Tempus AI Q3 2026 earnings review
Quarter ended September 30, 2026
For information only, not investment advice. No rating or price target.
Earnings reviews · 21 slides
Not investment advice; no rating or price target.
1 · Cover · Open this slide in DeepCell
Q3 revenue rose 23.1% to $411.5M, beating the LSEG consensus, and adjusted EBITDA turned clearly positive
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 · Key takeaways · Open this slide in DeepCell
Q3 non-GAAP EPS beat the LSEG consensus by $0.15, and revenue beat it by 0.5%
Q3 2026 results vs consensus
| Metric | Actual | Consensus | Variance | Result |
|---|---|---|---|---|
| Non-GAAP EPS, LSEG | $0.07 | -$0.08 | +$0.15 | Beat |
| Total net revenue, LSEG | $411.5M | $409.4M | +$2.2M / +0.5% | Beat |
| Non-GAAP EPS, Zacks cross-check | $0.07 | -$0.09 | +$0.16 | Beat |
| 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 · Q3 versus consensus · Open this slide in DeepCell
Tempus raised the low end of 2026 revenue guidance by $5.0M, in line with consensus at the midpoint
2026 guidance vs consensus
| Metric | Guidance | Consensus | Variance | vs 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
| Metric | Jul 30 guidance | Nov 2 guidance | Change |
|---|---|---|---|
| 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 · Guidance · Open this slide in DeepCell
Total net revenue rose 23.1% and the net loss narrowed to $14.9M from $80.0M
- Both segments grewDiagnostics revenue rose 20.0%; data and applications rose 32.9%.
- Gross margin widenedGross margin rose to 64.8% from 62.8%.
- 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 noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Total net revenue | $334.2M | $411.5M | 23.1% |
| Gross profit | $209.9M | $266.7M | 27.0% |
| Loss from operations | ($61.0M) | ($56.9M) | n.m. |
| Adjusted EBITDA | $1.5M | $25.6M | n.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 · Q3 at a glance · Open this slide in DeepCell
Data and applications revenue rose 32.9%, faster than diagnostics at 20.0%
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 · Segment overview · Open this slide in DeepCell
Revenue rose $77.3M, led by $38.1M from oncology testing
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 · Revenue bridge · Open this slide in DeepCell
Oncology test volume rose 31.8%, while hereditary volume rose only 2.1%
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 · Test volume · Open this slide in DeepCell
Gross profit rose 27.0% as diagnostics added $35.2M and data and applications $21.6M
Gross profit bridge
$M, Q3 2025 to Q3 2026
Non-GAAP gross profit was $271.2M
Note: Gross profit is total net revenue less cost of revenues for both segments.Source: Tempus AI Form 8-K, Nov 2, 2026; analysis of company data
9 · Gross profit bridge · Open this slide in DeepCell
Gross margin rose 199 bps to 64.8%, led by data and applications
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 · Margins · Open this slide in DeepCell
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
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 · Cash flow · Open this slide in DeepCell
Remaining performance obligations total $514.0M, with 44% due within a year
Remaining performance obligations by year
$M, as of Sep 30, 2026
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 · Contracted revenue · Open this slide in DeepCell
Convertible senior notes rose to $1,174.9M as Tempus repaid its term loan and revolver
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 · Balance sheet · Open this slide in DeepCell
Q4 estimates depend on hereditary growth of 2.1% and on SG&A, up 23.4%
Indicator
What to watch
Implication
Q3 reading
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 · Risks to estimates · Open this slide in DeepCell
Appendix: supporting analysis for segments
| Claim | Evidence | Calculation |
|---|---|---|
| Diagnostics gross profit rose | $154.2M to $189.4M (22.8%) | Revenue less cost of revenues |
| Data and applications gross profit rose | $55.7M to $77.3M (38.7%) | Revenue less cost of revenues |
| Total test volume rose | About 217,000 to 244,500 tests (12.7%) | 10-Q, approximate counts |
Source: Tempus AI Form 8-K, Nov 2, 2026; Tempus AI Form 10-Q, Nov 2, 2026; analysis of company data
15 · Supporting analysis (1/4) · Open this slide in DeepCell
Appendix: supporting analysis for profit and margins
| Claim | Evidence | Calculation |
|---|---|---|
| Non-GAAP operating income turned positive | ($8.7M) to $14.4M | Release 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 results | Release reconciliation |
| Adjusted EBITDA margin widened | 0.4% in Q3 2025 and 6.2% in Q3 2026 | Adjusted EBITDA divided by revenue |
Source: Tempus AI Form 8-K, Nov 2, 2026; analysis of company data
16 · Supporting analysis (2/4) · Open this slide in DeepCell
Appendix: guidance, cash flow and balance sheet support
| Claim | Evidence | Calculation |
|---|---|---|
| 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 date | Guidance less nine months |
| Notes refinanced bank debt | Convertible notes raised $443.1M; term loan repaid $207.7M; revolver repaid $100.0M | Nine-month cash flow statement |
| Receivables rose | Accounts receivable $311.2M to $380.7M | Balance sheet |
Source: Tempus AI Form 8-K, Nov 2, 2026; analysis of company data
17 · Supporting analysis (3/4) · Open this slide in DeepCell
Appendix: watch items behind guidance and risks
| Claim | Evidence | Calculation |
|---|---|---|
| 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 repaid | Statement of operations |
| Share count rose | Weighted-average shares 181.3 million (3.6%) | Statement of operations |
Source: Tempus AI Form 8-K, Nov 2, 2026; analysis of company data
18 · Supporting analysis (4/4) · Open this slide in DeepCell
Appendix: operating expense and volume detail
Operating expense detail, $M and YoY %
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Cost of revenues, diagnostics | $98.6M | $114.0M | 15.6% |
| Technology R&D | $38.1M | $45.7M | 20.0% |
| Research and development | $45.0M | $46.0M | 2.3% |
| SG&A | $187.9M | $231.9M | 23.4% |
Approximate test volume and YoY %
| Tests | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Oncology | 77,000 | 101,500 | 31.8% |
| Hereditary | 140,000 | 143,000 | 2.1% |
| Total | 217,000 | 244,500 | 12.7% |
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 · Appendix: financial detail · Open this slide in DeepCell
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 · Sources · Open this slide in DeepCell
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 · Important disclosures · Open this slide in DeepCell