NovoCure Ltd (NVCR) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Novocure 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.

• Q3 2026 net revenues include $4.4 million of one-time benefits, $2.2 million each in the US and Germany, from higher claims approval rates.
• Novocure reports a GAAP net loss per share only; its non-GAAP measure is Adjusted EBITDA, which also adds back share-based compensation.

Source: Novocure 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 Novocure 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.

• Novocure's United States revenue was $112 million in Q3 2026, up 16% from $96.6 million in Q3 2025, 58% of total revenue.
• Novocure's Germany revenue was $24.9 million in Q3 2026, up 23% from $20.3 million in Q3 2025, 13% of total revenue.
• Novocure's France revenue was $18.7 million in Q3 2026, down 5% from $19.6 million in Q3 2025, 10% of total revenue.
• Novocure's Japan revenue was $14.5 million in Q3 2026, up 55% from $9.4 million in Q3 2025, 8% of total revenue.
• Novocure's Other international markets revenue was $18.8 million in Q3 2026, up 20% from $15.7 million in Q3 2025, 10% of total revenue.
• Novocure's Greater China (Zai Lab partnership) revenue was $4.5 million in Q3 2026, down 20% from $5.6 million in Q3 2025, 2% 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, Novocure said:

“Total net revenue: $736 million-$743 million (previous: $710 million-$725 million)”

“Adjusted EBITDA*: $24 million-$34 million (previous: $0 million-$15 million)”

“This guidance assumes full-year mid-to-high single digit net revenue growth from Optune Gio, net revenue contribution from Optune Lua and Optune Pax, collectively, between $30 million and $34 million, foreign exchange rates as of September 30, 2026, and quarterly gross margin in the mid-to-high 70s percent.”

Source: Novocure 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 NVCR forecast page.

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

Net revenues and basic and diluted net loss per ordinary share, each as first reported in that quarter's release.

We do not hold a confirmed date for Novocure'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

Novocure sells Tumor Treating Fields (TTFields) therapy, delivered by wearable devices, and reported Q3 2026 net revenues of $193.4 million, up 16% from $167.2 million. Novocure attributed the increase primarily to 19% growth in active patients worldwide, to 5,260 at September 30, 2026. (Novocure Q3 2026 release, Oct 29, 2026)

Optune Gio, for glioblastoma, is still most of the business: it had 4,729 active patients, up 11%. The newer products, Optune Lua for metastatic non-small cell lung cancer and Optune Pax for pancreatic cancer, brought in $11.9 million together ($8.2 million and $3.7 million), against $3.1 million and $0.0 million a year earlier. Optune Lua had 255 active patients and Optune Pax 276. (Novocure Q3 2026 release, Oct 29, 2026; Novocure Form 10-Q, Q3 2026, Oct 29, 2026)

By patient location the US contributed $111.9 million, Germany $24.9 million, France $18.7 million, Japan $14.5 million and other international markets $18.8 million. Revenue in Greater China, where Zai Lab markets Optune under a license, was $4.5 million. Japan grew fastest, from $9.4 million to $14.5 million. (Novocure Q3 2026 release, Oct 29, 2026; Novocure Form 10-Q, Q3 2026, Oct 29, 2026)

Collections from past periods matter for Novocure's revenue. The quarter included $4.4 million of one-time benefits from higher claims approval rates, $2.2 million in Germany and $2.2 million in the US, and $14.0 million of revenue from performance obligations satisfied in previous periods, against $9.7 million a year earlier. Exchange rates reduced the increase by $2.0 million. (Novocure Q3 2026 release, Oct 29, 2026; Novocure Form 10-Q, Q3 2026, Oct 29, 2026)

Gross margin rose to 77% from 73%, which Novocure put down to higher patient volumes and lower cost of revenues per active patient from improved array utilization and manufacturing efficiencies. (Novocure Q3 2026 release, Oct 29, 2026)

Novocure reported a Q3 2026 net loss of $10.4 million, or $0.09 per share, against $37.3 million, or $0.33, a year earlier. It reports no adjusted EPS. Its non-GAAP measure, Adjusted EBITDA, adds back interest, taxes, depreciation and amortization and share-based compensation, and was $15.7 million, against a loss of $3.0 million. (Novocure Q3 2026 release, Oct 29, 2026)

Operating costs fell slightly to $155.0 million from $158.5 million. Sales and marketing fell 9% to $53.3 million and G&A 5% to $43.6 million, both helped by lower share-based compensation, while research, development and clinical study costs rose 8% to $58.1 million on the KEYNOTE D58 trial. Share-based compensation was $17.5 million, against $29.3 million. (Novocure Q3 2026 release, Oct 29, 2026)

Novocure had income tax expense of $2.6 million despite a pre-tax loss, and financial expenses, net of $1.7 million, against financial income of $6.0 million a year earlier. Weighted average shares were 116,785,198, against 111,908,252. Cash, cash equivalents and short-term investments were $463.5 million. (Novocure Q3 2026 release, 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.

Novocure gives full-year guidance in its release. On October 29, 2026 it raised 2026 net revenue guidance to $736 million to $743 million, from $710 million to $725 million, and Adjusted EBITDA guidance to $24 million to $34 million, from $0 million to $15 million. The guidance assumes mid-to-high single digit Optune Gio revenue growth, $30 million to $34 million from Optune Lua and Optune Pax combined, and quarterly gross margin in the mid-to-high 70s percent. (Novocure Q3 2026 release, Oct 29, 2026)

The release lists two milestones for Q4 2026: an FDA decision on the premarket approval application for TTFields in brain metastases from non-small cell lung cancer, and completed enrollment in the Phase 3 KEYNOTE D58 trial in newly diagnosed glioblastoma. In October 2026 Japan approved Optune Pax for locally advanced pancreatic cancer. (Novocure Q3 2026 release, Oct 29, 2026)

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

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