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Arcus Biosciences, Inc. (RCUS) stock

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NYSE: RCUS NYSE Biotechnology Next results ~November 4, 2026

D Fundamentals grade

Arcus Biosciences, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Arcus Biosciences, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Arcus Biosciences, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds127 adding, 87 cuttingOf 43 active managers that changed their stake, 22 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Arcus Biosciences files

Where Arcus Biosciences stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $117m, down 55.3% on a year earlier, against growth of 67.4% a quarter earlier. That puts it 44 of 49 for growth among the biotechnology companies we cover. Free-cash-flow margin fell to -406.0% from -130.5% a year earlier. Operating margin narrowed to -415.4% from -129.0%. The diluted share count is up 22.7% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 3 of our 5 financial-health checks.

Our model value for Arcus Biosciences is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Arcus Biosciences, Inc.'s trailing-twelve-month revenue fell 55.3% year on year, with a free-cash-flow margin of -406.0%. Where it lags: change in growth rate of -122.7pp ranks 159 of 172 biotechnology companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -55.3% (-122.7pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 55.3% over the last 12 months.
  • Growth slowing. The growth rate is 122.7 points lower than a quarter earlier.
  • Loss-making. Operating margin is -415.4%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 286.4 points on a year ago.
  • Burning cash. Free cash flow was -406.0% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 53.8% of revenue, against a median of 19.2% for biotechnology companies we cover: a real cost that cash-flow figures leave out.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
-$0.72 against an average estimate of -$0.81: beat by 11.6%
Revenue
$41m, down 74.4% on a year earlier
Share reaction
-18.5% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Next report
November 4, 2026; average EPS estimate -$0.89

Arcus Biosciences' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.9%
  • 1 week+0.5%
  • 1 month-27.0%
  • This year-25.1%
  • 1 year-9.5%
  • 5 years-50.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$117M
Operating margin
-415.4%
Net margin
-393.2%
EPS (TTM, diluted)
$-3.86

Growth

Revenue growth
−55.3%
Change in growth rate
−122.7 pts
Share count change
+22.7%

Cash

Free cash flow (TTM)
-$475M
FCF margin
-406.0%
Stock pay % of revenue
53.8%

Earnings

Last results
October 21, 2026
Next results (est.)
January 11, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Announcement
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Arcus Biosciences, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Arcus Biosciences, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.21 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$3.6 ~$3.5–$3.6 Left out: out of range vs price (0.20x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.4 ~$1.4–$5.3 Left out: out of range vs price (0.08x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Arcus Biosciences, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20182019202020212022202320242025Now
Share price$10.77$10.10$25.96$40.47$20.68$19.10$14.89$23.83$17.85
Market value$373m$443m$1.4bn$3.0bn$1.5bn$1.4bn$1.3bn$2.6bn$2.1bn
+ Net debt (− = net cash)−$71m−$58m−$173m−$148m−$206m−$127m−$100m−$122m−$49m
Enterprise value$302m$385m$1.2bn$2.8bn$1.3bn$1.3bn$1.2bn$2.4bn$2.1bn
Multiples
Price / sales 44.6x29.5x18.2x7.8x13.3x12.1x5.2x10.4x18.2x
Price / earnings ———56.5x—————
Price / free cash flow ——13.2x—3.4x————
EV / EBITDA ———49.1x—————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

10 /100

Weak moat

How hard Arcus Biosciences's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -23.2% of total assets over 9 years.

  • Durability 10 / 20

    Operating margin has been a median -258.7%; its worst year was -1679.2%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 9 years, at a median -261.2% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 79.4% over five years; stock-based pay has been a median 52.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (15 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $8m and EPS of −$0.89 (range −$1.00 to −$0.84) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$3.52 −7% $73m −70%
Next −$3.12 +11% $57m −23%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.0% on 90 days ago. In the last 30 days, 3 analysts raised Arcus Biosciences, Inc.'s forecast and 3 cut it.

