NEW YORK, Jan 13, 2026, 7:52 AM ET — Premarket
DexCom shares climbed roughly 5% in premarket action Tuesday, buoyed by new guidance that thrust the diabetes-device company back into focus as earnings season kicks off.
DexCom’s preliminary Q4 update offers investors an early glimpse at 2026 revenue growth, following a stretch where talk around guidance hurt the stock more than actual results. Shares tumbled sharply in late October after execs cautioned that 2026 growth might come in just under current forecasts.
Tuesday’s action came amid a nervous market backdrop. U.S. stock index futures slipped slightly before the December inflation report, set for 8:30 a.m. ET, a key number that could shift rate outlooks and reshape growth stock valuations.
DexCom reported preliminary, unaudited Q4 revenue at roughly $1.26 billion, marking a 13% rise from last year. U.S. sales hit about $892 million, while international revenue came in near $368 million. The company said full-year 2025 revenue reached around $4.662 billion and expects 2026 revenue between $5.16 billion and $5.25 billion.
It reaffirmed its 2025 non-GAAP margin targets and raised the bar for 2026; these non-GAAP numbers exclude certain items companies believe obscure the underlying trend. CEO Jake Leach described 2025 as having ended “on a strong note” and highlighted the initial rollout of the G7 15 Day system. investors.dexcom.com
Leach kicked off DexCom’s session at the J.P. Morgan Healthcare Conference on Monday, a key stage where medtech leaders usually aim to set the tone for the year.
On Monday, RBC Capital Markets analyst Shagun Singh described the company’s initial 2026 guidance as “achievable.” Singh added that if execution stays on track and new products gain momentum, there could be potential for a “beat and raise.” Barron’s
Barclays took a dimmer view on DexCom and Insulet, downgrading both amid concerns that rising competition in diabetes care might pressure their valuations through 2026. That outlook stands even if their sales remain stable for now.
DexCom’s main rival in continuous glucose monitoring (CGM) is Abbott’s FreeStyle Libre line — wearable sensors that monitor glucose levels throughout the day without the need for frequent fingersticks.
The company is also making moves into the consumer market with Stelo, an over-the-counter CGM that the U.S. FDA has cleared for adults not on insulin.
The risk for bulls lies in the fact that “preliminary” figures can still change, and guidance can shift quickly if pricing pressure intensifies, reimbursement conditions alter, or competitors trigger a tougher spending cycle in marketing and manufacturing. A misstep in product rollout would tighten the spotlight on margins, not just sales.
DexCom will release its full fourth-quarter report on Feb. 12 after the market closes, with a conference call set for 4:30 p.m. ET. This marks the first opportunity this year for investors to dig into the early figures and get clarity on the 2026 outlook.
