Filing Flows › Xencor (XNCR) › Q3 2026 › vs Q2 2026
Xencor (XNCR) Q3 2026 vs Q2 2026 (quarter over quarter)
Xencor's revenue rose $65.3M (+127%) from $51.2M in Q2 2026 to $117M in Q3 2026. The biggest changes: Royalties +$46.3M (+112%); Milestone +$19.0M (+190%). Operating margin 19.6% against -72.4% (+92.0 pts).
Xencor, Q3 2026: revenue $117M (+455% year over year), operating margin 19.6%, net earnings $39.4M, operating cash flow $2.6M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 19.6% | -72.4% | +92.0 pts |
| Net margin | 33.8% | -42.4% | +76.3 pts |
| Free cash flow margin | 0.7% | -109.7% | +110.4 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Royalties | $87.5M | $41.2M | $46.3M | +112% |
| Milestone | $29.0M | $10.0M | $19.0M | +190% |
| Revenue | $117M | $51.2M | $65.3M | +127% |
| Other income, net | $16.4M | $15.1M | $1.2M | +8% |
| Operating profit | $22.9M | −$37.1M | $59.9M | — |
| Costs & expenses | $93.7M | $88.3M | $5.4M | +6% |
| Pre-tax earnings | $39.3M | −$21.9M | $61.2M | — |
| Research & development | $84.3M | $71.9M | $12.4M | +17% |
| General & admin | $9.4M | $16.4M | −$7.0M | -43% |
| Income tax benefit | $175K | $190K | −$15K | -8% |
| Net earnings | $39.4M | −$21.7M | $61.2M | — |
| Operating cash sources | $51.1M | −$10.1M | $61.2M | — |
| Depreciation & amortization | $2.2M | $2.4M | −$202K | -8% |
| Share-based compensation | $9.4M | $9.2M | $241K | +3% |
| Working capital & other | $48.5M | $45.6M | $2.9M | +6% |
| Operating cash flow | $2.6M | −$55.7M | $58.3M | — |
| Free cash flow (OCF − capex) | $838K | −$56.2M | $57.0M | — |
| Capital expenditures | $1.8M | $538K | $1.3M | +235% |
Questions
How much did Xencor's revenue grow quarter over quarter in Q3 2026?
Xencor's revenue rose $65.3M (+127%) from $51.2M in Q2 2026 to $117M in Q3 2026.
What drove Xencor's revenue change in Q3 2026?
Royalties +$46.3M (+112%); Milestone +$19.0M (+190%).