Q2 2026 total net revenue rose 22% year-over-year to $382.5M, with Diagnostics at $289.3M (+20%) and Data and applications at $93.2M (+28%); diagnostic test volume increased from ~212,000 to ~238,000 tests, driven by Oncology tests rising from ~73,500 to ~96,500; adjusted EBITDA turned positive at $8.0M (vs. negative $5.6M in the prior-year quarter), while GAAP net income of $5.6M was primarily driven by a $98.5M unrealized gain on marketable equity securities (Personalis and Recursion shares).
On July 20, 2026 (a subsequent event disclosed in the 10-Q), Tempus announced a Merger Agreement to acquire all outstanding Personalis shares not already owned at $16.25 per common share, representing a total enterprise value of $1.5 billion; consideration is planned to consist entirely of Tempus common stock (with an option to pay up to 50% in cash), and closing is expected in late 2026 or early 2027 subject to Personalis shareholder approval and regulatory clearances.
In May 2026, Tempus completed a $460.0M private offering of 0.00% Convertible Senior Notes due 2032 (net proceeds $441.9M) and used a portion of the proceeds to repay $317.9M of the Additional Term Loan Facility and Revolving Credit Facility, terminating the Ares Credit Agreement in its entirety; no Credit Facility amounts remained outstanding as of June 30, 2026, and the repayment triggered an $11.6M loss on debt extinguishment; Tempus also entered a 2032 Capped Call covering ~6.6M shares at a cap price of $98.94 for a cost of ~$31.2M.
Under the April 2025 Pathos Master Agreement (a related-party arrangement with Pathos AI, where Tempus CEO Lefkofsky is co-founder and Executive Chairman), Pathos is developing a Foundation Model for oncology using de-identified multi-modal data licensed from Tempus for $200M over three years; in June 2026, Pathos paid $8.8M of data license fees in Pathos Series D Preferred Stock, and Tempus recognized $22.0M of related-party revenue in Q2 2026 (vs. $15.9M in the prior-year quarter), with the Foundation Model work performed under a Statement of Work with AstraZeneca under the pre-existing MSA (minimum commitment $220M through December 2026, extendable to $320M through 2028).
In February 2026, a lawsuit was filed in the U.S. District Court for the Northern District of Illinois alleging violations of the Illinois Genetic Information Privacy Act, other state privacy laws, and common-law claims, seeking class-action status; three companion cases were filed thereafter in the same court, and Tempus stated it believes the lawsuits to be without merit and intends to defend vigorously.
(Filed on May 5, 2026)
+36.1%
—
$521.2M
Total net revenue reached $348.1M in Q1 2026, up 36% year-over-year, driven by test volume growth to approximately 218,000 tests (from ~153,000 in Q1 2025), including ~85,500 oncology tests and ~132,500 hereditary tests (the latter reflecting a full quarter of Ambry Genetics contribution following its February 2025 acquisition). Diagnostics revenue rose 35% to $261.1M and Data and applications revenue rose 41% to $87.0M.
Related party revenue from the Pathos/AstraZeneca Foundation Model agreement reached $21.8M in Q1 2026 (vs. $0.6M in Q1 2025). Under the April 2025 Pathos Master Agreement, Pathos is developing a large multimodal oncology model using de-identified Tempus data, will pay Tempus $200M in data license fees over three years ($50M upfront paid April 2025), and Tempus will pay Pathos $35M for model commitments ($25M paid to date). Pathos may pay up to 50% of data license fees in its Series D Preferred Stock.
The SB Tempus Japan joint venture data license subscription, under which Tempus recognized $6.2M per quarter, reached its end date of March 31, 2026. The SB Tempus investment carrying value stood at $81.7M, and Tempus's share of joint venture losses for Q1 2026 was $3.1M (vs. $1.9M in Q1 2025). Tempus continues to recognize $4.0M per quarter under a separate IP license agreement with SB Tempus, amortized over three years.
The Paige.AI digital pathology acquisition (closed August 22, 2025, for $101.5M including $3.0M cash and 1,256,977 shares) remains in its measurement period as of March 31, 2026, with fair value estimates preliminary. A $6.9M equity holdback is payable within five business days of August 22, 2026, and Tempus assumed $39.5M in remaining Microsoft Azure purchase commitments. No goodwill impairment was recorded this quarter.
