AI-extracted from the 10-Q filed 2026-08-05 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Caris swung to profitability with Q2 revenue up 45% YoY to $263.7M, driven by a 54.8% surge in molecular profiling services, pushing operating income to $26.9M from a $18.0M loss a year ago.
Biggest Revenue Drivers
Molecular profiling services$252.3M+54.8% YoY
Driven primarily by higher clinical case volume (59,200 vs. 50,000 cases) and higher reimbursement, including improved average selling prices from enhanced contracting
Pharma research and development services$11.5M-38.0% YoY
Decrease was a result of the timing of delivery of services under applicable agreements
Biggest Revenue Drivers
Total revenue: $263.7M+45.4% YoY
Molecular profiling services$252.3M+54.8% YoY
Driven primarily by higher clinical case volume (59,200 vs. 50,000 cases) and higher reimbursement, including improved average selling prices from enhanced contracting
Pharma research and development services$11.5M-38.0% YoY
Decrease was a result of the timing of delivery of services under applicable agreements
Largest Expense Items
Cost of Services - Molecular profiling services$81.3M+24.5% YoY
Blood laboratory costs rose $10.4M (materials/testing +$8.6M, labor +$1.2M) and tissue laboratory costs rose $5.5M
General and administrative expense$66.5M+3.4% YoY
Higher labor, professional fees and utilities, largely offset by an $11.5M decrease in stock-based compensation tied to IPO-vesting awards in the prior-year quarter
Selling and marketing expense$53.8M+27.2% YoY
Personnel costs from sales team expansion (+$6.9M) plus higher travel/marketing and professional services spend
Research and development expense$32.4M+29.2% YoY
Higher depreciation, stock-based compensation, utilities, and biorepository collection fees
Margins: Gross profit rose 58.0% YoY to $179.6M as molecular profiling revenue grew faster than its cost of services; operating margin turned positive at 10% of revenue versus -10% a year ago as revenue growth outpaced opex growth.
Watch Items from the Filing
Payer 1 represented 37.3% of Q2 2026 revenue (down from 44.7% in Q2 2025); Payer 2 was 12.6% and Payer 3 was 15.6%, indicating continued heavy single-payer concentration.
The company remains under a DOJ Civil Investigative Demand regarding compliance with Medicare's 14-day rule, first disclosed March 2025, with the investigation still evolving and too early to assess outcome.
Management concluded disclosure controls were not effective as of June 30, 2026 due to an unremediated material weakness in internal control over financial reporting tied to insufficient qualified accounting resources.
Medicare patients accounted for approximately 38.9% of molecular profiling services revenue in Q2 2026, down from 49.7% in Q2 2025, showing a shifting but still substantial government payer exposure.
On April 1, 2026 the company refinanced into a new $400M term loan (maturing 2031) with a $300M delayed-draw facility for acquisitions, recognizing a $25.2M loss on extinguishment of the prior 2023 Term Loan.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
About Caris Life Sciences, Inc. (CAI): stock profile, AI score and financials
Caris Life Sciences, Inc. (CAI) stock profile, AI quality score, and SEC EDGAR financial data, a Healthcare sector company. 13F Pro's AI-powered ranking engine scores CAI at 69.0/100 on a composite quality score built from its SEC filings, placing it at rank #276 of 2,925 stocks — the top 10% of the AI-ranked universe. CAI scores in the top quartile across revenue growth (93.7), balance sheet strength (84.6), earnings quality (76.4). Areas of concern include institutional flow (20.1), which score below median versus the broader universe. Shareholder dilution risk is elevated at 17.3/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Caris Life Sciences, Inc. reports quarterly revenue of $263.7M, net income of $-637.0K, an operating margin of 10.2%. Top institutional holders of CAI by reported 13-F value include FMR, J. H. Whitney Equity Partners VI, COATUE MANAGEMENT, based on the most recent SEC filings. CAI trades on the Nasdaq exchange and files with the SEC under CIK 2019410. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate CAI daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Caris Life Sciences, Inc. directly from SEC EDGAR.