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Exagen (XGN) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 4, 2026 · Exagen (XGN) Q2 2026 earnings results →
Q2 2026 Revenue up 16% year over year to $19.9M · 16¢ of every $1 of revenue lost · operating margin -8.6%
Exagen made $19.9M in Q2 2026 (+16% Y/Y). Operating margin -8.6%, net loss $3.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 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 $19.9M in Q2 2026, up 16% year over year and up 15% from the previous quarter.
Gross margin was 61.3%, up 0.8 points from Q2 2025. Operating costs exceeded revenue by $1.7M, an operating margin of -8.6%. Operating expenses grew 7% against revenue growth of 16%. The quarter ended with a net loss of $3.2M, narrower than the previous quarter's $4.0M loss.
Operating cash flow was $4.0M. Non-cash charges added back $600K of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items added $5.6M. Capital expenditures of $543K left free cash flow of $3.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 4, 2026 | $19.9M | +16% | -8.6% | −$3.2M | $4.0M |
| Q1 2026 | 10-Q | May 11, 2026 | $17.3M | +12% | -19.7% | −$4.0M | −$10.4M |
| Q4 2025 | 10-K | Mar 10, 2026 | $16.6M | +22% | -29.9% | −$4.7M | −$3.0M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $17.2M | +38% | -18.0% | −$7.1M | $2.9M |
| Q2 2025 | 10-Q | Jul 29, 2025 | $17.2M | +14% | -15.3% | −$4.4M | −$2.9M |
| Q1 2025 | 10-Q | May 5, 2025 | $15.5M | +8% | -21.7% | −$3.8M | −$10.7M |
| Q4 2024 | 10-K | Mar 11, 2025 | $13.7M | -0.8% | -24.8% | −$3.8M | $363K |
Charts
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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Customers and suppliers named in filings
Sells to
- Medicare & Medicaid — 24% of its revenue · Stated in 10-K (sentence) · source
About Exagen
We are a medical technology company primarily focused on the design, development and commercialization of a next-generation portfolio of innovative testing products under our AVISE ® brand, which allow for the differential diagnosis, prognosis and monitoring of complex rheumatic, autoimmune and autoimmune-related disease including, among others, systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA). We believe our strong focus and extensive background in the field of rheumatology, combined with our commitment to exceptional customer service and support, position us well to respond to the needs of rheumatologists, primary care physicians, other specialists, and the patients they serve.
In its own words, from its 10-K, filed Mar 10, 2026.
Exagen against its Services-Medical Laboratories peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +16% against the peers' median +16%. Operating margin: -8.6% against the peers' median 6.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| XGN Exagen | Q2 2026 | $19.9M | +16% | -8.6% |
| 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: Exagen 10-Q on SEC EDGAR · CIK 1274737 · Services-Medical Laboratories
13F: who owns XGN and who is buying
More on XGN
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results