Consensus EPS forecast Arcus Biosciences, Inc., last 90 days
−$4.00 −$3.00 −$2.00 −$1.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$3.48 Current fiscal year, 60 days ago: −$3.53 Current fiscal year, 30 days ago: −$3.53 Current fiscal year, 7 days ago: −$3.48 Current fiscal year, Now: −$3.52 −$3.52 Next fiscal year, 90 days ago: −$3.10 Next fiscal year, 60 days ago: −$3.34 Next fiscal year, 30 days ago: −$3.38 Next fiscal year, 7 days ago: −$3.27 Next fiscal year, Now: −$3.12 −$3.12

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$3.48−$3.10
60 days ago −$3.53−$3.34
30 days ago −$3.53−$3.38
7 days ago −$3.48−$3.27
Now −$3.52−$3.12

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.81 −$0.72 +11.6%
Mar 2026 −$0.83 −$1.02 −23.3%
Dec 2025 −$1.07 −$0.89 +17.2%
Sept 2025 −$1.29 −$1.27 +1.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

15 analysts, Oct 2026
Buy1387%
Hold213%
Sell00%

Monthly trend

  1. Oct 202612215
  2. Sep 202611213
  3. Aug 202610313
  4. Jul 202610313

Counts of recommendations published by analysts covering Arcus Biosciences, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.8%
of tradable shares
Days to cover
8.16
at average volume
Short interest, 1 month
−11%
to October 15, 2026
Held by institutions
66%
of shares
Held by insiders
25.6%
of shares
Employees
601
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −9.5%

$19.72 on October 31, 2025 to $17.85

ThenNowEffect
Revenue (last 12 months) $262m $117m −55.3%
P/S multiple 7.3x 18.2x +148.8%
Share count 97m 119m −18.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
RCUS+56%−49%−8%−22%+60%−25%
Industry peers (median)−36%−57%−18%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
RCUS58%42%42%50%58%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
RCUS−45%−59%−43%−32%−55%−44%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since March 15, 2018: 86% from November 23, 2021 to April 4, 2025. Getting back needed a 606% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$17.76 – $31.57
From 52-week high
−43.5%
vs 50-day average
−27.8%
vs 200-day average
−27.6%
Volatility (1 year)
62%
Beta vs S&P 500
1.47

