Guardant Health Q3 revenue rises 36% to $361M
The updated outlook calls for 38% to 40% full-year revenue growth, with higher revenue and test-volume targets for Shield.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Guardant Health, Inc. (GH) reported third-quarter 2026 revenue of $361.0 million, up 36% from $265.2 million a year earlier. Oncology revenue was $231.3 million, up 25%, with 117,000 tests, up 58%; Screening revenue was $67.6 million, up 180%, with 83,000 Shield tests, up 246%. Biopharma & Data revenue was $59.0 million, up 8%.
Non-GAAP gross margin was 67%, compared with 66%. GAAP net loss was $124.4 million, versus $92.7 million; non-GAAP net loss was $38.8 million, versus $48.3 million. Adjusted EBITDA loss was $37.3 million, versus $45.5 million, and free cash flow was $(37.2) million, versus $(45.8) million. Cash, cash equivalents and restricted cash totaled $1.1 billion as of September 30, 2026.
Guardant Health raised 2026 revenue guidance to $1.36 to $1.37 billion, representing growth of 38% to 40%, from prior guidance of $1.34 to $1.36 billion and growth of 36% to 38%. Screening revenue guidance is $233 to $238 million, with Shield volume of 285,000 to 290,000 tests, versus prior guidance of $218 to $230 million and 270,000 to 285,000 tests.
2 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointRevenue rose 36% to $361.0 million in the third quarter.
- Moderate pointAdjusted EBITDA loss narrowed to $37.3 million from $45.5 million.
Negative
- Moderate pointGAAP net loss widened to $124.4 million from $92.7 million.
Filing Explained
Guardant Health reports that Guardant360 CDx received FDA approval as a companion diagnostic for camizestrant and for imlunestrant with abemaciclib, and CE marking in Europe for camizestrant. The company also submitted a premarket approval application to the FDA for Guardant360 Tissue.
8-K Event Classification
2 items: 2.02, 9.01
2 items
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, or exhibit attachments filed with this report.
Key Figures
Revenue: $361.0 million
Oncology revenue: $231.3 million
Oncology tests: 117,000 tests
+5 more
8 metrics
Revenue
$361.0 million
Three months ended September 30, 2026; up 36% from $265.2 million in the same 2025 period.
Oncology revenue
$231.3 million
Third quarter 2026; up 25% year over year.
Oncology tests
117,000 tests
Third quarter 2026; up 58% year over year.
Screening revenue
$67.6 million
Third quarter 2026; up 180% year over year.
Shield tests
83,000 tests
Third quarter 2026; up 246% year over year.
GAAP net loss
Loss of $124.4 million
Third quarter 2026, versus $92.7 million in third quarter 2025.
Non-GAAP gross margin
67%
Third quarter 2026, compared with 66% in third quarter 2025.
2026 revenue guidance
$1.36 to $1.37 billion
Growth of 38% to 40%.
Key Terms
non-GAAP gross margin, Adjusted EBITDA, Free cash flow, companion diagnostic, +1 more
5 terms
non-GAAP gross margin financial
"Generated non-GAAP gross margin of 67%"
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 is defined as net loss adjusted for interest income"
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 is defined as net cash used in operating activities"
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
"as a companion diagnostic for AstraZeneca’s ETCAMAH (camizestrant)"
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.
premarket approval (PMA) regulatory
"Submitted a premarket approval (PMA) application to the FDA"
Premarket Approval (PMA) is the strict regulatory review process used by the U.S. authority for high-risk medical devices to prove they are safe and effective before they can be sold. For investors, a granted PMA is like receiving a key to a locked market: it can open exclusive sales opportunities, reduce near-term competition, and justify higher valuations, while also signaling that the company has cleared a costly, time-consuming hurdle.
Earnings Snapshot
Revenue: $361.0 million · Guidance included
Third quarter 2026
Revenue
$361.0 million
Up 36% from $265.2 million in the third quarter of 2025.
GAAP net loss
Loss of $124.4 million
Compared with $92.7 million in the third quarter of 2025.
