"$



	Nine Months Ended September 30,
2026		2025
(In millions)	United States		International		Total		United States	International		Total
Distributor	$	2,623.5			$	637.2		$	3,260.7		$	2,338.7		$	545.1	$	2,883.8
Direct	112.0			472.1			584.1		104.7		413.9		518.6
Total revenue	$	2,735.5			$	1,109.3		$	3,844.8		$	2,443.4		$	959.0	$	3,402.4



		Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025


Revenue		The revenue increase was primarily driven by increased sales volume of our disposable sensors due to the continued growth of our worldwide customer base. We added approximately 600,000 to 700,000 net customers, excluding Stelo customers, to our worldwide customer base in 2025. The increase was also driven by favorable revenue per customer primarily due to payor mix and utilization. These favorable impacts were partially offset by channel and product mix and rebate eligibility.


Cost of sales & Gross profit		The increase in gross profit and gross profit margin percentage in 2026 compared to 2025 was primarily driven by increased sales volume, G7 15 Day benefits, improved manufacturing efficiencies, higher production volumes, and a more favorable manufacturing mix, which resulted in better cost absorption of fixed costs. The increase in gross margin was attributable to the implementation of additional quality testing and material valuation efforts relative to the prior year. These favorable impacts were partially offset by higher inventory reserve charges primarily associated with the planned discontinuation of G6 manufacturing and higher enhanced product replacement program costs. Cost of sales remained relatively consistent primarily as a result of improved manufacturing efficiencies.

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		Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025


Research and development expense		Research and development expense was relatively consistent due to the timing of project spend. We continue to believe that focused investments in research and development are critical to our future growth and competitive position in the marketplace, and to the development of new and updated products and services that are central to our core business strategy.





Selling, general and administrative expense		Selling, general and administrative expense increased primarily due to $47.9 million in incremental investments in advertising and marketing costs, $22.6 million in higher facilities-related costs, and $20.8 million in higher compensation and related costs.


Other income, net		Other income, net, decreased primarily due to the absence of an $82.5 million prior year gain on equity investments, $38.5 million in lower interest and dividend income, and $16.4 million in net foreign currency losses. The decrease in interest income was driven by a decrease in the average invested balances and changes in market interest rates.


Income tax expense		The income tax expense recorded for the nine months ended September 30, 2026 was primarily attributable to income tax expense from normal, recurring operations at an estimated annual effective tax rate of 21.7%, decreased by the release of reserves for uncertain tax positions due to statute of limitations expiration, partially offset by discrete shortfalls recognized for share-based compensation for employees, net of nondeductible executive compensation. The income tax expense recorded for the nine months ended September 30, 2025 was primarily attributable to income tax expense from normal, recurring operations at an estimated annual effective tax rate of 22.5%, increased by discrete shortfalls recognized for share-based compensation for employees, net of nondeductible executive compensation, offset by the tax benefit related to the commencement of our Malaysia tax holiday. The decrease in our effective tax rate for the nine months ended September 30, 2026 compared to the same period in 2025 is primarily attributable to the tax benefits recognized upon the release of reserves for uncertain tax positions due to statute of limitations expiration and the mix of earnings by jurisdiction.

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Liquidity and Capital Resources


Overview, Capital Resources, and Capital Requirements

Our principal sources of liquidity are our existing cash, cash equivalents and marketable securities, cash generated from operations, proceeds from our senior convertible notes issuances, and access to our Credit Facility. Our primary uses of cash have been for research and development programs, selling and marketing activities, capital expenditures, acquisitions of businesses, and debt service costs.

We expect that cash provided by our operations may fluctuate in future periods as a result of a number of factors, including fluctuations in our operating results, working capital requirements and capital deployment decisions. We have historically invested our cash primarily in U.S. dollar-denominated, investment grade, highly liquid obligations of U.S. government agencies, commercial paper, corporate debt, and money market funds. Certain of these investments are subject to general credit, liquidity and other market risks. The general condition of the financial markets and the economy may increase those risks and may affect the value and liquidity of investments and restrict our ability to access the capital markets.

Our future capital requirements will depend on many factors, including but not limited to:

The evolution of the international expansion of our business and the revenue generated by sales of our approved products and any future products;

Our ability to efficiently scale our operations to meet demand for our current and any future products;

The success of our research and development efforts;

The expenses we incur in manufacturing, developing, selling and marketing our products;

The costs, timing and risks of delays of additional regulatory approvals;

The costs of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights;

The quality levels of our products and services;

The emergence of competing or complementary technological developments;

The terms and timing of any collaborative, licensing and other arrangements that we may establish; and

The third-party reimbursement of our products for our customers;

The rate of progress and cost of our clinical trials and other development activities;

The acquisition of businesses, products and technologies and our ability to integrate and manage any acquired businesses, products and technologies.

