Butterfly Network (BFLY) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Butterfly Network published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Butterfly Network reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Butterfly's year-ago quarter included a $17.4 million write-down of excess and obsolete inventory in cost of product revenue, which turned GAAP gross margin negative at (17.5)%. Adjusted gross margin excludes it.

Source: Butterfly Network Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Butterfly Network splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Butterfly Network's Product revenue was $15.6 million in Q3 2026, up 7% from $14.6 million in Q3 2025, 48% of total revenue.
• Butterfly Network's Software and other services revenue was $17.0 million in Q3 2026, up 145% from $6.9 million in Q3 2025, 52% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The first two lines are Butterfly's raised guidance for fiscal 2026; the last two are for the fourth quarter of 2026.

In its Q3 2026 release, Butterfly Network said:

“Revenue of $123 million to $126 million, or approximately 26% to 29% growth”

“Adjusted EBITDA loss of $12 million to $15 million”

“Revenue of $31 million to $34 million, or approximately 3% growth year-over-year at the midpoint”

“Adjusted EBITDA loss of $3 million to $6 million”

Source: Butterfly Network Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the BFLY forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenue and net loss per common share, basic and diluted, each as first reported in that quarter's release.

We do not hold a confirmed date for Butterfly Network's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

Butterfly Network's total revenue was $32.6 million in Q3 2026, up 52% from $21.5 million. Product revenue, mostly sales of its handheld ultrasound probes, was $15.6 million, and software and other services revenue was $17.0 million. Software and other services covers SaaS subscriptions, extended warranties, Embedded partnership services and software development kits. (Butterfly Network Q3 2026 release, Oct 29, 2026; Butterfly Network Form 10-Q, Q3 2026, Oct 29, 2026)

Butterfly Network's growth came from Butterfly Embedded, the business that licenses its Ultrasound-on-Chip semiconductor platform to partners. Embedded revenue was $11.1 million against $1.0 million a year earlier, while the core business brought in $21.5 million against $20.5 million. The 10-Q attributes the $10.0 million, or 144.8%, rise in software and other services revenue mainly to Embedded partnerships, including the co-development partnership with Midjourney. (Butterfly Network Form 10-Q, Q3 2026, Oct 29, 2026)

Butterfly Network's U.S. revenue was $27.5 million, up 71%, on Embedded revenue and higher probe sales volume to health systems, distributors and eCommerce customers. International revenue fell 5% to $5.1 million on lower probe sales to global health partners. Product revenue rose $1.1 million, or 7.4%, on probe volume. (Butterfly Network Q3 2026 release, Oct 29, 2026; Butterfly Network Form 10-Q, Q3 2026, Oct 29, 2026)

Butterfly Network's revenue became more concentrated. Two customers each accounted for more than 10% of total revenue in the quarter, where none did a year earlier. Remaining performance obligations were $84.2 million at September 30, 2026, down from $99.6 million at December 31, 2025, and Butterfly expects to recognize 60% of them in the next twelve months. (Butterfly Network Form 10-Q, Q3 2026, Oct 29, 2026)

Butterfly Network's net loss narrowed to $12.8 million, or $(0.05) per share, from $34.0 million, or $(0.13). The year-ago loss included the $17.4 million inventory write-down. GAAP gross margin was 73.0%, against (17.5)% a year earlier, and adjusted gross margin rose to 73.0% from 63.9%, which Butterfly put down to higher-margin Embedded licensing revenue and higher probe volume. (Butterfly Network Q3 2026 release, Oct 29, 2026)

Butterfly Network's adjusted EPS was $(0.01), against $(0.04). Adjusted net loss of $2.0 million excludes $6.7 million of stock-based compensation, $4.0 million of other operating expense and other non-operating items. Operating expenses rose 19% to $37.4 million, mainly on higher headcount. Adjusted EBITDA was a loss of $1.2 million, against a loss of $8.1 million. (Butterfly Network Q3 2026 release, Oct 29, 2026)

Weighted-average shares were 266,497,535, against 252,087,541 a year earlier. Butterfly did not repurchase any shares in the quarter. Cash and cash equivalents were $122.3 million at September 30, 2026, against $150.5 million at December 31, 2025. (Butterfly Network Q3 2026 release, Oct 29, 2026; Butterfly Network Form 10-Q, Q3 2026, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Butterfly Network gives guidance in its release. After Q3 it raised fiscal 2026 guidance to revenue of $123 million to $126 million, or about 26% to 29% growth, and an adjusted EBITDA loss of $12 million to $15 million. For Q4 2026 it guided revenue of $31 million to $34 million, about 3% growth at the midpoint, and an adjusted EBITDA loss of $3 million to $6 million. (Butterfly Network Q3 2026 release, Oct 29, 2026)

Butterfly Network said its Home & Community Care program would start scanning in its first state in November, with initial revenue expected in the fourth quarter, and that it is preparing a next-generation product powered by the P5.1 chip for early 2027. (Butterfly Network Q3 2026 release, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Butterfly Network, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Butterfly Network's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning BFLY is on is BFLY a buy or a sell?, what analysts expect next is on the BFLY forecast, and what the company does is on the Butterfly Network (BFLY) stock page.

Every number on this page can be traced to a document Butterfly Network published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.