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Side-by-side financial comparison of Dexcom (DXCM) and Garmin (GRMN). Click either name above to swap in a different company.
Garmin is the larger business by last-quarter revenue ($2.1B vs $1.3B, roughly 1.7× Dexcom). Garmin runs the higher net margin — 24.9% vs 21.2%, a 3.7% gap on every dollar of revenue. On growth, Dexcom posted the faster year-over-year revenue change (21.6% vs 16.6%). Over the past eight quarters, Garmin's revenue compounded faster (24.0% CAGR vs 12.0%).
Dexcom, Inc. is an American multinational healthcare company that develops, manufactures, produces and distributes a line of continuous glucose monitoring (CGM) systems for diabetes management. It operates internationally with global headquarters and R&D center in San Diego, California, U.S.A. and manufacturing facilities in Mesa, Arizona, U.S.A.; Batu Kawan, Malaysia and Athenry, County Galway, Ireland.
Garmin Ltd. is an American multinational technology company based in Olathe, Kansas. The company designs, develops, manufactures, markets, and distributes GPS-enabled products and other navigation, communication, sensor-based, and information products to the automotive, aviation, marine, outdoors, and sport markets.
DXCM vs GRMN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $2.1B |
| Net Profit | $267.3M | $528.7M |
| Gross Margin | 62.9% | 59.2% |
| Operating Margin | 25.6% | 28.9% |
| Net Margin | 21.2% | 24.9% |
| Revenue YoY | 21.6% | 16.6% |
| Net Profit YoY | 153.6% | 21.3% |
| EPS (diluted) | $0.67 | $2.72 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $2.1B | ||
| Q3 25 | $1.2B | $1.8B | ||
| Q2 25 | $1.2B | $1.8B | ||
| Q1 25 | $1.0B | $1.5B | ||
| Q4 24 | $1.1B | $1.8B | ||
| Q3 24 | $994.2M | $1.6B | ||
| Q2 24 | $1.0B | $1.5B |
| Q1 26 | $267.3M | — | ||
| Q4 25 | $267.3M | $528.7M | ||
| Q3 25 | $283.8M | $401.6M | ||
| Q2 25 | $179.8M | $400.8M | ||
| Q1 25 | $105.4M | $332.8M | ||
| Q4 24 | $151.7M | $435.7M | ||
| Q3 24 | $134.6M | $399.1M | ||
| Q2 24 | $143.5M | $300.6M |
| Q1 26 | 62.9% | — | ||
| Q4 25 | 62.9% | 59.2% | ||
| Q3 25 | 60.5% | 59.1% | ||
| Q2 25 | 59.5% | 58.8% | ||
| Q1 25 | 56.9% | 57.6% | ||
| Q4 24 | 58.9% | 59.3% | ||
| Q3 24 | 59.7% | 60.0% | ||
| Q2 24 | 62.4% | 57.3% |
| Q1 26 | 25.6% | — | ||
| Q4 25 | 25.6% | 28.9% | ||
| Q3 25 | 20.1% | 25.8% | ||
| Q2 25 | 18.4% | 26.0% | ||
| Q1 25 | 12.9% | 21.7% | ||
| Q4 24 | 17.0% | 28.3% | ||
| Q3 24 | 15.3% | 27.6% | ||
| Q2 24 | 15.7% | 22.7% |
| Q1 26 | 21.2% | — | ||
| Q4 25 | 21.2% | 24.9% | ||
| Q3 25 | 23.5% | 22.7% | ||
| Q2 25 | 15.5% | 22.1% | ||
| Q1 25 | 10.2% | 21.7% | ||
| Q4 24 | 13.6% | 23.9% | ||
| Q3 24 | 13.5% | 25.2% | ||
