Guardant Health (GH) posts 33% 2025 growth and guides 27–30% for 2026
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Guardant Health, Inc. reported strong growth for the fourth quarter and full year 2025 while still operating at a sizeable loss. Fourth quarter revenue rose 39% to
For 2025 as a whole, revenue grew 33% to
Free cash flow burn improved to
Positive
- Strong top-line growth with margin expansion: 2025 revenue increased 33% to $982.0 million and non-GAAP gross margin rose to 66%, supported by 26% Oncology revenue growth and rapidly scaling Screening revenue.
Negative
- Continuing large losses and cash burn: GAAP net loss was $416.3 million and free cash flow burn was $233.1 million in 2025, indicating the company still requires substantial investment to reach profitability.
Insights
Guardant is growing revenue rapidly with improving margins, but remains meaningfully loss-making.
Guardant Health delivered 2025 revenue of
Despite this, the business is not yet profitable. GAAP net loss was
Management’s 2026 outlook points to revenue of
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): February 19, 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 February 19, 2026, Guardant Health, Inc. (the “Company”) issued a press release announcing financial results for the fiscal quarter and year ended December 31, 2025. 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 February 19, 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: | February 19, 2026 | By: | /s/ Michael Bell | ||||||||
Michael Bell | |||||||||||
Chief Financial Officer | |||||||||||
| (Principal Accounting Officer and Principal Financial Officer) | |||||||||||
Guardant Health Reports Fourth Quarter and Full Year 2025 Financial Results and Provides 2026 Outlook
Fourth quarter 2025 revenue growth of 39% broadly driven by strong performance across Oncology and Screening
Expects full year 2026 total revenue to grow in the range of 27% to 30% year -over-year
PALO ALTO, Calif. February 19, 2026 – Guardant Health, Inc. (Nasdaq: GH), a leading precision oncology company, today reported financial results for the quarter and full year ended December 31, 2025.
Fourth Quarter 2025 Financial Highlights
For the three-month period ended December 31, 2025, as compared to the same period of 2024:
•Reported total revenue of $281.3 million, an increase of 39%, driven by:
◦Oncology revenue of $189.9 million, an increase of 30%, and approximately 79,000 oncology tests, an increase of 38%
◦Biopharma & Data revenue of $54.0 million, an increase of 9%
◦Screening revenue of $35.1 million, and approximately 38,000 Shield screening tests, compared to 6,400 tests in the prior year period
•Generated non-GAAP gross margin of 66%, compared to 63% for the fourth quarter of 2024
Full Year 2025 Financial Highlights
For the twelve months ended December 31, 2025, as compared to the same period of 2024:
•Reported total revenue of $982.0 million, an increase of 33%, driven by:
◦Oncology revenue of $683.6 million, an increase of 26%, and approximately 276,000 oncology tests, an increase of 34%
◦Biopharma & Data revenue of $210.1 million, an increase of 18%
◦Screening revenue of $79.7 million, and approximately 87,000 Shield screening tests
•Generated non-GAAP gross margin of 66%, compared to 62% for the full year 2024
•Improved full year 2025 free cash flow burn to $(233) million, compared to $(275) million for the full year 2024
Recent Operating Highlights
Oncology
•Received the first Guardant360 CDx companion diagnostic approval in colorectal cancer
•Launched in-house testing service in Italy at Policlinico Gemelli based on Guardant360 CDx technology
•Expanded tissue-free Guardant Reveal to include late-stage therapy response monitoring
•Submitted Guardant Reveal chemotherapy monitoring data package to MolDx for Medicare reimbursement
Biopharma & Data
•Established a strategic collaboration with Merck to develop companion diagnostics and commercialize new cancer therapies using Guardant Infinity Smart Platform
Screening
•Launched dedicated health systems team for Shield and deployed our first enterprise integrations with large health systems in West Virginia and Georgia
•Shield CRC received coverage for active-duty service members and their families through TRICARE, the U.S. military’s health insurance coverage, with no copay for average-risk individuals ages 45+
•Completed the acquisition of MetaSight Diagnostics, expanding technology capabilities with potential to enhance testing performance across the portfolio
“We delivered an outstanding end to a great year, with fourth quarter revenue growth of 39% year-over-year,” said Helmy Eltoukhy, co-founder and co-CEO. “Our progress in 2025 is a testament to our breakthrough innovation and best-in-class execution across our portfolio. We are uniquely positioned with scaled offerings spanning both therapy selection and monitoring, and the recent launch of Reveal for therapy response monitoring further strengthens our competitive moat. We look forward to another strong year ahead, supported by a diverse set of growth catalysts across our business.”
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“Shield has become one of the most successful diagnostic launches, with meaningful volume and revenue generation in 2025 that exceeded our expectations,” said AmirAli Talasaz, co-founder and co-CEO. “We are proud of the level of impact we have had to date, our commercial performance, and the strong operational foundations we’ve built to support the growing demand for Shield. We are excited to deliver another year of significant growth in 2026, fueled by our expanding commercial infrastructure and a pipeline of growth drivers in front of us.”
