Filing Flows › Xencor (XNCR) › Q3 2025
Xencor (XNCR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Xencor (XNCR) reported revenue of $21.0M for the third quarter 2025 (Q3 2025), +18% from a year earlier and -52% from the quarter before. Operating margin was -226.3%, net loss $6.0M (28.7% of revenue).
Xencor, Q3 2025: revenue $21.0M (+18% year over year), operating margin -226.3%, net loss $6.0M, operating cash flow −$30.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $21.0M | -52% | +18% |
| Operating profit | −$47.5M | — | — |
| Net earnings | −$6.0M | — | — |
| Operating cash flow | −$30.8M | — | — |
What changed
Revenue was $21.0M in Q3 2025, up 18% year over year and down 52% from the previous quarter.
Operating costs exceeded revenue by $47.5M, an operating margin of -226.3%. Total costs fell 6% while revenue rose 18%. The quarter ended with a net loss of $6.0M, narrower than the previous quarter's $30.8M loss. Non-operating items added $41.5M, -688% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$30.8M. Non-cash charges added back $2.6M of depreciation and amortization and $10.1M of share-based compensation. Working capital and other items used $37.5M. Capital expenditures of $183K exceeded it, leaving free cash flow of −$31.0M.
Questions
What was Xencor's revenue in the third quarter 2025?
Xencor (XNCR) reported revenue of $21.0M for the third quarter 2025 (Q3 2025), +18% from a year earlier and -52% from the quarter before.
Was Xencor profitable in the third quarter 2025?
Operating loss was $47.5M (-226.3% of revenue) and net loss $6.0M.
Source: Xencor 10-Q on SEC EDGAR.