Four companion class action lawsuits were filed in the U.S. District Court for the Northern District of Illinois beginning February 12, 2026, alleging violations of the Illinois Genetic Information Privacy Act, other state privacy laws, and common law claims. Tempus stated it believes the suits are without merit and intends to vigorously defend. Separately, existing Guardant Health patent infringement litigation in the District of Delaware continues, with an additional xM-related complaint consolidated in August 2025.
Adjusted EBITDA improved to negative $2.8M in Q1 2026 from negative $16.2M in Q1 2025. Operating cash outflow narrowed to $73.3M (from $105.6M), and cash, cash equivalents, and restricted cash totaled $525.9M. Cloud and software costs within SG&A rose to $39.3M from $24.9M year-over-year, reflecting expanded platform investment. No shares were sold under the $500M ATM facility during the quarter; approximately $300M remained available.
(Filed on February 24, 2026)
+83.0%
—
$604.8M
Completed four acquisitions in fiscal year 2025 (annual context): Ambry Genetics (Feb 2025, ~$692M total consideration) adding hereditary cancer, rare disease, and cardiology genetic testing plus a west-coast lab, contributing 460,500 hereditary tests and $362.7M in Diagnostics revenue in FY2025; Deep 6 AI (Mar 2025, ~$17M) for AI-powered clinical trial patient matching; Paige.AI (Aug 2025, ~$102M) for digital pathology, bringing the first FDA-cleared AI pathology application and ~7 million digitized slide images; and OneOme (Nov 2025) adding pharmacogenetics (DPYD) testing and a Minneapolis lab, bringing total lab count to five (Chicago, Atlanta, Raleigh, Aliso Viejo, Minneapolis), all CAP-accredited and CLIA-certified.
In April 2025, entered agreements with AstraZeneca and Pathos to develop a foundation large multimodal oncology model: Pathos pays $200M in data license fees over three years ($50M upfront paid as of April 2025), AstraZeneca pays a $35M fee, and Tempus pays Pathos $35M ($25M paid to date); Tempus retains a license to the completed Foundation Model with a sublicense right to AstraZeneca. As of December 31, 2025, Remaining TCV across signed contracts exceeded $1.1B (including ~$300M in potential opt-ins), spanning the AstraZeneca MSA ($220M minimum through Dec 2026, expandable to $320M through 2028), the GSK agreement ($180M minimum through Dec 2027, up to $300M with options), and the Recursion agreement (up to $160M through Nov 2028).
Fiscal year 2025 annual operating metrics: total revenue $1,271.8M (+83% YoY); Diagnostics revenue $955.4M (+111%) on approximately 801,000 tests (vs. ~270,800 in FY2024), with oncology tests at ~340,500 and average oncology NGS reimbursement of ~$1,600 (vs. $1,510); Data and applications revenue $316.4M (+31%), with Insights Net Revenue Retention of ~126%. The proprietary multimodal database reached ~1.4 billion documents, 8.6 million de-identified patient records, and >450 petabytes; the provider network spanned ~700 data connections across ~5,000 sites and covered >55% of U.S. oncologists. More than 123,000 molecular oncology Algos had been ordered; >40,000 patients were identified for clinical trials across >1,400 trials in the TIME network; and Tempus Next was deployed at ~150 cardiology hospitals screening >60,000 patients per month. xT turnaround was ~9 days and xF ~8 days; xT CDX held FDA PMA (April 2023) and CMS ADLT status (July 2024).
Cardiology and algorithmic diagnostics progress: the AFib prediction algorithm, trained on ~3.5 million ECGs across >800,000 patients with longitudinal outcome data, retains FDA Breakthrough Device Designation (originally granted March 2021) for patients ≥40 with CHA2DS2-VASc ≥4. Tempus is advancing additional cardiac Algos for aortic stenosis, low ejection fraction, and familial hypercholesterolemia, and has developed algorithms from radiologic images (via Arterys, acquired 2022), digital pathology slides (via Paige, acquired 2025), and immunohistochemistry/H&E staining, offering >50 algorithms in total. The oncology TO algorithm (deployed 2021) is ordered on ~10% of solid tumor profiles, and xR RNA sequencing data showed 43.4% of patients matched to a targeted therapy when combined with DNA and immune biomarker assessment, vs. 29.6% with DNA alone.
