Tempus AI, Inc. Class A (TEM) Q2 2026 Earnings Report

The call was strongly positive, with 22% total revenue growth, accelerating Data and Apps momentum, major FDA and foundation-model milestones, expanding pharma partnerships, improved profitability, higher guidance, and a rapidly growing MRD opportunity. The main challenges were slower hereditary testing growth, still-negative operating cash flow, limited current MRD sales-force deployment, pending xF approval, and uncertainty around the early whole-genome ramp.

Tempus increased guidance to $1.595 billion-$1.605 billion in 2026, representing approximately 25% growth, and expects 2026 Adjusted EBITDA to be approximately $65 million, an improvement of about $72 million over 2025; the company expects to achieve positive free cash flow by year-end, continued improvement in Adjusted EBITDA and free cash flow in 2027, hereditary growth rates reaching mid-teens growth by the end of the year, and data-business growth close to 30% range plus for three years, five years, and seven years. xT CDx is expected to provide an estimated $200 uplift in ASP, equating to approximately $85 million on an annual basis beginning in 2027, while xF, expected to be approved and in-market in the latter half of 2027, is expected to provide an additional $550, with approximately $400 million of revenue uplift in 2028; xF guidance assumes a $7,500 ADLT price.