We expect that existing cash and short-term investments and cash flows from our future operations will generally be sufficient to fund our ongoing core business. As current borrowing sources become due, we may be required to access the capital markets for additional funding. As we assess inorganic growth strategies, we may need to supplement our internally generated cash flow with outside sources. In the event that we are required to access the debt market, we believe that we will be able to secure reasonable borrowing rates. As part of our liquidity strategy, we will continue to monitor our current level of earnings and cash flow generation as well as our ability to access the market in light of those earning levels.

As we continue to expand internationally, we will be subject to additional foreign exchange currency risk. See “Foreign Currency Exchange Risk” in Part II, Item 7A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, for more information.

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Main Sources of Liquidity

Cash, cash equivalents and short-term marketable securities

Our cash, cash equivalents and short-term marketable securities totaled $1.82 billion as of September 30, 2026. None of those funds were restricted and $1.42 billion (approximately 78%) of those funds were located in the United States.

Cash flows from Operations

For the nine months ended September 30, 2026, we had positive cash flows of $1.12 billion from operating activities. We anticipate that we will continue to generate positive cash flows from operations for the foreseeable future.

Credit Agreement

As of September 30, 2026, we had no outstanding borrowings, $8.7 million in outstanding letters of credit, and $191.3 million available for borrowing under the Credit Facility. Funds borrowed under the Credit Facility may be used for general corporate purposes. We monitor counterparty risk associated with the institutional lenders that are providing the Credit Facility. The Credit Agreement will mature in September 2031. See Note 4 “Debt” to the condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information on the Credit Agreement.

Short-term Liquidity Requirements

As of September 30, 2026, our short-term liquidity requirements primarily consist of regular operating costs, interest payments related to our 2028 Notes, capital expenditures for the development of our manufacturing facilities and office spaces, and short-term material cash requirements as described below. As of September 30, 2026, we had a working capital ratio of 1.74 and a quick ratio of 1.33, which indicates that our current assets are sufficient to cover our short-term liabilities. We expect to incur significant capital expenditures for the next year as we continue to invest in equipment and our manufacturing facilities.

We believe that our cash, cash equivalents, and marketable securities balances, projected cash contributions from our commercial operations, and borrowings under our Credit Facility will be sufficient to meet our anticipated seasonal working capital needs, all capital expenditure requirements, material cash requirements as described herein, and meet other liquidity requirements associated with our operations for at least the next 12 months. We currently intend to continue to use cash to repurchase shares of our common stock, including pursuant to share repurchase programs, or for other strategic initiatives that strengthen our foundation for long-term growth.

Long-term Liquidity Requirements

Our long-term liquidity requirements primarily consist of interest and principal payments related to our 2028 Notes, capital expenditures for the development of our manufacturing facilities and office spaces, and long-term material cash requirements as described below. As of September 30, 2026, we had a debt-to-assets ratio of 0.20, which indicates that our total assets are sufficient to cover our debts. As demand grows for our products, we will continue to expand global operations to meet demand through investments in manufacturing and operations. We expect to meet our long-term liquidity requirements from our main sources of liquidity as described above to support our future operations, capital expenditures, acquisitions, and other liquidity requirements associated with our operations beyond the next 12 months. Further, we expect to allocate at least 50% of cash generated from operations, net of planned capital expenditures, to share repurchases over the course of our long-range plan.

As of September 30, 2026, we have outstanding senior convertible notes classified as long-term that will mature in May 2028. However, the outstanding principal of our senior convertible notes could be converted into cash and/or shares of our common stock prior to maturity once certain conditions are met. See Note 4 “Debt—Senior Convertible Notes” to the condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for information on conversion rights prior to maturity.

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Material Cash Requirements

From time to time in the ordinary course of business, we enter into a variety of purchase arrangements including but not limited to, purchase arrangements related to capital expenditures, components used in manufacturing, and research and development activities. As of September 30, 2026, our open purchase orders and other contractual obligations in the ordinary course of business were materially consistent with the amount disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Our obligations under the 2028 Notes include both principal and interest payments. Prior to the maturity of the 2028 Notes in May 2028, the notes may be converted into cash and/or shares of our common stock if certain conditions are met. Any conversion prior to maturity may result in repayment of the principal amounts due under the 2028 Notes sooner than the scheduled repayment.

