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AbCellera Biologics (ABCL) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 5, 2026 · AbCellera Biologics (ABCL) Q2 2026 earnings results →

Q2 2026 Revenue down 76% year over year to $4.0M

AbCellera Biologics made $4.0M in Q2 2026 (-76% Y/Y): Research fees $3.9M, Licensing and royalty revenue $149K. Operating margin n/m, net loss $55.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 5, 2026.

Revenue$4.0M
Year over year-76%
Operating marginn/m
Net earnings−$55.4M
Operating cash flow$25.9M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $4.0M in Q2 2026, down 76% year over year and down 51% from the previous quarter. Research fees was the largest line at 96% of revenue. Licensing and royalty revenue lost $10.3M year over year (down 99%), 79% of the total change.

Operating costs exceeded revenue by $62.8M, an operating margin of -1550.0%. Total costs grew 0% against a revenue fall of 76%. The fastest-growing cost line was Other operating costs (+28%). The quarter ended with a net loss of $55.4M, wider than the previous quarter's $43.2M loss.

Operating cash flow was $25.9M. Non-cash charges added back $7.0M of depreciation and amortization and $12.3M of share-based compensation. Working capital and other items added $62.1M. Capital expenditures of $2.1M left free cash flow of $23.8M.

Quarterly history

AbCellera Biologics revenue by quarterAbCellera Biologics revenue by quarter$5.0MQ4 2024$4.2MQ1 2025$17.1MQ2 2025$9.0MQ3 2025$44.9MQ4 2025$8.3MQ1 2026$4.0MQ2 2026
AbCellera Biologics net earnings by quarterAbCellera Biologics net earnings by quarter−$34.2MQ4 2024−$45.6MQ1 2025−$34.7MQ2 2025−$57.1MQ3 2025−$8.9MQ4 2025−$43.2MQ1 2026−$55.4MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 5, 2026$4.0M-76%n/m−$55.4M$25.9M
Q1 202610-QMay 11, 2026$8.3M+96%-691.7%−$43.2M−$33.5M
Q4 202510-KFeb 24, 2026$44.9M+788%-63.7%−$8.9M−$34.7M
Q3 202510-QNov 6, 2025$9.0M+38%-851.8%−$57.1M−$52.6M
Q2 202510-QAug 7, 2025$17.1M+133%-290.2%−$34.7M−$32.4M
Q1 202510-QMay 8, 2025$4.2M-58%n/m−$45.6M−$11.6M
Q4 202410-KFeb 27, 2025$5.0M-45%n/m−$34.2M−$8.0M

Charts

AbCellera Biologics: revenue growth, year over year and quarter over quarterAbCellera Biologics: revenue growth, year over year and quarter over quarterY/YQ/Q-45%Q4 2024-58%-16%Q1 2025+133%+303%Q2 2025+38%-48%Q3 2025+400%+400%Q4 2025+96%-81%Q1 2026-76%-51%Q2 2026
Latest (Q2 2026): Y/Y -76%, Q/Q -51%.
AbCellera Biologics: where the cash came from (+) and went (−), TTM to Q2 2026AbCellera Biologics: where the cash came from (+) and went (−), TTM to Q2 2026Other investing$123MOperating cash flow−$94.9MCash drawn (+) / kept (−)−$27.3MOther financing$25.1MCapital spending−$24.7MExchange rates−$722K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
AbCellera Biologics: profit against cash, quarter by quarterAbCellera Biologics: profit against cash, quarter by quarterNet incomeOperating cash flow−$51.1M−$28.9MQ3 2024−$34.2M−$8.0MQ4 2024−$45.6M−$11.6MQ1 2025−$34.7M−$32.4MQ2 2025−$57.1M−$52.6MQ3 2025−$8.9M−$34.7MQ4 2025−$43.2M−$33.5MQ1 2026−$55.4M$25.9MQ2 2026
Latest (Q2 2026): Net income −$55.4M, Operating cash flow $25.9M.
AbCellera Biologics: diluted shares by fiscal yearAbCellera Biologics: diluted shares by fiscal year263MFY2020318MFY2021315MFY2022289MFY2023294MFY2024299MFY2025
+13.5% since FY2020: more shares outstanding (issuance, stock pay).
AbCellera Biologics in its industry: growth against margin (225 companies, SIC 2834)AbCellera Biologics in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTREGNTEVAVTRSVRTXBHCZTSONCOGNALNYELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSINVACRMDMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSARWRPGENHROWVNDAOPKSDGRGERNETONAGIOPBYITNGXCYRXCYTKMRVIORGONUVBLFVNSIGAKROSAMRNZVRASPRYHRTXAKBABCYCKPTIGYREMGNXELTPSEPNVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPOCULASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYANKTRZOMDFINBPJANXSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREZYMEEQIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEUPBIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRNACRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMABCL (-76%, -100%)
Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About AbCellera Biologics

AbCellera is a clinical-stage biotechnology company focused on discovering and developing first-in-class antibody medicines for indications with high unmet medical need. We have built a platform for advancing antibody drug programs that we believe provides us with a competitive advantage in addressing challenging, high-value targets such as complex transmembrane proteins and novel modalities including multispecifics and antibody-drug conjugates. While we historically used our platform for our partners’ programs, we have evolved our strategy to build our own internal pipeline of AbCellera-owned drug assets.

In its own words, from its 10-K, filed Feb 24, 2026.

AbCellera Biologics against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -76% against the peers' median +7%.

CompanyQuarterRevenueY/YOp. margin
ABCL AbCellera BiologicsQ2 2026$4.0M-76%n/m
JNJ Johnson & JohnsonQ3 2026$25.4B+6%0.1%
LLY ELI LillyQ3 2026$24.4B+39%34.5%
MRK MerckQ3 2026$18.1B+5%30.7%
ABBV AbbVieQ3 2026$17.4B+10%36.0%
PFE PfizerQ3 2026$16.6B-0.4%20.4%
BMY Bristol Myers SquibbQ3 2026$13.1B+7%19.4%
ABT Abbott LaboratoriesQ3 2026$13.0B+14%10.4%
REGN Regeneron PharmaceuticalsQ3 2026$5.1B+36%40.0%

Source: AbCellera Biologics 10-Q on SEC EDGAR · CIK 1703057 · Pharmaceutical Preparations

13F: who owns ABCL and who is buying

Largest holders of ABCL (13F)Largest holders of ABCL (13F)Baker Bros. Advisors LP$259MTD Waterhouse Canada$128MCapital World Investors$107MTwo Sigma Investments, LP$81.9MBank of America$48.2MUBS AM, a distinct business unit …$33.9MArrowMark Colorado Holdings LLC$32.2MBlackRock$29.9MDriehaus Capital Management LLC$22.5MTudor Investment Corp et Al$16.2M
Funds' net buying of ABCL by quarter (13F)Funds' net buying of ABCL by quarter (13F)−$7.9M2024-09−$5.6M2024-12$51.7M2025-03−$96.5M2025-06−$17.8M2025-09$14.2M2025-12$53.9M2026-03−$73.7M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ABCL

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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