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Guardant Health (Nasdaq: GH) boosts 2026 forecast after 44% Q2 revenue growth

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Guardant Health reported second-quarter 2026 revenue of $335.0 million, up 44% year over year, led by oncology revenue of $219.1 million and screening revenue of $52.9 million, which grew over 250%. Total oncology tests reached about 104,000, while Shield screening tests increased to about 66,000. Non-GAAP gross margin improved to 67%.

GAAP net loss widened to $120.1 million (‑$0.90 per share), with non-GAAP net loss of $56.2 million and free cash flow of ‑$69.5 million. Cash, cash equivalents and restricted cash were $1.2 billion as of June 30, 2026.

The company raised full‑year 2026 revenue guidance to $1.34–$1.36 billion, implying 36%–38% growth, with higher expected oncology and Shield volumes. Recent milestones include multiple FDA approvals for Guardant360 assays, Shield’s inclusion in American Cancer Society colorectal screening guidelines, and initial commercial coverage for Shield from UnitedHealth Group.

Positive

  • Q2 2026 revenue rose 44% to $335.0 million, with oncology up 38% and screening revenue more than tripling, indicating strong demand across Guardant Health’s core businesses.
  • 2026 revenue guidance increased to $1.34–$1.36 billion, up from $1.30–$1.32 billion, raising expected growth to 36%–38% and reflecting higher oncology and Shield volume assumptions.
  • Guardant Health reported multiple FDA approvals for Guardant360 assays, Shield’s inclusion in American Cancer Society colorectal screening guidelines, and initial Shield coverage from UnitedHealth Group, strengthening the company’s clinical and reimbursement position.

Negative

  • Guardant Health recorded a GAAP net loss of $120.1 million in Q2 2026 and an adjusted EBITDA loss of $55.9 million, both larger than in the prior-year quarter.
  • The company projects 2026 free cash flow burn of $195–$205 million and reported a stockholders’ deficit of $222.9 million as of June 30, 2026, highlighting ongoing funding and leverage pressures.

Filing Explained

The updated outlook pairs higher planned spending and cash burn with 1,502,943 thousand dollars of convertible senior notes.

This Form 8-K reports a specified material event and furnishes Guardant Health’s results for the quarter ended June 30, 2026, with an updated 2026 outlook; the outlook now calls for higher planned operating expenses and cash burn than previously expected.

The release is furnished as Exhibit 99.1 and the filing states that it is not deemed filed for Section 18 purposes. The company now expects non-GAAP operating expenses of $1.08 to $1.10 billion, versus $1.05 to $1.07 billion previously, and full-year free-cash-flow burn of $195 million to $205 million, versus $185 million to $195 million.

The company defines free cash flow as net cash used in operating activities less purchases of property and equipment, so the revised burn outlook includes both operating cash use and capital spending. At June 30, 2026, the balance sheet showed $1,053,469 thousand of cash and equivalents, $114,270 thousand of restricted cash, and $1,502,943 thousand of convertible senior notes.

Common shares issued and outstanding were 133.6 million at June 30, compared with 130.6 million at December 31, 2025; the filing does not specify the mechanics behind that change.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $335.0 million Total revenue for the quarter ended June 30, 2026, up 44% year over year
Q2 2026 Screening Revenue $52.9 million Screening revenue for Q2 2026, grew over 250% vs prior-year quarter
Q2 2026 GAAP Net Loss $120.1 million Net loss for the quarter ended June 30, 2026
Q2 2026 Free Cash Flow $(69.5) million Free cash flow for the quarter ended June 30, 2026
Cash, Cash Equivalents and Restricted Cash $1.2 billion Balance as of June 30, 2026
2026 Revenue Guidance $1.34–$1.36 billion Full-year 2026 revenue outlook, implying 36%–38% growth
2026 Free Cash Flow Burn Guidance $195–$205 million Expected full-year 2026 free cash flow burn vs $233 million in 2025
non-GAAP gross margin financial
"Generated non-GAAP gross margin of 67%, compared to 66% for the second quarter"
Non-GAAP gross margin is a measure of a company's profitability that shows how much money it makes from sales after subtracting the direct costs of producing its products or services, but without applying certain accounting adjustments required by standard rules. It helps investors understand the company's core earning ability by excluding items like one-time expenses or accounting changes. This metric provides a clearer picture of ongoing business performance beyond official financial reports.
Adjusted EBITDA financial
"Adjusted EBITDA loss was $55.9 million for the second quarter of 2026"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"Free cash flow for the second quarter of 2026 was $(69.5) million"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
companion diagnostic medical
"Guardant360 CDx as a companion diagnostic for Boehringer Ingelheim’s HERNEXEOS"
A companion diagnostic is a medical test designed to identify which patients are likely to benefit from a specific drug or medical treatment, much like a key that shows whether a particular lock will open. For investors, these tests matter because they can increase a drug’s chances of approval and market uptake, create a separate revenue stream, and reduce commercial risk by matching treatments to the patients most likely to respond.
convertible senior notes financial
"Convertible senior notes, net | 1,502,943 | | | 1,504,000"
Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.
Revenue $335.0 million up 44% year over year for Q2 2026
GAAP net loss $120.1 million compared with $99.9 million in Q2 2025
Non-GAAP net loss $56.2 million compared with $55.0 million in Q2 2025
Free cash flow $(69.5) million compared with $(65.9) million in Q2 2025
2026 revenue guidance $1.34–$1.36 billion raised from $1.30–$1.32 billion, implying 36%–38% growth
Guidance

