Tempus AI Q3 2026 earnings review

Q3 revenue rose 23.1% to $411.5M, beating the LSEG consensus, and adjusted EBITDA turned clearly positive.

Tempus AI · Q3 2026 (Jul-Sep 2026) · Published Nov 2, 2026 · By DeepCell AI · Sources

Tempus AI Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Cover

Q3 revenue rose 23.1% to $411.5M, beating the LSEG consensus, and adjusted EBITDA turned clearly positive

  1. 1.Non-GAAP EPS of $0.07 beat the LSEG consensus of -$0.08
  2. 2.Data and applications revenue rose 32.9% to $108.1M
  3. 3.Oncology test volume rose 31.8%, while hereditary volume rose 2.1%
  4. 4.Adjusted EBITDA rose to $25.6M from $1.5M
  5. 5.The 2026 revenue guidance low end rose $5.0M to $1,600M

Note: Non-GAAP EPS and adjusted EBITDA are Tempus’ own non-GAAP measures.Source: Tempus AI Form 8-K, Nov 2, 2026; LSEG via Reuters/Boursorama, Nov 2, 2026; analysis of company data

2

2 · Key takeaways

Q3 non-GAAP EPS beat the LSEG consensus by $0.15, and revenue beat it by 0.5%

Q3 2026 results vs consensus

MetricActualConsensusVarianceResult
Non-GAAP EPS, LSEG$0.07-$0.08+$0.15Beat
Total net revenue, LSEG$411.5M$409.4M+$2.2M / +0.5%Beat
Non-GAAP EPS, Zacks cross-check$0.07-$0.09+$0.16Beat
Total net revenue, Zacks cross-check$411.5M$411.3M+$0.2M / +0.1%In line

Share price reaction

Not shown: the Nov 2 regular-session close was not confirmed by two sources when this deck was built.

Note: LSEG and Zacks compare their estimates with non-GAAP EPS. GAAP net loss per share was $0.08. Percentage EPS gaps are not shown because the sign changed.Source: Tempus AI Form 8-K, Nov 2, 2026; LSEG via Reuters/Boursorama; Zacks via Yahoo Finance and AP, Nov 2, 2026; analysis of company data

3

3 · Q3 versus consensus

Tempus raised the low end of 2026 revenue guidance by $5.0M, in line with consensus at the midpoint

2026 guidance vs consensus

MetricGuidanceConsensusVariancevs Street
Full-year revenue (midpoint), Zacks$1,602.5M$1,600.0M+$2.5M / +0.2%In line
Implied Q4 revenue (midpoint), Zacks$460.4M$455.2M+$5.2M / +1.1%Above

Full-year 2026 guidance, Nov 2 vs Jul 30

MetricJul 30 guidanceNov 2 guidanceChange
Revenue, low end$1,595.0M$1,600.0M+$5.0M
Revenue, high end$1,605.0M$1,605.0M$0.0M
Revenue, midpoint$1,600.0M$1,602.5M+$2.5M
Adjusted EBITDA, about$65.0M$65.0M$0.0M

Note: Implied Q4 is the midpoint less nine-month revenue. No LSEG full-year figure was found. Guidance excludes Personalis.Source: Tempus AI Form 8-K, Nov 2, 2026; Tempus AI Form 8-K, Jul 30, 2026; Zacks via Yahoo Finance, Nov 2, 2026; analysis of company data

4

4 · Guidance

Total net revenue rose 23.1% and the net loss narrowed to $14.9M from $80.0M

  1. Both segments grewDiagnostics revenue rose 20.0%; data and applications rose 32.9%.
  2. Gross margin widenedGross margin rose to 64.8% from 62.8%.
  3. A one-off gain helpedOther income, net, was $47.1M, mostly fair value gains on securities.

Key figures in $M and YoY % for Q3 2026 vs Q3 2025

$M unless notedQ3 2025Q3 2026YoY
Total net revenue$334.2M$411.5M23.1%
Gross profit$209.9M$266.7M27.0%
Loss from operations($61.0M)($56.9M)n.m.
Adjusted EBITDA$1.5M$25.6Mn.m.

Note: n.m. is not meaningful. Adjusted EBITDA is a non-GAAP measure reconciled in the release.Source: Tempus AI Form 8-K, Nov 2, 2026; analysis of company data

5

5 · Q3 at a glance

Data and applications revenue rose 32.9%, faster than diagnostics at 20.0%

Revenue and gross profit by segment

$M unless noted, Q3 2025 vs Q3 2026

SegmentQ3 2025Q3 2026YoYQ3 2026 margin
Diagnostics$252.9M$303.5M20.0%62.4%
Data and applications$81.3M$108.1M32.9%71.5%
Total$334.2M$411.5M23.1%64.8%
Data and applications rose to 26.3% of revenue from 24.3%

Note: Margin is segment revenue less segment cost of revenues, divided by segment revenue.Source: Tempus AI Form 8-K, Nov 2, 2026; analysis of company data

