Filing Flows › Xencor (XNCR) › How it makes money
How Xencor (XNCR) makes money
Xencor (XNCR) made $117M of revenue in the third quarter 2026 (Q3 2026), +455% from a year earlier. Royalties brought in $87.5M (75%); Milestone brought in $29.0M (25%). Of every dollar of revenue, 20¢ was left as operating profit, 34¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Royalties | $87.5M | 75.1% | +112% | +317% |
| Milestone | $29.0M | 24.9% | +190% | — |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $117M | 100.0% |
| Operating profit | $22.9M | 19.6% |
| Net earnings | $39.4M | 33.8% |
| Operating cash flow | $2.6M | 2.3% |
| Free cash flow | $838K | 0.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $117M | +455% |
| Q2 2026 | $51.2M | +18% |
| Q1 2026 | $4.5M | -86% |
| Q4 2025 | $28.2M | -46% |
| Q3 2025 | $21.0M | +18% |
| Q2 2025 | $43.6M | +82% |
| Q1 2025 | $32.7M | +105% |
From Xencor's 10-Q filed Nov 4, 2026 (on EDGAR).
Questions
How does Xencor make money?
Xencor (XNCR) made $117M of revenue in the third quarter 2026 (Q3 2026), +455% from a year earlier. Royalties brought in $87.5M (75%); Milestone brought in $29.0M (25%). Of every dollar of revenue, 20¢ was left as operating profit, 34¢ was left as net earnings.
What is Xencor's biggest business?
Royalties: $87.5M in the third quarter 2026, 75% of revenue, +317% from a year earlier.
What is Xencor's profit margin?
Net earnings were $39.4M, 33.8% of revenue, in the third quarter 2026; the operating margin was 19.6%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.