As market conditions warrant, we may, from time to time, repurchase our outstanding debt securities or shares of our common stock, including pursuant to any future share repurchase program authorized by our Board of Directors, in the open market, in privately negotiated transactions, by exchange transaction or otherwise. Such repurchases, if any, will depend on prevailing market conditions, our liquidity and other factors and may be commenced or suspended at any time. The amounts involved and total consideration paid may be material. See Note 7 “Stockholders’ Equity—Share Repurchase Program and Treasury Shares” to the condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information about our 2026 Share Repurchase Program, which was completed in the third quarter of 2026.

See Note 4 “Debt” to the condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information about the terms of the Credit Agreement, our senior convertible notes, and the 2028 Capped Calls.

We are party to various leasing arrangements, primarily for office, manufacturing and warehouse space that expire at various times through 2040, including any renewal options that we are reasonably certain to exercise. We also have land leases in Penang, Malaysia that expire in 2082 and Athenry, Ireland that expire in 3023 related to our international manufacturing facilities. We anticipate incurring significant expenditures related to the build-out of our manufacturing facilities and investment in equipment. See Note 5 “Leases and Other Commitments—Leases” to the consolidated financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for more information about our leases. There were no material changes to our lease obligations during the nine months ended September 30, 2026.

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Cash Flows

As of September 30, 2026, we had $1.82 billion in cash, cash equivalents and short-term marketable securities, which is a decrease of $180.8 million compared to $2.00 billion as of December 31, 2025.

The following table sets forth a summary of our cash flows and the primary changes in cash flows for the periods shown. See the condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for the complete condensed consolidated statements of cash flows for these periods.



	Nine Months Ended September 30,
(In millions)	2026		2025		$ Change
Net cash provided by operating activities	$	1,120.4			$	1,146.7		$	(26.3)
Net cash provided by (used in) investing activities	(45.4)			229.4			(274.8)
Net cash used in financing activities	(1,023.8)			(164.2)			(859.6)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(8.8)			17.7			(26.5)
Increase in cash, cash equivalents and restricted cash	$	42.4			$	1,229.6		$	(1,187.2)



			Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025


Operating Cash Flows			$154.7 million increase in net income
	$24.6 million increase in net non-cash adjustments primarily due to net (gains) losses on equity investments and depreciation and amortization, partially offset by deferred income taxes
	$205.6 million decrease in net changes in operating assets and liabilities primarily due to the timing of payables and increase in inventory, partially offset by timing of sales and customer collections in accounts receivables


Investing Cash Flows			$289.0 million decrease in net proceeds from marketable securities due to the management of our liquidity

		$41.2 million increase in cash used for an acquisition in the second quarter of 2026




Financing Cash Flows			$816.4 million increase in cash used to repurchase our common stock
		$39.2 million increase in payments for taxes related to net share settlement of equity awards


Recent Accounting Guidance

See Note 1 “Organization and Significant Accounting Policies” to the condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information regarding recently issued accounting pronouncements and the potential impact on our condensed consolidated financial statements, if any.


ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There were no material changes to our quantitative and qualitative disclosures about market risk during the nine months ended September 30, 2026. See Part II, Item 7A “Quantitative and Qualitative Disclosures About Market Risk” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, for a detailed discussion of our market risks.

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ITEM 4 - CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Regulations under the Exchange Act require public companies to maintain “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. Disclosure controls and procedures include, without limitation, controls and other procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and timely communicated to management, including our President and Chief Executive Officer (our principal executive officer) and Chief Operating Officer and Chief Financial Officer (our principal financial officer), recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Our management, with the participation of our principal executive officer and principal financial officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on their evaluation as of September 30, 2026, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of such date.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Limitation on Effectiveness of Controls

It should be noted that any system of controls, including ours, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. The design of any control system is based, in part, upon the benefits of the control system relative to its costs. Control systems can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. In addition, over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of these and other inherent limitations of control systems, we cannot guarantee that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