Guardant Health expects full-year 2026 revenue of $1.34–$1.36 billion, oncology revenue growth of about 30%, Shield screening revenue of $218–$230 million on 270,000–285,000 tests, non-GAAP gross margin of 64%–65%, and free cash flow burn of $195–$205 million.

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FAQ

What were Guardant Health (GH)'s Q2 2026 revenue and growth?
Guardant Health generated $335.0 million in revenue for Q2 2026, a 44% increase from $232.1 million a year earlier. Growth was driven by oncology revenue of $219.1 million and screening revenue of $52.9 million, which grew over 250% year over year.

How did Guardant Health (GH)'s key segments perform in Q2 2026?
Oncology revenue reached $219.1 million, up 38%, on approximately 104,000 tests. Screening revenue rose to $52.9 million on about 66,000 Shield tests, versus $14.8 million and 16,000 tests. Biopharma & Data revenue grew 9% to $60.9 million.

What updated 2026 guidance did Guardant Health (GH) provide?
Guardant Health now expects 2026 revenue of $1.34–$1.36 billion, implying 36%–38% growth, up from prior guidance of $1.30–$1.32 billion. Screening revenue is forecast at $218–$230 million, driven by 270,000–285,000 Shield tests, with oncology revenue expected to grow about 30%.

Was Guardant Health (GH) profitable in Q2 2026?
No. Guardant Health reported a GAAP net loss of $120.1 million (‑$0.90 per share) in Q2 2026. Non-GAAP net loss was $56.2 million (‑$0.42 per share), and adjusted EBITDA loss was $55.9 million, reflecting substantial operating and growth investments.

What was Guardant Health (GH)'s cash position and free cash flow in Q2 2026?
Cash, cash equivalents and restricted cash totaled $1.2 billion as of June 30, 2026. Free cash flow for Q2 2026 was ‑$69.5 million, with full-year 2026 free cash flow burn expected at $195–$205 million, an improvement from $233 million burned in 2025.

What regulatory and clinical milestones did Guardant Health (GH) highlight?
Guardant Health received FDA approval for Guardant360 Liquid CDx and for Guardant360 CDx as a companion diagnostic for HERNEXEOS, and achieved Shield inclusion in American Cancer Society colorectal screening guidelines plus coverage from UnitedHealth Group, supporting broader clinical adoption.
0001576280false00015762802026-07-302026-07-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 30, 2026
GUARDANT HEALTH, INC.
(Exact name of registrant as specified in its charter)
Delaware
001-38683
45-4139254
(State or other jurisdiction
of incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
3100 Hanover Street
Palo Alto, California 94304
(Address of principal executive offices) (Zip Code)
855-698-8887
(Registrant’s telephone number, include area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.00001 par value per share
GH
The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐







Item 2.02 Results of Operations and Financial Condition.
On July 30, 2026, Guardant Health, Inc. (the “Company”) issued a press release announcing financial results for the fiscal quarter ended June 30, 2026. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.Description
99.1
Press release of Guardant Health, Inc., dated July 30, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GUARDANT HEALTH, INC.
Date:July 30, 2026By:
/s/ Michael Bell
Michael Bell
Chief Financial Officer
(Principal Accounting Officer and Principal Financial Officer)


