Dexcom reports $1.34B revenue

Cover page 2 changes

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For the quarterly period ended June September 30, 2026

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As of July 23, October 22, 2026, there were 377,360,765 372,950,922 shares of the registrant s common stock outstanding.

1 unchanged paragraph

Financial statements 172 changes

2 unchanged paragraphs

Inventory 726.4 629.1

Intangibles, net 101.6 70.8

Other assets 273.7 278.7

June September 30, 2026 December 31, 2025

Cash and cash equivalents $ 1,105.0 961.4 $ 917.7

Short-term marketable securities 842.0 856.5 1,081.0

Accounts receivable, net 1,257.7 1,186.2 1,216.1

Inventory 770.7 629.1

Prepaid and other current assets 155.5 141.2 189.4

Total current assets 4,086.6 3,916.0 4,033.3

Property and equipment, net 1,577.2 1,543.1 1,559.9

Operating lease right-of-use assets 88.0 83.7 77.4

Intangibles, net 89.4 70.8

Deferred tax assets 304.1 305.4 295.6

Other assets 277.2 278.7

Total assets $ 6,455.3 6,238.8 $ 6,339.9

2 unchanged paragraphs

Accounts payable and accrued liabilities $ 2,191.5 2,065.6 $ 1,944.0

Accrued payroll and related expenses 136.3 159.7 169.2

2 unchanged paragraphs

Total current liabilities 2,357.7 2,252.6 2,142.5

Long-term senior convertible notes 1,242.8 1,243.7 1,240.9

Long-term operating lease liabilities 82.6 77.5 73.4

Other long-term liabilities 150.8 129.6 137.1

Total liabilities 3,833.9 3,703.4 3,593.9

2 unchanged paragraphs

Preferred stock, $ 0.001 par value, 5.0 million shares authorized; no shares issued and outstanding at June September 30, 2026 and December 31, 2025

Common stock, $ 0.001 par value, 800.0 million shares authorized; 412.4 412.7 million and 377.4 373.0 million shares issued and outstanding, respectively, at June September 30, 2026; and 410.7 million and 384.8 million shares issued and outstanding, respectively, at December 31, 2025

Additional paid-in capital 2,376.5 2,425.3 2,281.5

1 unchanged paragraph

Retained earnings 2,882.5 2,433.9

Retained earnings 3,157.6 2,433.9

Treasury stock, at cost; 35.0 39.7 million shares at June September 30, 2026 and 25.9 million shares at December 31, 2025 ( 2,728.0 3,133.4 ) ( 2,084.8 )

Total stockholders equity 2,621.4 2,535.4 2,746.0

Total liabilities and stockholders equity $ 6,455.3 6,238.8 $ 6,339.9

2 unchanged paragraphs

June 30, Six Months Ended

September 30, Nine Months Ended

1 unchanged paragraph

Revenue $ 1,308.4 $ 1,157.1 $ 2,500.3 $ 2,193.1

Cost of sales 478.4 468.3 920.0 915.3

Gross profit 830.0 688.8 1,580.3 1,277.8

Research and development 153.0 148.2 298.3 293.4

Selling, general and administrative 358.7 328.0 708.4 638.1

Total operating expenses 511.7 476.2 1,006.7 931.5

Operating income 318.3 212.6 573.6 346.3

Other income (expense), net ( 0.8 ) 28.5 13.4 49.1

Income before income taxes 317.5 241.1 587.0 395.4

Income tax expense 68.4 61.3 138.4 110.2

Net income $ 249.1 $ 179.8 $ 448.6 $ 285.2

Diluted net income per share $ 0.64 $ 0.45 $ 1.15 $ 0.71

Revenue $ 1,344.5 $ 1,209.3 $ 3,844.8 $ 3,402.4

Cost of sales 480.1 477.9 1,400.1 1,393.2

Gross profit 864.4 731.4 2,444.7 2,009.2

Research and development 161.6 157.5 459.9 450.9

Selling, general and administrative 375.6 331.4 1,084.0 969.5

Total operating expenses 537.2 488.9 1,543.9 1,420.4

Operating income 327.2 242.5 900.8 588.8

Other income, net 7.5 109.8 20.9 158.9

Income before income taxes 334.7 352.3 921.7 747.7

Income tax expense 59.6 68.5 198.0 178.7

Net income $ 275.1 $ 283.8 $ 723.7 $ 569.0

Basic net income per share $ 0.65 0.73 $ 0.46 0.73 $ 1.17 1.90 $ 0.73 1.45

Shares used to compute basic net income per share 382.2 392.1 383.7 391.6 374.7 391.1 380.6 391.4