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PART II. OTHER INFORMATION


ITEM 1 - LEGAL PROCEEDINGS

Securities Class Actions

Between August 21 and October 9, 2024, three substantially similar putative class action complaints were filed against us and certain of our executive officers in the United States District Court for the Southern District of California. On December 13, 2024, the court appointed lead plaintiff and consolidated the three actions (now captioned In re Dexcom, Inc. Class Action Securities Litigation, Lead Case No.: 24-cv-1485-RSH-VET). On January 27, 2025, lead plaintiff filed a consolidated complaint. The consolidated complaint alleged violations of the Exchange Act against us and certain of our current and former executive officers for allegedly making false and misleading statements between April 28, 2023 and July 25, 2024, with respect to our expected revenue for fiscal 2024 and ability to capitalize on our growth potential. On March 13, 2025, we filed a motion to dismiss the consolidated complaint. On May 14, 2025, the court granted the motion to dismiss with leave to amend. On May 28, 2025, lead plaintiff filed an amended consolidated complaint. On June 11, 2025, we filed a motion to dismiss the amended consolidated complaint. On September 9, 2025, the court granted in part and denied in part the motion to dismiss. On October 7, 2025, defendants answered the amended consolidated complaint. On October 10, 2025, defendants filed a motion for judgment on the pleadings as to the two surviving challenged statements. On January 7, 2026, the court granted defendants’ motion for judgment on the pleadings with leave to amend. On February 6, 2026, lead plaintiff filed a second amended consolidated complaint. On February 20, 2026, we filed a motion to dismiss the second amended complaint. On August 27, 2026, the court granted defendants’ motion to dismiss with prejudice and entered judgment. On September 25, 2026, lead plaintiff filed a notice of appeal and on September 30, 2026, the Ninth Circuit issued a scheduling order. Pursuant to that order, appellant’s opening brief is due November 9, 2026, and our answering brief is due December 9, 2026.

On October 27, 2025, a putative class action complaint was filed against us and certain of our executive officers in the United States District Court for the Southern District of New York (captioned Prime v. Dexcom, Inc., et al, Case No.: 1:25-cv-08912). The complaint alleges violations of the Exchange Act against us and certain of our executive officers for allegedly making false and misleading statements between July 26, 2024 and September 17, 2025, with respect to the accuracy, reliability, and functionality of our G7 device, as well as our enhancements to and manufacturing of the device. A lead plaintiff has been appointed and filed an amended complaint on April 10, 2026. On June 9, 2026, we filed a motion to dismiss the amended complaint. Lead plaintiff opposed our motion to dismiss on July 31, 2026. We filed a reply in support of the motion on September 14, 2026. The motion to dismiss is now fully briefed and pending before the court. The court has not scheduled any oral argument on the motion.

Derivative Actions

Between September 13 and April 14, 2025, three putative stockholders filed derivative lawsuits against us and certain of our current and former executive officers and directors in the United States District Court for the Southern District of California. The derivative complaints allege factual allegations largely tracking allegations made in the In re Dexcom, Inc. Securities Class Action Litigation and seek, among other things, damages and restitution to be paid to the Company by the individual defendants, punitive damages, and attorney’s fees and costs. These actions have been consolidated (captioned In Re: Dexcom, Inc. Stockholder Derivative Litigation, Lead Case No.: 24-cv-1645-RSH-VET), and are currently stayed pending a resolution of the appeal in the In re Dexcom, Inc. Securities Class Action Litigation.

On September 25, 2025, an additional derivative lawsuit was filed against us and certain of our current and former executive officers and directors in the Court of Chancery of the State of Delaware. The allegations largely track those made in the In re Dexcom, Inc. Securities Class Action Litigation and seek, among other things, damages and restitution to be paid to the Company by the individual defendants, punitive damages, and attorney’s fees and costs. This action is currently stayed pending a resolution of the appeal in the In re Dexcom, Inc. Securities Class Action Litigation.

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On March 24, 2026, Dexcom’s board members and certain of its current and former executives were named as defendants in a complaint filed as a stockholder derivative action in the Southern District of California (captioned Bud & Sue Frashier Family Trust U/A Dated 5/5/98 v. Jacob S. Leach, et al., Case No. 3:26-cv-01852-AGS-SBC). The Company is named as a nominal defendant. The case makes similar allegations to those in the securities class action complaint filed in the Southern District of New York (captioned Prime v. Dexcom, Inc., et al., Case No.: 1:25-cv-08912). On May 11, 2026, the parties filed a joint motion and stipulation to stay the action pending the resolution of the securities class action, which the court granted on May 12, 2026.

On April 28, 2026, certain current and former members of Dexcom’s board of directors and executives were named as defendants in a complaint filed as a stockholder derivative action in the Southern District of New York (captioned Jerome Malone v. Kevin R. Sayer et al., Case No. 1:26-cv-03527). The Company is named as a nominal defendant. As with the stockholder derivative action filed in the Southern District of California, the case makes similar allegations to those in the securities class action complaint filed in the Southern District of New York (captioned Prime v. Dexcom, Inc., et al., Case No.: 1:25-cv-08912). On May 21, 2026, the parties filed a joint motion and stipulation to stay the action pending the resolution of the securities class action, which the court granted on May 26, 2026.

