Adaptive Biotechnologies (ADPT) Q3 FY2026 earnings: revenue $84 million, down 10.7% on the year

Adaptive Biotechnologies Corp. (ADPT) reported revenue of $84 million for Q3 FY2026, the quarter ended 30 September 2026, down 10.7% on the same quarter a year earlier. Net income was $3 million, down 69.9% on the year, and diluted earnings per share $0.02. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$84 million

-10.7% on the year · +17.3% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

-0.5%

10.9% a year earlier

Q4 FY2024Q3 FY2026

Net income

$3 million

-69.9% on the year

Q4 FY2024Q3 FY2026

Diluted EPS

$0.02

-66.7% on the year

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 1 narrowed.

Total company profitability reached in quarter: Adjusted EBITDA was $14.3 million, against $28.0 million a year earlier; excluding Genentech Agreement revenue, the prior-year figure was a loss of $5.8 million.
Revenue down on Genentech comparison: Excluding Genentech Agreement revenue, which generated none in the quarter, revenue rose 39% from the prior-year quarter.
MRD revenue grew 28% in quarter: MRD revenue was $72.6 million; excluding milestones, growth was 44%. MRD segment adjusted EBITDA was $15.1 million, against $7.0 million a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	83.9	71.6	94.0	+17.3%	-10.7%
Cost of revenue	19.9	20.2	18.2	-1.2%	+9.8%
Gross profit	64.0	51.4	75.8	+24.5%	-15.6%
Gross margin	76.2%	71.8%	80.7%
Research and development	18.6	19.2	23.7	-2.7%	-21.3%
Operating income	-0.5	-15.8	10.3
Operating margin	-0.5%	-22.0%	10.9%
Interest expense	0.5	2.7	3.0	-81.3%	-83.1%
Net income	2.9	-39.8	9.5		-69.9%
Net margin	3.4%	-55.6%	10.2%
Diluted EPS	$0.02	-$0.25	$0.06		-66.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	9.6	-6.4	-7.1
Capital expenditure	1.9	1.2	0.4	+62.9%	+371.6%
Free cash flow	7.7	-7.6	-7.5
Free cash flow margin	9.1%	-10.6%	-8.0%
Cash from investing	-125	-43.5	17.3
Cash from financing	21.2	142	1.7	-85.1%	+1,157.4%
Depreciation and amortisation	3.6	3.7	4.0	-2.4%	-9.2%
Share-based compensation	10.4	11.1	13.3	-6.6%	-21.7%
Buybacks	0.0	n/a	0.0
Diluted shares, weighted	187m	160m	163m	+16.9%	+14.5%
Shares outstanding at period end	162m	159m	153m	+1.6%	+5.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	176	143	204	+23.3%	-13.8%
Non-controlling interest	7.7	7.7	-0.2	-0.9%
Debt	335	335	132	+0.2%	+154.4%
Operating lease liabilities	64.5	66.8	72.4	-3.5%	-10.9%
Other liabilities	99.4	88.3	82.2	+12.5%	+21.0%
Total liabilities and equity	683	641	491	+6.6%	+39.2%
Fixed assets	28.0	29.5	37.5	-5.0%	-25.4%
Goodwill	119	119	119	0.0%	0.0%
Intangible assets	0.5	0.9	2.2	-48.4%	-78.8%
Investments	325	202	162	+60.8%	+100.6%
Cash and equivalents	75.6	170	55.0	-55.5%	+37.4%
Receivables	66.7	49.5	44.8	+34.7%	+48.7%
Inventory	10.1	10.5	9.9	-4.2%	+1.2%
Other assets	58.8	59.6	60.4	-1.4%	-2.7%
Total assets	683	641	491	+6.6%	+39.2%

Questions

What was Adaptive Biotechnologies' revenue in Q3 FY2026?

Adaptive Biotechnologies (ADPT) reported revenue of $84 million for Q3 FY2026, the quarter ended 30 September 2026, down 10.7% on the same quarter a year earlier.