6

6 · Segment overview

Revenue rose $77.3M, led by $38.1M from oncology testing

Revenue bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $334.2M$M · Oncology: $38.1M$M · Hereditary: $3.7M$M · Other Dx: $8.8M$M · Insights: $19.9M$M · Next, other: $6.8M$M · Q3 2026: $411.5MQ3 2025OncologyHereditaryOther DxInsightsNext,otherQ3 2026$0.0M$100.0M$200.0M$300.0M$400.0M$450.0M$334.2M$38.1M$3.7M$8.8M$19.9M$6.8M$411.5M
Insights revenue rose $19.9M, or 29%

Note: Other Dx and Next, other are remainders after the 10-Q drivers. Dx is diagnostics.Source: Tempus AI Form 8-K, Nov 2, 2026; Tempus AI Form 10-Q, Nov 2, 2026; analysis of company data

7

7 · Revenue bridge

Oncology test volume rose 31.8%, while hereditary volume rose only 2.1%

Test volume growth by type

% change YoY in tests, Q3 2026

Volume growth · Total tests: 12.7%Volume growth · Oncology: 31.8%Total testsOncology0.0%10.0%20.0%30.0%40.0%12.7%31.8%
Oncology tests rose to about 101,500 from 77,000

Note: MRD is minimal residual disease. Test counts are approximate, as stated in the 10-Q. MRD volume was about 12,000 tests.Source: Tempus AI Form 8-K, Nov 2, 2026; Tempus AI Form 10-Q, Nov 2, 2026; analysis of company data

8

8 · Test volume

9 · Gross profit bridge

Gross margin rose 199 bps to 64.8%, led by data and applications

Gross margin by segment

% of segment revenue, Q3 2025 vs Q3 2026

Diagnostics · Q3 2025: 61.0%Diagnostics · Q3 2026: 62.4%Data and applications · Q3 2025: 68.5%Data and applications · Q3 2026: 71.5%Total gross margin · Q3 2025: 62.8%Total gross margin · Q3 2026: 64.8%Q3 2025Q3 20260.0%25.0%50.0%80.0%61.0%62.4%68.5%71.5%62.8%64.8%

DiagnosticsData and applicationsTotal gross margin

Total gross margin rose to 64.8% from 62.8%

Note: Data and applications gross margin rose 301 bps. Gross margin is gross profit divided by revenue.Source: Tempus AI Form 8-K, Nov 2, 2026; analysis of company data

10

10 · Margins

Cash used in operations fell to $71.6M in the first nine months from $181.3M

Cash used and capital spending

$M, nine months ended Sep 30

$M · Capital spending, 2026: $35.9$M · Operations, 2025: $181.3$M · Operations, 2026: $71.6Capital spending, 2026Operations, 2025Operations, 2026$0.0M$50.0M$100.0M$150.0M$200.0M$35.9$181.3$71.6
Adjusted EBITDA was $30.8M for the nine months

Note: Capital spending is purchases of property and equipment plus capitalized software. The release gives nine-month cash flows only.Source: Tempus AI Form 8-K, Nov 2, 2026; analysis of company data

11

11 · Cash flow

Remaining performance obligations total $514.0M, with 44% due within a year

Remaining performance obligations by year

$M, as of Sep 30, 2026

$M · Next year: $226.2$M · Year two: $149.1$M · Year three: $72.0$M · Year four on: $66.8Next yearYear twoYear threeYear four on$0.0M$100.0M$200.0M$300.0M$226.2$149.1$72.0$66.8
About $226.2M is due in the next year

Note: Year amounts apply the 10-Q percentages to the total. Data licensing bookings exceed $550M this year.Source: Tempus AI Form 8-K, Nov 2, 2026; Tempus AI Form 10-Q, Nov 2, 2026; analysis of company data

12

12 · Contracted revenue

Convertible senior notes rose to $1,174.9M as Tempus repaid its term loan and revolver

Cash, debt and equity

$M, Dec 31, 2025 vs Sep 30, 2026

$MDec 31, 2025Sep 30, 2026
Cash and marketable securities$759.7M$854.4M
Total debt$1,239.5M$1,350.8M
Total stockholders’ equity$491.3M$500.4M
Net debt$479.8M$496.5M
Term loan and revolver balances fell to zero from $202.8M and $100.0M

Note: Cash and marketable securities include restricted cash. Total debt is convertible notes, term loan, revolver and the convertible promissory note.Source: Tempus AI Form 8-K, Nov 2, 2026; analysis of company data

13

13 · Balance sheet

Q4 estimates depend on hereditary growth of 2.1% and on SG&A, up 23.4%

Indicator
What to watch
Implication
Q3 reading
Hereditary volume
Growth stays slow
Diagnostics estimates could fall
Hereditary tests rose 2.1%
SG&A
Costs grow faster than revenue
Profit estimates could fall
SG&A rose 23.4%
Fair value gains
Securities gains reverse
Net loss could widen
Other income, net, was $47.1M
Personalis deal
The deal closes after a Nov 30 vote
Guidance could change
Acquisition expenses were $3.7M

