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Research / Cash flow

Earnings analysis TEM stock

Tempus AI: free cash flow margin improves faster than operating margin

Tempus AI's trailing twelve-month free cash flow margin rose 13.1 percentage points year over year, more than the 3.4-point gain in operating margin, even as revenue growth slowed for a third straight quarter.

F By Fundamentalytics Research
November 2, 2026, 8:13am ET · 3 min read

Circuit board, conductor tracks, circuits, computer, access
Image by geralt from Pixabay · Pixabay Content License
FCF margin (TTM)
-9.1%
88.9th percentile of its own history
FCF margin change, YoY
+13.1pp
Larger move than operating margin
Operating margin change, YoY
+3.4pp
TTM operating margin reached -18.5%
Revenue growth (TTM YoY)
36.6%
Down 13.9pp from the prior quarter

Key findings

  • TTM free cash flow margin reached -9.1%, its best level in nine TTM periods (88.9th percentile of its own history).
  • Free cash flow margin rose 13.1 percentage points year over year, versus a 3.4-point rise in operating margin over the same period.
  • Revenue growth slowed to 36.6% TTM, down 13.9 percentage points from the prior quarter.
  • Operating cash flow stayed negative at -$108.4 million TTM, while capital expenditure rose 17.2% to $28.4 million.
  • Net income was -$189.3 million TTM, for a net margin of -12.5%.