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Guardant Health Reports Second Quarter 2026 Financial Results and Increases 2026 Revenue Guidance
Second quarter 2026 revenue growth of 44% driven by strong performance in Oncology and Screening
Raises 2026 revenue guidance to $1.34 to $1.36 billion, representing growth of 36% to 38%
PALO ALTO, Calif. July 30, 2026 – Guardant Health, Inc. (Nasdaq: GH), a leading precision oncology company, today reported financial results for the quarter ended June 30, 2026.
Second Quarter 2026 Financial Highlights
For the three-month period ended June 30, 2026, as compared to the same period of 2025:
•Reported total revenue of $335.0 million, an increase of 44%, driven by:
◦Oncology revenue of $219.1 million, an increase of 38%, and approximately 104,000 oncology tests, an increase of 63%
◦Biopharma & Data revenue of $60.9 million, an increase of 9%
◦Screening revenue of $52.9 million, and approximately 66,000 Shield™ screening tests, compared to $14.8 million revenue and 16,000 tests in the prior year period
•Generated non-GAAP gross margin of 67%, compared to 66% for the second quarter of 2025
Recent Operating Highlights
•Received U.S. Food and Drug Administration (FDA) approval for Guardant360® Liquid CDx, the most advanced FDA-approved liquid biopsy panel
•Presented 38 abstracts at the 2026 American Society of Clinical Oncology Annual Meeting, highlighting the expanding clinical utility of Guardant’s portfolio
•Received FDA approval for Guardant360® CDx as a companion diagnostic for Boehringer Ingelheim’s HERNEXEOS for HER2 (ERBB2)-mutant advanced non-small cell lung cancer
•Achieved inclusion of Shield in the American Cancer Society’s updated colorectal cancer screening guidelines
•Obtained Shield coverage from UnitedHealth Group, the first major commercial insurer to provide coverage
•Received FDA approval for higher-throughput, lower-COGS Shield workflow
“Our second-quarter performance reflected broad-based momentum across the Guardant portfolio, with revenue increasing 44% year over year,” said Helmy Eltoukhy, co-founder and co-CEO. “Growth was fueled by strong oncology volume, with acceleration across every product. The landmark FDA approval of Guardant360 Liquid CDx further strengthens our portfolio and positions us to drive sustained growth in the years ahead.”
“Our team delivered another quarter of exceptional growth for Shield, and we are excited about several important milestones that reinforce its expanding role in colorectal cancer screening,” said AmirAli Talasaz, co-founder and co-CEO. “The inclusion of the Shield blood test in the American Cancer Society’s screening guidelines, together with UnitedHealth Group’s broad coverage decision, represents powerful validation of Shield’s clinical utility and its potential to improve access to screening.”
Second Quarter 2026 Financial Results
Revenue was $335.0 million for the second quarter of 2026, a 44% increase from $232.1 million for the corresponding prior year period. Oncology revenue grew 38% to $219.1 million for the second quarter of 2026, from $158.7 million for the corresponding prior year period, driven primarily by an increase in Oncology test volume, which grew 63% over the prior year period. Screening revenue grew over 250% to $52.9 million for the second quarter of 2026, from $14.8 million for the corresponding prior year period, driven primarily by an increase in Shield screening test volume, which grew to approximately 66,000 tests in the second quarter of 2026, from approximately 16,000 tests in the prior year period. Biopharma & Data revenue grew 9% to $60.9 million for the second quarter of 2026, from $56.0 million for the corresponding prior year period. Licensing and other revenue was $2.1 million for the second quarter of 2026, compared to $2.6 million for the corresponding prior year period.
Gross profit, or total revenue less cost of revenue, was $219.0 million for the second quarter of 2026, an increase of $68.1 million or 45%, from $150.9 million for the corresponding prior year period. Gross margin, or gross profit divided by total revenue, was 65% for the second quarter of 2026, as compared to 65% for the corresponding prior year period.
Non-GAAP gross profit was $223.1 million for the second quarter of 2026, an increase of $69.3 million or 45%, from $153.8 million for the corresponding prior year period. Non-GAAP gross margin was 67% for the second quarter of 2026, as compared to 66% for the corresponding prior year period.
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Operating expenses were $348.1 million for the second quarter of 2026, as compared to $257.3 million for the corresponding prior year period. The year-over-year increase in operating expenses was primarily related to commercial infrastructure expansion and marketing activities to support the Shield and Oncology growth and an increase in stock-based compensation. Non-GAAP operating expenses were $288.3 million for the second quarter of 2026, as compared to $215.3 million for the corresponding prior year period. The year-over-year increase in non-GAAP operating expenses was primarily related to commercial infrastructure expansion and marketing activities to support the Shield and Oncology growth.