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±7.0%
After a week
7 up, 5 down
typical move ±9.5%
After a month
7 up, 4 down
typical move ±15.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 −18.5% −0.7% −22.6% —
August 5, 2026 −1.6% −0.4% +0.6% +4.6%
May 5, 2026 −0.2% +2.2% −4.4% −5.2%
February 25, 2026 −3.2% +0.3% +12.3% +5.1%
October 28, 2025 +9.1% +0.3% +6.6% +37.4%
August 6, 2025 −2.8% +0.7% +5.3% +27.6%
May 6, 2025 −10.4% −0.4% −3.0% +7.7%
February 25, 2025 −0.2% −0.4% −4.6% −18.7%
February 18, 2025 −15.3% +0.5% −21.8% −30.6%
November 6, 2024 +7.7% +3.3% +7.5% +13.1%
August 8, 2024 +11.5% +2.8% +12.4% +16.5%
May 8, 2024 +3.8% +0.6% +12.8% −0.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Arcus Biosciences, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Arcus Biosciences, Inc.
$100M $150M $200M $250M $300M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $120M Revenue (TTM), FY23 Q4: $117M Revenue (TTM), FY24 Q1: $237M Revenue (TTM), FY24 Q2: $247M Revenue (TTM), FY24 Q3: $263M Revenue (TTM), FY24 Q4: $258M Revenue (TTM), FY25 Q1: $141M Revenue (TTM), FY25 Q2: $262M Revenue (TTM), FY25 Q3: $240M Revenue (TTM), FY25 Q4: $247M Revenue (TTM), FY26 Q1: $236M Revenue (TTM), FY26 Q2: $117M $117M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $120M
FY23 Q4 $117M
FY24 Q1 $237M
FY24 Q2 $247M
FY24 Q3 $263M
FY24 Q4 $258M
FY25 Q1 $141M
FY25 Q2 $262M
FY25 Q3 $240M
FY25 Q4 $247M
FY26 Q1 $236M
FY26 Q2 $117M
Revenue growth, TTM YoY Arcus Biosciences, Inc.
-100% -50% 0% 50% 100% 150% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -72.3% Revenue growth, TTM YoY, FY23 Q4: 4.5% Revenue growth, TTM YoY, FY24 Q1: 99.2% Revenue growth, TTM YoY, FY24 Q2: 104.1% Revenue growth, TTM YoY, FY24 Q3: 119.2% Revenue growth, TTM YoY, FY24 Q4: 120.5% Revenue growth, TTM YoY, FY25 Q1: -40.5% Revenue growth, TTM YoY, FY25 Q2: 6.1% Revenue growth, TTM YoY, FY25 Q3: -8.7% Revenue growth, TTM YoY, FY25 Q4: -4.3% Revenue growth, TTM YoY, FY26 Q1: 67.4% Revenue growth, TTM YoY, FY26 Q2: -55.3% -55.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -72.3%
FY23 Q4 4.5%
FY24 Q1 99.2%
FY24 Q2 104.1%
FY24 Q3 119.2%
FY24 Q4 120.5%
FY25 Q1 -40.5%
FY25 Q2 6.1%
FY25 Q3 -8.7%
FY25 Q4 -4.3%
FY26 Q1 67.4%
FY26 Q2 -55.3%
Operating margin (TTM) Arcus Biosciences, Inc.
-600% -400% -200% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -269.2% Operating margin (TTM), FY23 Q4: -290.6% Operating margin (TTM), FY24 Q1: -113.9% Operating margin (TTM), FY24 Q2: -118.6% Operating margin (TTM), FY24 Q3: -120.9% Operating margin (TTM), FY24 Q4: -127.9% Operating margin (TTM), FY25 Q1: -309.2% Operating margin (TTM), FY25 Q2: -129.0% Operating margin (TTM), FY25 Q3: -156.3% Operating margin (TTM), FY25 Q4: -156.3% Operating margin (TTM), FY26 Q1: -168.6% Operating margin (TTM), FY26 Q2: -415.4% -415.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -269.2%
FY23 Q4 -290.6%
FY24 Q1 -113.9%
FY24 Q2 -118.6%
FY24 Q3 -120.9%
FY24 Q4 -127.9%
FY25 Q1 -309.2%
FY25 Q2 -129.0%
FY25 Q3 -156.3%
FY25 Q4 -156.3%
FY26 Q1 -168.6%
FY26 Q2 -415.4%
FCF margin (TTM) Arcus Biosciences, Inc.
-600% -400% -200% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -255.0% FCF margin (TTM), FY23 Q4: -282.1% FCF margin (TTM), FY24 Q1: -99.2% FCF margin (TTM), FY24 Q2: -108.1% FCF margin (TTM), FY24 Q3: -64.3% FCF margin (TTM), FY24 Q4: -68.2% FCF margin (TTM), FY25 Q1: -214.9% FCF margin (TTM), FY25 Q2: -130.5% FCF margin (TTM), FY25 Q3: -193.3% FCF margin (TTM), FY25 Q4: -196.0% FCF margin (TTM), FY26 Q1: -207.2% FCF margin (TTM), FY26 Q2: -406.0% -406.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -255.0%
FY23 Q4 -282.1%
FY24 Q1 -99.2%
FY24 Q2 -108.1%
FY24 Q3 -64.3%
FY24 Q4 -68.2%
FY25 Q1 -214.9%
FY25 Q2 -130.5%
FY25 Q3 -193.3%
FY25 Q4 -196.0%
FY26 Q1 -207.2%
FY26 Q2 -406.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1 8 15 78 383 112 117 258 247 117
EBITDA −51 −51 −85 −121 58 −274 −332 −320 −376 −476
Operating income −53 −55 −89 −124 54 −280 −340 −330 −386 −486
Net income −53 −50 −85 −123 53 −267 −307 −283 −353 −460
Diluted EPS −$1.45 −$1.43 −$1.93 −$2.24 $0.71 −$3.71 −$4.15 −$3.14 −$3.29 −$3.86
Growth (year on year)
Revenue — +491.2% +79.6% +420.0% +391.0% −70.8% +4.5% +120.5% −4.3% −55.3%
EBITDA — — — — — −572.4% — — — —
Operating income — — — — — −618.5% — — — —
Net income — — — — — −603.8% — — — —
Diluted EPS — — — — — −622.5% — — — —
Margins
EBITDA margin <−999% −612.9% −567.5% −155.1% 15.1% −244.6% −283.8% −124.0% −152.2% −406.8%
Operating margin <−999% −656.8% −591.4% −159.0% 14.1% −250.0% −290.6% −127.9% −156.3% −415.4%
Net margin <−999% −593.7% −564.7% −157.7% 13.8% −238.4% −262.4% −109.7% −142.9% −393.2%
Free-cash-flow margin <−999% −559.5% −502.6% 138.5% −73.6% 385.7% −282.1% −68.2% −196.0% −406.0%
Cash flow
Cash from operations −25 −43 −73 111 −256 438 −306 −170 −482 −474
Capital spending 6 4 2 3 26 6 24 6 2 1
Free cash flow −31 −47 −75 108 −282 432 −330 −176 −484 −475
Stock-based pay 0 4 9 22 55 65 73 76 60 63
Free cash flow after stock pay −31 −51 −84 86 −337 367 −403 −252 −544 −538
Balance sheet
Cash 98 71 58 173 148 206 127 150 222 150
Total debt 0 0 0 0 0 0 0 50 100 101
Net debt (negative = net cash) −98 −71 −58 −173 −148 −206 −127 −100 −122 −49
Diluted shares 37m 35m 44m 55m 74m 72m 74m 90m 107m 119m
Returned to shareholders
Buybacks — 0 0 — — — — — — —
Total returned — 0 0 — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 5 checks passed · June 30, 2026
What it owns · $924m
Short-term assets $756mLonger-term assets $168m
What it owes, and who funded it · $662m
Short-term liabilities $198mShareholders' equity $464m
  • Short-term assets cover short-term liabilities $756m of assets due within a year against $198m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $150m of cash against $101m of debt.
  • Debt below 40% of shareholders' equity Debt is 22% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$474m of operating cash flow against $101m of debt.
  • Operating profit covers interest at least five times over Operating income of −$486m against $11m of interest.

