Q2 26 EPS GAAP
$-0.72
BEAT +11.58%
Est. $-0.81
Q2 2025 included a $143 million cumulative catch-up from license and development services revenue relating to pausing future development of etrumadenant and Gilead's related return of its license; Q2 2026 includes access rights revenues recognized related to the expiration of Gilead's option rights
Q2 26 Revenue
$41.0M
BEAT +86.52%
Est. $22.0M
vs S&P Since Q2 26
-1.2%
TRAILING MARKET
RCUS -0.6% vs S&P +0.6%
Market Reaction
Did RCUS Beat Earnings? Q2 2026 Results
Arcus Biosciences posted a stronger-than-expected second quarter for the period ending Q2 2026, with both earnings and revenue clearing Wall Street's bar by wide margins even as a steep year-over-year revenue decline defined the headline numbers. The… Read more Arcus Biosciences posted a stronger-than-expected second quarter for the period ending Q2 2026, with both earnings and revenue clearing Wall Street's bar by wide margins even as a steep year-over-year revenue decline defined the headline numbers. The company reported GAAP diluted EPS of $-0.72, beating the consensus estimate of $-0.81 by 11.58%, while revenue came in at $41.00 million, well ahead of the $21.98 million analysts had anticipated, a beat of 86.52%. That revenue figure nonetheless represented a 74.4% drop from the year-ago quarter, which had been inflated by a $143.00 million cumulative catch-up payment tied to the pausing of etrumadenant development and Gilead's return of its license; Q2 2026 revenues instead reflected access rights revenues recognized related to the expiration of Gilead's option rights. Looking ahead, Arcus guided full-year 2026 GAAP revenue to $65.00 million to $75.00 million, with a cash runway extending into at least the second half of 2028, as investor attention increasingly centers on casdatifan's expanding clinical footprint across renal cell carcinoma treatment lines.
Key Takeaways
- • Q2 2025 revenue included $143 million cumulative catch-up from pausing etrumadenant and Gilead's license return, inflating the year-ago comparison
- • Q2 2026 revenue included access rights revenues from expiration of Gilead's option rights and increased Taiho collaboration revenues
- • R&D expense decline driven by domvanalimab program wind-down and PRISM-1 enrollment completion
- • G&A expense decline driven by operational streamlining initiatives
RCUS Forward Guidance & Outlook
Arcus expects full-year 2026 GAAP revenue of between $65 million and $75 million. The company expects to end 2026 with approximately $600 million in cash and believes its cash, cash equivalents and marketable securities will fund operations until at least the second half of 2028. A $15 million milestone payment from Taiho Pharmaceutical is expected in Q3 2026. R&D expenses are expected to decline in the near-term as domvanalimab studies wind down, partially offset by increased investment in casdatifan development and immunology programs. Multiple ARC-20 data readouts for casdatifan are expected in H2 2026 across first-line, second-line and late-line ccRCC. The registrational Phase 3 PEAK-20 study is expected to initiate by year-end 2026, and PEAK-1 enrollment completion is on track for year-end 2026. PRISM-1 results for quemliclustat in pancreatic cancer are expected in H1 2027.
RCUS YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
RCUS Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our recent publication in Nature demonstrated our commitment to being the scientific leader in HIF-2α biology and translational medicine. We are leveraging these insights and the differentiated profile of casdatifan compared to that of the competition to ensure that casdatifan becomes the backbone of treatment across every line of therapy in kidney cancer. In the front-line setting especially, we see a clear path to be first-to-market and to provide the best options for physicians and patients.”
— Terry Rosen, Q2 2026 Earnings Press Release
RCUS Earnings Trends
RCUS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
RCUS EPS Trend
Earnings per share: estimate vs actual
RCUS Revenue Trend
Quarterly revenue: estimate vs actual
RCUS Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT Q2 2025 included a $143 million cumulative catch-up from license and development services revenue relating to pausing future development of etrumadenant and Gilead's related return of its license; Q2 2026 includes access rights revenues recognized related to the expiration of Gilead's option rights | $-0.81 | $-0.72 | +11.58% | $41.0M | +86.52% |
| Q1 26 MISS | $-0.83 | $-1.02 | -23.26% | $17.0M | -42.34% |
| Q4 25 BEAT FY | $-1.01 | $-0.89 | +11.59% | $33.0M | +25.00% |
| FY Full Year | $-3.50 | $-3.29 | +6.00% | $247.0M | +3.96% |
| Q3 25 BEAT | $-1.29 | $-1.27 | +1.57% | $26.0M | +28.40% |
| Q2 25 BEAT | $-1.17 | $0.00 | +100.00% | $160.0M | +386.96% |
| Q1 25 MISS | $-1.01 | $-1.14 | -12.61% | $28.0M | -27.47% |