Tempus Posts Record $411.5 Million Quarter as Data Revenue Jumps 33%

Tempus AI reported record third-quarter revenue of $411.5 million on Monday, up 23 percent from a year earlier.

Tempus sells cancer tests to physicians and licenses its clinical data to drugmakers. Both halves grew in the quarter ended September 30, 2026. The company reported the results on Monday, November 2.

“Q3 was another record quarter,” founder and chief executive Eric Lefkofsky said in the release. He pointed to unit growth of 32 percent in oncology and revenue growth of 33 percent in Data and Applications.

Testing carried the quarter; data grew faster

Diagnostics generated $303.5 million of revenue, up 20 percent. Oncology test volume rose 32 percent, the fastest growth the release reports. Hereditary testing revenue grew just 3 percent, a drag the company named in its own summary.

Data and Applications generated $108.1 million, up 33 percent. Inside that segment, Insights, the data-licensing business, grew 29 percent. Gross profit rose 27 percent to $266.7 million, led by the data segment, the release says.

Minimal residual disease (MRD) testing, which looks for traces of cancer after treatment, reached about 12,000 tests. That is up 300 percent from a year earlier, the release says. The volume matters because MRD is the business Tempus is buying Personalis to expand.

The loss narrowed, with help

The net loss narrowed to $14.9 million, from $80.0 million a year earlier. Two non-cash items sit inside that line. Stock-based compensation and related payroll taxes cost $50.8 million, while unrealized gains on marketable securities added $42.8 million.

On the non-GAAP basis Tempus defines, net income was $13.4 million, or $0.07 per diluted share. A year earlier, the same company-defined measure showed a loss. Adjusted EBITDA, a company-defined earnings measure before interest, taxes, depreciation and amortization, was $25.6 million.

That adjusted figure was up from $1.5 million a year earlier. Tempus ended the quarter with $854.4 million of cash and marketable securities. Across the first nine months of 2026, revenue reached $1.14 billion and the net loss was $135.1 million.

A guidance raise, honestly sized

Tempus raised its full-year 2026 revenue guidance to $1.60 billion to $1.605 billion. That represents about 25 percent annual growth, the release says. The company kept its expectation for full-year adjusted EBITDA at about $65 million.

The raise is modest, and readers should size it that way. In July, Tempus guided to $1.595 billion to $1.605 billion for the year. Monday's change lifts only the low end, by $5 million, a calculation from the two ranges, and leaves the top end untouched.

Deals and clearances filled the release

In October, Tempus announced a strategic collaboration with Bristol Myers Squibb (BMS). Tempus is licensing oncology data and models directly to BMS for up to $137.5 million over five years. The release says the deal brought total data licensing bookings to more than $550 million this year.

BMS and Pathos are also licensing data covering patients with Alzheimer's or dementia. That part is worth $55 million over five years, the release says. It extends Tempus's data and modeling platform beyond oncology.

Tempus also announced a multi-year collaboration with Merck and Moderna. It supports the potential commercialization of intismeran autogene, a personalized cancer therapy still in trials. The therapy is being evaluated with KEYTRUDA, Merck's anti-PD-1 therapy, in melanoma and other cancers.

Regulators have cleared Tempus's pending acquisition of Personalis, the release says. Personalis shareholders vote on the deal at a meeting planned for November 30, 2026. Tempus also received two 510(k) clearances from the U.S. Food and Drug Administration (FDA), for Tempus ECG-PH and ECG-MR.

What remains unknown

What remains unknown starts with the fourth quarter. The raised low end implies a strong finish, but the release gives no quarterly guidance. Whether hereditary revenue growth reaccelerates from 3 percent is also open.

The Personalis acquisition is not done. Shareholder approval is still required, and the release gives no closing date. How much of the $550 million in data bookings converts to revenue, and on what timetable, is likewise undisclosed.

What to watch next

What to watch next is dated. Personalis shareholders meet on November 30, 2026, and a completed deal would fold its MRD technology into Tempus's platform. Fourth-quarter results will then test whether the new guidance low end was conservative.

Watch MRD volume and the data segment's growth rate. If Insights keeps growing near 30 percent, the data half carries more of the company's value. If oncology volume slows from 32 percent, the record-quarter story gets harder to repeat.