Non-GAAP gross margin
67%
Compared with 66% in the third quarter of 2025.
Adjusted EBITDA loss
Loss of $37.3 million
Compared with $45.5 million in the third quarter of 2025.
Free cash flow
$(37.2) million
Compared with $(45.8) million in the third quarter of 2025.
Guidance
2026 revenue of $1.36 to $1.37 billion, representing growth of 38% to 40%; Screening revenue of $233 to $238 million and Shield volume of 285,000 to 290,000 tests.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did Guardant Health (GH) report for Q3 2026?
GH reported $361.0 million in revenue for the three months ended September 30, 2026, up 36% from $265.2 million in the same period of 2025. Oncology contributed $231.3 million, Screening $67.6 million, and Biopharma & Data $59.0 million.
What is Guardant Health's 2026 revenue guidance?
The revised 2026 revenue range is $1.36 to $1.37 billion, representing growth of 38% to 40%, compared with prior guidance of $1.34 to $1.36 billion and growth of 36% to 38%. Screening revenue guidance is $233 to $238 million, with Shield volume of 285,000 to 290,000 tests.
What FDA approvals did Guardant Health report?
Guardant360 CDx received FDA approval and CE marking in Europe as a companion diagnostic for AstraZeneca's ETCAMAH (camizestrant), for longitudinal testing in breast cancer. It also received FDA approval as a companion diagnostic for INLURIYO (imlunestrant) used with VERZENIO (abemaciclib) for eligible patients with ESR1-mutated advanced or metastatic breast cancer.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 5, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
(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 | ||||||
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 November 5, 2026, Guardant Health, Inc. (the “Company”) issued a press release announcing financial results for the fiscal quarter ended September 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 November 5, 2026 | |||||||
| 104 | Cover 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: | November 5, 2026 | By: | /s/ Michael Bell | ||||||||
Michael Bell | |||||||||||
Chief Financial Officer | |||||||||||
| (Principal Financial Officer) | |||||||||||
Guardant Health Reports Third Quarter 2026 Financial Results and Increases 2026 Revenue Guidance
Third quarter 2026 revenue growth of 36% driven by strong performance in Oncology and Screening
Raises 2026 revenue guidance to $1.36 to $1.37 billion, representing growth of 38% to 40%
PALO ALTO, Calif. November 5, 2026 – Guardant Health, Inc. (Nasdaq: GH), a leading precision oncology company, today reported financial results for the quarter ended September 30, 2026.
Third Quarter 2026 Financial Highlights
For the three-month period ended September 30, 2026, as compared to the same period of 2025:
•Reported total revenue of $361.0 million, an increase of 36%, driven by:
◦Oncology revenue of $231.3 million, an increase of 25%, and 117,000 oncology tests, an increase of 58%
◦Biopharma & Data revenue of $59.0 million, an increase of 8%
◦Screening revenue of $67.6 million, an increase of 180%, and 83,000 Shield tests, an increase of 246%
•Generated non-GAAP gross margin of 67%, compared to 66% for the third quarter of 2025
Recent Operating Highlights
•Received U.S. Food and Drug Administration (FDA) approval and CE-marking in Europe for Guardant360 CDx as a companion diagnostic for AstraZeneca’s ETCAMAH (camizestrant), the first FDA approval of a liquid biopsy companion diagnostic for longitudinal testing in breast cancer
•Received FDA approval for Guardant360 CDx as a companion diagnostic for INLURIYO (imlunestrant) in combination with VERZENIO (abemaciclib) for eligible patients with ESR1-mutated advanced or metastatic breast cancer
•Submitted a premarket approval (PMA) application to the FDA for Guardant360 Tissue
•Launched Guardant Reveal Ultra with biopharma partners and remain on track for clinical launch in 2026
•Expanded commercial coverage for Shield to more than 80% of eligible lives, with key additions including UnitedHealth Group, Carelon Healthcare Services, and EviCore
•Successfully deployed the new FDA-approved lower COGS, higher-throughput Shield workflow
“Revenue grew 36% year over year as we continued to execute across Oncology, Screening, and Biopharma,” said Helmy Eltoukhy, co-founder and co-CEO. “Oncology volume grew 58% with broad contributions across our portfolio. The FDA approval of Guardant360 CDx for longitudinal ESR1 testing is a major advance for breast cancer patients, ushering in a new paradigm of cancer treatment. It reinforces the role of Guardant360 in enabling earlier therapy decisions and strengthens our leadership across the cancer care continuum.”
