Arcus Biosciences (RCUS) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Arcus Biosciences 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.

• Arcus reports in whole millions, so revenue and its components are rounded to the nearest $1 million.
• Gilead, which held about 24.6% of Arcus's common stock at September 30, 2026, is a related party. Its collaboration term ended on July 14, 2026, after it chose not to make the sixth-anniversary option continuation payment.

Source: Arcus Biosciences 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 Arcus Biosciences 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.

• Arcus Biosciences's License and development services revenue was $8.0 million in Q3 2026, down 60% from $20.0 million in Q3 2025, 89% of total revenue.
• Arcus Biosciences's Other collaboration revenue was $1.0 million in Q3 2026, down 83% from $6.0 million in Q3 2025, 11% 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, Arcus Biosciences said:

“Arcus expects to recognize GAAP revenue of between $70 million and $75 million for the full year 2026.”

Source: Arcus 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 RCUS forecast page.

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

GAAP total revenues (in whole millions) and net loss per share, each as first reported. Q4 2025 figures are from the Q4 2025 release.

We do not hold a confirmed date for Arcus Biosciences'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

Arcus Biosciences has no approved products; its revenue comes from partners. Total revenues were $9 million in Q3 2026, against $26 million a year earlier: $8 million of license and development services and $1 million of other collaboration revenue. Revenues from Gilead were 78% of the total, against 100% in Q3 2025. (Arcus Biosciences Q3 2026 release, Nov 4, 2026; Arcus Biosciences Form 10-Q, Q3 2026, Nov 4, 2026)

Arcus put the decrease down to lower revenue from activities under the Gilead collaboration as they wind down or reach completion, partly offset by higher revenue from programs under the Taiho collaboration agreement. The Gilead collaboration term ended on July 14, 2026, after Gilead decided not to make the option continuation payment due on the agreement's sixth anniversary, and Gilead gave up its three board seats in the third quarter. (Arcus Biosciences Q3 2026 release, Nov 4, 2026; Arcus Biosciences Form 10-Q, Q3 2026, Nov 4, 2026)

Revenue is largely drawn down from deferred revenue: $9 million of Q3 2026 revenue came from amounts deferred at the start of the period, and Arcus had $48 million of deferred revenue left at September 30, 2026, against $78 million at December 31, 2025. Nine-month revenue was $67 million, against $214 million. (Arcus Biosciences Form 10-Q, Q3 2026, Nov 4, 2026; Arcus Biosciences Q3 2026 release, Nov 4, 2026)

Taiho holds options to Arcus programs for Japan and certain other Asian countries, excluding China, under a 2017 agreement with a $35 million upfront payment. Arcus's lead program, casdatifan, a HIF-2α inhibitor for clear cell renal cell carcinoma, is in the Phase 3 PEAK-1 study, with enrollment expected to complete in the next two to three months. (Arcus Biosciences Form 10-Q, Q3 2026, Nov 4, 2026; Arcus Biosciences Q3 2026 release, Nov 4, 2026)

Arcus Biosciences reports GAAP results only. Its net loss was $128 million, or $1.00 per share, against $135 million, or $1.27 per share. Research and development expense fell to $117 million from $141 million as domvanalimab studies wound down and PRISM-1 enrollment finished, partly offset by casdatifan Phase 3 costs, and general and administrative expense fell to $23 million from $27 million. (Arcus Biosciences Q3 2026 release, Nov 4, 2026)

Collaboration partners reimburse part of Arcus's spending. Gross reimbursements for shared expenses were $12 million in Q3 2026, against $28 million a year earlier, because more programs are now fully funded by Arcus. Non-cash stock-based compensation was $9 million in R&D and $7 million in G&A. (Arcus Biosciences Q3 2026 release, Nov 4, 2026)

Shares used to compute the loss per share were 127.4 million, against 106.5 million a year earlier. In October 2026 Arcus sold 16.4 million shares at $17.50 in an underwritten offering for gross proceeds of about $288 million. (Arcus Biosciences Q3 2026 release, Nov 4, 2026; Arcus Biosciences Form 10-Q, Q3 2026, 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.

Arcus Biosciences gives a full-year revenue figure in its release: it expects GAAP revenue of between $70 million and $75 million for 2026, against $67 million recognized through September. It gives no EPS outlook. It expects R&D expenses to remain relatively consistent in the near term. (Arcus Biosciences Q3 2026 release, Nov 4, 2026)

Arcus says its $694 million of cash, cash equivalents and marketable securities at September 30, 2026, plus the $288 million gross from the October financing, should fund operations into 2029. It expects to start the first-line PEAK-20 Phase 3 study of casdatifan by year-end 2026 and to run an interim analysis of the PRISM-1 quemliclustat trial in the fourth quarter of 2026. (Arcus Biosciences Q3 2026 release, Nov 4, 2026)

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

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