Guardant Health Financials
This page shows Guardant Health (GH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Guardant Health has an operating margin of -44.5%, meaning the company retains $-45 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -60.0% the prior year.
Guardant Health's revenue surged 32.9% year-over-year to $982.0M, reflecting rapid business expansion. This strong growth earns a score of 88/100.
With a current ratio of 4.84, Guardant Health holds $4.84 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 97/100.
While Guardant Health generated -$184.8M in operating cash flow, capex of $48.3M consumed most of it, leaving -$233.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Guardant Health passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Guardant Health generates $0.44 in operating cash flow (-$184.8M OCF vs -$416.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Guardant Health earns $-112.2 in operating income for every $1 of interest expense (-$437.2M vs $3.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Guardant Health generated $982.0M in revenue in fiscal year 2025. This represents an increase of 32.9% from the prior year.
Guardant Health's EBITDA was -$397.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 0.9% from the prior year.
Guardant Health reported -$416.3M in net income in fiscal year 2025. This represents an increase of 4.6% from the prior year.
Guardant Health earned $-3.32 per diluted share (EPS) in fiscal year 2025. This represents an increase of 6.7% from the prior year.
Cash & Balance Sheet
Guardant Health generated -$233.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 15.2% from the prior year.
Guardant Health held $378.2M in cash against $1.5B in long-term debt as of fiscal year 2025.
Guardant Health had 131M shares outstanding in fiscal year 2025. This represents an increase of 6.3% from the prior year.
Margins & Returns
Guardant Health's gross margin was 64.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.7 percentage points from the prior year.
Guardant Health's operating margin was -44.5% in fiscal year 2025, reflecting core business profitability. This is up 15.5 percentage points from the prior year.
Guardant Health's net profit margin was -42.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 16.7 percentage points from the prior year.
Capital Allocation
Guardant Health invested $364.2M in research and development in fiscal year 2025. This represents an increase of 4.7% from the prior year.
Guardant Health spent $45.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Guardant Health invested $48.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 37.7% from the prior year.
GH Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $281.3M+6.1% | $265.2M+14.3% | $232.1M+14.1% | $203.5M+0.8% | $201.8M+5.4% | $191.5M+8.0% | $177.2M+5.2% | $168.5M |
| Cost of Revenue | $99.5M+6.3% | $93.6M+15.2% | $81.2M+8.7% | $74.7M-3.7% | $77.6M+4.2% | $74.5M+2.9% | $72.4M+10.9% | $65.3M |
| Gross Profit | $181.8M+5.9% | $171.6M+13.7% | $150.9M+17.2% | $128.7M+3.6% | $124.2M+6.2% | $117.0M+11.6% | $104.8M+1.6% | $103.2M |
| R&D Expenses | $98.3M+9.2% | $90.0M+2.9% | $87.4M-1.2% | $88.5M-5.4% | $93.5M+7.1% | $87.3M+5.1% | $83.1M-0.8% | $83.8M |
| SG&A Expenses | $60.9M+14.4% | $53.3M+6.0% | $50.3M+7.0% | $47.0M-9.5% | $51.9M+5.6% | $49.1M+21.4% | $40.5M+4.7% | $38.7M |
| Operating Income | -$120.8M-22.0% | -$99.0M+7.0% | -$106.4M+4.2% | -$111.0M+11.8% | -$126.0M-7.4% | -$117.3M-16.6% | -$100.6M-0.9% | -$99.7M |
