Xencor, Inc. (XNCR) Income Statement
XNCR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsXNCR revenue and net income
Where XNCR's revenue goes
2025Each bar shows an amount and its share of revenue. XNCR kept −73.2% of revenue as net income.
XNCR profit margins
XNCR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +13.7% | −8.6% | +0.5% | +16.3% |
| Gross profit | — | −11.2% | −1.3% | +15.3% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
XNCR quarterly EPS vs estimates
Xencor beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 4, 2026 (estimate $-0.35).
XNCR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $125.6M | $110.5M | $168.3M | $164.6M | $275.1M | $122.7M | $156.7M | $40.6M | $35.7M | $87.5M |
| Cost of revenue | $10.5M | $227.7M | $253.6M | $8.8M | $7.5M | $169.8M | $118.6M | $97.5M | $71.8M | $51.9M |
| Gross profit | $115.1M | −$117.2M | −$85.3M | $164.6M | $275.1M | $122.7M | $38.1M | $40.6M | $35.7M | $87.5M |
| Research & development | $239.4M | $227.7M | $253.6M | $199.6M | $192.5M | $169.8M | $118.6M | $97.5M | $71.8M | $51.9M |
| Sales, general & admin | $63.6M | $50.1M | $53.4M | $47.5M | $43.2M | $29.7M | $24.3M | $22.5M | $17.5M | $13.1M |
| Total operating expenses | $292.6M | $61.2M | $307.0M | $247.1M | $231.3M | $199.5M | $24.3M | $120.0M | $89.3M | $65.0M |
| Operating income | −$177.5M | −$178.4M | −$138.6M | −$82.5M | $43.8M | −$76.8M | $13.8M | −$79.4M | −$53.6M | $22.5M |
| Interest income | $27.5M | $31.9M | $13.7M | $4.8M | $849,000 | $7.3M | $13.6M | $9.1M | $4.2M | $2.1M |
| Interest expense | $31.9M | $36.6M | $6.2M | $36.8M | $7.5M | $0 | $17.7M | $16,000 | $13,000 | $21,000 |
| Income before taxes | −$89.4M | −$234.9M | −$120.4M | −$54.5M | $82.6M | −$69.3M | $27.2M | −$70.4M | −$49.4M | $24.6M |
| Income taxes | $2.5M | $1.6M | $5.8M | $673,000 | −$7.5M | −$5.8M | $312,000 | $9.0M | −$463,000 | $991,000 |
| Net income | −$91.9M | −$232.6M | −$126.1M | −$55.2M | $82.6M | −$63.5M | $26.9M | −$70.4M | −$48.9M | $23.6M |
| EBITDA | −$47.0M | −$186.2M | −$125.9M | −$73.7M | $51.3M | −$71.0M | $18.1M | −$76.1M | −$51.5M | $24.0M |
| EPS (diluted) | −$1.24 | −$3.51 | −$2.10 | −$0.93 | $1.35 | −$1.21 | $0.45 | −$1.35 | −$1.04 | $0.56 |
| Gross margin | 91.6% | −106.1% | −50.6% | 100.0% | 100.0% | 100.0% | 24.3% | 100.0% | 100.0% | 100.0% |
| Operating margin | −141.4% | −161.5% | −82.4% | −50.1% | 15.9% | −62.6% | 8.8% | −195.5% | −150.0% | 25.8% |
| Net margin | −73.2% | −210.5% | −74.9% | −33.5% | 30.0% | −51.8% | 17.2% | −173.4% | −137.0% | 27.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $51.2M | $4.5M | $28.2M | $21.0M | $43.6M | $32.7M | $70.0M | $17.8M | $17.0M | $16.0M | $51.0M | $59.2M |
| Cost of revenue | $0 | $2.6M | $2.6M | $54.4M | $2.7M | $2.7M | $51.1M | $58.2M | $3.0M | $56.9M | $3.2M | $64.9M |
| Gross profit | $51.2M | $1.9M | $25.7M | −$33.4M | $41.0M | $30.0M | $70.0M | −$40.4M | $13.9M | −$40.9M | $47.7M | −$5.8M |
| Research & development | $71.9M | $64.7M | $64.8M | $54.4M | $61.7M | $58.6M | $51.1M | $58.2M | $61.5M | $56.9M | $63.0M | $64.9M |
| Sales, general & admin | $16.4M | $17.7M | $17.0M | $14.2M | $15.1M | $17.3M | $14.9M | $14.8M | $17.7M | $13.8M | $15.5M | $12.5M |