| Q2 24 | 14.3% | 20.0% |
| Q1 26 | $0.67 | — | ||
| Q4 25 | $0.67 | $2.72 | ||
| Q3 25 | $0.70 | $2.08 | ||
| Q2 25 | $0.45 | $2.07 | ||
| Q1 25 | $0.27 | $1.72 | ||
| Q4 24 | $0.37 | $2.24 | ||
| Q3 24 | $0.34 | $2.07 | ||
| Q2 24 | $0.35 | $1.56 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $917.7M | $2.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.7B | $9.0B |
| Total Assets | $6.3B | $11.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $917.7M | — | ||
| Q4 25 | $917.7M | $2.3B | ||
| Q3 25 | $1.8B | $2.1B | ||
| Q2 25 | $1.2B | $2.1B | ||
| Q1 25 | $904.9M | $2.2B | ||
| Q4 24 | $606.1M | $2.1B | ||
| Q3 24 | $621.2M | $2.0B | ||
| Q2 24 | $939.2M | $1.9B |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $9.0B | ||
| Q3 25 | $2.7B | $8.5B | ||
| Q2 25 | $2.6B | $8.1B | ||
| Q1 25 | $2.3B | $8.2B | ||
| Q4 24 | $2.1B | $7.8B | ||
| Q3 24 | $2.0B | $7.5B | ||
| Q2 24 | $2.4B | $7.0B |
| Q1 26 | $6.3B | — | ||
| Q4 25 | $6.3B | $11.0B | ||
| Q3 25 | $7.5B | $10.5B | ||
| Q2 25 | $7.3B | $10.3B | ||
| Q1 25 | $6.8B | $9.8B | ||
| Q4 24 | $6.5B | $9.6B | ||
| Q3 24 | $6.4B | $9.3B | ||
| Q2 24 | $6.8B | $8.9B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $553.8M |
| Free Cash FlowOCF − Capex | — | $429.6M |
| FCF MarginFCF / Revenue | — | 20.2% |
| Capex IntensityCapex / Revenue | — | 5.8% |
| Cash ConversionOCF / Net Profit | — | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $294.0M | $553.8M | ||
| Q3 25 | $659.9M | $485.6M | ||
| Q2 25 | $303.0M | $173.2M | ||
| Q1 25 | $183.8M | $420.8M | ||
| Q4 24 | $301.4M | $483.9M | ||
| Q3 24 | $199.5M | $258.0M | ||
| Q2 24 | $279.4M | $255.3M |
| Q1 26 | — | — | ||
| Q4 25 | $192.1M | $429.6M | ||
| Q3 25 | $579.4M | $425.1M | ||
| Q2 25 | $208.9M | $127.5M | ||
| Q1 25 | $96.8M | $380.7M | ||
| Q4 24 | $176.8M | $399.2M | ||
| Q3 24 | $88.3M | $219.4M | ||
| Q2 24 | $213.3M | $218.2M |
| Q1 26 | — | — | ||
| Q4 25 | 15.3% | 20.2% | ||
| Q3 25 | 47.9% | 24.0% | ||
| Q2 25 | 18.1% | 7.0% | ||
| Q1 25 | 9.3% | 24.8% | ||
| Q4 24 | 15.9% | 21.9% | ||
| Q3 24 | 8.9% | 13.8% | ||
| Q2 24 | 21.2% | 14.5% |
| Q1 26 | — | — | ||
| Q4 25 | 8.1% | 5.8% | ||
| Q3 25 | 6.7% | 3.4% | ||
| Q2 25 | 8.1% | 2.5% | ||
| Q1 25 | 8.4% | 2.6% | ||
| Q4 24 | 11.2% | 4.6% | ||
| Q3 24 | 11.2% | 2.4% | ||
| Q2 24 | 6.6% | 2.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.10× | 1.05× | ||
| Q3 25 | 2.33× | 1.21× | ||
| Q2 25 | 1.69× | 0.43× | ||
| Q1 25 | 1.74× | 1.26× | ||
| Q4 24 | 1.99× | 1.11× | ||
| Q3 24 | 1.48× | 0.65× | ||
| Q2 24 | 1.95× | 0.85× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DXCM
Segment breakdown not available.
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
