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Xencor (XNCR) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Xencor (XNCR) Q3 2026 earnings results →
Q3 2026 Revenue up 455% year over year to $117M · 34¢ of every $1 of revenue kept as net profit · operating margin 19.6%
Xencor made $117M in Q3 2026 (+455% Y/Y): Royalties $87.5M, Milestone $29.0M. Operating margin 19.6%, net earnings $39.4M. 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 $116.5M in Q3 2026, up 455% year over year and up 127% from the previous quarter. Royalties was the largest line at 75% of revenue. Royalties added $66.5M year over year (up 317%), 70% of the total change.
Operating profit was $22.9M, a 19.6% margin (up 245.9 points year over year). Total costs grew 37% against revenue growth of 455%. The fastest-growing cost line was Research & development (+55%). Net earnings were $39.4M. The effective tax rate was -0.4%. Non-operating items added $16.4M, 42% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $2.6M, 7% of net earnings. Non-cash charges added back $2.2M of depreciation and amortization and $9.4M of share-based compensation. Working capital and other items used $48.5M. Capital expenditures of $1.8M left free cash flow of $838K.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $117M | +455% | 19.6% | $39.4M | $2.6M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $51.2M | +18% | -72.4% | −$21.7M | −$55.7M |
| Q1 2026 | 10-Q | May 6, 2026 | $4.5M | -86% | n/m | −$129M | −$67.6M |
| Q4 2025 | 10-K | Feb 25, 2026 | $28.2M | -46% | -189.9% | −$6.7M | −$51.7M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $21.0M | +18% | -226.3% | −$6.0M | −$30.8M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $43.6M | +82% | -76.1% | −$30.8M | −$36.4M |
| Q1 2025 | 10-Q | May 7, 2025 | $32.7M | +105% | -131.9% | −$48.6M | −$16.2M |
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 Xencor
We are a clinical-stage biopharmaceutical company focused on discovering and developing engineered antibody therapeutics to treat patients with cancer and autoimmune diseases, who have unmet medical needs. We use our protein engineering capabilities to design new technologies and XmAb ® drug candidates with improved properties and multi-target mechanisms of action. We advance these candidates into clinical-stage development, where we are conducting Phase 1 and Phase 2 studies for a broad portfolio of programs, to determine which programs to advance into later stages of development and potentially commercialization, which programs we partner to optimize development, and which programs we discontinue.
In its own words, from its 10-K, filed Feb 25, 2026.
Xencor against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +455% against the peers' median +10%. Operating margin: 19.6% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| XNCR Xencor | Q3 2026 | $117M | +455% | 19.6% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Xencor 10-Q on SEC EDGAR · CIK 1326732 · Pharmaceutical Preparations
Guidance and outlook
13F: who owns XNCR and who is buying
More on XNCR
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results