Tandem Diabetes Care (TNDM) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 06, 2026

After Close (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

-0.44

Last Year’s EPS

-0.67

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 17 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 19, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed strong operational and financial progress (record revenue, record quarter, margin expansion, positive free cash flow, a deep product pipeline and explicit shipment growth targets) while transparently outlining near-term headwinds from the strategic shift to a pharmacy PayGo model and international direct transitions. Management emphasized that these short-term revenue impacts are intentional investments to improve long-term accessibility, margins and predictable recurring revenue, and they reiterated concrete 2026 targets (shipments, margin expansion, and sales ranges) to bridge the transition.

Company Guidance

Management's guidance recapped 2025 and laid out 2026 targets: 2025 topped $1.0B in revenue with worldwide sales +12% (U.S. $707M, +10%; International $308M, +15%), Q4 sales $290M (+15% YoY) including record Q4 U.S. pump shipments >27,000 (international Q4 shipments 11,000) and an installed base ~325k (≈0.5M global customers); full‑year distributor destocking/buyback impact ≈$7M. For 2026 they expect worldwide sales of $1.065–1.085B (reflecting $85–95M of headwinds from strategic changes), U.S. sales $730–745M (pump shipments +10–11% YoY; pharmacy ~15% of U.S. sales vs 4% in 2025; ~80% of 2026 shipments via DME initially), international $335–340M (direct sales ~15% of international), and Q1 2026 sales $236–240M (≈$10M headwind). Margin and profitability targets include 2025 gross margin 54% (Q4 58%), adjusted EBITDA 11% in Q4 and Q4 operating margin 3%; 2026 gross margin guided to 56–57% (scaling from ~54% in Q1 to ~60% in Q4), adjusted EBITDA 5–6% for the year (Q1 -2% to -1%), nearly $300M cash at year‑end 2025, FCF positive in Q3/Q4 2025 and expected FCF neutral in 2026. They also detailed commercial shifts: accelerating pharmacy PayGo (long‑term pharmacy >70% of sales, pharmacy reimbursement >4x DME), expect renewal pumps >50% of shipments, and plan multiple product milestones (three Q2 launches, Dexcom 15‑day sensor integration, Mobi Tubeless 510(k) in Q2 with H2 launch target).

Record Revenue and Milestone of $1 Billion

Tandem surpassed $1.0 billion in worldwide sales for FY2025. Full-year worldwide sales grew 12% year-over-year, with U.S. sales up 10% to $707 million and international sales up 15% to $308 million.

Strong Q4 Performance

Q4 record worldwide sales of $290 million, up 15% year-over-year. U.S. Q4 sales were $210 million (+14% YoY) with >27,000 U.S. pump shipments; international Q4 sales were $80 million (+17% YoY) with ~11,000 pump shipments.

Margin and Profitability Improvements

Full-year gross margin expanded by 3 percentage points to 54%. Q4 reported highest quarterly gross margin at 58%. Adjusted EBITDA in Q4 was 11% of sales (improving ~10 percentage points YoY) and Tandem returned to a positive operating margin in Q4 of 3% (up ~15 percentage points YoY).

Cash Position and Free Cash Flow

Exited 2025 with nearly $300 million in cash and investments and generated free cash flow in both Q3 and Q4; exited the year free cash flow positive.

Product and Technology Pipeline

Launched Control-IQ+ (T1 down to age 2 and adults with T2), FreeStyle Libre 3 Plus integration for t:slim and Android Control for Mobi. Planned near-term launches: scaled Mobi international rollouts, Mobi + Libre3 Plus integration in U.S., and Dexcom 15-day sensor integration globally. Filed/submitted 510(k) for pregnancy indication and planning Mobi Tubeless 510(k) in Q2 with anticipated H2 2026 launch.

Commercial Modernization and International Direct Expansion

Expanded U.S. sales organization, implemented new sales systems, and began direct operations in the U.K., Switzerland and Austria (team hires, distributor separations, back-end infrastructure). Management expects these direct launches to serve as a playbook for further direct expansions in 2026-2027.

Pharmacy Strategy Momentum and PayGo Adoption

Q4 U.S. pharmacy sales nearly doubled from Q3 to $16 million (7% of U.S. sales in Q4). Management announced acceleration to a pay-as-you-go (PayGo) pharmacy model expected to increase accessibility and long-term reimbursement economics; pharmacy sales expected to be ~15% of U.S. sales in 2026 (up from 4% in 2025).

2026 Financial Targets and Shipments Outlook

2026 guidance: worldwide sales $1.065B–$1.085B; U.S. sales $730M–$745M (incorporates $70M–$80M PayGo pricing headwind); international sales $335M–$340M (incorporates ~$15M distributor impacts). Company expects U.S. pump shipments to increase 10%–11% in 2026 and gross margin to step up to ~56%–57% for the year (scaling to ~60% in Q4).

Tandem Diabetes Care (TNDM) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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TNDM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 06, 2026	2026 (Q1)	-0.44 / -	-0.669	―	―	―
Feb 19, 2026	2025 (Q4)	-0.09 / >-0.01	0.01	-190.00% (-0.02)
Nov 06, 2025	2025 (Q3)	-0.33 / -0.31	-0.35	10.57% (+0.04)	―
Aug 06, 2025	2025 (Q2)	-0.40 / -0.48	-0.47	-2.55% (-0.01)
Apr 30, 2025	2025 (Q1)	-0.60 / -0.67	-0.65	-2.92% (-0.02)
Feb 26, 2025	2024 (Q4)	-0.20 / 0.01	-0.46	102.17% (+0.47)
Nov 06, 2024	2024 (Q3)	-0.40 / -0.35	-0.51	31.37% (+0.16)
Aug 01, 2024	2024 (Q2)	-0.54 / -0.47	-0.55	14.55% (+0.08)
May 02, 2024	2024 (Q1)	-0.76 / -0.65	-1.92	66.15% (+1.27)
Feb 21, 2024	2023 (Q4)	-0.26 / -0.46	-0.25	-84.00% (-0.21)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TNDM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 19, 2026	$18.52	$24.57	+32.67%
Nov 06, 2025	$13.33	$16.26	+21.98%
Aug 06, 2025	$14.39	$11.52	-19.94%
Apr 30, 2025	$16.85	$19.98	+18.58%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.