Xencor (XNCR) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Xencor 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.

• Q3 2026 revenue includes $77.4 million of royalty revenue from Xencor's July 2026 settlement with Alexion over U.S. Ultomiris royalties. Following the settlement and its second payment, Alexion owes no further royalties on U.S. Ultomiris sales.
• Q3 2026 revenue also includes a $25.0 million milestone from Astellas, triggered when the first patient was dosed in a Phase 3 trial of ASP2138.

Source: Xencor 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 Xencor 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.

• Xencor's Alexion revenue was $83.5 million in Q3 2026, up 347% from $18.7 million in Q3 2025, 72% of total revenue.
• Xencor's Astellas revenue was $25.0 million in Q3 2026, 21% of total revenue.
• Xencor's Incyte revenue was $5.5 million in Q3 2026, up 139% from $2.3 million in Q3 2025, 5% of total revenue.
• Xencor's Zenas revenue was $2.5 million in Q3 2026, 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

Xencor gives no revenue or EPS outlook. Its financial guidance is the cash balance it expects at the end of the year.

In its Q3 2026 release, Xencor said:

“Based on current operating plans, Xencor expects to end 2026 with between $480 million and $500 million in cash, cash equivalents and marketable debt securities, and to have sufficient cash resources to fund research and development programs and operations into 2029.”

Source: Xencor 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 XNCR forecast page.

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

GAAP revenue (collaborations, milestones and royalties) and diluted EPS attributable to Xencor, each as first reported in that quarter's release. Xencor's revenue swings with milestone payments and one-off royalty events, so quarters are not directly comparable.

We do not hold a confirmed date for Xencor'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

Xencor sells no products of its own. Its revenue is collaborations, milestones and royalties from partners that license its antibody engineering technology, and in Q3 2026 it was $116.5 million, against $21.0 million a year earlier: $87.5 million of royalties and $29.0 million of milestones. (Xencor Q3 2026 release, Nov 4, 2026; Xencor Form 10-Q, Q3 2026, Nov 4, 2026)

Alexion accounted for $83.5 million. Alexion licensed Xencor's Xtend technology for the drug now sold as Ultomiris, and in March 2026 told Xencor it did not owe further royalties on U.S. Ultomiris sales. Under a settlement signed on July 29, 2026, Xencor is entitled to $105.0 million in two installments of $52.5 million; it booked $27.6 million of that in Q2 2026 and the remaining $77.4 million in Q3 2026. (Xencor Form 10-Q, Q3 2026, Nov 4, 2026)

Astellas paid a $25.0 million milestone when the first patient was dosed in a Phase 3 trial of ASP2138 in gastric or gastroesophageal junction cancer. Zenas BioPharma's partner Bristol Myers Squibb filed for approval of obexelimab in Japan, which triggered a $2.5 million milestone, and Incyte contributed $5.5 million. (Xencor Q3 2026 release, Nov 4, 2026; Xencor Form 10-Q, Q3 2026, Nov 4, 2026)

Part of Xencor's royalty stream belongs to OMERS under 2023 royalty sale agreements. Cumulative Monjuvi royalties payable to OMERS reached the $29.3 million cap in Q2 2026, so later royalties revert to Xencor. Xencor recognized $4.0 million of royalty revenue in Q3 2026 under its MorphoSys agreement, the license behind Monjuvi. (Xencor Form 10-Q, Q3 2026, Nov 4, 2026)

Xencor reports GAAP results only. Net income attributable to Xencor was $39.4 million, or $0.50 per diluted share, in Q3 2026, against a net loss of $6.0 million, or $(0.08), a year earlier. Operating income was $22.9 million, against an operating loss of $47.5 million, while research and development expense rose to $84.3 million from $54.4 million because of higher costs in its development programs. (Xencor Q3 2026 release, Nov 4, 2026)

Other income, net, fell to $16.4 million from $41.5 million, mainly because of lower unrealized gains on an equity security, and general and administrative expense dropped to $9.4 million from $14.2 million on a non-recurring recovery of legal expenses. Diluted weighted-average shares were 78,353 thousand, against 74,413 thousand a year earlier. (Xencor 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.

Xencor does not give a revenue or EPS outlook. Its financial guidance is for cash: it expects to end 2026 with $480 million to $500 million in cash, cash equivalents and marketable debt securities, enough to fund operations into 2029. It held $555.7 million on September 30, 2026, and is due a final $52.5 million settlement payment from Alexion in the third quarter of 2027. (Xencor Q3 2026 release, Nov 4, 2026)

Future partner payments depend on clinical and regulatory events. Xencor is eligible for up to $225 million in milestones from Amgen on xaluritamig, up to $207.5 million from Astellas on ASP2138, and up to $447.5 million from Zenas on obexelimab, plus tiered royalties on any sales. (Xencor Q3 2026 release, Nov 4, 2026)

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

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