Key Highlights

  • AXT reported record Revenue of $73.4 million, up 162% from $28.0 million a year earlier.
  • Coursera reported revenue of $376.7 million, up 94%, with Udemy included since May 11, 2026.
  • Reddit reported revenue of $895.0 million, up 53%, with ad pricing up about 34%.
  • Alignment Healthcare reported revenue of $1,358.3 million, up 36.7%, and a net loss of $8.1 million.
  • TheRealReal reported revenue of $206.1 million, up 18.7%, with gross merchandise value up about 23.4%.

Which companies reported the fastest revenue growth in third quarter 2026?

This ranking uses year over year third quarter revenue growth as stated in, or calculated from, each company's results. The bases are the same for all five, although Coursera's growth includes an acquisition. AXT (NASDAQ:AXTI) reported record revenue of $73.4 million, up 162%. Coursera (NYSE:COUR) reported $376.7 million, up 94%. Reddit (NYSE:RDDT) reported $895.0 million, up 53%.

Alignment Healthcare (NASDAQ:ALHC) reported total revenues of $1,358.3 million, up 36.7%, and TheRealReal (NASDAQ:REAL) reported $206.1 million, up about 18.7% (calculated). Close behind were Cavco (NASDAQ:CVCO), with revenue up 17.9% in its fiscal second quarter, and Roblox (NYSE:RBLX), up about 15.6% (calculated).

1. AXT: How did revenue reach a record $73.4 million?

Revenue was $73.4 million against $28.0 million a year earlier and $47.6 million in the second quarter of 2026, up 162% year over year and 54% sequentially. The company attributed the gain to exceptionally strong customer Demand for indium phosphide material.

GAAP gross Margin was 56.0%, against 22.3% a year ago. GAAP Net Income was $25.7 million, or $0.39 per diluted share, versus a net loss of $1.9 million. The company entered 2026 with a commitment to double its indium phosphide capacity.

On a calculated basis, Gross Profit was about $41.1 million against about $6.2 million a year earlier. Non-GAAP net income was $26.8 million, or $0.41 per share, and the near identical GAAP and non-GAAP gross margins show how small stock-based compensation is relative to revenue.

2. Coursera: How much of the 94% growth came from Udemy?

Revenue was $376.7 million against $194.2 million, a gain of about $182.5 million (calculated). The Udemy transaction completed on May 11, 2026, and Udemy's results are included from that date, so the comparison with a standalone prior year quarter does not show organic growth.

Adjusted EBITDA was $61.5 million, up from $15.6 million, while the net loss widened to $25.6 million, or $0.10 per share, from $8.6 million. The company accelerated integration to reach its $115 million annual run-rate net synergy target by year-end.

Operating cash flow was $15.5 million, down 54%, and free cash flow was $4.6 million, down 83%, so the revenue gain arrived alongside weaker cash generation.

3. Reddit: What drove revenue up 53% to $895.0 million?

Advertising revenue rose 54%, mainly on pricing, with the price of ads up about 34% and impressions delivered up about 15%. Daily Active Uniques reached 130.3 million, up 12%, while U.S. daily uniques declined 2% and average revenue per unique rose 36% to $6.87.

Net income was $283.3 million, or $1.40 per diluted share, against $162.7 million, or $0.80, and Adjusted EBITDA was $402.3 million. Free cash flow was $362.6 million, roughly double the prior year period.

Rest of world revenue grew 67% and U.S. revenue grew 50%. Reddit filed its Quarterly Report on October 30, 2026, and had $660.0 million remaining under its repurchase program.

4. Alignment Healthcare: Why did 36.7% growth still end in a loss?

Earned premiums rose 37.1% to $1,348.3 million, but medical expenses rose faster, to 89.6% of revenue from 87.3%. The company reported a loss from operations of $3.8 million and a net loss of $8.1 million, against net income of $3.7 million a year earlier.

For the nine months, total revenues were $3,929.1 million, up from $2,935.9 million, and net income was $39.9 million. A one point shift in the medical expense ratio on this revenue base is worth more than $13 million per quarter (calculated).

5. TheRealReal: How did $206.1 million of revenue become $16.0 million of net income?

Revenue rose from $173.6 million, and gross merchandise value reached $641.5 million against $519.8 million. Orders rose 15% to 1.02 million, and average order value climbed 8% to $629.

Net income was $16.0 million against a $54.1 million loss, but most of the swing came from a $21.2 million gain on the Fair Value change of a Warrant liability. Income from operations was $1.5 million against a $7.6 million loss, and Adjusted EBITDA was $17.0 million.

Consignment revenue rose 18% to $159.1 million, and active buyers reached 1.152 million from 1.024 million. Cash was $130.4 million at September 30, 2026.

How do the five growth rates compare on a calculated basis?

AXT's growth rate is about 8.7 times that of TheRealReal (calculated), and its revenue is about 2.6 times the year earlier level (calculated). Coursera's rate sits 68 percentage points below AXT's (calculated).

In dollars the order changes. The five companies together added about $935.0 million of quarterly revenue (calculated): Alignment Healthcare about $364.6 million, Reddit about $310.0 million, Coursera about $182.5 million, AXT about $45.4 million and TheRealReal about $32.5 million.

Growth quality also differs: AXT's came with a gross margin of 56.0%, Reddit's with net income of $283.3 million, and Alignment Healthcare's with a net loss of $8.1 million. Coursera's reported a net loss of $25.6 million.

Alignment Healthcare added the most dollars despite ranking fourth by rate, while AXT added less than a third of Alignment Healthcare's dollars despite ranking first (calculated).

What to Watch Next: Dated guidance, integration targets and capacity

Coursera guides fourth quarter revenue to $358 million to $366 million and adjusted EBITDA to $55 million to $59 million, with full-year 2026 revenue of $1.229 billion to $1.237 billion. Its Project Helix platform is expected to reach enterprise customers in the first half of 2027.

Reddit's filing notes that a release of its U.S. deferred tax valuation allowance may become possible within the next 12 months. TheRealReal redeemed its 2029 Notes on October 19, 2026 using a new $150.0 million term Loan that matures on October 19, 2033.

AXT's checkpoints are how capacity additions translate into shipments and whether gross margin holds near 56.0%. Alignment Healthcare's is how its medical expense ratio trends against 89.6%.