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CONFIDENTIAL – DO NOT DISTRIBUTE February 12 , 2026 Investor Presentation
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2 This presentation contains “forward-looking statements” that are based on our management’s beliefs and assumptions and on information available to management as of February 12, 2026. We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning our possible or assumed strategy, future operations, financing plans, operating model, future operating results and financial position, including estimated revenue, organic revenue growth, non-GAAP gross profit margin, non-GAAP operating margin, and Adjusted EBITDA margin for fiscal year 2026, projected costs, competitive position and the effects of competition on our business, industry environment, potential growth opportunities, potential market opportunities, and the plans and objectives of management. This presentation also contains estimates and other statistical data made by independent parties relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates,” “believes,” “could,” “seeks,” “estimates,” “targets,” “guidance,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “prospects,” “projects,” “should,” “will,” “would” or similar expressions and the negatives of those terms, although not all forward-looking statements contain these identifying words. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We cannot guarantee that we will achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. We assume no obligation to update any such forward-looking statement after the date of this presentation or to conform these forward-looking statements to actual results. The risks and uncertainties that may cause actual results to differ materially from our current expectations are more fully described in our annual report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission (SEC) on February 12, 2026, and our other reports filed with the SEC. This presentation also contains non-GAAP financial measures. The appendix reconciles the non-GAAP financial measures in this presentation to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include organic revenue, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP diluted net income (loss) per share, non-GAAP diluted weighted-average shares outstanding and free cash flow, as well as Adjusted EBITDA and Adjusted EBITDA margin. We have not reconciled our organic revenue growth, non- GAAP gross profit margin, non-GAAP operating margin and Adjusted EBITDA margin estimates for fiscal year 2026 because certain items that impact these figures are uncertain or out of our control and cannot be reasonably predicted. Accordingly, reconciliations of our organic revenue growth, non- GAAP gross profit margin, non-GAAP operating margin and Adjusted EBITDA margin are not available without unreasonable effort. We report non-GAAP financial measures in addition to, and not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies. We believe that non-GAAP financial measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP financial measures. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non- GAAP information and the reconciliations between these presentations, to more fully understand our business. Safe harbor statement
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3 3 We are the pioneer of the biosensing industry FIRST hypo alert setting to increase user safety FIRST approval of dedicated app to share glucose data with a caregiver FIRST approval to send glucose data directly to smartphone FIRST approval to replace fingersticks in treatment decisions FIRST CGM-integrated basal insulin dosing optimizer FIRST integrated CGM (iCGM) device, enabling integration with Automated Insulin Delivery (AID) systems FIRST CGM in the US cleared for use without a prescription FIRST CGM to connect directly to Apple Watch FIRST CGM to integrate GenAI into glucose biosensing technology FIRST to deliver single-digit MARD accuracy levels
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4 1. IDF Atlas, 11th edition (2025). 2. CDC National Diabetes Statistics Report (2024). 3. 2022 ADA Economic Costs of Diabetes in the US. US annual healthcare cost per person with diabetes was ~$20K in 2022. Diabetes diagnosis Adults (aged 20-79) with diabetes globally1 Diabetes remains an escalating health and economic crisis Prediabetes Adults (aged 18+) with prediabetes in US2 Approximately 40% of US adults have prediabetes People diagnosed with diabetes have ~2.6x higher expenses than those without3 More than 1 in 4 US health care dollars are spent on people with diabetes3 589m in 2024 853m in 2050E
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5 Be the premier glucose sensing solution for all Set the standard for customer experience Expand international market share Our three priorities for Dexcom’s next phase of growth 01 Built on a scalable foundation 02 03
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6 CONFIDENTIAL – DO NOT DISTRIBUTE Our MISSION is PERSONAL
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7 2025 performance • Secured broader coverage in the US with the 3 largest PBMs now covering Dexcom CGM for anyone with diabetes • Received FDA clearance for Dexcom Smart Basal • Launched Dexcom G7 15 Day CGM system • Progressed Ireland manufacturing facility in preparation for late 2026 production Strategic updates • 2025 revenue of $4.662 billion, representing organic growth of ~15% • Grew the active Dexcom base by 20%+ • Now serving approximately 3.5 million customers globally (excl. Stelo) Top-tier growth
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8 $5.16 - $5.25 billion ~11 - 13% Growth Revenue of ~22-23% Non-GAAP operating margin ~63-64% Non-GAAP gross margin • Gross margin expansion: – Improved freight and manufacturing efficiencies compared to 2025 – Growing contribution from G7 15 Day • Operating margin expansion even with incremental opex supporting Ireland manufacturing facility • Continued advancement in Stelo with revenue contribution building from 2025 2026 outlook FY26 guidance Objectives & considerations We have a foundation of revenue growth, margin expansion, and cash flow generation supported by our significant market opportunity Note: We have not reconciled our Non-GAAP Gross Profit Margin and Non-GAAP Operating Margin guidance for fiscal year 2026 because certain items that impact these figures are uncertain or out of our control and cannot be reasonably predicted. Accordingly, a reconciliation of Non-GAAP Gross Profit Margin and Non-GAAP Operating Margin is not available without unreasonable effort. ~30-31% Non-GAAP EBITDA margin