Diluted net income per share $ 0.72 $ 0.70 $ 1.87 $ 1.42

Shares used to compute diluted net income per share 390.1 408.2 391.8 407.8 383.5 407.4 389.0 407.7

2 unchanged paragraphs

June 30, Six Months Ended

September 30, Nine Months Ended

1 unchanged paragraph

Net income $ 249.1 $ 179.8 $ 448.6 $ 285.2

Net income $ 275.1 $ 283.8 $ 723.7 $ 569.0

1 unchanged paragraph

Translation adjustments and other ( 15.7 ) 81.9 ( 22.2 ) 91.9

Unrealized loss on marketable debt securities ( 0.5 ) ( 0.5 ) ( 2.8 ) ( 0.3 )

Comprehensive income $ 232.9 $ 261.2 $ 423.6 $ 376.8

Translation adjustments and other ( 3.5 ) ( 3.6 ) ( 25.7 ) 88.3

Unrealized gain (loss) on marketable debt securities ( 1.0 ) 1.5 ( 3.8 ) 1.2

Total other comprehensive income (loss), net of tax ( 16.2 4.5 ) 81.4 ( 25.0 2.1 ) 91.6 ( 29.5 ) 89.5

Comprehensive income $ 270.6 $ 281.7 $ 694.2 $ 658.5

2 unchanged paragraphs

Three Months Ended June September 30, 2026

3 unchanged paragraphs

Balance at March 31, 2026 385.9 $ 0.4 $ 2,337.5 $ 107.3 $ ( 1.1 ) $ 2,633.4 $ ( 2,120.6 ) $ 2,956.9

Issuance of common stock under equity incentive plans 0.1

Common stock withheld related to net share settlement of equity awards ( 1.8 ) ( 1.8 )

Purchases of treasury stock, including excise tax ( 8.6 ) ( 605.6 ) ( 605.6 )

Share-based compensation expense 39.0 39.0

Net income 249.1 249.1

Other comprehensive loss, net of tax ( 15.7 ) ( 0.5 ) ( 16.2 )

1 unchanged paragraph

Issuance of common stock under equity incentive plans 0.1

2 unchanged paragraphs

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and 92 more changes in the filing

Note 1: Organization and Significant Accounting Policies 22 changes

4 unchanged paragraphs

Operating results for the three and six nine months ended June September 30, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2026.

3 unchanged paragraphs

We determine the functional currencies of our international subsidiaries by reviewing the environment where each subsidiary primarily generates and expends cash. For international subsidiaries whose functional currencies are the local currencies, we translate the financial statements into U.S. dollars using period-end exchange rates for assets and liabilities and average exchange rates for each period for revenue, costs and expenses. We include translation-related adjustments in comprehensive income and in accumulated other comprehensive income in the equity section of our condensed consolidated balance sheets. We record gains and losses resulting from transactions with customers and vendors that are denominated in currencies other than the functional currency and from certain intercompany transactions in other income, (expense), net in our condensed consolidated statements of operations.

1 unchanged paragraph

There were no material changes during the six nine months ended June September 30, 2026 to our significant accounting policies as described in Note 1 Organization and Significant Accounting Policies to the financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

4 unchanged paragraphs

As of June September 30, 2026 and December 31, 2025, accounts receivable included unbilled amounts of $ 19.9 million and $ 16.9 million, respectively. We expect to invoice and collect all unbilled accounts receivable within twelve months.

We record deferred revenue when cash payments have been received prior to satisfaction of the related performance obligation. Our performance obligations are generally satisfied within twelve months of the initial contract date. As of June September 30, 2026 and December 31, 2025, the current deferred revenue balances were not material.

