Xometry (XMTR) is expected to present "upside" to its Q4 results, and the macro environment for 2026 has started to turn positive, RBC Capital Markets said in a Friday note.

The company's Q4 revenue will likely surpass the recent four-quarter average of 3.7%, which included Q3's record outperformance of 7.4%, RBC analysts said.

Xometry emphasized that the growth in 2025 to date occurred despite manufacturing headwinds, not due to favorable conditions, the analysts said. They noted that a driver of the performance has been enterprise sales, even as the company plans to invest more in enterprise resource planning, or ERP, integration.

Primary growth drivers for 2026 will include deeper enterprise adoption, including the customer uptake of the company's TeamSpace platform, ERP system integration, and sales execution, according to the note. Further, the Purchasing Managers' Index, or PMI, has bounced back to growth early in the year, which could become a positive factor for Xometry, the note said.

Xometry reports Q4 earnings before market open on Feb. 24.

RBC maintained the company's stock rating at sector-perform and price target at $64.

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