Net loss was $120.1 million for the second quarter of 2026, as compared to $99.9 million for the corresponding prior year period. Net loss per share was $0.90 for the second quarter of 2026, as compared to $0.80 for the corresponding prior year period.
Non-GAAP net loss was $56.2 million for the second quarter of 2026, as compared to $55.0 million for the corresponding prior year period. Non-GAAP net loss per share was $0.42 for the second quarter of 2026, as compared to $0.44 for the corresponding prior year period.
Adjusted EBITDA loss was $55.9 million for the second quarter of 2026, as compared to a $51.9 million loss for the corresponding prior year period.
Free cash flow for the second quarter of 2026 was $(69.5) million, as compared to $(65.9) million for the corresponding prior year period.
Cash, cash equivalents, and restricted cash were $1.2 billion as of June 30, 2026.
2026 Guidance
Guardant Health now expects full year 2026 revenue to be in the range of $1.34 to $1.36 billion, representing growth of 36% to 38% compared to full year 2025. This compares to the prior range of $1.30 to $1.32 billion, representing growth of 32% to 34%.
Within this revenue range:
•Oncology revenue is now expected to grow approximately 30% in 2026, compared to prior guidance of 28% to 29%. Oncology volume is now expected to grow to approximately 50% in 2026, compared to prior guidance of approximately 35%.
•Biopharma & Data revenue growth is expected to be in the low double-digit range.
•Screening revenue is now expected to be in the range of $218 to $230 million, driven by Shield volume of 270,000 to 285,000 tests. This compares to the prior guidance of $186 to $198 million revenue and 230,000 to 245,000 tests.
Guardant Health continues to expect full year 2026 non-GAAP gross margin to be in the range of 64% to 65%. Guardant Health now expects total non-GAAP operating expenses to be in the range of $1.08 to $1.10 billion, an increase compared to the prior range of $1.05 to $1.07 billion. Guardant Health now expects full-year free cash flow burn of $195 million to $205 million, compared with its previous outlook of $185 million to $195 million. The revised range reflects accelerated investment in laboratory capacity to support rapid Shield volume growth and represents an improvement from the $233 million of free cash flow burn reported for full-year 2025.
Webcast Information
Guardant Health will host a conference call to discuss the second quarter 2026 financial results after market close on Thursday, July 30, 2026 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at http://investors.guardanthealth.com. The webcast will be archived and available for replay for at least 90 days after the event.
Non-GAAP Measures
Guardant Health has presented in this release certain financial information in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and also on a non-GAAP basis, including non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP research and development expense, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss per share, basic and diluted, adjusted EBITDA, and free cash flow.
We define our non-GAAP measures as the applicable GAAP measure adjusted for the impacts of stock-based compensation and related employer payroll tax payments, contingent consideration, amortization of intangible assets, impairment of non-marketable equity securities, gain on extinguishment of convertible notes, and other non-recurring items.
Adjusted EBITDA is defined as net loss adjusted for interest income; interest expense; other income (expense), net; provision for income taxes; depreciation and amortization expense; stock-based compensation expense and related employer payroll tax payments; contingent consideration; and other non-recurring items. Free cash flow is defined as net cash used in operating activities in the period less purchases of property and equipment in the period.
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We believe that the exclusion of certain income and expenses in calculating these non-GAAP financial measures can provide a useful measure for investors when comparing our period-to-period core operating results, and when comparing those same results to that published by our peers. We exclude certain items because we believe that these income and expenses do not reflect expected future operating performance. Additionally, certain items are inconsistent in amounts and frequency, making it difficult to perform a meaningful evaluation of our current or past operating performance. We use these non-GAAP financial measures to evaluate ongoing operations, for internal planning and forecasting purposes, and to manage our business.