Note: These are analytical watch points, not company targets.Source: Tempus AI Form 8-K, Nov 2, 2026; analysis of company data

14

14 · Risks to estimates

15 · Supporting analysis (1/4)

Appendix: supporting analysis for profit and margins

ClaimEvidenceCalculation
Non-GAAP operating income turned positive($8.7M) to $14.4MRelease reconciliation
Stock-based compensation rose$34.0M to $48.1M (41.5%)Release reconciliation
Fair value changes added a gain($41.5M) in Q3 2026, removed from non-GAAP resultsRelease reconciliation
Adjusted EBITDA margin widened0.4% in Q3 2025 and 6.2% in Q3 2026Adjusted EBITDA divided by revenue

Source: Tempus AI Form 8-K, Nov 2, 2026; analysis of company data

16

16 · Supporting analysis (2/4)

Appendix: guidance, cash flow and balance sheet support

ClaimEvidenceCalculation
Nine-month revenue$1,142.1M in Jan–Sep 2026, up 26.3%As stated in the release
Implied Q4 adjusted EBITDA$34.2M, the full-year figure less $30.8M to dateGuidance less nine months
Notes refinanced bank debtConvertible notes raised $443.1M; term loan repaid $207.7M; revolver repaid $100.0MNine-month cash flow statement
Receivables roseAccounts receivable $311.2M to $380.7MBalance sheet

Source: Tempus AI Form 8-K, Nov 2, 2026; analysis of company data

17

17 · Supporting analysis (3/4)

Appendix: watch items behind guidance and risks

ClaimEvidenceCalculation
SG&A rose$187.9M to $231.9M (23.4%)Statement of operations
Technology R&D rose$38.1M to $45.7M (20.0%)Statement of operations
Interest expense fell$15.4M to $6.7M after the term loan was repaidStatement of operations
Share count roseWeighted-average shares 181.3 million (3.6%)Statement of operations

Source: Tempus AI Form 8-K, Nov 2, 2026; analysis of company data

18

18 · Supporting analysis (4/4)

Appendix: operating expense and volume detail

Operating expense detail, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Cost of revenues, diagnostics$98.6M$114.0M15.6%
Technology R&D$38.1M$45.7M20.0%
Research and development$45.0M$46.0M2.3%
SG&A$187.9M$231.9M23.4%

Approximate test volume and YoY %

TestsQ3 2025Q3 2026YoY
Oncology77,000101,50031.8%
Hereditary140,000143,0002.1%
Total217,000244,50012.7%

Note: R&D is research and development. SG&A is selling, general and administrative.Source: Tempus AI Form 8-K, Nov 2, 2026; Tempus AI Form 10-Q, Nov 2, 2026; analysis of company data

19

19 · Appendix: financial detail

Appendix: sources

  • Filing: Tempus AI Form 8-K, Nov 2, 2026 — https://www.sec.gov/Archives/edgar/data/1717115/000119312526442619/tem-ex99_1.htm
  • Filing: Tempus AI Form 10-Q, Nov 2, 2026 — https://www.sec.gov/Archives/edgar/data/1717115/000119312526442624/tem-20260930.htm
  • Prior guidance: Tempus AI Form 8-K, Jul 30, 2026 — https://www.sec.gov/Archives/edgar/data/1717115/000119312526326083/tem-ex99_1.htm
  • Consensus (Q3 results): LSEG data compiled by Reuters, via Boursorama, Nov 2 — https://www.boursorama.com/bourse/actualites/tempus-ai-en-hausse-apres-avoir-annonce-un-benefice-trimestriel-inattendu-002a6d680a8c876a009456656abde658
  • Consensus (cross-check, Q4, full year): Zacks via Yahoo Finance, Nov 2 — https://finance.yahoo.com/markets/stocks/articles/tempus-ai-tem-beats-q3-152003134.html

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20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Tempus AI's Form 8-K (Exhibit 99.1) of November 2, 2026, its Form 10-Q for the quarter ended September 30, 2026, and its Form 8-K of July 30, 2026 for prior guidance. Consensus estimates (LSEG via Reuters and Boursorama, Zacks via Yahoo Finance and AP) are third-party data, credited on the sources page. We have not independently verified third-party data and make no warranty that any information here is accurate, complete or timely.

Forward-looking statements. Company guidance, consensus estimates, remaining performance obligations and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Past performance. Past results, including those for Q3 2026, are not a reliable indicator of future results.

Non-GAAP measures. Non-GAAP and adjusted figures follow Tempus AI's own definitions, which exclude items such as stock-based compensation and fair value changes. They supplement, and do not replace, GAAP results, and they may not be comparable with other companies' measures. The earnings release reconciles them to GAAP.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Tempus AI, Inc. and does not represent its views. Company names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser before making any investment decision.

Date of analysis. The analysis reflects information available as of November 2, 2026. It will not be updated for later events, and views may change without notice.

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21

21 · Important disclosures

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