The strong beat, first GAAP profitable quarter, raised guidance, and accelerating operational metrics (Oncology volume, MRD, Insights) are clear positives. The ~$1.5B Personalis acquisition adds a leading MRD technology but introduces integration risk and near-term dilution. Monitor the Q3 2026 call for updates on Personalis deal closure (expected late Q4 2026/early 2027) and any changes to the ~$65M Adjusted EBITDA guidance.
Price Chart
Executive Summary
Tempus AI reported Q2 2026 revenue of $382.5M (+22% YoY), beating consensus of $379.5M, and a non-GAAP net loss per share of -$0.04, beating the consensus estimate of -$0.15. The company achieved its first GAAP net income quarter ($5.6M), generated positive Adjusted EBITDA of $8.0M, and raised full-year revenue guidance to $1.595-$1.605B. The quarter was highlighted by strong operational metrics including 31% oncology volume growth, 36% Insights revenue growth, and ~$200M in new Data & Applications bookings, alongside the announced acquisition of Personalis for ~$1.5B.
Key Financial Metrics
Key Facts
- Total revenue of $382.5M, up 22% YoY, beating consensus of $379.5M.
- Non-GAAP net loss per share of -$0.04, beating consensus estimate of -$0.15 (73.6% beat).
- First GAAP net income quarter of $5.6M, compared to a net loss of -$42.8M in Q2 2025.
- Adjusted EBITDA of $8.0M, compared to -$5.6M in Q2 2025.
- Raised full-year 2026 revenue guidance to $1.595-$1.605 billion (~25% annual growth).
- Oncology volume grew 31% YoY; MRD volume reached 9,000 tests (up from 6,500 last quarter).
- Data Licensing & Modeling (Insights) revenue grew 36% YoY; signed ~$200M in new Data & Applications licenses.
- Announced definitive agreement to acquire Personalis for ~$1.5B enterprise value.
- Completed a $460M offering of 0.0% convertible senior notes due 2032; cash and marketable securities of $820.7M.
Financial Impact
Revenue beat consensus by ~$3M; EPS beat by ~$0.11. Raised FY2026 revenue guidance by $5M at the midpoint. The ~$1.5B Personalis acquisition represents a significant strategic investment.
Risk Factors
- Integration risk and potential dilution from the ~$1.5B Personalis acquisition.
- Operating cash flow remains negative (-$80.8M in H1 2026), though improving.
- Revenue growth decelerated to 22% YoY from 36% YoY in Q1 2026, partly due to the Ambry acquisition anniversary.
- GAAP net income was driven by $98.5M in unrealized gains on marketable securities, which is non-recurring.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-326083 |
| Document: tem-20260730.htm | 0001193125-26-326083 |
| Document: 0001193125-26-326083-index-headers.html | 0001193125-26-326083 |
| Document: 0001193125-26-326083-index.html | 0001193125-26-326083 |
| Document: 0001193125-26-326083.txt | 0001193125-26-326083 |
| 8-K Data (Synthetic) | 0001193125-26-326083 |
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