4 unchanged paragraphs

June 30, Six Months Ended

September 30, Nine Months Ended

1 unchanged paragraph

Net income $ 249.1 $ 179.8 $ 448.6 $ 285.2

Net income - diluted $ 250.8 $ 182.7 $ 451.9 $ 291.0

Net income $ 275.1 $ 283.8 $ 723.7 $ 569.0

Add back interest expense, net of tax attributable to assumed conversion of senior convertible notes 1.7 2.9 3.3 5.8 1.6 2.8 4.9 8.6

Net income - diluted $ 276.7 $ 286.6 $ 728.6 $ 577.6

1 unchanged paragraph

Basic $ 0.65 $ 0.46 $ 1.17 $ 0.73

Diluted $ 0.64 $ 0.45 $ 1.15 $ 0.71

Basic weighted average shares outstanding 382.2 392.1 383.7 391.6

Basic $ 0.73 $ 0.73 $ 1.90 $ 1.45

Diluted $ 0.72 $ 0.70 $ 1.87 $ 1.42

Basic weighted average shares outstanding 374.7 391.1 380.6 391.4

2 unchanged paragraphs

Diluted weighted average shares outstanding 390.1 408.2 391.8 407.8

Diluted weighted average shares outstanding 383.5 407.4 389.0 407.7

1 unchanged paragraph

June 30, Six Months Ended

September 30, Nine Months Ended

7 unchanged paragraphs

Note 2: Fair Value Measurements 21 changes

4 unchanged paragraphs

The following table summarizes financial assets that we measured at fair value on a recurring basis as of June September 30, 2026, classified in accordance with the fair value hierarchy:

2 unchanged paragraphs

Cash equivalents $ 409.0 $ $ $ 409.0

Cash equivalents $ 402.3 $ 5.5 $ $ 407.8

2 unchanged paragraphs

Commercial paper 126.7 126.7

Corporate debt 390.3 390.3

Convertible notes receivable 10.7 10.7

Commercial paper 132.6 132.6

Corporate debt 387.9 387.9

Total debt securities, available-for-sale 842.0 842.0 856.5 856.5

Convertible note investments 10.7 10.7

1 unchanged paragraph

Total assets measured at fair value on a recurring basis $ 431.1 424.1 $ 842.0 862.0 $ 10.7 $ 1,283.8 1,296.8 (1) Includes debt obligations issued by U.S. government-sponsored enterprises or U.S. government agencies.

10 unchanged paragraphs

Convertible notes receivable 10.5 10.5

Convertible note investments 10.5 10.5

3 unchanged paragraphs

There were no transfers into or out of Level 3 securities during the three and six nine months ended June September 30, 2026 and June September 30, 2025.

1 unchanged paragraph

As we conduct business globally in many currencies, we are exposed to foreign exchange rate changes. To limit this exposure, we enter into foreign currency forward contracts to hedge monetary assets and liabilities, including intercompany loans, denominated in non-functional currencies. Our foreign currency forward contracts are not designated as hedging instruments. Therefore, changes in the fair values of these contracts are recognized in other income, (expense), net in our condensed consolidated statements of operations, thereby offsetting the current earnings effect of the related foreign currency assets and liabilities. The duration of these contracts are generally less than one year.

As of June September 30, 2026 and December 31, 2025, the notional amounts of outstanding foreign currency forward contracts were $ 257.1 273.3 million and $ 229.3 million, respectively. The resulting impact on our condensed consolidated financial statements from currency hedging activities was not significant for the three and six nine months ended June September 30, 2026 and June September 30, 2025.

3 unchanged paragraphs

Our non-marketable equity investments without readily determinable fair values are accounted for under the measurement alternative. As such, we measure these investments at cost less impairment, adjusted for any observable price changes in orderly transactions for the identical or a similar investment of the same issuer. It is impracticable for us to estimate the fair value of these investments on a recurring basis due to the fact that these entities are privately held and limited information is available. We include the carrying values of these investments in other assets in our condensed consolidated balance sheets. Adjustments to the carrying values of these investments as a result of observable price changes and impairments are recorded in other income, (expense), net in our condensed consolidated statements of operations.

The carrying values of our non-marketable equity investments were $ 209.5 217.5 million as of June September 30, 2026 and $ 218.0 million as of December 31, 2025. During the three and six nine months ended June September 30, 2026, and June 30, 2025, we did not record any upward adjustments. During the three and nine months ended September 30, 2025, we recorded upward adjustments of $ 82.5 million for observable price changes.

For our non-marketable equity investments held as of June September 30, 2026, the cumulative upward adjustments for observable price changes were $ 82.5 million and cumulative downward adjustments and impairments were not significant.

During the three and six nine months ended June September 30, 2026, net unrealized losses on non-marketable equity investments were not significant. During the three and June nine months ended September 30, 2025, net unrealized gains (losses) on non-marketable equity investments were not significant. $ 82.5 million and $ 80.0 million, respectively.

