Tempus AI raised its 2026 revenue guidance to $1.60 to $1.605 billion on Monday, 2 November, after third-quarter revenue rose 23% to $411.5 million, according to its results release. Its data and applications business grew 33% to $108.1 million.
About a fifth of that data revenue, $22.1 million, came from Pathos AI, a related party, the company’s filings show. Excluding Pathos, data and applications revenue rose about 52% from a year earlier, by our arithmetic.
The key insight: Tempus AI raised its 2026 revenue guide to $1.60 to $1.605 billion as data and applications revenue grew 33% to $108.1 million; $22.1 million of that came from Pathos AI, a related party, and the rest grew about 52%, by our arithmetic.
Diagnostics generated $303.5 million of revenue, up 20%, driven by oncology volume growth of 32%, the release says. Data and applications generated $108.1 million, up 33%, with Insights growing 29%. Data and applications was 26.3% of total revenue, by our arithmetic.
Net loss was $14.9 million, compared with $80.0 million a year earlier, and adjusted EBITDA was $25.6 million, compared with $1.5 million. Tempus said it continues to expect 2026 adjusted EBITDA of about $65 million.
“These results reinforce the durability of our model as our best-in-class diagnostic platform enhances our data and AI offerings,” said Eric Lefkofsky, founder and chief executive of Tempus.
Tempus AI data and applications revenue: $81.3 million in Q3 2025, of which $24.9 million was related-party revenue from Pathos AI, and $108.1 million in Q3 2026, of which $22.1 million came from Pathos. Pathos share 30.6% to 20.4%; revenue excluding Pathos up about 52%, our arithmetic. Source: Tempus AI Form 8-K and Form 10-Q, 2 November 2026.
The Related-Party Line
The statement of operations footnotes show related party revenue from Pathos AI of $22,061 thousand in the third quarter of 2026 and $24,907 thousand a year earlier, within data and applications. That is 20.4% of the segment’s revenue this quarter, down from 30.6%, by our arithmetic.
The 10-Q says the company’s founder and chief executive “is a co-founder and serves as Executive Chairman of the board of Pathos AI, Inc.” Under an April 2025 order form, Tempus licenses de-identified multimodal data to Pathos to assist in developing an oncology foundation model, the filing says.
In October, Tempus announced a collaboration with BMS, bringing its total data licensing bookings to more than $550 million year to date, the release says. Under it, Tempus directly licenses oncology data and models to BMS for up to $137.5 million over five years.
What the Risk Factors Say
The 10-Q’s risk factors have 13 entries. Compared with the 2025 annual report, nine are new, all under the heading “Risks Related to the Proposed Acquisition of Personalis”, and together they make up about 59% of the section’s words, by our count. Compared with the June quarterly report, there are no new factors.
Business Pill · Backlog
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Connecting the Coverage
We reported in September that Tempus had three FDA-cleared ECG algorithms, in Tempus AI has three FDA-cleared ECG algorithms. The release lists two 510(k) clearances received in the quarter, for Tempus ECG-PH and ECG-MR. What is new today is the size of the data business and how much of it comes from a related party.
The Structural Read
As we read the footnotes, the data business is depending less on its related party: Pathos AI’s share of data and applications revenue fell to 20.4% from 30.6% a year earlier, by our arithmetic, as other data revenue grew.
As we read the release, data licensing is where Tempus is adding outside customers: it says the BMS collaboration took total data licensing bookings above $550 million year to date.
Eric Lefkofsky, founder and CEO, Tempus AI, 2 November 2026
“These results reinforce the durability of our model as our best-in-class diagnostic platform enhances our data and AI offerings”
Three Implications
FOR HEALTHCARE DATA BUYERS Tempus says it directly licenses oncology data and models to BMS for up to $137.5 million over a five-year term.
FOR TEMPUS SHAREHOLDERS The company raised its 2026 revenue guidance to $1.60 to $1.605 billion and continues to expect adjusted EBITDA of about $65 million, according to the release.
FOR GOVERNANCE WATCHERS The 10-Q says Tempus’s founder and chief executive is a co-founder and the executive chairman of Pathos AI, which accounted for $22.1 million of third-quarter data revenue.
The framework argues: “Each moat is built by a different data pipeline.”
As we read it, Tempus’s pipeline is its diagnostics business, which generates the de-identified data it licenses; the release says the diagnostic platform enhances its data and AI offerings. The framework is the owner’s argument and does not discuss Tempus.
The 52%, 20.4% and 30.6% figures are our arithmetic from Tempus’s reported numbers. The footnote reports Pathos revenue as a single figure for the quarter.
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Tempus raised its 2026 revenue guide to $1.60 to $1.605 billion as data and applications revenue grew 33% to $108.1 million; $22.1 million of that came from Pathos AI, whose executive chairman is Tempus’s chief executive, according to the 10-Q.
A note on sourcing. This piece relies on Tempus AI’s third-quarter results release and Form 10-Q, filed with the SEC on 2 November 2026. The 26.3%, 20.4%, 30.6% and 52% figures and the risk-factor word shares are our arithmetic from the company’s filings.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
