Filing Flows › Xencor (XNCR) › Q2 2026 › vs Q2 2025
Xencor (XNCR) Q2 2026 vs Q2 2025 (year over year)
Xencor's revenue rose $7.6M (+17%) from $43.6M in Q2 2025 to $51.2M in Q2 2026. The biggest changes: Royalties +$22.6M (+122%); Milestone −$15.0M (-60%).
Xencor, Q2 2026: revenue $51.2M (+18% year over year), operating margin -72.4%, net loss $21.7M, operating cash flow −$55.7M. The chart draws each line against Q2 2025, the increases inside each band.
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Royalties | $41.2M | $18.6M | $22.6M | +122% |
| Milestone | $10.0M | $25.0M | −$15.0M | -60% |
| Revenue | $51.2M | $43.6M | $7.6M | +17% |
| Other income, net | $15.1M | $2.1M | $13.1M | +622% |
| Income tax benefit | $190K | $250K | −$60K | -24% |
| Net loss | $21.7M | $30.8M | −$9.1M | -30% |
| Costs & expenses | $88.3M | $76.8M | $11.5M | +15% |
| Operating costs | $88.3M | $76.8M | $11.5M | +15% |
| Research & development | $71.9M | $61.7M | $10.2M | +17% |
| General & admin | $16.4M | $15.1M | $1.3M | +8% |
| Operating cash sources | $67.3M | $49.8M | $17.5M | +35% |
| Depreciation & amortization | $2.4M | $2.7M | −$213K | -8% |
| Share-based compensation | $9.2M | $10.7M | −$1.5M | -14% |
| Cash used in operations | $55.7M | $36.4M | $19.3M | +53% |
| Net loss absorbed | $21.7M | $30.8M | −$9.1M | -30% |
| Working capital & other | $45.6M | $18.9M | $26.6M | +141% |
Questions
How much did Xencor's revenue grow year over year in Q2 2026?
Xencor's revenue rose $7.6M (+17%) from $43.6M in Q2 2025 to $51.2M in Q2 2026.
What drove Xencor's revenue change in Q2 2026?
Royalties +$22.6M (+122%); Milestone −$15.0M (-60%).