There were no significant impairment losses on assets and liabilities measured at fair value on a non-recurring basis during the three and six nine months ended June September 30, 2026 and June September 30, 2025.

Note 3: Balance Sheet Details and Other Financial Information 63 changes

5 unchanged paragraphs

Commercial paper 126.9 ( 0.2 ) 126.7

Corporate debt 391.4 ( 1.1 ) 390.3

Commercial paper 132.8 ( 0.2 ) 132.6

Corporate debt 389.8 ( 1.9 ) 387.9

Total debt securities, available-for-sale $ 844.0 859.9 $ $ ( 2.0 3.4 ) $ 842.0 856.5 (1) Includes debt obligations issued by U.S. government-sponsored enterprises or U.S. government agencies.

6 unchanged paragraphs

Raw materials $ 232.7 $ 257.6

Finished goods 386.7 266.5

Total inventory $ 726.4 $ 629.1

As of June September 30, 2026, the estimated market values of our short-term debt securities with contractual maturities up to due within 12 months and up to due after 12 months through 18 months were $ 704.8 722.9 million and $ 137.2 133.6 million, respectively. As of December 31, 2025, the estimated market value of our short-term debt securities with contractual maturities up to due within 12 months was $ 1.08 billion. Gross realized gains and losses on sales of our short-term debt securities for the three and six nine months ended June September 30, 2026 and June September 30, 2025 were not significant.

We periodically review our portfolio of debt securities to determine if any investment is impaired due to credit loss or other potential valuation concerns. For debt securities where the fair value of the investment is less than the amortized cost basis, we have assessed at the individual security level for various quantitative factors including, but not limited to, the nature of the investments, changes in credit ratings, interest rate fluctuations, industry analyst reports, and the severity of impairment. Unrealized losses on available-for-sale debt securities at June September 30, 2026 were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. We do not intend to sell these investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. Accordingly, we have not recorded an allowance for credit losses.

(In millions) June September 30, 2026 December 31, 2025

Raw materials $ 230.5 $ 257.6

Work-in-process 107.0 77.3 105.0

Finished goods 462.9 266.5

Total inventory $ 770.7 $ 629.1

We recorded inventory reserve charges of $ 45.6 33.0 million and $ 8.8 16.0 million, during the three months ended June September 30, 2026 and 2025, respectively, and $ 84.2 117.2 million and $ 37.0 53.0 million during the six nine months ended June September 30, 2026 and 2025, respectively. These charges are recorded in cost of sales and reflect reserves established through our ongoing evaluation of quality control data, the planned discontinuation of G6 manufacturing, forecasted demand, analysis of risk exposure, and the continued improvement and innovation of our products.

1 unchanged paragraph

Prepaid expenses $ 70.7 $ 66.4

(In millions) June September 30, 2026 December 31, 2025

Prepaid expenses $ 72.4 $ 66.4

Deferred compensation plan assets 22.1 21.8 20.0

Income tax receivables 12.5 7.6 60.8

1 unchanged paragraph

Other current assets 37.2 28.0 29.2

Total prepaid and other current assets $ 155.5 141.2 $ 189.4

1 unchanged paragraph

Building $ 389.1 $ 319.7

(In millions) June September 30, 2026 December 31, 2025

Building $ 503.7 $ 319.7

1 unchanged paragraph

Furniture and fixtures 43.5 44.1 41.0

Land and land improvements 57.8 66.5 58.3

Leasehold improvements 303.8 298.8 302.1

Machinery and equipment 1,029.1 1,174.7 1,016.3

Construction in progress 614.4 326.8 593.5

Total cost 2,536.6 2,513.5 2,418.7

1 unchanged paragraph

Total property and equipment, net $ 1,577.2 1,543.1 $ 1,559.9

In the second quarter of 2026, we acquired an entity, in which substantially all the fair value of the gross assets acquired are concentrated in a group of similar identifiable assets. Accordingly, the transaction was accounted for as an acquisition of a group of assets. In connection with the acquisition, we recorded $ 48.7 million in gross intangible assets, primarily related to acquired technology. Net intangible assets increased $ 30.8 18.6 million from December 31, 2025, reflecting the impact of the acquisition, partially offset by amortization expense recognized during the six nine months ended June September 30, 2026.

