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Fate Therapeutics (FATE) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · Fate Therapeutics (FATE) Q2 2026 earnings results →

Q2 2026 Revenue up 9% year over year to $2.1M

Fate Therapeutics made $2.1M in Q2 2026 (+9% Y/Y). Operating margin n/m, net loss $30.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.

Revenue$2.1M
Year over year+9%
Operating marginn/m
Net earnings−$30.2M
Operating cash flow−$23.4M

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 $2.1M in Q2 2026, up 9% year over year and up 60% from the previous quarter.

Operating costs exceeded revenue by $31.1M, an operating margin of -1495.4%. Total costs fell 15% while revenue rose 9%. The quarter ended with a net loss of $30.2M, narrower than the previous quarter's $31.2M loss.

Operating cash flow was −$23.4M. Non-cash charges added back $2.8M of depreciation and amortization and $3.5M of share-based compensation. Capital expenditures of $80K exceeded it, leaving free cash flow of −$23.5M.

Quarterly history

Fate Therapeutics revenue by quarterFate Therapeutics revenue by quarter$1.9MQ4 2024$1.6MQ1 2025$1.9MQ2 2025$1.7MQ3 2025$1.4MQ4 2025$1.3MQ1 2026$2.1MQ2 2026
Fate Therapeutics net earnings by quarterFate Therapeutics net earnings by quarter−$52.2MQ4 2024−$37.6MQ1 2025−$34.1MQ2 2025−$32.2MQ3 2025−$32.4MQ4 2025−$31.2MQ1 2026−$30.2MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 13, 2026$2.1M+9%n/m−$30.2M−$23.4M
Q1 202610-QMay 13, 2026$1.3M-20%n/m−$31.2M−$30.8M
Q4 202510-KFeb 26, 2026$1.4M-26%n/m−$32.4M−$23.3M
Q3 202510-QNov 13, 2025$1.7M-43%n/m−$32.2M−$24.4M
Q2 202510-QAug 12, 2025$1.9M-72%n/m−$34.1M−$24.6M
Q1 202510-QMay 13, 2025$1.6M-15%n/m−$37.6M−$33.8M
Q4 202410-KMar 5, 2025$1.9M+11%n/m−$52.2M−$27.8M

Charts

Fate Therapeutics: revenue growth, year over year and quarter over quarterFate Therapeutics: revenue growth, year over year and quarter over quarterY/YQ/Q+11%Q4 2024-15%-12%Q1 2025-72%+17%Q2 2025-43%-9%Q3 2025-26%-21%Q4 2025-20%-5%Q1 2026+9%+60%Q2 2026
Latest (Q2 2026): Y/Y +9%, Q/Q +60%.
Fate Therapeutics: where the cash came from (+) and went (−), TTM to Q3 2026Fate Therapeutics: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow−$105MOther investing$93.9MOther financing$10.6MCash drawn (+) / kept (−)$1.8MCapital spending−$1.5MShares issued$435KAsset & business sales$237K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Fate Therapeutics: profit against cash, quarter by quarterFate Therapeutics: profit against cash, quarter by quarterNet incomeOperating cash flow−$52.2M−$27.8MQ4 2024−$37.6M−$33.8MQ1 2025−$34.1M−$24.6MQ2 2025−$32.2M−$24.4MQ3 2025−$32.4M−$23.3MQ4 2025−$31.2M−$30.8MQ1 2026−$30.2M−$23.4MQ2 2026−$30.7M−$27.8MQ3 2026
Latest (Q3 2026): Net income −$30.7M, Operating cash flow −$27.8M.
Fate Therapeutics: diluted shares by fiscal yearFate Therapeutics: diluted shares by fiscal year82MFY202095MFY202197MFY202298MFY2023114MFY2024119MFY2025
+44.2% since FY2020: more shares outstanding (issuance, stock pay).
Fate Therapeutics in its industry: growth against margin (76 companies, SIC 2836)Fate Therapeutics in its industry: growth against margin (76 companies, SIC 2836)revenue growth, year over year →↑ operating marginmedian +9%median -100%AMGNGILDBIIBMRNANBIXEXELHALOMGTXTECHVIRRGENTARSBCRXALECADMAKRYSIOVATWSTIPSCIMCRVISKVCELADPTNVAXKYMRGLUEIBRXAUTLAGENDNAPLXRXRXFENCCSBRCHRSIVVDCRSPEDITDTILVXRTSTRORGNXCCCCBSEMSCLXACOGTSHASRZNVYGRFDMTLENZALGSXFORELUTOCGNSCTXCRBUCGONDBVTINBXMGXLCTXTCRXDYAIPRMEATRAVitro Biopharma, Inc.HUMARLAYPLURBEAMPROKCRDFAIMVIVSFATE (+9%, -100%)
Biological Products, (No Diagnostic Substances); dot size is quarterly revenue; dashed lines are the industry's medians.

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 Fate Therapeutics

We are a clinical-stage biopharmaceutical company dedicated to bringing a transformative pipeline of off-the-shelf cellular immunotherapies to patients. We have pioneered a therapeutic approach that we generally refer to as cellular programming: we create and engineer human induced pluripotent stem cells (iPSCs) to incorporate novel synthetic controls of cell function; after the engineering step that incorporates multiple functional elements into the iPSCs, we generate a clonal master iPSC line for use as a renewable source of starting material for the manufacture of cell therapies; through the manufacturing process, we direct the fate of the clonal master iPSC line to produce our cell therapy product candidates that are uniform in composition.

In its own words, from its 10-K, filed Feb 26, 2026.

Fate Therapeutics against its Biological Products, (No Diagnostic Substances) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +11%.

CompanyQuarterRevenueY/YOp. margin
FATE Fate TherapeuticsQ2 2026$2.1M+9%n/m
AMGN AmgenQ3 2026$10.4B+8%35.8%
GILD Gilead SciencesQ3 2026$8.3B+7%41.7%
BIIB BiogenQ3 2026$2.8B+11%-0.3%
MRNA ModernaQ3 2026$1.3B+29%9.9%
NBIX Neurocrine BiosciencesQ3 2026$1.1B+41%29.5%
EXEL ExelixisQ3 2026$659M+10%40.8%
HALO Halozyme TherapeuticsQ3 2026$493M+39%59.8%
MGTX MeiraGTx HoldingsQ2 2026$321M87×76.0%

Source: Fate Therapeutics 10-Q on SEC EDGAR · CIK 1434316 · Biological Products, (No Diagnostic Substances)

13F: who owns FATE and who is buying

Largest holders of FATE (13F)Largest holders of FATE (13F)Redmile Group, LLC$34.8MBlackRock$19.7MVanguard Portfolio Management LLC$12.3MVanguard Capital Management LLC$12.0MAcadian Asset Management LLC$11.7MAQR Capital Management LLC$10.4MTwo Sigma Investments, LP$9.7MVanguard Group$8.8MRenaissance Technologies LLC$8.1MJohnson & Johnson$8.0M
Funds' net buying of FATE by quarter (13F)Funds' net buying of FATE by quarter (13F)−$6.6M2024-09−$2.6M2024-12−$5.6M2025-03−$14.9M2025-06$236K2025-09−$7.9M2025-12$2.3M2026-03−$5.8M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on FATE

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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