“Shield continued to build momentum in the third quarter, with volume more than tripling year over year to 83,000 tests,” said AmirAli Talasaz, co-founder and co-CEO. “Commercial coverage continues to expand, with recent policy updates extending Shield coverage to approximately 100 million lives. With our lower COGS, higher-throughput workflow now fully implemented, we have a strong operational foundation to meet future Shield demand. Together, these advances expand access to Shield and move us closer to making blood-based cancer screening a routine part of preventive care.”
1
Third Quarter 2026 Financial Results
Revenue was $361.0 million for the third quarter of 2026, a 36% increase from $265.2 million for the corresponding prior year period. Oncology revenue grew 25% to $231.3 million for the third quarter of 2026, from $184.4 million for the corresponding prior year period, driven primarily by an increase in Oncology test volume, which grew 58% over the prior year period. Screening revenue grew 180% to $67.6 million for the third quarter of 2026, from $24.1 million for the corresponding prior year period, driven primarily by an increase in Shield test volume, which grew to 83,000 tests in the third quarter of 2026, from 24,000 tests in the prior year period. Biopharma & Data revenue grew 8% to $59.0 million for the third quarter of 2026, from $54.7 million for the corresponding prior year period. Licensing and other revenue was $3.1 million for the third quarter of 2026, compared to $2.0 million for the corresponding prior year period.
Gross profit, or total revenue less cost of revenue, was $236.2 million for the third quarter of 2026, an increase of $64.5 million or 38%, from $171.6 million for the corresponding prior year period. Gross margin, or gross profit divided by total revenue, was 65% for the third quarter of 2026, as compared to 65% for the corresponding prior year period.
Non-GAAP gross profit was $240.2 million for the third quarter of 2026, an increase of $65.9 million or 38%, from $174.3 million for the corresponding prior year period. Non-GAAP gross margin was 67% for the third quarter of 2026, as compared to 66% for the corresponding prior year period.
Operating expenses were $368.9 million for the third quarter of 2026, as compared to $270.6 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 Screening and Oncology growth and an increase in stock-based compensation. Non-GAAP operating expenses were $287.4 million for the third quarter of 2026, as compared to $228.9 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 Screening and Oncology growth.
Net loss was $124.4 million for the third quarter of 2026, as compared to $92.7 million for the corresponding prior year period. Net loss per share was $0.93 for the third quarter of 2026, as compared to $0.74 for the corresponding prior year period.
Non-GAAP net loss was $38.8 million for the third quarter of 2026, as compared to $48.3 million for the corresponding prior year period. Non-GAAP net loss per share was $0.29 for the third quarter of 2026, as compared to $0.39 for the corresponding prior year period.
Adjusted EBITDA loss was $37.3 million for the third quarter of 2026, as compared to a $45.5 million loss for the corresponding prior year period.
Free cash flow for the third quarter of 2026 was $(37.2) million, as compared to $(45.8) million for the corresponding prior year period.
Cash, cash equivalents, and restricted cash were $1.1 billion as of September 30, 2026.
2026 Guidance
Guardant Health now expects full year 2026 revenue to be in the range of $1.36 to $1.37 billion, representing growth of 38% to 40% compared to full year 2025. This compares to the prior range of $1.34 to $1.36 billion, representing growth of 36% to 38%.
Within this revenue range:
•Oncology revenue is expected to grow approximately 30% and Oncology volume is now expected to grow over 50%.
•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 $233 to $238 million, driven by Shield volume of 285,000 to 290,000 tests. This compares to the prior guidance of $218 to $230 million revenue and 270,000 to 285,000 tests.