How much did Adaptive Biotechnologies earn in Q3 FY2026?

Net income for Q3 FY2026 was $3 million, down 69.9% on the year, and diluted earnings per share $0.02.

When did Adaptive Biotechnologies report Q3 FY2026 results?

Adaptive Biotechnologies filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 4 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	37.9	38.6	43.7	47.8	55.2	37.6	48.9	37.9	45.8	41.9	43.2	46.4	47.5	52.4	58.9	94.0	71.7	70.9	71.6	83.9
Cost of revenue	14.4	13.2	13.2	14.9	16.6	18.7	17.9	19.3	19.6	18.1	19.3	16.7	18.0	17.0	18.0	18.2	18.2	18.7	20.2	19.9
Gross profit	23.6	25.4	30.4	32.9	38.6	19.0	31.0	18.6	26.2	23.8	23.9	29.8	29.4	35.5	40.9	75.8	53.5	52.2	51.4	64.0
Gross margin	62%	66%	70%	69%	70%	50%	63%	49%	57%	57%	55%	64%	62%	68%	69%	81%	75%	74%	72%	76%
R&D	34.7	37.8	37.0	35.7	31.2	32.6	32.2	28.5	28.7	30.2	25.4	24.2	23.2	24.2	24.1	23.7	21.8	23.6	19.2	18.6
Operating income	-61.6	-63.1	-52.5	-45.4	-39.2	-57.2	-47.8	-51.0	-71.1	-48.8	-47.3	-32.6	-33.8	-29.6	-25.0	10.3	-12.8	-19.2	-15.8	-0.5
Operating margin	-162%	-163%	-120%	-95%	-71%	-152%	-98%	-134%	-155%	-116%	-110%	-70%	-71%	-56%	-43%	11%	-18%	-27%	-22%	-1%
Interest expense	n/a	n/a	n/a	0.7	n/a	3.5	3.6	3.7	3.0	3.0	2.7	2.9	3.0	2.9	2.9	3.0	3.0	2.9	2.7	0.5
Net income	-61.4	-62.7	-52.0	-45.3	-40.1	-57.7	-47.8	-50.3	-69.4	-47.5	-46.2	-32.1	-33.7	-29.9	-25.6	9.5	-13.6	-20.0	-39.8	2.9
Net margin	-162%	-162%	-119%	-95%	-73%	-153%	-98%	-133%	-152%	-113%	-107%	-69%	-71%	-57%	-44%	10%	-19%	-28%	-56%	3%
Diluted EPS	-$0.44	-$0.44	-$0.37	-$0.32	-$0.28	-$0.40	-$0.33	-$0.35	-$0.48	-$0.33	-$0.31	-$0.22	-$0.23	-$0.20	-$0.17	$0.06	-$0.09	-$0.13	-$0.25	$0.02
Operating cash flow	-53.8	-64.5	-47.1	-42.4	-30.0	-59.2	-23.6	-46.7	-26.9	-38.4	-17.3	-27.1	-12.5	-28.5	-12.4	-7.1	2.1	-9.5	-6.4	9.6
Capital expenditure	9.2	3.1	5.3	5.4	2.5	2.9	3.7	2.8	1.3	1.5	1.7	0.3	0.1	1.3	0.7	0.4	0.6	0.8	1.2	1.9
Free cash flow	-63.1	-67.5	-52.4	-47.8	-32.6	-62.1	-27.3	-49.5	-28.2	-39.9	-19.0	-27.4	-12.6	-29.7	-13.1	-7.5	1.4	-10.3	-7.6	7.7
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	n/a	n/a	n/a	0.0
Shares outstanding	141m	142m	143m	143m	143m	144m	145m	145m	145m	147m	147m	148m	148m	152m	152m	153m	154m	160m	159m	162m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 4 November 2026: the filing.