G6 and G7 Class Action Litigation

Between September 29, 2025, and January 8, 2026, various plaintiffs, purported users of G6 or G7 devices, filed six overlapping putative class action complaints against us. Five of the complaints, which originally were filed as individual actions in federal court (Levens, et al. v. Dexcom, Inc., No. 3:25-cv-02565-BJC-JAC; Estravit v. Dexcom, Inc., No. 3:25-cv-02845-BJC-JAC; Dalora v. Dexcom, Inc., No. 3:25-cv-03210-BJC-JAC; Grisoli, et al. v. Dexcom, Inc., No. 3:25-cv-03488-BJC-JAC; and Dickinson, et al. v. Dexcom, Inc., No. 3:26-cv-00102-BJC-JAC), were consolidated by the Court on May 15, 2026 (and the consolidated litigation is now captioned In re: Dexcom CGM Litigation, No. 3:25-cv-02565-BJC-JAC). The sixth putative class action complaint was filed and remains pending in the Superior Court of Los Angeles County, California (Chatelain v. Dexcom, Inc., No. 25STCV30722).

Plaintiffs in all six actions allege they overpaid for G6 and/or G7 devices or components that were worth less than the purchase price because, among other reasons, G6 and/or G7 devices or components they purchased allegedly were adulterated or misbranded under federal law; G6 and/or G7 devices or components they purchased allegedly failed to perform as advertised; and because we allegedly misled patients and providers about the safety, accuracy, efficacy, and reliability of G6 and/or G7 devices or components. Plaintiffs in each action assert various state law consumer protection, express and implied warranty, common law, and Magnuson-Moss Warranty Act claims, and seek, among other things, damages for economic losses, restitution, disgorgement, injunctive relief, and attorneys’ fees and costs. Plaintiffs seek to represent nationwide classes and state-specific subclasses of individuals.

Federal Court Consolidated Class Action

On May 15, 2026, the Court consolidated the five cases in the United States District Court for the Southern District of California. On May 29, 2026, various groups of plaintiffs’ counsel filed competing motions to appoint interim class counsel. The motions are fully briefed and remain pending. On September 28, 2026, plaintiff filed a motion requesting a status conference with the Court to address the pending competing motions to appoint interim class counsel, establish a schedule for the filing of a consolidated complaint after a ruling on the motions, and a briefing schedule on the Company’s anticipated motion to dismiss a consolidated complaint. There currently is not a date-certain deadline for the filing of an anticipated amended consolidated complaint or Dexcom’s response to the same.

State Court Class Action

The putative class action pending in Los Angeles County Superior Court remains stayed in favor of the federal class actions. On August 31, 2026, the Court extended the stay through at least February 26, 2027. The parties must submit a joint status report on the status of the consolidated federal litigation no later than February 19, 2027.

We intend to vigorously defend against such claims; however, we cannot be certain of the outcome of our ongoing proceedings and, if determined adversely to us, our business and financial condition may be adversely affected.

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ITEM 1A - RISK FACTORS

The following risk factor supplements and, to the extent inconsistent, supersedes, the risk factors disclosed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 12, 2026. Our short and long-term success is subject to numerous risks and uncertainties, many of which involve factors that are difficult to predict or beyond our control. Before making a decision to invest in, hold or sell our common stock, in addition to the information and risk factors set forth in this Quarterly Report on Form 10-Q, stockholders and potential stockholders should carefully consider the risks and uncertainties described in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which could materially and adversely affect our business, financial condition, results of operations and prospects. In that case, the value of our common stock could decline and stockholders may lose all or part of their investment.

Furthermore, additional risks and uncertainties of which we are currently unaware, or which we currently consider to be immaterial, could have a material adverse effect on our business, financial condition, results of operations or prospects. Refer to our disclaimer regarding forward-looking statements at the beginning of Part I, Item 1 of this Quarterly Report on Form 10-Q.

We cannot guarantee that the 2027 Share Repurchase Program will be fully consummated or that such program will enhance the long-term value of our share price.

