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Revolution Medicines (RVMD) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Revolution Medicines (RVMD) Q3 2026 earnings results →

Q3 2026 206¢ of every $1 of revenue lost · operating margin -188.9%

Revolution Medicines made $198M in Q3 2026. Operating margin -188.9%, net loss $407M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$198M
Year over year—
Operating margin-188.9%
Net earnings−$407M
Operating cash flow−$416M

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 $197.6M in Q3 2026.

Operating costs exceeded revenue by $373.1M, an operating margin of -188.9%. The quarter ended with a net loss of $407.5M.

Operating cash flow was −$415.6M. Non-cash charges added back $2.6M of depreciation and amortization and $62.6M of share-based compensation. Working capital and other items used $73.5M. Capital expenditures of $3.7M exceeded it, leaving free cash flow of −$419.3M.

Quarterly history

QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$198M—-188.9%−$407M−$416M

Charts

Revolution Medicines: where the cash came from (+) and went (−), TTM to Q3 2026Revolution Medicines: where the cash came from (+) and went (−), TTM to Q3 2026Shares issued$1.7BOther financing$1.5BOperating cash flow−$1.4BOther investing−$1.3BCash drawn (+) / kept (−)−$409MCapital spending−$9.4M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Revolution Medicines: profit against cash, quarter by quarterRevolution Medicines: profit against cash, quarter by quarterNet incomeOperating cash flow−$195M−$138MQ4 2024−$213M−$194MQ1 2025−$248M−$222MQ2 2025−$305M−$207MQ3 2025−$365M−$274MQ4 2025−$454M−$354MQ1 2026−$644M−$387MQ2 2026−$407M−$416MQ3 2026
Latest (Q3 2026): Net income −$407M, Operating cash flow −$416M.
Revolution Medicines: diluted shares by fiscal yearRevolution Medicines: diluted shares by fiscal year55MFY202073MFY202181MFY2022113MFY2023168MFY2024190MFY2025
+246.5% since FY2020: more shares outstanding (issuance, stock pay).

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 Revolution Medicines

Revolution Medicines is a late-stage clinical oncology company developing novel targeted therapies for patients with RAS-addicted cancers. The company’s R&D pipeline comprises RAS(ON) inhibitors designed to suppress diverse oncogenic variants of RAS proteins. The company’s RAS(ON) inhibitors daraxonrasib (RMC-6236), a RAS(ON) multi-selective inhibitor; elironrasib (RMC-6291), a RAS(ON) G12C-selective inhibitor; zoldonrasib (RMC-9805), a RAS(ON) G12D-selective inhibitor; and RMC-5127, a RAS(ON) G12V-selective inhibitor, are currently in clinical development. These product candidates are investigational and have not been approved for commercial use in any indication. Additional development opportunities in the company’s pipeline focus on RAS(ON) mutant-selective inhibitors, including RMC-0708 (Q61H) and RMC-8839 (G13C).

In its own words, from its 8-K, filed Aug 5, 2026.

Revolution Medicines against its Biological Products, (No Diagnostic Substances) peers

The largest companies of the same SEC industry, each at its latest quarter. Operating margin: -188.9% against the peers' median 35.8%.

CompanyQuarterRevenueY/YOp. margin
RVMD Revolution MedicinesQ3 2026$198M—-188.9%
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: Revolution Medicines 10-Q on SEC EDGAR · CIK 1628171 · Biological Products, (No Diagnostic Substances)

Guidance and outlook

Revolution Medicines: what its forward-looking statements are about (10-Q filed 2026-11-04)Revolution Medicines: what its forward-looking statements are about (10-Q filed 2026-11-04)Other15Demand4Costs4
23 statements; tone +0.22 (−1 all cautious, +1 all confident); 3 hedged.
Revolution Medicines: outlook statements against the filing beforeRevolution Medicines: outlook statements against the filing beforeConfident5

13F: who owns RVMD and who is buying

Largest holders of RVMD (13F)Largest holders of RVMD (13F)BlackRock$2.6BFMR LLC$2.3BBaker Bros. Advisors LP$2.1BDarwin Global Management$2.0BJupiter Topco LLC$2.0BVanguard Capital Management LLC$1.7BVanguard Portfolio Management LLC$1.6BNextech Invest$1.4BVanguard Group$1.3BParadigm Biocapital Advisors LP$1.2B
Funds' net buying of RVMD by quarter (13F)Funds' net buying of RVMD by quarter (13F)−$279M2024-09$267M2024-12−$4.0M2025-03−$115M2025-06$145M2025-09$623M2025-12−$273M2026-03$1.9B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on RVMD

History

Every quarter: Q3 2026 results

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