Guardant Health now expects full year 2026 non-GAAP gross margin to be 65%, compared to prior guidance of 64% to 65%. The company expects total non-GAAP operating expenses to be in the range of $1.105 to $1.125 billion, an increase compared to the prior range of $1.080 to $1.100 billion. Guardant Health now expects full-year free cash flow burn of $205 million to $220 million, compared to the previous outlook of $195 million to $205 million.
Webcast Information
Guardant Health will host a conference call to discuss the third quarter 2026 financial results after market close on Thursday, November 5, 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.
2
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 expense, amortization of intangible assets, impairment of non-marketable equity securities, gain on extinguishment of convertible notes, and other items, including contingent consideration and non-recurring legal expenses.
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 expense; and other items, including contingent consideration and non-recurring legal expenses. Free cash flow is defined as net cash used in operating activities in the period less purchases of property and equipment in the period.
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
3
Guardant Health, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | 360,975 | $ | 265,196 | $ | 997,618 | $ | 700,755 | |||||||||||||||
Costs and operating expenses: | |||||||||||||||||||||||
| Cost of revenue | 124,822 | 93,587 | 345,690 | 249,515 | |||||||||||||||||||
| Research and development expense | 100,838 | 89,957 | 288,409 | 265,927 | |||||||||||||||||||
| Sales and marketing expense | 177,218 | 127,375 | 536,304 | 351,279 | |||||||||||||||||||
| General and administrative expense | 90,862 | 53,266 | 210,448 | 150,477 | |||||||||||||||||||
| Total costs and operating expenses | 493,740 | 364,185 | 1,380,851 | 1,017,198 | |||||||||||||||||||
| Loss from operations | (132,765) | (98,989) | (383,233) | (316,443) | |||||||||||||||||||
| Interest income | 9,749 | 7,391 | 31,099 | 24,063 | |||||||||||||||||||
| Interest expense | (1,345) | (943) | (4,038) | (2,717) | |||||||||||||||||||
| Other income (expense), net | 342 | (48) | 493 | 7,778 | |||||||||||||||||||
Loss before provision for income taxes | (124,019) | (92,589) | (355,679) | (287,319) | |||||||||||||||||||
Provision for income taxes | 343 | 136 | 900 | 464 | |||||||||||||||||||
| Net loss | $ | (124,362) | $ | (92,725) | $ | (356,579) | $ | (287,783) | |||||||||||||||
| Net loss per share, basic and diluted | $ | (0.93) | $ | (0.74) | $ | (2.68) | $ | (2.32) | |||||||||||||||
| Weighted-average shares used in computing net loss per share, basic and diluted | 134,422 | 124,807 | 132,866 | 124,268 | |||||||||||||||||||
4
Guardant Health, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands, except share and per share data)
| September 30, 2026 | December 31, 2025 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 1,026,848 | $ | 378,203 | |||||||
Short-term marketable securities | — | 823,395 | |||||||||
Accounts receivable, net | 186,548 | 137,849 | |||||||||
Inventory, net | 93,490 | 85,876 | |||||||||
Prepaid expenses and other current assets | 36,519 | 40,723 | |||||||||
Total current assets | 1,343,405 | 1,466,046 | |||||||||
| Restricted cash | 119,157 | 111,214 | |||||||||
Property and equipment, net | 151,474 | 145,915 | |||||||||
Right-of-use assets | 141,245 | 158,849 | |||||||||
Intangible assets, net | 24,988 | 25,921 | |||||||||
Goodwill | 77,257 | 77,257 | |||||||||
Other assets, net | 28,116 | 28,457 | |||||||||
Total assets | $ | 1,885,642 | $ | 2,013,659 | |||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |||||||||||
Current liabilities: | |||||||||||
| Accounts payable | $ | 102,512 | $ | 54,442 | |||||||
| Accrued compensation | 127,619 | 119,646 | |||||||||
Accrued expenses | 104,935 | 77,889 | |||||||||
Deferred revenue | 38,099 | 50,753 | |||||||||
Total current liabilities | 373,165 | 302,730 | |||||||||
Convertible senior notes, net | 1,502,413 | 1,504,000 | |||||||||
Long-term operating lease liabilities | 160,220 | 178,463 | |||||||||
Other long-term liabilities | 125,746 | 127,773 | |||||||||
Total liabilities | 2,161,544 | 2,112,966 | |||||||||
Stockholders’ deficit: | |||||||||||
Common stock, par value of $0.00001 per share; 350,000,000 shares authorized; 134,719,874 and 130,635,301 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 1 | 1 | |||||||||
Additional paid-in capital | 3,080,321 | 2,900,056 | |||||||||
Accumulated other comprehensive loss | (5,133) | (4,852) | |||||||||
Accumulated deficit | (3,351,091) | (2,994,512) | |||||||||
Total stockholders’ deficit | (275,902) | (99,307) | |||||||||
Total liabilities and stockholders’ deficit | $ | 1,885,642 | $ | 2,013,659 | |||||||
5
Guardant Health, Inc.