In October 2026, our Board of Directors authorized and approved the 2027 Share Repurchase Program, which provides for the repurchase of up to $1.00 billion of our outstanding common stock, with a repurchase period ending no later than December 31, 2027. Repurchases of our common stock under the 2027 Share Repurchase Program may be made from time to time in the open market, in privately negotiated transactions or by other methods, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, at our discretion, and in accordance with the limitations set forth in Rule 10b-18 promulgated under the Exchange Act and other applicable federal and state laws and regulations. The timing of any repurchases will depend on market conditions and will be made at our discretion. The 2027 Share Repurchase Program does not obligate us to repurchase any dollar amount or number of shares of our common stock, and the program may be extended, modified, suspended, or discontinued at any time.

The 2027 Share Repurchase Program could affect the price of our common stock and increase the volatility thereof. Price volatility may cause the average price at which we repurchase our common stock in a given period to exceed the stock’s price at a given point in time. There can be no assurance that the timeframe for repurchases under our 2027 Share Repurchase Program or that any repurchases conducted thereunder will have a positive impact on our stock price or earnings per share. Important factors that could cause us to discontinue or decrease share repurchases under the 2027 Share Repurchase Program include, among others, unfavorable market conditions; the market price of our common stock; the nature of other investment or strategic opportunities presented to us from time to time; our ability to make appropriate, timely, and beneficial decisions as to when, how, and whether to repurchase shares under the 2027 Share Repurchase Program; and the availability of funds necessary to fulfill such repurchases.

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ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Purchases of Equity Securities by the Issuer

The following table provides information regarding repurchases of our shares of common stock during the three months ended September 30, 2026:


Period	Total number of shares purchased	Average price paid per share(1)		Total number of shares purchased as part of publicly announced program(2)	Maximum dollar value of shares that may yet be purchased under the program (in millions)(2)






7/01/2026 - 7/31/2026	—		$	—		—	$	400.0
8/01/2026 - 8/31/2026	4,633,657		$	86.32		4,633,657	$	—
9/01/2026 - 9/30/2026	—		$	—		—	$	—

(1) Average price paid per share includes broker commissions.
(2) On May 14, 2026, we announced that our Board of Directors authorized and approved a share repurchase program of up to $1.00 billion of our outstanding common stock, with a repurchase period ending no later than June 30, 2027.

The table above excludes common shares withheld related to the net share settlement of equity awards.


ITEM 3 - DEFAULTS UPON SENIOR SECURITIES

None.


ITEM 4 - MINE SAFETY DISCLOSURES

None.

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ITEM 5 - OTHER INFORMATION

Trading Plans

During the three months ended September 30, 2026, the following Section 16 officers and directors adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K of the Exchange Act) intended to satisfy the affirmative defense of Rule 10b5-1(c):

Name

Title

Action

Action Date

Aggregate Number of Shares to be Sold

Expiration Date(1)

Kyle Malady

Director

Adoption

8/24/2026

3,300

8/24/2027

(1) Each trading arrangement permitted or permits transactions through and including the date listed in the table.

Each of the Rule 10b5-1 trading arrangements disclosed in the above table was made in accordance with our insider trading policy. Transactions made pursuant to such trading arrangements will be disclosed publicly in Section 16 filings with the SEC in accordance with applicable securities laws, rules and regulations.

During the three months ended September 30, 2026, none of our Section 16 officers or directors adopted, modified, or terminated a “non-Rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K of the Exchange Act).

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ITEM 6 - EXHIBITS

Incorporated by Reference

Exhibit
Number

Exhibit Description

Form

File No.

Date of
First
Filing

Exhibit
Number

Provided
Herewith

10.1*

Offer L etter , dated September 11, 2026, between DexCom, Inc. and Jereme Sylvain .

—

31.1

Certification of Chief Executive Officer Pursuant to Securities Exchange Act Rule 13a-14(a).

—

31.2

Certification of Chief Financial Officer Pursuant to Securities Exchange Act Rule 13a-14(a).

—

32.1**

Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 and Securities Exchange Act Rule 13a-14(b).

—

32.2**

Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 and Securities Exchange Act Rule 13a-14(b).

—

101.INS

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*	Represents a management contract or compensatory plan, contract or arrangement.

**	This certification is not deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that Dexcom specifically incorporates it by reference.

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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 thereunto duly authorized.

DEXCOM, INC.

(Registrant)

Dated:

October 29, 2026

By:

/s/ JACOB LEACH

Jacob Leach,

President and Chief Executive Officer

(Principal Executive Officer)

Dated:

October 29, 2026

By:

/s/ JEREME SYLVAIN

Jereme Sylvain,

Executive Vice President, Chief Operating Officer and Chief Financial Officer

(Principal Financial and Accounting Officer)

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