Dexcom Lifts 2026 Revenue Guidance After Second-Quarter Results

The Tip Desk · July 31, 2026 · 4 min read

The glucose-monitoring company now sees fiscal 2026 revenue of $5.18 billion to $5.25 billion after second-quarter sales of $1.308 billion.

Dexcom (DXCM) raised the midpoint of its fiscal 2026 revenue outlook to $5.18 billion to $5.25 billion, from $5.16 billion to $5.25 billion, after worldwide sales reached $1.308 billion in the quarter ended June 30, 2026.

The glucose-monitoring company also lifted its non-GAAP gross profit margin target to approximately 64%, from 63% to 64%, and raised non-GAAP operating margin to approximately 23.5% to 24% and adjusted EBITDA margin to approximately 31.5% to 32%. The new ranges imply approximately 11% to 13% growth for the full year.

Reported revenue growth slowed to 13% year over year from 15% in the first quarter of 2026. Organic growth, which excludes $9.9 million of foreign-exchange impact and $0.2 million of acquired non-CGM revenue, held at 12% and produced $1.298 billion of organic sales.

U.S. revenue was $933.4 million, up 11% from a year earlier, matching the first-quarter and fourth-quarter 2025 U.S. rates. International revenue was $375.0 million. Distributor sales were $1.102 billion and direct sales were $206.0 million.

GAAP operating income was $318.3 million, or 24.3% of revenue, up 590 basis points from the second quarter of 2025. Non-GAAP operating income was $328.3 million, or 25.1% of reported revenue. GAAP gross profit was $830.0 million, or 63.4% of revenue. Non-GAAP gross profit was $838.5 million, or 64.1% of reported revenue.

GAAP net income was $249.1 million, or $0.64 a share. Non-GAAP net income was $269.1 million, or $0.70 a share, excluding $9.4 million of amortization of intangible assets, $0.6 million of business transition and other significant items, and $10.0 million of loss from equity investments. Adjusted EBITDA was $421.3 million.

President and CEO Jake Leach said the company hosted its 2026 Investor Day, where it highlighted market opportunities and introduced a new long-term financial outlook through 2030. He said the quarter’s performance and CONNECT trial results “reinforce our confidence in the path ahead and position us well to deliver on our long-range plan.”

Dexcom announced positive results from the CONNECT randomized controlled trial, which showed that CGM use among people with type 2 diabetes not using insulin produced clinically meaningful and statistically significant improvements in glucose control compared with routine care. The company also initiated the launch of a reimagined Stelo app with AI-driven insights and enhanced food logging.

Cash, cash equivalents and marketable securities were $1.95 billion as of June 30, 2026, down from $2.42 billion at March 31. The revolving credit facility remained undrawn. The cash balance provides flexibility as the company expands production capacity and explores new market opportunities.

Leach framed the Investor Day as a statement of long-term ambition rather than a restatement of the 2026 plan, which the company still presents as approximately 11% to 13% growth. The quarter’s mix was still distributor-led, with $1.102 billion of distributor sales against $206.0 million of direct sales, and the U.S. book at $933.4 million still larger than the $375.0 million international total.

The company’s margin path through 2026 is now set at the higher end of the ranges it gave after the first quarter. Non-GAAP operating margin of approximately 23.5% to 24% sits above the 23% to 23.5% band issued in April, and adjusted EBITDA margin of approximately 31.5% to 32% sits above 31% to 31.5%. Gross profit margin is now a single point at approximately 64%.

Second-quarter GAAP operating income of $318.3 million and non-GAAP operating income of $328.3 million sit against those full-year margins. GAAP net income of $249.1 million, or $0.64 a share, and non-GAAP net income of $269.1 million, or $0.70 a share, are the per-share results reported for the three months ended June 30. Adjusted EBITDA of $421.3 million is the cash-earnings figure that accompanies the raised EBITDA-margin range.

The CONNECT trial and the Stelo app relaunch are the strategic items paired with the 2030 outlook. Leach’s comment that the quarter and the trial “reinforce our confidence in the path ahead” is the company’s framing of how those results sit against the long-range plan introduced at Investor Day.

Cash of $1.95 billion at June 30, with the revolver undrawn, is the liquidity available for capacity expansion and new-market work. The 2026 revenue range of $5.18 billion to $5.25 billion remains the near-term plan, with approximately 11% to 13% growth expected and the higher margin bands set after the second-quarter report.