Filing Flows › Xencor (XNCR) › Q4 2025
Xencor (XNCR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Xencor (XNCR) reported revenue of $28.2M for the fourth quarter 2025 (Q4 2025), -47% from a year earlier and +34% from the quarter before. Operating margin was -189.9%, net loss $6.7M (23.6% of revenue).
Xencor, Q4 2025: revenue $28.2M (-46% year over year), operating margin -189.9%, net loss $6.7M, operating cash flow −$51.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $28.2M | +34% | -47% |
| Operating profit | −$53.6M | — | — |
| Net earnings | −$6.7M | — | — |
| Operating cash flow | −$51.7M | — | — |
What changed
Revenue was $28.2M in Q4 2025, down 47% year over year and up 34% from the previous quarter. Royalties was the largest line at 79% of revenue.
Operating costs exceeded revenue by $53.6M, an operating margin of -189.9%. Total costs grew 24% against a revenue fall of 47%. The fastest-growing cost line was Research & development (+27%). The quarter ended with a net loss of $6.7M, wider than the previous quarter's $6.0M loss. Non-operating items added $49.4M, -1157% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$51.7M. Non-cash charges added back $2.6M of depreciation and amortization and $10.2M of share-based compensation. Working capital and other items used $57.8M. Capital expenditures of $1.1M exceeded it, leaving free cash flow of −$52.9M.
Questions
What was Xencor's revenue in the fourth quarter 2025?
Xencor (XNCR) reported revenue of $28.2M for the fourth quarter 2025 (Q4 2025), -47% from a year earlier and +34% from the quarter before.
Was Xencor profitable in the fourth quarter 2025?
Operating loss was $53.6M (-189.9% of revenue) and net loss $6.7M.
Source: Xencor 10-K on SEC EDGAR.