These non-GAAP financial measures are not intended to be considered in isolation from, as substitute for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. There are limitations inherent in non-GAAP financial measures because they exclude charges and credits that are required to be included in a GAAP presentation, and do not present the full measure of our recorded costs against its revenue. In addition, our definition of the non-GAAP financial measures may differ from non-GAAP measures used by other companies.
About Guardant Health
Guardant Health is a leading precision oncology company focused on guarding wellness and giving every person more time free from cancer. Founded in 2012, Guardant is transforming patient care and accelerating new cancer therapies by providing critical insights into what drives disease through its advanced blood and tissue tests, real-world data and AI analytics. Guardant tests help improve outcomes across all stages of care, including screening to find cancer early, monitoring for recurrence in early-stage cancer, and treatment selection for patients with advanced cancer. For more information, visit guardanthealth.com and follow the company on LinkedIn, X (Twitter) and Facebook.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws, including statements regarding the potential utilities, values, benefits and advantages of Guardant Health’s liquid biopsy tests or assays, which involve risks and uncertainties that could cause the actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions, and actual outcomes and results could differ materially from these statements due to a number of factors. These and additional risks and uncertainties that could affect Guardant Health’s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in its Annual Report on Form 10-K for the year ended December 31, 2025, and in its other reports filed with or furnished to the Securities and Exchange Commission thereafter. The forward-looking statements in this press release are based on information available to Guardant Health as of the date hereof, and Guardant Health disclaims any obligation to update any forward-looking statements provided to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing Guardant Health’s views as of any date subsequent to the date of this press release.
Investor Contact:
Zarak Khurshid
investors@guardanthealth.com
Media Contact:
Meaghan Smith
press@guardanthealth.com
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Guardant Health, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue$334,978 $232,088 $636,643 $435,559 
Costs and operating expenses:
Cost of revenue 115,949 81,205 220,868 155,928 
Research and development expense 96,533 87,449 187,571 175,970 
Sales and marketing expense 189,954 119,588 359,086 223,904 
General and administrative expense 61,660 50,259 119,586 97,211 
Total costs and operating expenses 464,096 338,501 887,111 653,013 
Loss from operations (129,118)(106,413)(250,468)(217,454)
Interest income 10,199 7,560 21,350 16,672 
Interest expense (1,346)(983)(2,693)(1,774)
Other income (expense), net 308 (25)151 7,826 
Loss before provision for income taxes
(119,957)(99,861)(231,660)(194,730)
Provision for income taxes
185 38 557 328 
Net loss $(120,142)$(99,899)$(232,217)$(195,058)
Net loss per share, basic and diluted $(0.90)$(0.80)$(1.76)$(1.57)
Weighted-average shares used in computing net loss per share, basic and diluted132,867 124,114 132,074 123,993 
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 Guardant Health, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands, except share and per share data)
June 30, 2026December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$1,053,469 $378,203 
Short-term marketable securities
— 823,395 
Accounts receivable, net
144,249 137,849 
Inventory, net
105,463 85,876 
Prepaid expenses and other current assets, net
61,458 40,723 
Total current assets
1,364,639 1,466,046 
Restricted cash114,270 111,214 
Property and equipment, net
155,299 145,915 
Right-of-use assets, net
147,566 158,849 
Intangible assets, net
25,267 25,921 
Goodwill
77,257 77,257 
Other assets, net
27,996 28,457 
Total Assets
$1,912,294 $2,013,659 
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable$93,514 $54,442 
Accrued compensation121,366 119,646 
Accrued expenses
79,291 77,889 
Deferred revenue
44,791 50,753 
Total current liabilities
338,962 302,730 
Convertible senior notes, net
1,502,943 1,504,000 
Long-term operating lease liabilities
166,312 178,463 
Other long-term liabilities
126,944 127,773 
Total Liabilities
2,135,161 2,112,966 
Stockholders’ deficit:
Common stock, par value of $0.00001 per share; 350,000,000 shares authorized; 133,612,678 and 130,635,301 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
1 1 
Additional paid-in capital
3,009,424 2,900,056 
Accumulated other comprehensive loss
(5,563)(4,852)
Accumulated deficit
(3,226,729)(2,994,512)
Total Stockholders’ Deficit
(222,867)(99,307)
Total Liabilities and Stockholders’ Deficit
$1,912,294 $2,013,659 