Supplemental Revenue Information
(unaudited)
(in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Oncology | $ | 231,264 | $ | 184,402 | $ | 655,323 | $ | 493,646 | ||||||||||||||||||
Biopharma and data | 58,972 | 54,731 | 172,896 | 156,127 | ||||||||||||||||||||||
| Screening | 67,614 | 24,112 | 162,070 | 44,603 | ||||||||||||||||||||||
Licensing and other | 3,125 | 1,951 | 7,329 | 6,379 | ||||||||||||||||||||||
| Total revenue | $ | 360,975 | $ | 265,196 | $ | 997,618 | $ | 700,755 | ||||||||||||||||||
Reconciliation of Selected GAAP Measures to Non-GAAP Measures
(unaudited)
(in thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
GAAP cost of revenue | $ | 124,822 | $ | 93,587 | $ | 345,690 | $ | 249,515 | |||||||||||||||
| Amortization of intangible assets | (151) | (151) | (449) | (449) | |||||||||||||||||||
| Stock-based compensation expense and related employer payroll tax expense | (3,891) | (2,564) | (11,047) | (7,713) | |||||||||||||||||||
Non-GAAP cost of revenue | $ | 120,780 | $ | 90,872 | $ | 334,194 | $ | 241,353 | |||||||||||||||
| GAAP gross profit | $ | 236,153 | $ | 171,609 | $ | 651,928 | $ | 451,240 | |||||||||||||||
| Amortization of intangible assets | 151 | 151 | 449 | 449 | |||||||||||||||||||
| Stock-based compensation expense and related employer payroll tax expense | 3,891 | 2,564 | 11,047 | 7,713 | |||||||||||||||||||
| Non-GAAP gross profit | $ | 240,195 | $ | 174,324 | $ | 663,424 | $ | 459,402 | |||||||||||||||
| GAAP research and development expense | $ | 100,838 | $ | 89,957 | $ | 288,409 | $ | 265,927 | |||||||||||||||
| Stock-based compensation expense and related employer payroll tax expense | (15,896) | (13,750) | (46,370) | (41,095) | |||||||||||||||||||
| Other | — | (417) | — | (1,598) | |||||||||||||||||||
| Non-GAAP research and development expense | $ | 84,942 | $ | 75,790 | $ | 242,039 | $ | 223,234 | |||||||||||||||
| GAAP sales and marketing expense | $ | 177,218 | $ | 127,375 | $ | 536,304 | $ | 351,279 | |||||||||||||||
| Stock-based compensation expense and related employer payroll tax expense | (18,230) | (11,451) | (50,526) | (33,396) | |||||||||||||||||||
| Non-GAAP sales and marketing expense | $ | 158,988 | $ | 115,924 | $ | 485,778 | $ | 317,883 | |||||||||||||||
| GAAP general and administrative expense | $ | 90,862 | $ | 53,266 | $ | 210,448 | $ | 150,477 | |||||||||||||||
| Amortization of intangible assets | (128) | (236) | (484) | (834) | |||||||||||||||||||
| Stock-based compensation expense and related employer payroll tax expense | (28,291) | (15,779) | (72,642) | (44,182) | |||||||||||||||||||
Other | (19,000) | (115) | (21,400) | (2,835) | |||||||||||||||||||
| Non-GAAP general and administrative expense | $ | 43,443 | $ | 37,136 | $ | 115,922 | $ | 102,626 | |||||||||||||||
6