From Arcus Biosciences, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+22.7%
year over year
R&D spending
424.8%
of revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated RCUS SPRY MESO XNCR AGEN KYMR Median
Revenue, last 12 months $117m $117m $120m $105m $133m $102m $56m
Revenue growth, last 12 months −55.3% 4.1% 599.2% −28.6% 30.5% 133.8% 12.6%
Revenue growth, 3-year average −1.1% 711.3% — −2.5% 10.1% 29.7% 13.7%
Revenue growth, latest quarter −74.4% 114.2% — 17.5% 34.4% −100.0% 10.2%
Gross margin — — 86.1% — 99.5% 0.0% 82.9%
Operating margin −415.4% −185.0% — −205.8% 27.3% −396.0% −189.4%
Operating margin, 3-year average −221.0% <−999% — −136.0% −43.3% −461.5% −363.5%
Net margin −393.2% −184.2% −47.8% −155.6% 69.2% −341.8% −169.8%
Cash from operations / revenue −405.1% −168.0% −36.4% −196.1% −74.2% −281.3% −168.0%
Free-cash-flow margin −406.0% −168.1% −37.1% −198.4% −74.2% −282.6% −162.4%
Free-cash-flow margin, 3-year average −214.9% <−999% — −128.0% −105.5% −326.1% −310.0%
Stock pay / revenue 53.8% 26.7% 12.4% 37.2% 8.0% 66.7% 20.0%
Change in share count 22.7% −3.9% 7.2% 5.2% 50.4% 17.6% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth -55.3% 12.6% 144 of 172
Change in growth rate Growth -122.7pp -0.1pp 159 of 172
Operating margin Profitability -415.4% -189.4% 116 of 175
Net margin Profitability -393.2% -157.3% 117 of 180
Free-cash-flow margin Cash generation -406.0% -145.4% 123 of 176
Stock pay as % of revenue Cash generation 53.8% 19.2% 117 of 179
Long-term debt as % of assets Balance sheet 10.9% 20.6% 29 of 78
Change in share count Balance sheet 22.7% 7.9% 120 of 156

