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 Posted the Quickest 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) posted $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%, while 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 Hit a Record $73.4 million?

Revenue reached $73.4 million, compared with $28.0 million a year earlier and $47.6 million in the second quarter of 2026, a rise of 162% year over year and 54% sequentially. The company credited the gain to exceptionally strong customer Demand for indium phosphide material.

GAAP gross Margin was 56.0%, compared with 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 committed to doubling 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 nearly 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, compared with $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 reveal 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 sped up integration to reach its $115 million annual run-rate net synergy target by year-end.

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

3. Reddit: What Pushed Revenue 53% Higher to $895.0 million?

Advertising revenue climbed 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 fell 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 came in at $362.6 million, roughly double the figure for 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 left under its repurchase program.

4. Alignment Healthcare: Why Did 36.7% Growth Still Produce a Loss?

Earned premiums rose 37.1% to $1,348.3 million, but medical expenses grew faster, reaching 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, compared with 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. On this revenue base, a one point shift in the medical expense ratio is worth more than $13 million per quarter (calculated).

5. TheRealReal: How Did $206.1 Million in Revenue Turn Into $16.0 Million in Net Income?

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

Net income was $16.0 million, compared with 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 increased 18% to $159.1 million, and active buyers reached 1.152 million, up 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 roughly 8.7 times TheRealReal's (calculated), and its revenue is about 2.6 times its level a year earlier (calculated). Coursera's rate runs 68 percentage points below AXT's (calculated).

In dollar terms 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 varies: 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 growth was accompanied by a reported net loss of $25.6 million.

Alignment Healthcare added the most dollars even though it ranked fourth by rate, whereas AXT, which ranked first, added less than a third of Alignment Healthcare's dollars (calculated).

What to Watch Next: Dated Guidance, Integration Targets and Capacity

Coursera's outlook calls for fourth quarter revenue of $358 million to $366 million and adjusted EBITDA of $55 million to $59 million, and full-year 2026 revenue of $1.229 billion to $1.237 billion. The company expects its Project Helix platform to reach enterprise customers in the first half of 2027.

Reddit's filing notes that releasing 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 October 19, 2033.

For AXT, the checkpoints are how capacity additions convert into shipments and whether gross margin holds near 56.0%. For Alignment Healthcare, the key is how its medical expense ratio moves relative to 89.6%.