(In millions) June September 30, 2026 December 31, 2025

2 unchanged paragraphs

Other assets 24.8 24.4

Long-term deposits 24.0 24.1 17.2

Other assets 17.7 24.4

Total other assets $ 273.7 277.2 $ 278.7

1 unchanged paragraph

Accrued warranty 5.6 10.4

June September 30, 2026 December 31, 2025

Accounts payable trade $ 423.8 308.5 $ 344.3

Accrued rebates 1,652.0 1,615.2 1,487.6

Accrued tax, audit, and legal fees 33.5 36.4 27.0

Accrued warranty 17.4 10.4

Deferred compensation plan liabilities 22.1 21.8 20.0

Other accrued liabilities 43.4 40.7 45.8

Total accounts payable and accrued liabilities $ 2,191.5 2,065.6 $ 1,944.0

1 unchanged paragraph

(In millions) June September 30, 2026 December 31, 2025

Accrued wages, bonus and taxes $ 101.6 131.0 $ 134.6

Other accrued employee benefits 34.7 28.7 34.6

Total accrued payroll and related expenses $ 136.3 159.7 $ 169.2

1 unchanged paragraph

(In millions) June September 30, 2026 December 31, 2025

Asset retirement obligation $ 20.0 19.9 $ 20.6

2 unchanged paragraphs

Other Income (Expense), Net

June 30, Six Months Ended

Total other long-term liabilities $ 150.8 129.6 $ 137.1

September 30, Nine Months Ended

2 unchanged paragraphs

Net losses on equity investments ( 10.0 ) ( 0.4 ) ( 10.0 ) ( 4.6 )

Other income (expense), net ( 4.7 ) 5.6 ( 6.9 ) 6.6

Net gains (losses) on equity investments 82.7 ( 10.0 ) 78.1

Other income (expense), net ( 3.7 ) ( 0.9 ) ( 10.6 ) 5.7

Total other income, (expense), net

Note 4: Debt 27 changes

1 unchanged paragraph

As of June September 30, 2026 and December 31, 2025, the if-converted value of our unsecured senior convertible notes due 2028, or 2028 Notes, did not exceed their outstanding principal amount. Our unsecured senior convertible notes due 2025, or 2025 Notes, matured in November 2025 and we repaid the principal of $ 1.21 billion entirely in cash on the maturity date.

1 unchanged paragraph

(In millions) June September 30, 2026 December 31, 2025

Unamortized debt issuance costs ( 7.2 6.3 ) ( 9.1 )

Carrying amount of senior convertible notes $ 1,242.8 1,243.7 $ 1,240.9

1 unchanged paragraph

June 30, Six Months Ended

September 30, Nine Months Ended

4 unchanged paragraphs

Amortization of debt issuance costs 1.0 1.8 1.9 3.6 2.9 5.4

Total interest expense recognized on senior notes $ 2.2 2.1 $ 3.8 3.7 $ 4.3 6.4 $ 7.5 11.2

6 unchanged paragraphs

(In millions) June September 30, 2026 December 31, 2025

32 unchanged paragraphs

Amended Credit Agreement

Terms of the Amended Credit Agreement

In June 2023, we entered into the First Amendment to the Second Amended and Restated Credit Agreement, as amended, or the Amended Credit Agreement, which we had previously entered into in October 2021. The Amended Credit Agreement is a five-year revolving credit facility, or the Credit Facility, that provides for an available principal amount of $ 200.0 million which can be increased up to $ 500.0 million at our option subject to customary conditions and approval of our lenders. The Amended Credit Agreement will mature on October 13, 2026. Borrowings under the Amended Credit Agreement are available for general corporate purposes, including working capital and capital expenditures.

The following table sets forth information related to availability and outstanding borrowings on our Amended Credit Agreement as of June 30, 2026:

Available principal amount $ 200.0

Letters of credit sub-facility 25.0

Outstanding borrowings

Outstanding letters of credit 8.7

Total available balance $ 191.3

Revolving loans under the Amended Credit Agreement bear interest at our choice of one of three base rates plus a range of applicable rates that are based on our leverage ratio. The minimum and maximum range of applicable rates per annum with respect to any ABR Loan, Term Benchmark Revolving Loan, or RFR Revolving Loan, each as defined in the Amended Credit Agreement under the captions ABR Spread , Term Benchmark , and RFR Spread , or Unused Commitment Fee Rate , respectively, are outlined in the following table:

