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BillionToOne (BLLN) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · BillionToOne (BLLN) Q3 2026 earnings results →
Q3 2026 Revenue up 47% year over year to $123M · 14¢ of every $1 of revenue kept as net profit · operating margin 9.0%
BillionToOne made $123M in Q3 2026 (+47% Y/Y): Prenatal $104M, Oncology $17.1M, Clinical trial support and other services $1.6M. Operating margin 9.0%, net earnings $17.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
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 $123.0M in Q3 2026, up 47% year over year and up 12% from the previous quarter. Prenatal was the largest line at 85% of revenue. Prenatal added $30.2M year over year (up 41%), 77% of the total change.
Gross margin was 70.9%, up 0.9 points from Q3 2025. Operating profit was $11.0M, a 9.0% margin (down 2.6 points year over year). Of the extra revenue versus Q3 2025, 4% reached operating profit, below the 12% margin then. Operating expenses grew 56% against revenue growth of 47%. The fastest-growing cost line was Research & development (+56%). Net earnings were $17.4M, up 205% year over year. The effective tax rate was 0.0%. Non-operating items added $6.4M, 37% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $12.5M (up 26% year over year), 72% of net earnings. Non-cash charges added back $2.0M of depreciation and amortization and $9.7M of share-based compensation. Working capital and other items used $16.5M. After purchases of property and equipment ($3.9M), free cash flow as the company reports it was $8.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $123M | +47% | 9.0% | $17.4M | $12.5M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $109M | +64% | 5.0% | $8.1M | $9.1M |
| Q1 2026 | 10-Q | May 6, 2026 | $108M | +84% | 16.5% | $18.0M | $15.4M |
| Q4 2025 | 10-K | Mar 11, 2026 | $96.1M | +113% | 10.8% | $6.0M | $10.8M |
| Q3 2025 | 10-Q | Dec 10, 2025 | $83.5M | +117% | 11.5% | $5.7M | $10.0M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵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 BillionToOne
Unless context requires otherwise, references to “we,” “us,” “our,” “BillionToOne,” or “the Company” here refer to BillionToOne, Inc. BillionToOne is transforming healthcare by redefining molecular diagnostics. Our revolutionary single molecule next-generation sequencing (smNGS) platform achieves what was once thought impossible—detecting and precisely quantifying genetic targets with single-molecule sensitivity. At the heart of this technological breakthrough lies our patented Quantitative Counting Templates (QCTs), enabling measurements at the physical limit of detection—the single DNA molecule. This leap forward addresses a fundamental limitation in healthcare—the inability to detect sparse but clinically crucial disease signals in cell-free DNA (cfDNA).
In its own words, from its 10-K, filed Mar 11, 2026.
BillionToOne against its Services-Medical Laboratories peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +47% against the peers' median +25%. Operating margin: 9.0% against the peers' median 7.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| BLLN BillionToOne | Q3 2026 | $123M | +47% | 9.0% |
| LH Labcorp Holdings | Q3 2026 | $3.8B | +7% | 10.6% |
| DGX Quest Diagnostics | Q3 2026 | $3.1B | +10% | 15.5% |
| NTRA Natera | Q3 2026 | $794M | +34% | -8.6% |
| FTRE Fortrea Holdings | Q3 2026 | $692M | -1% | 2.2% |
| RDNT RadNet | Q2 2026 | $623M | +25% | 6.3% |
| GH Guardant Health | Q3 2026 | $361M | +36% | -36.8% |
| CAI Caris Life Sciences | Q3 2026 | $275M | +27% | 7.0% |
| LMRI Lumexa Imaging Holdings | Q2 2026 | $264M | +5% | 8.7% |
Source: BillionToOne 10-Q on SEC EDGAR · CIK 2070849 · Services-Medical Laboratories
Guidance and outlook
13F: who owns BLLN and who is buying
More on BLLN
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results
- BillionToOne guidance history: guided vs reported
- BillionToOne gross margin by quarter
- BillionToOne operating margin by quarter
- BillionToOne net income by quarter
- BillionToOne free cash flow by quarter
- BillionToOne R&D spending by quarter
- BillionToOne capital expenditures by quarter
- BillionToOne Prenatal revenue by quarter
- BillionToOne Oncology revenue by quarter
- BillionToOne Clinical trial support and other services revenue by quarter