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9 1. Estimates sourced from CDC (Type 1) and third-party script data (Type 2 IIT, Basal-Only, Non-Insulin). 2. Dexcom market data as of December 2025. Market1 US Market Size Current Penetration2 ~% of US Lives Covered2 Type 1 ~60-65% Type 2 IIT ~55-60% Type 2 Basal ~20-25% Type 2 Non- Insulin ~5% >25 million ~4 million ~2.5 million ~2.0 million There are over 9 million people in the US who have reimbursement and are not yet on CGM We have a long runway in our core US market
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10 Ensuring Dexcom’s durable growth opportunity 1. Dexcom data on file. Dexcom Type 2 NIT Registry1: (12-month real-world data) Utilization rates equivalent to MOBILE trial Improvement sustained over 12-month period Significant improvement in A1C, weight, and BMI Greater control regardless of age or medication regimen
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11 DIAMOND RCT Readout at ADA’s 76th Scientific Sessions JUNE 2016 MOBILE RCT JAMA publication and readout JUNE 2021 Type 2 Non-Insulin RCT Planned readout and publication FIRST HALF 2026 Ensuring Dexcom’s durable growth opportunity
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12 International access expansion provides a significant growth lever… Recent access win examples Broad coverage established for all people using insulin JAPAN 2023 Broad coverage established for type 2 basal insulin FRANCE 2024 Significant coverage wins across type 2 insulin use (including basal in Ontario) ONTARIO & QUEBEC 2025 We expect access wins to continue in 2026, with further opportunity in type 2 IIT and type 2 basal Opportunities in 2026 and beyond
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13 BROAD REIMBURSEMENT G-Series TIERED REIMBURSEMENT MARKETS G-Series Dexcom ONE+ LIMITED REIMBURSEMENT Dexcom ONE+ In 2026, we will add the next product to our international CGM portfolio …with our product portfolio driving market share gains
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14 Leading the way in automated insulin delivery 1. Dexcom data on file. Dexcom CGM has powered over 2.5 million patient years on automated insulin delivery…and counting1 (AID connectivity since 2018) (AID connectivity since 2022) (AID connectivity since 2022) (AID connectivity since 2023)
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15 Continuing innovation with 1. Garg SK, et al. Diabetes Technol Ther. 2025. 2. Dexcom data on file. • Dexcom G7 15 Day contains an updated algorithm with 8.0% MARD1 Improved accuracy Easy to use • Sensor lifetime extended to 15 days + a 12-hour grace period Longer wear-time • 91% of users report G7 15 Day is easy or easier to use than their current CGM system2
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16 Introducing My Dexcom Account Transforming the customer experience Unified digital experience Streamlined support Further updates to come in 2026
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17 Faster solution Approximately half of customers who progress to mealtime insulin NEVER reach an optimal dose of basal insulin Personalized dosing recommendations Better HCP workflow Finding your optimal dose through Dexcom Smart Basal
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18 Advancing the provider experience with simple workflows Dexcom Direct EHR Integration Quick and easy connection to customer CGM data Greatly simplifies clinician workflow Works across multiple EHR platforms Ability to scale across US and international markets 160+ health systems now live or onboarding Dexcom Direct EHR Integration * MyChart® and the MyChart logo are trademarks of Epic Systems Corporation
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19 Driving earlier metabolic health intervention with Stelo highlights: 500,000+ users since launch ~$130M in 2025 revenue Strong majority share of the OTC CGM market Engaged user base: ~10M meals logged in months since launch of AI food logging feature
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20 Our next step on the Stelo journey Introducing a new Stelo app experience in 2026 Improved user interface Personalized insights More robust meal logging
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21 Advancing scalability through operational resilience Enhanced procedures, test protocols, and documentation processes Strengthened alignment with key suppliers and long-range planning to support growth opportunities Ireland manufacturing facility on track for Q4 2026 production Quality management system Supply chain development Global manufacturing presence
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22 We are raising the bar for the biosensing industry Dexcom G6 Dexcom G7 Zero fingersticks Simple auto applicator 10-day wear 2018 2022-2023 COMING NEXT Dexcom G8 60% smaller form factor Fully disposable New software architecture The most accurate sensor (another step change in glucose performance) Advanced sensing capabilities Smallest sensor on market (50% smaller form factor)
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23 1. US births per year, of which the rate of gestational diabetes is up to 10% each year (CDC data). 2. Dexcom market research. 3. Estimates sourced from CDC. 4. https://dom-pubs.pericles-prod.literatumonline.com/doi/10.1111/dom.70254 5. https://cdc.gov/diabetes/prevention-type-2/prediabetes-prevent-type-2.html We have a massive opportunity in future markets 50%+ reduction in c-sections, preterm deliveries, large-for-gestational-age (LGA), and NICU admissions4 Gestational Diabetes ~400k per year1 >50 peer reviewed publications since 2020 on use of Dexcom CGM in the inpatient setting Inpatient ~14 million dysglycemic events per year2 Early diagnosis and lifestyle modification can significantly reduce the risk of type 2 diabetes5 Prediabetes ~98 million3 * Data above represents US market.
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24 Summarizing the Dexcom investment case in 2026 11-13% revenue growth 200+ bps of gross margin expansion Greater than $1.5B of adjusted EBITDA We expect to generate over $1 billion of free cash flow in 2026
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25 Our Purpose Community Our