Xometry, Inc. (XMTR) · Nov 3, 2026 · Earnings
Beat — Non-GAAP diluted EPS $0.28 vs ~$0.19 consensus; revenue $252.4M vs ~$235.6M
Xometry’s Q3 earnings beat revenue and adjusted EPS expectations, with marketplace growth accelerating and full-year revenue guidance raised to at least 37%.
Xometry is scaling an AI-native marketplace for custom manufacturing, using larger enterprise accounts, workflow integrations, and AI-driven sourcing to increase repeat spending. That strategy was already working before this report: second-quarter marketplace revenue grew 45% and management had raised full-year revenue-growth guidance to 33%-34%.
The quarter beat the market’s bar by a meaningful margin. Revenue reached $252.4 million, roughly $16.9 million above the published consensus near $235.6 million, while non-GAAP diluted EPS was $0.28 versus consensus near $0.19. The filing’s reported GAAP EPS was only $0.03, so the cleanest comparison is the company’s non-GAAP measure against the non-GAAP analyst estimate.
| Metric | Q3 2026 | Q3 2025 | Consensus |
|---|---|---|---|
| Revenue (Financial Summary) | $252.4M (+40%) | $180.7M | ~$235.6M |
| Marketplace revenue (Segment Results) | $238.0M (+43%) | $166.6M | |
| Marketplace gross margin (Segment Results) | 36.0% (+0.3 pts) | 35.7% | |
| Non-GAAP diluted EPS (Non-GAAP Reconciliation) | $0.28 | $0.04 | ~$0.19 |
| Adjusted EBITDA (Financial Summary) | $21.4M (+249%) | $6.1M |
The core marketplace—not the smaller services business—is carrying the story. Marketplace revenue grew 43%, gross profit grew 44%, and the number of accounts spending at least $50,000 annually rose 26% to 2,172. Services revenue, by contrast, increased only 2%, while international Adjusted EBITDA remained negative at $0.6 million.
The most important forward signal is the guidance raise. Xometry lifted full-year revenue-growth guidance from 33%-34% to at least 37%, implying confidence that marketplace growth will remain about 41%. Q4 guidance of $254 million-$256 million in revenue and $22.0 million-$22.5 million in Adjusted EBITDA also points to continued execution, although the implied sequential revenue increase is modest after the Q3 beat. 〔0〕
Profitability is improving, but the per-share result is less clean than the headline suggests. Adjusted EBITDA margin reached 8.5% and GAAP operating income turned slightly positive, supporting the operating-leverage thesis. However, Class A shares outstanding rose to 55.9 million from 49.8 million at year-end, and the company received $248.4 million from a common-stock issuance plus $50 million under its Siemens agreement. That capital strengthens the balance sheet, but it also means part of the per-share improvement is being diluted.
Bottom line: This was a genuine execution beat, not merely a routine “record quarter”: marketplace growth stayed above 40%, profitability improved, and management raised the full-year outlook. The positive change is strongest in the core marketplace; services and international operations remain less developed parts of the story.
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