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
License and Development Services $221M 89.5% ▼ 0.5%
Other Collaboration Revenue $26M 10.5% ▼ 27.8%

From Arcus Biosciences, Inc.'s 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.8B
Institutions reporting
227
Shares held vs prior quarter
▲ 2.9%
Positions opened / closed
42 / 24

Top buyers and sellers, Q2 2026: 127 institutions bought and 87 sold ; the biggest buyer was FMR LLC (+2.9M shares) and the biggest seller Marshall Wace, LLP (−1.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Gilead Sciences, Inc. $969M 31.4M 25.6% 0.0%
Blackrock, Inc. $506M 16.4M 13.4% ▲ 7.8%
State Street Corp $186M 6.0M 4.9% ▲ 11.4%
Wellington Management Group LLP $182M 5.9M 4.8% ▼ 3.2%
Montanova Capital, LLC $147M 4.8M 3.9% ▼ 5.1%
Vanguard Portfolio Management LLC $138M 4.5M 3.7% ▲ 4.8%
FMR LLC $125M 4.0M 3.3% ▲ 247.5%
Vanguard Capital Management LLC $120M 3.9M 3.2% ▲ 0.8%
Citadel Advisors LLC $96.7M 3.1M 2.6% ▲ 135.7%
Woodline Partners LP $92.7M 3.0M 2.5% ▼ 20.4%
Geode Capital Management, LLC $75.5M 2.4M 2.0% ▲ 8.7%
Siren, L.L.C. $74.6M 2.4M 2.0% ▼ 19.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Arcus Biosciences, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 11, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • August 5, 2026
  • May 5, 2026
  • February 25, 2026
  • October 28, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on Arcus Biosciences, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Arcus Biosciences, Inc. in brief

What does Arcus Biosciences, Inc. do?
Arcus Biosciences, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Arcus Biosciences, Inc.'s stock ticker?
Arcus Biosciences, Inc. trades under the ticker RCUS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Arcus Biosciences, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Arcus Biosciences, Inc. reported revenue of $117M, 55.3% lower than a year earlier, according to its SEC filings.
What is Arcus Biosciences, Inc.'s free cash flow?
Arcus Biosciences, Inc.'s free-cash-flow margin is -406.0% of revenue over the trailing twelve months, ranking 123 of the 176 biotechnology companies we cover.
Who are Arcus Biosciences, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Gilead Sciences, Inc., Blackrock, Inc. and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Arcus Biosciences, Inc.'s market cap?
On November 2, 2026, Arcus Biosciences, Inc.'s market capitalisation was about $2.1B and net debt of -$49M. Market figures come from third-party market data and may be delayed.
How much debt does Arcus Biosciences, Inc. have?
Arcus Biosciences, Inc.'s debt-to-equity ratio is 21.8%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Arcus Biosciences, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Arcus Biosciences, Inc. are ARS Pharmaceuticals, Inc., Mesoblast LTD, Xencor Inc, Agenus Inc and Kymera Therapeutics, Inc. The side-by-side comparison below sets their revenue, margins and growth against Arcus Biosciences, Inc.'s.
When is Arcus Biosciences, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Arcus Biosciences, Inc. announces its own schedule.