What is the primary revenue source for Dexcom (DXCM)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze DXCM's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Dexcom's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Dexcom Makes Money: DXCM Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

The largest revenue segment accounts for 84.5% of revenue, indicating concentration.

Operating margin improved by 7.15 percentage points year over year.

Revenue: USD 2.50B
Largest revenue segment share (Sales Channel, Through Intermediary): 84.50%
Cost of revenue: USD 920.00M
Selling, general and administrative: USD 708.40M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueRevenue · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueCost of sales · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, general and administrative · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (Sales Channel, Through Intermediary)Sales Channel, Through Intermediary · segment_value / revenue * 100
Operating marginOperating income · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Property, plant and equipment: USD 1.58B
Accounts receivable: USD 1.26B
Cash and cash equivalents: USD 1.10B
Total liabilities: USD 3.83B
Shareholder equity: USD 2.62B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Property, plant and equipmentProperty and equipment, net · PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Shareholder equityTotal stockholders’ equity · StockholdersEquity
Total liabilitiesTotal liabilities · Liabilities
Accounts receivableAccounts receivable, net · AccountsReceivableNetCurrent
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 177.17% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 448.60M
Operating cash flow: USD 794.80M
Cash conversion: 177.17%
Free cash flow: USD 633.50M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Share repurchases: USD 603.60M
Stock issuance proceeds: USD 12.70M
Net shareholder return: USD 590.90M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)
Stock issuance proceedsNet proceeds from issuance of common stock · ProceedsFromIssuanceOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?