Filing Flows › Xencor (XNCR) › Q2 2026
Xencor (XNCR) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 5, 2026
Xencor (XNCR) reported revenue of $51.2M for the second quarter 2026 (Q2 2026), +17% from a year earlier and up 11-fold from the quarter before. Operating margin was -72.4%, net loss $21.7M (42.4% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $51.2M | 11× | +17% |
| Operating profit | −$37.1M | — | — |
| Net earnings | −$21.7M | — | — |
| Operating cash flow | −$55.7M | — | — |
What changed
Revenue was $51.2M in Q2 2026, up 17% year over year and up 1034% from the previous quarter. Royalties was the largest line at 80% of revenue. Royalties added $22.6M year over year (up 122%), 297% of the total change. Milestone declined 60%.
Operating costs exceeded revenue by $37.1M, an operating margin of -72.4%. Total costs grew 15% against revenue growth of 17%. The fastest-growing cost line was Research & development (+17%). The quarter ended with a net loss of $21.7M, narrower than the previous quarter's $128.9M loss. Non-operating items added $15.1M, -69% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$55.7M. Non-cash charges added back $2.4M of depreciation and amortization and $9.2M of share-based compensation. Working capital and other items used $45.6M. Capital expenditures of $538K exceeded it, leaving free cash flow of −$56.2M.
Questions
What was Xencor's revenue in the second quarter 2026?
Xencor (XNCR) reported revenue of $51.2M for the second quarter 2026 (Q2 2026), +17% from a year earlier and up 11-fold from the quarter before.
Was Xencor profitable in the second quarter 2026?
Operating loss was $37.1M (-72.4% of revenue) and net loss $21.7M.
Source: Xencor 10-Q on SEC EDGAR.