BillionToOne, Inc. (BLLN) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and BillionToOne published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• BillionToOne went public in November 2025. The year-ago EPS of $0.10 was calculated before the IPO, when $4.2 million of net income was attributable to participating securities and the diluted share count was about 15.6 million.
• Revenue includes amounts from tests delivered in earlier periods: $7.6 million in Q3 2026, against $3.7 million a year earlier, after new payor agreements led to reprocessing of past claims.

Source: BillionToOne Q3 2026 results, November 4, 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 BillionToOne 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.

• BillionToOne's Prenatal revenue was $104 million in Q3 2026, up 41% from $74.1 million in Q3 2025, 85% of total revenue.
• BillionToOne's Oncology revenue was $17.1 million in Q3 2026, up 96% from $8.7 million in Q3 2025, 14% of total revenue.
• BillionToOne's Clinical trial support and other services revenue was $1.6 million in Q3 2026, up 115% from $0.8 million in Q3 2025, 1% 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

In its Q3 2026 release, BillionToOne said:

“BillionToOne now expects full year 2026 total revenue of $460.0 million to $470.0 million, representing growth of 51% to 54% compared to full year 2025.”

“This compares to the company's previous guidance of $450.0 million to $465.0 million.”

“BillionToOne also expects to operate the business such that it will continue to generate profitability similar to current levels, even with significant continued investments.”

Source: BillionToOne Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the BLLN forecast page.

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

GAAP revenue and diluted EPS, each as first reported in that quarter's release. BillionToOne reported its Q3 2025 results in December 2025, after its November 2025 IPO.

We do not hold a confirmed date for BillionToOne'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 Nov 4, 2026

BillionToOne's revenue was $123.0 million in Q3 2026, up 47% from $83.5 million. Prenatal testing brought in $104.3 million, up 41%, oncology testing $17.1 million, up 96%, and clinical trial support and other services $1.6 million. Substantially all revenue was generated in the United States. (BillionToOne Q3 2026 release, Nov 4, 2026; BillionToOne Form 10-Q, Q3 2026, Nov 4, 2026)

BillionToOne attributes the $39.5 million increase to two things: a 25% rise in delivered and billable tests, to about 206,000 from about 165,000, and an 18% rise in Overall ASP, to $589 from $501. The ASP gain came from more contracts with payors for its prenatal tests and from its proprietary PLA code, which is typically reimbursed at a higher rate. (BillionToOne Form 10-Q, Q3 2026, Nov 4, 2026; BillionToOne Q3 2026 release, Nov 4, 2026)

BillionToOne bills insurance carriers, Medicaid, Medicare, patients or a combination when a test result is delivered, and the predominance of its revenue comes from third-party insurance carriers. Because payment depends on negotiated payor terms, revenue is estimated as variable consideration, and Q3 2026 revenue included $7.6 million related to tests from prior periods, against $3.7 million a year earlier. (BillionToOne Form 10-Q, Q3 2026, Nov 4, 2026)

The prenatal line is built on the UNITY tests, including the Unity Fetal Risk Screen, and the oncology line on the Northstar Select and Northstar Response liquid biopsy tests launched in 2023. BillionToOne said its in-network coverage included 250 million covered lives at the end of 2025, and it expects in-network expansion to keep raising ASPs. (BillionToOne Form 10-Q, Q3 2026, Nov 4, 2026; BillionToOne Form 10-K, 2025, Mar 11, 2026)

BillionToOne reports one EPS figure, on a GAAP basis: diluted EPS of $0.32 in Q3 2026 on net income of $17.4 million. Its non-GAAP measures are EBITDA, adjusted EBITDA and free cash flow; adjusted EBITDA was $22.7 million, against $15.8 million, and excludes $9.7 million of stock-based compensation and the change in fair value of its term loan. (BillionToOne Q3 2026 release, Nov 4, 2026)

Net income was well above operating income of $11.0 million because of $4.9 million of interest income and a $1.5 million gain from the change in fair value of the Oberland Capital term loan, which a year earlier was a $3.9 million loss. The provision for income taxes was close to zero. (BillionToOne Q3 2026 release, Nov 4, 2026; BillionToOne Form 10-Q, Q3 2026, Nov 4, 2026)

The year-ago figures predate the IPO. Q3 2025 net income of $5.7 million was reduced by $4.2 million attributable to participating securities, leaving $1.5 million for common stockholders, and diluted weighted-average shares were 15,571,949 then, against 53,732,158 in Q3 2026. (BillionToOne Q3 2026 release, Nov 4, 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.

BillionToOne gives a full-year revenue outlook in its release and has raised it during 2026. It now expects full year 2026 total revenue of $460.0 million to $470.0 million, growth of 51% to 54% over 2025, up from previous guidance of $450.0 million to $465.0 million. It gives no quarterly or EPS outlook, and says it expects to keep profitability similar to current levels while continuing to invest. (BillionToOne Q3 2026 release, Nov 4, 2026)

BillionToOne said Northstar Clear, a tissue-free MRD test for patients with solid tumors, will be commercially available on December 15, 2026. Separately, Illumina sued BillionToOne in May 2026 alleging that the UNITY test infringes three patents; BillionToOne filed a motion to dismiss on October 23, 2026 and does not consider a loss probable. (BillionToOne Q3 2026 release, Nov 4, 2026; BillionToOne Form 10-Q, Q3 2026, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover BillionToOne, 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 BillionToOne'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 BLLN is on is BLLN a buy or a sell?, what analysts expect next is on the BLLN forecast, and what the company does is on the BillionToOne, Inc. (BLLN) stock page.

Every number on this page can be traced to a document BillionToOne 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.