Corporate reorganization and capital structure: Tempus reincorporated from Delaware to Nevada effective August 7, 2025. On February 20, 2026, the board appointed Ryan Fukushima (previously COO) as Chief Executive Officer, Data, and Tom Schoenherr as Chief Executive Officer, Diagnostics. In FY2025 the company issued $750M of 0.75% Convertible Senior Notes due 2030 (July 2025, net proceeds $725.7M, partially used to repay $293.5M of Ares term loans), added a $200M term loan and $100M revolver (Feb 2025, funding the Ambry cash consideration), established a $500M at-the-market equity program (Aug 2025; $195.5M sold at a weighted average of $83.97/share), and amended the Google convertible note (Feb 2025) extending maturity to December 2030 with principal reset to $238.8M. Total indebtedness was ~$1.3B at year-end; cash and equivalents were $604.8M.
Regulatory and legal developments: In March 2025, a federal district court in the Northern District of Texas vacated the FDA's May 2024 final rule that would have phased out enforcement discretion over laboratory-developed tests, leaving the regulatory status of LDTs uncertain. The One Big Beautiful Bill Act (signed July 4, 2025) narrowed ACA marketplace enrollment and is expected to reduce Medicaid spending, with potential downstream effects on payer mix. Ambry (acquired Feb 2025) and a third party experienced data breaches requiring individual and regulator notifications, with investigations ongoing. Guardant Health expanded its patent litigation in August 2025 (three additional patents asserted against xM tests, consolidated with the original June 2024 suit covering xF and xF+); Tempus filed Lanham Act counterclaims and its own patent infringement complaint against Guardant in March 2025. A federal securities class action (Shouse v. Tempus) filed in June 2025 was voluntarily dismissed in November 2025; two Illinois Genetic Information Privacy Act class-action suits were filed in February 2026.
(Filed on November 4, 2025)
+84.7%
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$655.9M
Completed the acquisition of Paige.AI, Inc. on August 22, 2025 for $102.7 million ($3.0M cash plus 1,272,151 shares of Class A common stock at $80.52/share), adding an AI digital pathology technology portfolio and growing the company's dataset; the deal generated $142.4M of goodwill and included assumption of $39.5M in remaining Microsoft Azure cloud commitments. Paige contributed immaterial Data and services revenue and a $2.4M net loss for the quarter; the purchase price allocation remains preliminary.
Q3 2025 total net revenue reached $334.2M, up 85% year-over-year, with Genomics at $252.9M (+117%) and Data and services at $81.3M (+26%). Total test volume rose to approximately 217,000 tests (vs. ~69,000 in Q3 2024), of which 129,500 were hereditary tests from the February 2025 Ambry acquisition; legacy oncology tests grew to ~87,500 (from ~69,000) with average revenue per test increasing to ~$1,600 from ~$1,530, driven by higher Medicare reimbursement rates. Adjusted EBITDA turned positive at $1.5M for the quarter, compared with a $21.8M loss in the prior-year period.
On July 3, 2025, Tempus completed a $750M private offering of 0.75% Convertible Senior Notes due 2030 (net proceeds $725.7M; initial conversion price ~$84.19/share), using proceeds to repay the original Ares Term Loan in full ($276.9M principal) and to fund a $41.8M capped call transaction covering approximately 8.9M shares with a cap price of $111.1950. On August 8, 2025, the company entered a $500M at-the-market equity sales agreement and sold 2,381,895 shares at a weighted-average price of $83.97 for $195.5M in net proceeds during the quarter, leaving ~$300M available under the facility.
Under the April 2025 Pathos/AstraZeneca Foundation Model collaboration, Tempus recognized $25.2M of related-party Data and services revenue in Q3 2025 (vs. $2.4M in Q3 2024) as part of a $200M three-year data licensing arrangement ($50M upfront paid April 2025) under which Pathos is developing a foundation large multimodal model for oncology using Tempus de-identified multi-modal data. Tempus is providing the secure cloud environment (Pathos pays the first $60M of compute costs) and will receive a license to the completed model with sublicense rights to AstraZeneca, which separately pays a $35M fee under the MSA Statement of Work.
On August 12, 2025, Guardant Health filed a new patent-infringement complaint in the District of Delaware alleging Tempus's xM tests infringe three additional Guardant U.S. patents; the case was consolidated with Guardant's June 2024 suit covering five patents on the xF, xF+, xM Monitor, and xM MRD products. Tempus maintains its Lanham Act counterclaims against Guardant and a separate patent-infringement action against Guardant in the Southern District of California; all matters remain pending.