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Guardant Health, Inc.
Supplemental Revenue Information
(unaudited)
(in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Oncology$219,105 $158,685 $424,059 $309,244 
Biopharma and data
60,947 56,020 113,924 101,396 
Screening52,866 14,814 94,456 20,491 
Licensing and other
2,060 2,569 4,204 4,428 
Total revenue$334,978 $232,088 $636,643 $435,559 
Reconciliation of Selected GAAP Measures to Non-GAAP Measures
(unaudited)
(in thousands, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
GAAP cost of revenue
$115,949 $81,205 $220,868 $155,928 
Amortization of intangible assets(150)(150)(298)(298)
Stock-based compensation expense and related employer payroll tax payments(3,945)(2,759)(7,156)(5,149)
Non-GAAP cost of revenue
$111,854 $78,296 $213,414 $150,481 
GAAP gross profit$219,029 $150,883 $415,775 $279,631 
Amortization of intangible assets150 150 298 298 
Stock-based compensation expense and related employer payroll tax payments3,945 2,759 7,156 5,149 
Non-GAAP gross profit$223,124 $153,792 $423,229 $285,078 
GAAP research and development expense$96,533 $87,449 $187,571 $175,970 
Stock-based compensation expense and related employer payroll tax payments(16,025)(14,255)(30,474)(27,345)
Contingent consideration— (647)— (1,181)
Non-GAAP research and development expense$80,508 $72,547 $157,097 $147,444 
GAAP sales and marketing expense$189,954 $119,588 $359,086 $223,904 
Stock-based compensation expense and related employer payroll tax payments(17,594)(11,756)(32,296)(21,945)
Non-GAAP sales and marketing expense$172,360 $107,832 $326,790 $201,959 
GAAP general and administrative expense$61,660 $50,259 $119,586 $97,211 
Amortization of intangible assets(126)(266)(356)(598)
Stock-based compensation expense and related employer payroll tax payments(24,842)(14,832)(44,351)(28,403)
Contingent consideration(1,000)(230)(1,000)(720)
Other
(250)— (1,400)(2,000)
Non-GAAP general and administrative expense$35,442 $34,931 $72,479 $65,490 
6
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Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
GAAP loss from operations$(129,118)$(106,413)$(250,468)$(217,454)
Amortization of intangible assets276 416 654 896 
Stock-based compensation expense and related employer payroll tax payments62,406 43,602 114,277 82,842 
Contingent consideration1,000 877 1,000 1,901 
Other
250 — 1,400 2,000 
Non-GAAP loss from operations$(65,186)$(61,518)$(133,137)$(129,815)
GAAP net loss $(120,142)$(99,899)$(232,217)$(195,058)
Amortization of intangible assets276 416 654 896 
Stock-based compensation expense and related employer payroll tax payments62,406 43,602 114,277 82,842 
Contingent consideration1,000 877 1,000 1,901 
Impairment of non-marketable equity securities
— — — 5,000 
Gain on extinguishment of convertible notes— — — (13,672)
Other
250 — 1,400 2,000 
Non-GAAP net loss $(56,210)$(55,004)$(114,886)$(116,091)
GAAP net loss per share, basic and diluted$(0.90)$(0.80)$(1.76)$(1.57)
Non-GAAP net loss per share, basic and diluted$(0.42)$(0.44)$(0.87)$(0.94)
Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted132,867 124,114 132,074 123,993 

Reconciliation of GAAP Net Loss to Adjusted EBITDA
(unaudited)
(in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
GAAP net loss $(120,142)$(99,899)$(232,217)$(195,058)
Interest income (10,199)(7,560)(21,350)(16,672)
Interest expense 1,346 983 2,693 1,774 
Other expense (income), net (308)25 (151)(7,826)
Provision for income taxes
185 38 557 328 
Depreciation and amortization9,561 10,042 19,003 20,278 
Stock-based compensation expense and related employer payroll tax payments62,406 43,602 114,277 82,842 
Contingent consideration1,000 877 1,000 1,901 
Other
250 — 1,400 2,000 
Adjusted EBITDA$(55,901)$(51,892)$(114,788)$(110,433)
Reconciliation of Free Cash Flow to Net Cash Used in Operating Activities
(unaudited)
(in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net cash used in operating activities$(57,778)$(60,285)$(123,401)$(122,974)
Purchases of property and equipment (11,759)(5,649)(17,339)(10,108)
Free cash flow$(69,537)$(65,934)$(140,740)$(133,082)
7

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