| Interest Expense | $1.2M+25.1% | $943K-4.1% | $983K+24.3% | $791K+22.4% | $646K+0.2% | $645K0.0% | $645K0.0% | $645K |
| Income Tax | -$1.7M-1369.9% | $136K+257.9% | $38K-86.9% | $290K-59.5% | $716K+2286.7% | $30K-77.4% | $133K-67.2% | $405K |
| Net Income | -$128.5M-38.6% | -$92.7M+7.2% | -$99.9M-5.0% | -$95.2M+14.3% | -$111.0M-3.0% | -$107.8M-5.0% | -$102.6M+10.7% | -$115.0M |
| EPS (Diluted) | N/A | $-0.74+7.5% | $-0.80-3.9% | $-0.77 | N/A | $-0.88-4.8% | $-0.84+10.6% | $-0.94 |
GH Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.0B+57.7% | $1.3B-4.1% | $1.3B-0.9% | $1.3B-9.5% | $1.5B-3.5% | $1.5B-4.4% | $1.6B-5.6% | $1.7B |
| Current Assets | $1.5B+76.9% | $828.9M-6.2% | $883.4M-4.7% | $927.0M-12.1% | $1.1B-14.0% | $1.2B-4.9% | $1.3B-1.4% | $1.3B |
| Cash & Equivalents | $378.2M-34.8% | $580.0M-7.8% | $629.1M-9.9% | $698.6M+32.9% | $525.5M-10.2% | $585.0M-37.3% | $933.7M-9.3% | $1.0B |
| Inventory | $85.9M-5.1% | $90.5M+7.6% | $84.1M+8.8% | $77.3M+8.7% | $71.1M-1.7% | $72.3M+7.9% | $67.0M+6.3% | $63.0M |
| Accounts Receivable | $137.8M+19.3% | $115.6M-11.3% | $130.3M+12.8% | $115.4M+4.7% | $110.3M+24.6% | $88.5M-12.0% | $100.5M+18.9% | $84.6M |
| Goodwill | $77.3M+2248.2% | $3.3M0.0% | $3.3M0.0% | $3.3M0.0% | $3.3M0.0% | $3.3M0.0% | $3.3M0.0% | $3.3M |
| Total Liabilities | $2.1B+29.5% | $1.6B-0.4% | $1.6B+2.7% | $1.6B-1.9% | $1.6B+1.7% | $1.6B-0.8% | $1.6B-1.5% | $1.6B |
| Current Liabilities | $302.7M+27.8% | $236.9M-0.6% | $238.4M+5.6% | $225.8M+0.1% | $225.6M+14.3% | $197.3M-2.1% | $201.6M-8.4% | $220.0M |
| Long-Term Debt | $1.5B+34.9% | $1.1B-0.1% | $1.1B-0.1% | $1.1B-2.3% | $1.1B | N/A | N/A | N/A |
| Total Equity | -$99.3M+72.0% | -$354.5M-16.0% | -$305.5M-21.8% | -$250.8M-79.6% | -$139.6M-132.4% | -$60.1M-3625.7% | -$1.6M-102.4% | $68.3M |
| Retained Earnings | -$3.0B-4.5% | -$2.9B-3.3% | -$2.8B-3.7% | -$2.7B-3.7% | -$2.6B-4.5% | -$2.5B-4.6% | -$2.4B-4.5% | -$2.3B |
GH Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$26.4M+25.5% | -$35.4M+41.3% | -$60.3M+3.8% | -$62.7M+2.8% | -$64.5M-26.3% | -$51.1M+45.7% | -$94.0M-210.4% | -$30.3M |
| Capital Expenditures | $27.8M+169.1% | $10.3M+83.2% | $5.6M+26.7% | $4.5M-76.4% | $18.9M+349.5% | $4.2M-17.3% | $5.1M-26.8% | $6.9M |
| Free Cash Flow | -$54.2M-18.5% | -$45.8M+30.6% | -$65.9M+1.8% | -$67.1M+19.5% | -$83.4M-50.9% | -$55.3M+44.2% | -$99.1M-166.2% | -$37.2M |
| Investing Cash Flow | -$905.1M-6207.1% | -$14.3M-34.8% | -$10.6M-103.5% | $302.9M+2776.2% | $10.5M+103.6% | -$294.8M-5707.1% | -$5.1M-118.1% | $28.1M |
| Financing Cash Flow | $732.0M+16802.1% | $4.3M+166.7% | $1.6M+102.4% | -$66.8M-2177.7% | -$2.9M-1.7% | -$2.9M-148.9% | $5.9M+649.2% | -$1.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | $0 | $0-100.0% | $45.0M | $0 | $0 | $0 | $0 |
GH Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.6%-0.1pp | 64.7%-0.3pp | 65.0%+1.7pp | 63.3%+1.7pp | 61.6%+0.5pp | 61.1%+2.0pp | 59.1%-2.1pp | 61.3% |
| Operating Margin | -43.0%-5.6pp | -37.3%+8.5pp | -45.9%+8.7pp | -54.6%+7.9pp | -62.4%-1.1pp | -61.3%-4.5pp | -56.8%+2.4pp | -59.2% |
| Net Margin | -45.7%-10.7pp | -35.0%+8.1pp | -43.0%+3.7pp | -46.8%+8.2pp | -55.0%+1.3pp | -56.3%+1.6pp | -57.9%+10.3pp | -68.2% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -168.4% |
| Return on Assets | -6.4%+0.9pp | -7.3%+0.2pp | -7.5%-0.4pp | -7.1%+0.4pp | -7.5%-0.5pp | -7.0%-0.6pp | -6.4%+0.4pp | -6.8% |
| Current Ratio | 4.84+1.3 | 3.50-0.2 | 3.71-0.4 | 4.11-0.6 | 4.68-1.5 | 6.22-0.2 | 6.40+0.5 | 5.95 |
| Debt-to-Equity | -15.14-12.0 | -3.14+0.5 | -3.65+0.8 | -4.45+3.7 | -8.18+18.4 | -26.60+972.1 | -998.73-1022.7 | 23.96 |
