Recursion Pharmaceuticals (RXRX) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Recursion published the results on November 2, 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 2025 research and development expense included $22.8 million of in-process research and development costs for acquiring full rights to REC-102 from Recursion's joint venture with Rallybio, which did not recur.
• On October 16, 2026, after the quarter ended, Recursion sold 61.5 million shares of Class A common stock for net proceeds of about $187.2 million.

Source: Recursion Q3 2026 results, November 2, 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 Recursion 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.

• Recursion's Operating revenue revenue was $18.1 million in Q3 2026, up 262% from $5.0 million in Q3 2025, 97% of total revenue.
• Recursion's Grant revenue revenue was $0.5 million in Q3 2026, up 159% from $0.2 million in Q3 2025, 3% 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

Recursion gives no revenue or EPS outlook; its guidance covers cash operating expense, a non-GAAP measure, and cash runway.

In its Q3 2026 release, Recursion said:

“Expected cash runway extended into 2029, including proceeds from the October 2026 follow-on offering; 2026 cash operating expense guidance reiterated at less than $375 million, with 2027 guidance of less than $360 million.”

Source: Recursion Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 2, 2026.

This is the company's own guidance as of Nov 2, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the RXRX forecast page.

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

GAAP total revenue 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 Recursion'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 2, 2026

Recursion's revenue comes almost entirely from drug discovery collaborations. Total revenue was $18.6 million in Q3 2026, against $5.2 million a year earlier: $18.1 million of operating revenue from research and development agreements and $497 thousand of grant revenue. Recursion has no approved products. (Recursion Q3 2026 release, Nov 2, 2026; Recursion Form 10-Q, Q3 2026, Nov 2, 2026)

Recursion attributed the increase mainly to its Sanofi collaboration, where Sanofi optioned the first development candidate, a potential first-in-class oral immunology molecule, and triggered a $10.0 million milestone. That brought upfront and milestone payments achieved from Sanofi to $144 million, with more than $300 million in additional milestones possible on that program. (Recursion Q3 2026 release, Nov 2, 2026; Recursion Form 10-Q, Q3 2026, Nov 2, 2026)

Collaboration revenue is recognized over time as Recursion incurs costs on the research work, so it does not track cash receipts and moves with milestones. Over the first nine months of 2026 total revenue fell to $32.7 million from $39.1 million, which Recursion put down to less revenue from Roche as certain project phases were completed. (Recursion Q3 2026 release, Nov 2, 2026; Recursion Form 10-Q, Q3 2026, Nov 2, 2026)

Recursion has achieved $216 million in upfront and milestone payments from Roche and Genentech, whose collaboration covers up to 40 potential small molecule programs. In Q3 2026 Genentech exercised the first Validated Target Option under the neuroscience collaboration. Recursion also lists a collaboration with Merck KGaA, with a maximum of $73.0 million in milestones per project. (Recursion Q3 2026 release, Nov 2, 2026; Recursion Form 10-Q, Q3 2026, Nov 2, 2026)

Recursion reports GAAP EPS only. Its net loss narrowed to $119.0 million, or $0.22 per share, from $162.3 million, or $0.36 per share. Research and development expense fell to $99.1 million from $121.1 million, mainly because Q3 2025 carried $22.8 million of in-process R&D costs for REC-102, and general and administrative expense fell to $32.6 million from $41.6 million on lower infrastructure technology and professional service costs. (Recursion Q3 2026 release, Nov 2, 2026)

Share issuance has spread the loss over more shares. Weighted-average shares were 543,000,977, against 446,988,046 a year earlier. Recursion issued 23,696,330 shares for $85.5 million net in Q3 2026, and in October 2026 sold another 61.5 million shares for about $187.2 million. Stock-based compensation was $23.0 million in the quarter. (Recursion Q3 2026 release, Nov 2, 2026; Recursion Form 10-Q, Q3 2026, Nov 2, 2026)

The non-GAAP measure Recursion reports is cash operating expense, net cash used in operating activities excluding partnership inflows and transaction costs: $271.5 million for the first nine months of 2026, against $323.2 million a year earlier. (Recursion Q3 2026 release, Nov 2, 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.

Recursion gives no revenue or EPS outlook. Its release guides 2026 cash operating expense to less than $375 million and 2027 to less than $360 million, and puts the cash runway into 2029, including the October 2026 offering. Pro forma cash, cash equivalents and restricted cash were about $748.7 million. (Recursion Q3 2026 release, Nov 2, 2026)

For its own pipeline, Recursion anticipates starting a registrational trial of REC-4881 in familial adenomatous polyposis in the second half of 2027, pending FDA discussions, and preliminary REC-1245 expansion data in endometrial cancer in the second half of 2027. Sanofi's optioned candidate is expected to enter Phase 1 in 2027. (Recursion Q3 2026 release, Nov 2, 2026)

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

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