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| GAAP loss from operations | $ | (132,765) | $ | (98,989) | $ | (383,233) | $ | (316,443) | |||||||||||||||
| Amortization of intangible assets | 279 | 387 | 933 | 1,283 | |||||||||||||||||||
| Stock-based compensation expense and related employer payroll tax expense | 66,308 | 43,544 | 180,585 | 126,386 | |||||||||||||||||||
Other | 19,000 | 532 | 21,400 | 4,433 | |||||||||||||||||||
| Non-GAAP loss from operations | $ | (47,178) | $ | (54,526) | $ | (180,315) | $ | (184,341) | |||||||||||||||
| GAAP net loss | $ | (124,362) | $ | (92,725) | $ | (356,579) | $ | (287,783) | |||||||||||||||
| Amortization of intangible assets | 279 | 387 | 933 | 1,283 | |||||||||||||||||||
| Stock-based compensation expense and related employer payroll tax expense | 66,308 | 43,544 | 180,585 | 126,386 | |||||||||||||||||||
Impairment of non-marketable equity securities | — | — | — | 5,000 | |||||||||||||||||||
| Gain on extinguishment of convertible notes | — | — | — | (13,672) | |||||||||||||||||||
Other | 19,000 | 532 | 21,400 | 4,433 | |||||||||||||||||||
| Non-GAAP net loss | $ | (38,775) | $ | (48,262) | $ | (153,661) | $ | (164,353) | |||||||||||||||
| GAAP net loss per share, basic and diluted | $ | (0.93) | $ | (0.74) | $ | (2.68) | $ | (2.32) | |||||||||||||||
| Non-GAAP net loss per share, basic and diluted | $ | (0.29) | $ | (0.39) | $ | (1.16) | $ | (1.32) | |||||||||||||||
| Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted | 134,422 | 124,807 | 132,866 | 124,268 | |||||||||||||||||||
Reconciliation of GAAP Net Loss to Adjusted EBITDA
(unaudited)
(in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| GAAP net loss | $ | (124,362) | $ | (92,725) | $ | (356,579) | $ | (287,783) | |||||||||||||||
| Interest income | (9,749) | (7,391) | (31,099) | (24,063) | |||||||||||||||||||
| Interest expense | 1,345 | 943 | 4,038 | 2,717 | |||||||||||||||||||
| Other expense (income), net | (342) | 48 | (493) | (7,778) | |||||||||||||||||||
Provision for income taxes | 343 | 136 | 900 | 464 | |||||||||||||||||||
| Depreciation and amortization | 10,178 | 9,408 | 29,181 | 29,686 | |||||||||||||||||||
| Stock-based compensation expense and related employer payroll tax expense | 66,308 | 43,544 | 180,585 | 126,386 | |||||||||||||||||||
Other | 19,000 | 532 | 21,400 | 4,433 | |||||||||||||||||||
| Adjusted EBITDA | $ | (37,279) | $ | (45,505) | $ | (152,067) | $ | (155,938) | |||||||||||||||
Reconciliation of Free Cash Flow to Net Cash Used in Operating Activities
(unaudited)
(in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net cash used in operating activities | $ | (23,707) | $ | (35,413) | $ | (147,108) | $ | (158,387) | |||||||||||||||
| Purchases of property and equipment | (13,480) | (10,350) | (30,819) | (20,458) | |||||||||||||||||||
| Free cash flow | $ | (37,187) | $ | (45,763) | $ | (177,927) | $ | (178,845) | |||||||||||||||
7