DXCM US S&P 500NASDAQ-100Russell 1000 Earnings call
Dexcom (DXCM) · Q2 2026 results and valuation
Share price: $80.34 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 30 Apr 2026
Net income up 24.9% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+24.9%
Net income vs Q1 2026
Outlook given
Net income 249.1M vs 199.5M
Revenue +9.8%
Against the same quarter last year (Q2 2025) it is +38.5%, so it is not just seasonal.
2 · How management spoke
Typical
More upbeat than 50% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Figure
The company announced a $1 billion share repurchase authorization to be executed in 2026.
Valuation
Is Dexcom undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 17.0% growth a year (3-year revenue growth), the model's fair value is $116.89 a share — the stock trades 31% below it. Today's price assumes 11.7% growth a year.
Current price
$80.34
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+11.7% for 10 yrs
Fair value / share
$116.89
Buy below
$87.67
Price vs fair value
Undervalued 31%
Price vs buy-below price
Undervalued 8%
Read between the lines
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Key theme
Emphasis on the randomized control trial faded to salience 89 versus last quarter, yet DXCM still expects its type 2 diabetes study to expand coverage for non-insulin patients.
Source quote
“Today, we reported second quarter revenue growth of 13% compared to the second quarter of 25. And organic revenue growth of 12%.”
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Guidance
Which Dexcom expects to have about a $15 million impact to international revenue in the second half of the year relative to its prior guidance.
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Guidance
You know, obviously, Dexcom expects to expect it this year at, you know, approaching 50%.
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Fading
To further strengthen its case, Dexcom is currently completing its randomized control trial for people with type 2 diabetes…
Source quote
“And to further strengthen our case, we are currently completing our randomized control trial for people with type 2 diabetes... These are the types of outcomes that we are consistently demonstrating across this group, which gives us high confidence that the coverage will continue to grow. Similar to how our DIaMonD and MOBILE RCTs reshaped clinical perspectives for those using insulin, we expect this trial can become the defining study for the non-insulin population.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“We are proud of the momentum we created, but we believe we are still really early in the chapter of a much larger opportunity to transform how diabetes and metabolic...”
“So we do feel that there is there is robust growth still there before we talk about any expansion in coverage.”
“As reimbursement wins often allow us to drive growth and market share over time.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.31B | 1.19B | +9.8% | 1.16B | +13.1% |
| Gross profit | 830.0M | 750.3M | +10.6% | 688.8M | +20.5% |
| Operating income | 318.3M | 255.3M | +24.7% | 212.6M | +49.7% |
| Net income | 249.1M | 199.5M | +24.9% | 179.8M | +38.5% |
| EPS | 0.64 | 0.51 | +25.5% | 0.45 | +42.2% |
| P/E today 34.3 | 26.6 | 27.0 | −0.4 | 61.5 | −34.9 |
Topics
Most discussed now
- This included multiple product launches, strong margin execution, and excellent product performance in the field.
- Global new customer starts remained in line with Dexcom's previous record from last quarter.
- During the day, Dexcom shared updates on its product road map, reimbursement plans, international strategy, and future market opportunities.
- The second quarter was also marked by solid execution across the business.
- As Dexcom has mentioned, at investor day, this it expects step change improvement in accuracy and reliability for this product...
Faded since Q1 2026
- Dropped Over time, Dexcom started adding features to the current version of Stello, particularly focused around capture of nutrition—meal…
- Fading This was especially pronounced across the categories of type 2 diabetes where Dexcom's expanded reach and product momentum led to...
- Fading This performance reflects growing clinical awareness of the greater than 6 million non-insulin lives currently covered for DexCom, Inc.
- Fading In the U.S., Dexcom is generating good momentum across the spectrum of diabetes care.
Latest announcements
Official filings, newest first.
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Regulation FD disclosure; Other events · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K