Term Benchmark/RFR Spread

Unused Commitment Fee Rate

Our obligations under the Amended Credit Agreement are guaranteed by our existing and future wholly-owned domestic subsidiaries, and are secured by a first-priority security interest in substantially all of the assets of Dexcom and the guarantors, including all or a portion of the equity interests of our domestic subsidiaries and first-tier foreign subsidiaries but excluding real property and intellectual property (which is subject to a negative pledge). The Amended Credit Agreement contains covenants that limit certain indebtedness, liens, investments, transactions with affiliates, dividends and other restricted payments, subordinated indebtedness and amendments to subordinated indebtedness documents, and sale and leaseback transactions of Dexcom or any of its domestic subsidiaries. The Amended Credit Agreement also requires us to maintain a maximum leverage ratio and a minimum fixed charge coverage ratio. We were in compliance with these covenants as of June 30, 2026.

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

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 th e 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 June 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.

Note 6: Income Taxes 3 changes

We estimate our annual effective tax rate to be 21.8 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 23.6 21.5 % for the six nine months ended June September 30, 2026 compared to the estimated annual effective tax rate of 21.8 21.7 % was higher 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 June 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 June September 30, 2026, we do not expect any significant adjustments as a result of the either audit.

Note 7: Stockholders Equity 15 changes

2 unchanged paragraphs

June 30, Six Months Ended

September 30, Nine Months Ended

1 unchanged paragraph

Cost of sales $ 3.1 $ 4.0 $ 5.9 $ 7.2

Research and development 9.7 13.5 21.3 26.3

Selling, general and administrative 26.2 27.8 55.1 46.0

Total share-based compensation expense $ 39.0 $ 45.3 $ 82.3 $ 79.5

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 June September 30, 2026, unrecognized estimated compensation costs related to RSUs and PSUs totaled $ 263.6 219.4 million and are expected to be recognized over a weighted-average period of approximately 2.2 1.9 years.

2 unchanged paragraphs

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. 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. During the three and six months ended June 30, 2026, we did not repurchase any shares of our common stock under 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.

1 unchanged paragraph

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 six nine months ended June September 30, 2026, we repurchased 8.6 4.6 million and 13.2 million shares, respectively, of our common stock for $ 600.0 400.0 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 may 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. The timing of any repurchases will depend on market conditions and will be made at our discretion. The 2026 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.

During the six three and nine months ended June September 30, 2026, 0.5 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.

1 unchanged paragraph

Note 8: Business Segment and Geographic Information 53 changes

4 unchanged paragraphs

June 30, Six Months Ended

September 30, Nine Months Ended

1 unchanged paragraph

Revenue $ 1,308.4 $ 1,157.1 $ 2,500.3 $ 2,193.1

Payroll related expenses 231.8 222.0 456.2 442.2

Stock-based compensation expense 35.9 41.3 76.4 72.3

Marketing expense 90.8 78.8 176.4 149.2

Travel related expenses 17.7 14.3 39.2 33.9

Supply expenses and clinical trials 12.9 14.4 23.7 28.1

Consulting & professional fees 40.8 35.1 76.0 67.8

Equipment, office & facility expenses 27.1 22.5 54.4 44.0

IT software and data 40.0 36.0 78.3 71.1

Depreciation and amortization 12.5 9.3 24.2 18.5

Revenue $ 1,344.5 $ 1,209.3 $ 3,844.8 $ 3,402.4

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

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Operating income 318.3 212.6 573.6 346.3

Other income (expense), net

Income tax expense 68.4 61.3 138.4 110.2

Net income $ 249.1 $ 179.8 $ 448.6 $ 285.2

Operating income 327.2 242.5 900.8 588.8

Income tax expense 59.6 68.5 198.0 178.7

Net income $ 275.1 $ 283.8 $ 723.7 $ 569.0

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June 30, Six Months Ended

(2) Other segment items are primarily composed of impairment of assets and bad debt expense and other miscellaneous operating expenses.

September 30, Nine Months Ended

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Expenditures for long-lived assets $ 84.7 $ 94.1 $ 161.3 $ 181.1

Expenditures for long-lived assets $ 52.9 $ 80.5 $ 214.2 $ 261.6

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Net losses on equity investments $ 10.0 $ 0.4 $ 10.0 $ 4.6

Net (gains) losses on equity investments $ $ ( 82.7 ) $ 10.0 $ ( 78.1 )

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See Note 3 Balance Sheet Details and Other Financial Information Other Income, (Expense), Net for information about our interest income and interest expense.

