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Tango Therapeutics (TNGX) earnings and revenue breakdown

Latest: Q3 2025 · 10-Q filed Nov 4, 2025 · Tango Therapeutics (TNGX) Q3 2025 earnings results →

Q3 2025 Revenue up 364% year over year to $53.8M · 30¢ of every $1 of revenue kept as net profit · operating margin 26.2%

Tango Therapeutics made $53.8M in Q3 2025 (+364% Y/Y). Operating margin 26.2%, net earnings $15.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2025.

Revenue$53.8M
Year over year+364%
Operating margin26.2%
Net earnings$15.9M
Operating cash flow−$31.0M

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 $53.8M in Q3 2025, up 364% year over year and up 1592% from the previous quarter.

Operating profit was $14.1M, a 26.2% margin (up 309.4 points year over year). Total costs fell 11% while revenue rose 364%. Net earnings were $15.9M. The effective tax rate was -0.1%.

Operating cash flow was −$31.0M. Non-cash charges added back $555K of depreciation and $6.6M of share-based compensation. Working capital and other items used $54.0M. Capital expenditures of $151K exceeded it, leaving free cash flow of −$31.1M.

Quarterly history

Tango Therapeutics revenue by quarterTango Therapeutics revenue by quarter$4.1MQ4 2024$5.4MQ1 2025$3.2MQ2 2025$53.8MQ3 2025
Tango Therapeutics net earnings by quarterTango Therapeutics net earnings by quarter−$37.7MQ4 2024−$39.9MQ1 2025−$38.9MQ2 2025$15.9MQ3 2025
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202510-QNov 4, 2025$53.8M+364%26.2%$15.9M−$31.0M
Q2 202510-QAug 5, 2025$3.2M-84%n/m−$38.9M−$36.5M
Q1 202510-QMay 12, 2025$5.4M-17%-788.8%−$39.9M−$41.7M
Q4 202410-KFeb 27, 2025$4.1M-24%-993.7%−$37.7M−$36.6M

Charts

Tango Therapeutics: revenue growth, year over year and quarter over quarterTango Therapeutics: revenue growth, year over year and quarter over quarterY/YQ/Q-24%Q4 2024-17%+31%Q1 2025-84%-41%Q2 2025+364%+400%Q3 2025
Latest (Q3 2025): Y/Y +364%, Q/Q +400%.
Tango Therapeutics: where the cash came from (+) and went (−), TTM to Q2 2026Tango Therapeutics: where the cash came from (+) and went (−), TTM to Q2 2026Other financing$974MOther investing−$524MCash drawn (+) / kept (−)−$306MOperating cash flow−$144MCapital spending−$351K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Tango Therapeutics: profit against cash, quarter by quarterTango Therapeutics: profit against cash, quarter by quarterNet incomeOperating cash flow−$29.2M−$33.4MQ3 2024−$37.7M−$36.6MQ4 2024−$39.9M−$41.7MQ1 2025−$38.9M−$36.5MQ2 2025$15.9M−$31.0MQ3 2025−$38.7M−$29.7MQ4 2025−$45.5M−$44.4MQ1 2026−$55.3M−$38.9MQ2 2026
Latest (Q2 2026): Net income −$55.3M, Operating cash flow −$38.9M.
Tango Therapeutics: diluted shares by fiscal year (split-adjusted)Tango Therapeutics: diluted shares by fiscal year (split-adjusted)64MFY202062MFY202188MFY202295MFY2023109MFY2024116MFY2025
+81.9% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2021.
Tango Therapeutics in its industry: growth against margin (225 companies, SIC 2834)Tango Therapeutics in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTREGNTEVAVTRSVRTXBHCZTSONCOGNALNYELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSINVACRMDMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSARWRPGENHROWVNDAOPKSDGRGERNETONAGIOPBYICYRXCYTKMRVIORGONUVBLFVNSIGAKROSAMRNZVRASPRYHRTXAKBABCYCKPTIGYREMGNXELTPSEPNVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPOCULASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYANKTRZOMDFINBPJANXSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREZYMEEQABCLIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEUPBIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRNACRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMTNGX (+300%, 26%)
Pharmaceutical Preparations; 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 Tango Therapeutics

Tango is a clinical-stage biotechnology company dedicated to discovering novel drug targets and delivering the next generation of precision medicine for the treatment of cancer. Using an approach that starts and ends with patients, Tango leverages the genetic principle of synthetic lethality to discover and develop therapies that take aim at critical targets in cancer. For more information, please visit www.tangotx.com .

In its own words, from its 8-K, filed Aug 11, 2026.

Tango Therapeutics against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +364% against the peers' median +10%. Operating margin: 26.2% against the peers' median 26.2%.

CompanyQuarterRevenueY/YOp. margin
TNGX Tango TherapeuticsQ3 2025$53.8M+364%26.2%
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: Tango Therapeutics 10-Q on SEC EDGAR · CIK 1819133 · Pharmaceutical Preparations

13F: who owns TNGX and who is buying

Largest holders of TNGX (13F)Largest holders of TNGX (13F)RTW Investments, LP$435MBlackRock$389MFMR LLC$386MBoxer Capital Management, LLC$340MGoldman Sachs Group$312MTCG Crossover Management, LLC$284MParadigm Biocapital Advisors LP$199MPrice T Rowe Associates$198MSiren, L.L.C.$193MState Street$187M
Funds' net buying of TNGX by quarter (13F)Funds' net buying of TNGX by quarter (13F)−$40.9M2024-09−$17.4M2024-12−$204K2025-03$87.5M2025-06$97.0M2025-09−$9.3M2025-12$240M2026-03$826M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on TNGX

History

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

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