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DexCom cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$273M in Q3 2026 · $1.1B over twelve months

Operating cash flow$326M
Capital spending−$52.9M
Free cash flow+$273M
Cash / net income1.2×
Cash conversion cycle157 days

Analysis

In Q3 2026, DexCom generated $326M of operating cash flow and spent $52.9M on capital projects, leaving free cash flow of $273M. That is $307M less than in Q3 2025 ($579M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.4B; the largest uses were buybacks ($1.3B), other financing ($1.3B), capital spending ($316M); besides operations, cash came from other investing ($577M), shares issued ($24.7M); the cash balance fell by $875M.

Operating cash flow was $326M against net income of $275M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: payables −$114M, depreciation & amortization +$74.5M, receivables +$70.2M.

Its cash conversion cycle was 157 days (receivables 84 + inventory 143 − payables 70).

Free cash flow

DexCom: free cash flow by quarterDexCom: free cash flow by quarter$177MQ4 2024$96.8MQ1 2025$209MQ2 2025$579MQ3 2025$192MQ4 2025$449MQ1 2026$184MQ2 2026$273MQ3 2026
Operating cash flow less capital spending.
DexCom: operating cash flow against capital spendingDexCom: operating cash flow against capital spendingOperating cash flowCapital spending$301M$125MQ4 2024$184M$87.0MQ1 2025$303M$94.1MQ2 2025$660M$80.5MQ3 2025$294M$102MQ4 2025$526M$76.6MQ1 2026$269M$84.7MQ2 2026$326M$52.9MQ3 2026
Latest (Q3 2026): Operating cash flow $326M, Capital spending $52.9M.

Capital allocation, year by year

DexCom: where the cash came from (up) and went (down), by fiscal yearDexCom: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $442MFY2021: Shares issued $20.3MFY2021: Capital spending −$389MFY2021: Acquisitions −$30.2M$463MFY2021FY2022: Operating cash flow $670MFY2022: Shares issued $22.5MFY2022: Capital spending −$365MFY2022: Acquisitions −$3.9MFY2022: Buybacks −$558M$692MFY2022FY2023: Operating cash flow $748MFY2023: Net borrowing $439MFY2023: Shares issued $26.6MFY2023: Capital spending −$237MFY2023: Buybacks −$689M$1.2BFY2023FY2024: Operating cash flow $990MFY2024: Shares issued $28.2MFY2024: Capital spending −$359MFY2024: Buybacks −$750M$1.0BFY2024FY2025: Operating cash flow $1.4BFY2025: Net borrowing −$6.9MFY2025: Shares issued $28.1MFY2025: Capital spending −$364MFY2025: Buybacks −$500M$1.5BFY2025
Over these 5 years operating cash flow totalled $4.3B; the largest uses were buybacks ($2.5B) and capital spending ($1.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$961M
Debtnone
Net cash$961M

DexCom funds itself: free cash flow was $1.1B over the last twelve months, with $961M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

DexCom: sources (+) and uses (−) of cash, Q3 2026DexCom: sources (+) and uses (−) of cash, Q3 2026Buybacks−$400MOperating cash flow$326MCash drawn (+) / kept (−)$144MCapital spending−$52.9MOther investing−$23.8MShares issued$12.0MOther financing−$1.9MTaxes on employees’ shares−$1.6MExchange rates−$1.1M
DexCom: sources (+) and uses (−) of cash, TTM to Q3 2026DexCom: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.4BBuybacks−$1.3BOther financing−$1.3BCash drawn (+) / kept (−)$875MOther investing$577MCapital spending−$316MShares issued$24.7MExchange rates−$5.0M

From profit to cash

DexCom: net income to operating cash flow, Q3 2026DexCom: net income to operating cash flow, Q3 2026Net income$275MDepreciation & amortization$74.5MStock-based pay$36.8MDeferred taxes−$900KOther non-cash$7.0MReceivables$70.2MInventory−$45.2MPayables−$114MEmployee-related liabilities$23.7MPrepaid and other assets$19.1MOperating cash flow$326M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20268414370157
Q2 20268213578139
Q1 20268713575147
Q4 20258512178128
Q3 20259411389118
Q2 20259810888118
Q1 20259410978124
Q4 20248311368129

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$326M−$52.9M−$400M$12.0M$144M$273M
Q2 2026$269M−$84.7M——$13.2M$184M
Q1 2026$526M−$76.6M—$12.7M−$199M$449M
Q4 2025$294M−$102M−$313M—$918M$192M
Q3 2025$660M−$80.5M−$187M$13.9M−$677M$579M
Q2 2025$303M−$94.1M——−$254M$209M
Q1 2025$184M−$87.0M—$14.2M−$299M$96.8M
Q4 2024$301M−$125M——$15.1M$177M

DexCom: income statement and cash flow

DexCom, Q3 2026: revenue $1.3B (+11% year over year), operating margin 24.3%. The chart follows the revenue to costs, profit and cash.

DexCom: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.