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Three Months Ended June September 30,

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Distributor $ 893.5 $ 208.9 $ 1,102.4 $ 800.0 $ 177.8 $ 977.8

Direct 39.9 166.1 206.0 41.0 138.3 179.3

Total revenue $ 933.4 $ 375.0 $ 1,308.4 $ 841.0 $ 316.1 $ 1,157.1 (In millions) United States International Total United States International Total

Distributor $ 1,690.4 $ 422.3 $ 2,112.7 $ 1,520.6 $ 337.2 $ 1,857.8

Direct 75.3 312.3 387.6 70.9 264.4 335.3

Total revenue $ 1,765.7 $ 734.6 $ 2,500.3 $ 1,591.5 $ 601.6 $ 2,193.1

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,

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

MD&A 143 changes

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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.

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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 six nine months ended June September 30, 2026.

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

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down up 11% from the same period in 2025

up 13% 18% from the same period in 2025

up 20% 35% from the same period in 2025

up 50% down 3% from the same period in 2025

up 39% down 51% from the same period in 2025

We ended the second third quarter of 2026 with cash, cash equivalents and short-term marketable securities totaling $1.95 $1.82 billion.

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

Three Months Ended June September 30, 2026 - 2025

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Revenue $ 1,308.4 100 % $ 1,157.1 100 % $ 151.3 13 %

Cost of sales 478.4 37 % 468.3 40 % 10.1 2 %

Gross profit 830.0 63.4 % 688.8 59.5 % 141.2 20 %

Research and development 153.0 12 % 148.2 13 % 4.8 3 %

Selling, general and administrative 358.7 27 % 328.0 28 % 30.7 9 %

Total operating expenses 511.7 39 % 476.2 41 % 35.5 7 %

Operating income 318.3 24 % 212.6 18 % 105.7 50 %

Other income (expense), net (0.8) % 28.5 2 % (29.3) **

Income before income taxes 317.5 24 % 241.1 21 % 76.4 32 %

Income tax expense 68.4 5 % 61.3 5 % 7.1 12 %

Net income $ 249.1 19 % $ 179.8 16 % $ 69.3 39 %

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 %

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 $ 0.65 0.73 ** $ 0.46 0.73 ** $ 0.19 41 %

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

Diluted net income per share $ 0.64 ** $ 0.45 ** $ 0.19 42 % (1) The sum of the individual percentages may not equal the total due to rounding.

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Other income (expense), net

Distributor $ 893.5 $ 208.9 $ 1,102.4 $ 800.0 $ 177.8 $ 977.8

Direct 39.9 166.1 206.0 41.0 138.3 179.3

Total revenue $ 933.4 $ 375.0 $ 1,308.4 $ 841.0 $ 316.1 $ 1,157.1

Other income, (expense), 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.

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

Three Months Ended September 30,

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

Three Months Ended June 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 the second third quarter of 2026 compared to the second 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 excess and obsolete inventory reserve charges primarily associated with the planned discontinuation of G6 manufacturing. Cost of sales increased remained relatively consistent primarily due to higher sales volumes. as a result of improved manufacturing efficiencies.

Three Months Ended September 30, 2026 Compared to

Three Months Ended June September 30, 2025

Research and development expense Research and development expense was relatively flat consistent due to the timing of project spend.

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Selling, general and administrative expense Selling, general and administrative expense increased primarily due to $12.1 $20.7 million in incremental investments in advertising and marketing costs, $6.7 $11.1 million in higher compensation and related facilities-related costs, and $6.3 $6.9 million in higher facilities-related costs. third party and consulting fees.

Other income, (expense), net Other income, (expense), net, decreased primarily due to $11.1 the absence of an $82.5 million prior year gain on equity investments and $18.4 million in lower interest and dividend income. $10.3 million in net foreign currency losses, and $9.6 million in net losses on equity investments. 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 June September 30, 2026 and June 30, 2025 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 June September 30, 2026 compared to the same period in 2025 is primarily attributable to the commencement tax benefits recognized upon the release of our 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 and higher pretax income in the current period. third quarter of 2025.

