Filing Flows › Xencor (XNCR) › Q3 2026
Xencor (XNCR) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 4, 2026
Xencor (XNCR) reported revenue of $117M for the third quarter 2026 (Q3 2026), +455% from a year earlier and +127% from the quarter before. Operating margin was 19.6%, net earnings $39.4M (33.8% of revenue).
Xencor, Q3 2026: revenue $117M (+455% year over year), operating margin 19.6%, net earnings $39.4M, operating cash flow $2.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $117M | +127% | +455% |
| Operating profit | $22.9M | — | — |
| Net earnings | $39.4M | — | — |
| Operating cash flow | $2.6M | — | — |
| Free cash flow | $838K | — | — |
What changed
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.
Questions
What was Xencor's revenue in the third quarter 2026?
Xencor (XNCR) reported revenue of $117M for the third quarter 2026 (Q3 2026), +455% from a year earlier and +127% from the quarter before.
Was Xencor profitable in the third quarter 2026?
Operating profit was $22.9M (19.6% of revenue) and net earnings $39.4M.
Source: Xencor 10-Q on SEC EDGAR.