Starling Oncology, Inc. (STLN) · Nov 5, 2026 · Earnings

Starling Oncology earnings: EBITDA beats, capitation outlook slips

In line — Q3 revenue $169.8M vs roughly $168.7M consensus; 2026 capitated revenue now ~$110M vs prior ~$150M

Starling Oncology’s earnings show improving EBITDA and specialty-pharmacy growth, but a sharply lower capitation outlook complicates the turnaround story.

Starling Oncology is in the middle of a business-model shift: expanding delegated, value-based oncology contracts while using specialty pharmacy to support growth and move toward sustainable profitability. That strategy had been gaining momentum; after the second quarter, management raised 2026 revenue and gross-profit guidance and expected roughly $150 million of capitated revenue.

Quarterly execution was better than the headline loss suggests. Revenue rose 24% year over year to $169.8 million, roughly in line with published expectations, while adjusted EBITDA reached $3.4 million—well above the company’s $0.5 million to $1.5 million third-quarter outlook. Specialty pharmacy remained the growth engine, increasing 44% year over year, while capitated revenue grew 40%. The operating improvement is real, but the revenue beat is modest rather than a major upside surprise.

Metric	Q3 2026	Q3 2025	Consensus / prior guide
Total operating revenue (Income Statement)	$169.8M (+24%)	$136.6M	~$168.7M consensus
Adjusted EBITDA (Non-GAAP reconciliation)	$3.4M	$(3.5M)	$0.5M–$1.5M outlook
Capitated revenue (MLR reconciliation)	$28.7M (+39.6%)	$20.6M	—
Medical loss ratio (MLR reconciliation)	81.0%	67.8%	—
Free cash flow, nine months (Cash Flow statement)	$20.2M	$(26.9M)	—
Net loss (Income Statement)	$(15.7M)	$(16.5M)	—

The buried change is a much lower capitation expectation. Management now expects approximately $110 million of capitated revenue in 2026, down from the roughly $150 million expectation disclosed after the second quarter. That is a substantial reset to the pace of the delegated-care rollout, even though total revenue remains within the prior range. The updated full-year guide also lowers the revenue ceiling to $660 million from $670 million and cuts the free-cash-flow ceiling to $10 million from $15 million, while raising the gross-profit floor and adjusted-EBITDA floor. The message is better cost execution, but slower or less certain capitation scaling.

Medical-cost pressure makes the capitation reset more consequential. The third-quarter medical loss ratio rose to 81.0% from 67.8% a year earlier, and management expects an 85%–90% MLR in 2027 as new lives are onboarded. 〔0〕 That does not negate the positive EBITDA progress, but it suggests the newer contracts may bring revenue growth before they bring attractive economics.

GAAP profitability remains distant and the balance sheet is still constrained. The company posted a $15.7 million quarterly net loss, including an $11.6 million debt-extinguishment loss, while total liabilities exceeded assets at September 30. Cash generation improved sharply, but the quarter’s stronger adjusted results should not be read as a completed turnaround.

Bottom line: Starling is executing better on near-term profitability than expected, but the sharp cut to capitated-revenue expectations weakens the central growth thesis. This is a mixed quarter that leans negative because the business is becoming more profitable while its most strategic growth engine is scaling more slowly than previously indicated.

What to watch next

Q4 results and 2027 outlook

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Starling Oncology earnings: EBITDA beats, capitation outlook slips

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