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

Six Nine Months Ended June September 30, 2026 - 2025

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Revenue $ 2,500.3 100 % $ 2,193.1 100 % $ 307.2 14 %

Cost of sales 920.0 37 % 915.3 42 % 4.7 1 %

Gross profit 1,580.3 63.2 % 1,277.8 58.3 % 302.5 24 %

Research and development 298.3 12 % 293.4 13 % 4.9 2 %

Selling, general and administrative 708.4 28 % 638.1 29 % 70.3 11 %

Total operating expenses 1,006.7 40 % 931.5 42 % 75.2 8 %

Operating income 573.6 23 % 346.3 16 % 227.3 66 %

Other income, net 13.4 1 % 49.1 2 % (35.7) (73) %

Income before income taxes 587.0 23 % 395.4 18 % 191.6 48 %

Income tax expense 138.4 6 % 110.2 5 % 28.2 26 %

Net income $ 448.6 18 % $ 285.2 13 % $ 163.4 57 %

Basic net income per share $ 1.17 ** $ 0.73 ** $ 0.44 60 %

Distributor $ 1,690.4 $ 422.3 $ 2,112.7 $ 1,520.6 $ 337.2 $ 1,857.8

Direct 75.3 312.3 387.6 70.9 264.4 335.3

Total revenue $ 1,765.7 $ 734.6 $ 2,500.3 $ 1,591.5 $ 601.6 $ 2,193.1

Six Months Ended June 30, 2025

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 %

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and 63 more changes in the filing

Market risk 1 change

There were no material changes to our quantitative and qualitative disclosures about market risk during the six nine months ended June 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.

Controls and procedures 1 change

1 unchanged paragraph

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 President and Chief principal executive officer and our Chief 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 June September 30, 2026, our President and Chief principal executive officer and our Chief principal financial officer concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of such date.

4 unchanged paragraphs

Legal proceedings 8 changes

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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 alleges 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 March 20, August 27, 2026, we the court granted defendants motion to dismiss with prejudice and entered judgment. On September 25, 2026, lead plaintiff filed a reply in support notice of the motion. The court has not scheduled any oral argument appeal and on September 30, 2026, the motion. 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 s deadline to oppose opposed our motion to dismiss is 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.

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 motion to dismiss 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 motion to dismiss appeal in the In re Dexcom, Inc. Securities Class Action Litigation.

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.

4 unchanged paragraphs

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. It is anticipated that plaintiffs will file an amended consolidated complaint to which we will file On September 28, 2026, plaintiff filed a response after motion requesting a status conference with the Court resolves 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.

1 unchanged paragraph

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 August February 19, 2026. 2027.

2 unchanged paragraphs

Risk factors 3 changes

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We cannot guarantee that the 2026 2027 Share Repurchase Program will be fully consummated or that such program will enhance the long-term value of our share price.

In May October 2026 , our Board of Directors authorized and approved the 2026 2027 Share Repurchase Program, which provides for the repurchase of up to $ 1.00 $1.00 billion of our outstanding common stock, with a repurchase period ending no later than June 30, December 31, 2027 In connection with the approval of the Share Repurchase Program, our Board of Directors terminated its existing share repurchase program, of which $250.0 million remained available to be repurchased under the program. . Repurchases of our common stock under the 2026 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 2026 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 2026 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 2026 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 2026 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 2026 2027 Share Repurchase Program; and the availability of funds necessary to fulfill such repurchases. During the three and six months ended June 30, 2026, 8.6 million shares of our common stock were repurchased under the 2026 Share Repurchase Program and no shares were repurchased under the 2025 Share Repurchase Program.

Unregistered sales of stock 2 changes

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

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(2) On May 1, 2025, we announced that 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. 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. No shares were repurchased under the 2025 Share Repurchase Program during the three months ended June 30, 2026. 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.

1 unchanged paragraph

Other information 4 changes

During the three months ended June 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):

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Executive Vice President, Chief People & Culture Officer Adoption

Executive Vice President, Chief Financial Officer Adoption

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During the three months ended June 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).

Exhibits 7 changes

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

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104 Cover Page Interactive Data File - the cover page from the Registrant s Quarterly Report on Form 10-Q for the quarter ended June September 30, 2026 is formatted in Inline XBRL

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

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Dated: July 30, October 29, 2026 By: /s/ JACOB LEACH

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(Principal Financial and Accounting Officer)

Dated: July 30, October 29, 2026 By: /s/ JEREME SYLVAIN

Executive Vice President, Chief Operating Officer and Chief Financial Officer (Principal Financial and Accounting Officer)