| Total operating expenses | $88.3M | $79.8M | $79.3M | $14.2M | $74.1M | $73.2M | $66.0M | $14.8M | $76.3M | $13.8M | $76.5M | $12.5M |
| Operating income | −$37.1M | −$77.9M | −$53.6M | −$47.5M | −$33.2M | −$43.2M | $4.0M | −$55.2M | −$62.3M | −$54.7M | −$28.7M | −$18.3M |
| Interest income | $4.8M | $5.5M | $6.2M | $6.5M | $7.2M | $7.5M | $8.2M | $7.5M | $7.7M | $7.5M | $7.0M | $5.0M |
| Interest expense | $7.4M | $4.7M | $7.4M | $7.7M | $8.2M | $8.7M | $33.9M | $795,000 | $844,000 | $9.7M | $6.2M | $7,000 |
| Income before taxes | −$21.9M | −$128.6M | −$4.3M | −$6.0M | −$31.1M | −$48.3M | −$52.6M | −$47.4M | −$67.3M | −$74.1M | −$12.6M | −$24.3M |
| Income taxes | −$190,000 | $280,000 | $2.4M | — | −$250,000 | $367,000 | $1.5M | −$1.2M | $117,000 | −$676,000 | $13.7M | −$3.1M |
| Net income | −$21.7M | −$128.9M | −$6.7M | −$6.0M | −$30.8M | −$48.4M | −$53.5M | −$46.3M | −$66.0M | −$73.4M | −$26.1M | −$24.3M |
| EBITDA | −$12.1M | −$121.4M | $5.7M | $4.2M | −$20.2M | −$36.9M | −$15.7M | −$35.4M | −$63.4M | −$61.4M | −$3.2M | −$21.1M |
| EPS (diluted) | −$0.29 | −$1.71 | −$0.09 | −$0.08 | −$0.41 | −$0.66 | −$0.62 | −$0.71 | −$1.07 | −$1.11 | −$0.31 | −$0.40 |
| Gross margin | 100.0% | 43.2% | 90.9% | −158.9% | 93.9% | 91.8% | 100.0% | −227.2% | 82.2% | −255.5% | 93.7% | −9.8% |
| Operating margin | −72.4% | −1,724.1% | −189.9% | −226.3% | −76.1% | −131.9% | 5.8% | −310.2% | −367.4% | −341.7% | −56.4% | −30.9% |
| Net margin | −42.4% | −2,854.7% | −23.6% | −28.7% | −70.7% | −147.9% | −76.4% | −260.1% | −388.9% | −459.1% | −51.3% | −41.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in XNCR's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
XNCR financial results
In fiscal year 2025 (ended December 31, 2025), Xencor reported revenue of $125.6 million, up 13.7% from the year before. It had a net loss of $91.9 million, a net profit margin of −73.2%. Diluted earnings per share came to −$1.24. Over five years revenue grew at an average rate of 0.5% a year.
See the XNCR stock overview for the latest quote and news, or the XNCR chart for price history and technical indicators.
XNCR income statement FAQ
What is Xencor's annual revenue?
Xencor reported total revenue of $125.6 million for fiscal year 2025, which ended on December 31, 2025. That was up 13.7% from $110.5 million the previous year.
Is Xencor profitable?
No. Xencor reported a net loss of $91.9 million in fiscal 2025, a net profit margin of −73.2%; its operating margin was −141.4%.
What is Xencor's gross margin?
Xencor's gross margin was 91.6% in fiscal 2025: for every $100 of revenue, Xencor kept $92 after the direct cost of its products and services.
How much does Xencor spend on research and development?
Xencor spent $239.4 million on research and development in fiscal 2025, 190.7% of revenue.
How fast is Xencor growing?
Revenue grew 0.5% a year on average over the last five fiscal years, from $122.7 million to $125.6 million.
What are Xencor's earnings per share?
Xencor earned $-1.24 per diluted share in fiscal 2025, compared with $-3.51 a year earlier.
When will Xencor report its next earnings?
Xencor is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Xencor's fiscal year end?
Xencor's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.