| FCF Margin | -19.3%-2.0pp | -17.3%+11.2pp | -28.4%+4.6pp | -33.0%+8.3pp | -41.3%-12.5pp | -28.9%+27.0pp | -55.9%-33.8pp | -22.1% |
Note: Shareholder equity is negative (-$99.3M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Guardant Health's annual revenue?
Guardant Health (GH) reported $982.0M in total revenue for fiscal year 2025. This represents a 32.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Guardant Health's revenue growing?
Guardant Health (GH) revenue grew by 32.9% year-over-year, from $739.0M to $982.0M in fiscal year 2025.
Is Guardant Health profitable?
No, Guardant Health (GH) reported a net income of -$416.3M in fiscal year 2025, with a net profit margin of -42.4%.
What is Guardant Health's EBITDA?
Guardant Health (GH) had EBITDA of -$397.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Guardant Health have?
As of fiscal year 2025, Guardant Health (GH) had $378.2M in cash and equivalents against $1.5B in long-term debt.
What is Guardant Health's gross margin?
Guardant Health (GH) had a gross margin of 64.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Guardant Health's operating margin?
Guardant Health (GH) had an operating margin of -44.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Guardant Health's net profit margin?
Guardant Health (GH) had a net profit margin of -42.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Guardant Health's free cash flow?
Guardant Health (GH) generated -$233.1M in free cash flow during fiscal year 2025. This represents a 15.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Guardant Health's operating cash flow?
Guardant Health (GH) generated -$184.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Guardant Health's total assets?
Guardant Health (GH) had $2.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Guardant Health's capital expenditures?
Guardant Health (GH) invested $48.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Guardant Health spend on research and development?
Guardant Health (GH) invested $364.2M in research and development during fiscal year 2025.
What is Guardant Health's current ratio?
Guardant Health (GH) had a current ratio of 4.84 as of fiscal year 2025, which is generally considered healthy.
What is Guardant Health's debt-to-equity ratio?
Guardant Health (GH) had a debt-to-equity ratio of -15.14 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Guardant Health's return on assets (ROA)?
Guardant Health (GH) had a return on assets of -20.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Guardant Health's cash runway?
Based on fiscal year 2025 data, Guardant Health (GH) had $378.2M in cash against an annual operating cash burn of $184.8M. This gives an estimated cash runway of approximately 25 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Guardant Health's debt-to-equity ratio negative or unusual?
Guardant Health (GH) has negative shareholder equity of -$99.3M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Guardant Health's Piotroski F-Score?
Guardant Health (GH) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Guardant Health's earnings high quality?
Guardant Health (GH) has an earnings quality ratio of 0.44x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Guardant Health cover its interest payments?
Guardant Health (GH) has an interest coverage ratio of -112.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Guardant Health?
Guardant Health (GH) scores 46 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.