SHARPE
Reported results
- Q3 2026 total revenue was $909 million, up 28% year over year.
- Q3 2026 GAAP net income was $57 million, or $0.68 per diluted share, compared to a GAAP net loss of $2 million, or ($0.03) per diluted share, in Q3 2025.
- Q3 2026 Non-GAAP net income was $144 million, or $1.72 Non-GAAP diluted earnings per share, compared to $103 million, or $1.24 per diluted share, in Q3 2025.
- Q3 2026 Adjusted EBITDA increased 33% year over year to $236 million.
- Q3 2026 GAAP gross margin was 56.7% compared to 60.1% in Q3 2025, and Adjusted gross margin was 59.2% compared to 62.7% in Q3 2025.
- Q3 2026 operating cash flow was $20 million, and non-GAAP free cash flow was an outflow of $19 million.
Guidance
- For Q4 2026, revenue is expected to be in a range of $990 million to $1.01 billion.
- For Q4 2026, Adjusted EBITDA is expected to be $245 million to $250 million.
- For full-year 2026, revenue is expected to be approximately $3.61 billion to $3.63 billion.
- For full-year 2026, Adjusted EBITDA is expected to be $924 million to $929 million.
- For full-year 2026, free cash flow is expected to be $350 million to $400 million.
- For full-year 2026, stock-based compensation expense is expected to be approximately $570 million to $600 million.
- For full-year 2026, CapEx is expected to be in the range of $130 million to $150 million.
Notes
Effective Q1 2026, non-GAAP net income and non-GAAP diluted earnings per share were updated to exclude amortization of acquired intangible assets, and comparable prior periods were recast. Adjusted EBITDA definitions were also updated in Q1 2026 and Q2 2026.
Price and volatility reaction
The stock moved -18.2% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved +4.1 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 382.56 | 2026-11-05 |
| Close after release | 313 | 2026-11-06 |
| Realised move | -18.2% | close to close |
| 30d ATM IV change | +4.1 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-11-05 (8-K, Item 2.02). Read the original filing on sec.gov.