Revolution Medicines

Q2 FY2026 EarningsQ2 FY26 missed consensus estimates on both revenue and EPS as the company remains in a loss-generating late-stage clinical phase. Revenue was $0M vs. $15.5M expected, while GAAP EPS of -$3.06 missed the -$1.98 mean estimate, primarily driven by a 76% YoY surge in R&D and a significant $151M non-cash charge from the fair value adjustment of warrant liabilities. Despite the bottom-line miss, the company substantially fortified its liquidity, ending the quarter with $3.9B in cash and marketable securities following $2.1B in net proceeds from concurrent equity and convertible note offerings.