Schrödinger (SDGR) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Schrödinger 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.

• Schrödinger now presents contribution revenue (grant funding from Gates Ventures and the Gates Foundation) separately from software and drug discovery revenue, and reclassified prior periods to match. The year-ago software and drug discovery figures here are the reclassified ones from the Q3 2026 release.
• Schrödinger reports in thousands; figures here are in millions. It reports no adjusted EPS; its non-GAAP measure is adjusted EBITDA.

Source: Schrödinger 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 Schrödinger 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.

• Schrödinger's Software products and services revenue was $38.2 million in Q3 2026, up 6% from $35.9 million in Q3 2025, 59% of total revenue.
• Schrödinger's Drug discovery revenue was $24.2 million in Q3 2026, up 86% from $13.0 million in Q3 2025, 38% of total revenue.
• Schrödinger's Contribution revenue was $2.2 million in Q3 2026, down 60% from $5.4 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

In its Q3 2026 release, Schrödinger said:

“ACV is expected to range from $222 million to $232 million, representing 12-17% growth over 2025, compared to the prior expectation of $218 million to $228 million or 10-15% growth over 2025.”

“Drug discovery revenue is expected to range from $75 million to $85 million, compared to the prior expectation of $65 million to $75 million.”

“Operating expenses are expected to be less than 2025.”

Source: Schrödinger Q3 2026 release, 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 SDGR forecast page.

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

Total revenues and diluted net income (loss) per share, each as first reported in that quarter's release. The Q4 2025 release gives full-year figures only, so Q4 2025 revenue is full-year 2025 revenue ($255.9 million) minus the nine-month figure ($168.6 million), and Q4 EPS was not published.

We do not hold a confirmed date for Schrödinger'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

Schrödinger's total revenue was $64.5 million in Q3 2026, up 19% from $54.3 million. It has three revenue lines: software products and services ($38.2 million, up 6%), drug discovery ($24.2 million against $13.0 million) and contribution ($2.2 million against $5.4 million). Contribution revenue is grant funding under non-reciprocal agreements with Gates Ventures and the Gates Foundation, which Schrödinger now shows separately; it fell because allocated funds were depleted. (Schrödinger Q3 2026 release, Nov 4, 2026; Schrödinger Form 10-Q, Q3 2026, Nov 4, 2026)

Inside software, Schrödinger is moving customers from on-premise licenses, recognized upfront, to hosted subscriptions, recognized ratably over the contract. Hosted software revenue rose 49% to $17.2 million, while on-premise software fell 16% to $13.4 million and software maintenance fell 33% to $4.6 million. Hosted was 45% of software revenue in the quarter. Schrödinger's 10-Q says it expects revenue to decline in the near term as the transition progresses. (Schrödinger Q3 2026 release, Nov 4, 2026; Schrödinger Form 10-Q, Q3 2026, Nov 4, 2026)

Drug discovery revenue depends on milestones from collaborators and swings from quarter to quarter. The Q3 2026 increase was primarily a $12.0 million collaboration milestone from Structure Therapeutics, a company Schrödinger co-founded, tied to its Phase 1/2a study of the amylin candidate ACCG-2671. Over nine months drug discovery revenue was $70.1 million against $37.2 million, which also included a $10.0 million milestone from Lilly's acquisition of Ajax Therapeutics. (Schrödinger Form 10-Q, Q3 2026, Nov 4, 2026; Schrödinger Q3 2026 release, Nov 4, 2026)

Schrödinger's revenue is concentrated in a few large customers. In Q3 2026 two customers accounted for 20% and 15% of total revenue; a year earlier one customer accounted for 19%. In 2025 Schrödinger had 27 commercial customers with an ACV of at least $1.0 million, against 29 in 2024, and their average ACV grew to $3.9 million from $3.3 million. (Schrödinger Form 10-Q, Q3 2026, Nov 4, 2026; Schrödinger Form 10-K, 2025, Feb 25, 2026)

Schrödinger's GAAP net loss per share was $0.50 in Q3 2026, against $0.45 a year earlier, on a net loss of $37.7 million against $32.8 million. It reports no adjusted EPS. Its non-GAAP measure, adjusted EBITDA, was a loss of $16.8 million against a loss of $33.6 million. (Schrödinger Q3 2026 release, Nov 4, 2026)

Schrödinger's operations improved while its investment marks went the other way. Loss from operations narrowed to $26.1 million from $45.9 million as gross profit rose to $38.3 million and operating expenses fell 13% to $64.4 million, with research and development down to $34.1 million from $42.8 million. Below that line, the change in fair value of equity investments was a $14.8 million loss, against a $9.7 million gain a year earlier, which turned other income into $11.4 million of other expense. (Schrödinger Q3 2026 release, Nov 4, 2026; Schrödinger Form 10-Q, Q3 2026, Nov 4, 2026)

Stock-based compensation was $7.9 million in the quarter against $10.8 million a year earlier. Weighted average shares were 74,865,424 against 73,613,090, and income tax expense was $156 thousand. (Schrödinger 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.

Schrödinger gives full-year guidance in its release for annual contract value (ACV), drug discovery revenue and operating expenses, not for total revenue or EPS. With Q3 2026 it raised 2026 ACV guidance to $222 million to $232 million, or 12-17% growth over 2025, from $218 million to $228 million, and drug discovery revenue to $75 million to $85 million from $65 million to $75 million. It expects 2026 operating expenses to be less than 2025. (Schrödinger Q3 2026 release, Nov 4, 2026)

Schrödinger also listed events outside its own revenue: Takeda's New Drug Application for zasocitinib (TAK-279), co-invented by Schrödinger and Nimbus, was accepted under Priority Review, and updated Phase 1 data for SGR-1505 will be presented at the ASH Annual Meeting on December 12-15, 2026. (Schrödinger Q3 2026 release, Nov 4, 2026)

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

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