Fourth Quarter 2025 Financial Results
Revenue was $281.3 million for the fourth quarter of 2025, a 39% increase from $201.8 million for the corresponding prior year period. Oncology revenue grew 30% to $189.9 million for the fourth quarter of 2025, from $145.6 million for the corresponding prior year period, driven primarily by an increase in Oncology test volume, which grew 38% over the prior year period. Screening revenue was $35.1 million for the fourth quarter of 2025, primarily generated from approximately 38,000 Shield screening tests. Biopharma and Data revenue grew 9% to $54.0 million for the fourth quarter of 2025, from $49.5 million for the corresponding prior year period. Licensing and other revenue was $2.2 million for the fourth quarter of 2025, compared to $2.6 million for the corresponding prior year period.
Gross profit, or total revenue less cost of revenue, was $181.8 million for the fourth quarter of 2025, an increase of $57.6 million from $124.2 million for the corresponding prior year period. Gross margin, or gross profit divided by total revenue, was 65%, as compared to 62% for the corresponding prior year period.
Non-GAAP gross profit was $185.4 million for the fourth quarter of 2025, an increase of $59.1 million or 47%, from $126.4 million for the corresponding prior year period. Non-GAAP gross margin was 66% for the fourth quarter of 2025, as compared to 63% for the corresponding prior year period.
Operating expenses were $302.6 million for the fourth quarter of 2025, as compared to $250.2 million for the corresponding prior year period. Non-GAAP operating expenses were $260.0 million for the fourth quarter of 2025, as compared to $214.7 million for the corresponding prior year period. The year-over-year increase in both operating expenses and non-GAAP operating expenses was primarily related to commercial team expansion and marketing activities to support both the Shield product launch and existing product growth.
Net loss was $128.5 million for the fourth quarter of 2025, as compared to $111.0 million for the corresponding prior year period. Net loss per share was $1.00 for the fourth quarter of 2025, as compared to $0.90 for the corresponding prior year period.
Non-GAAP net loss was $63.8 million for the fourth quarter of 2025, as compared to $77.3 million for the corresponding prior year period. Non-GAAP net loss per share was $0.50 for the fourth quarter of 2025, as compared to $0.62 for the corresponding prior year period.
Adjusted EBITDA loss was $64.9 million for the fourth quarter of 2025, as compared to a $78.4 million loss for the corresponding prior year period.
Free cash flow for the fourth quarter of 2025 was $(54.2) million, as compared to $(83.4) million for the corresponding prior year period.
In November 2025, Guardant Health completed a follow-on underwritten public offering, in which it issued and sold 2,856,981 shares of its common stock, and reissued and sold 976,351 shares of its treasury stock, at a price of $90.00 per share, and received net proceeds of $327.3 million. As a result of the reissuance of its treasury stock, Guardant Health recorded a gain of $42.9 million included in its additional paid-in capital on the consolidated balance sheets. In addition, in November 2025, Guardant Health issued $402.5 million principal amount of 0% convertible senior notes due 2033.
In December 2025, Guardant Health purchased all of the outstanding shares of MetaSight Diagnostics Ltd, a health technology company. The transaction consists of $59.0 million in upfront cash consideration paid at closing in December 2025, plus up to $90.0 million in variable contingent consideration tied to future commercial performance and regulatory approvals of the MetaSight technology.
Cash, cash equivalents, restricted cash and marketable debt securities were $1.3 billion as of December 31, 2025.
Full Year 2025 Financial Results
Revenue was $982.0 million for 2025, a 33% increase from $739.0 million for the corresponding prior year period. Oncology revenue grew 26% to $683.6 million for 2025, from $542.8 million for the corresponding prior year period, driven primarily by an increase in Oncology test volume, which grew 34% over the prior year period. Screening revenue was $79.7 million for 2025, primarily generated from approximately 87,000 Shield screening tests. Biopharma and Data revenue grew 18% to $210.1 million for 2025, from $177.6 million for the corresponding prior year period, driven primarily by an increase in volume of our GuardantINFINITY test, as well as an increase in revenue derived from the achievement of certain milestones of our service agreements. Licensing and other revenue was $8.6 million for 2025, compared to $13.5 million for the corresponding prior year period.
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Gross profit, or total revenue less cost of revenue, was $633.0 million for 2025, an increase of $183.8 million from $449.2 million for the corresponding prior year period. Gross margin, or gross profit divided by total revenue, was 64%, as compared to 61% for the corresponding prior year period.
Non-GAAP gross profit was $644.8 million for 2025, an increase of $185.2 million or 40%, from $459.6 million for the corresponding prior year period. Non-GAAP gross margin was 66% for 2025, as compared to 62% for the corresponding prior year period.
Operating expenses were $1,070.3 million for 2025, as compared to $892.8 million for the corresponding prior year period. The year-over-year increase in operating expenses was primarily related to commercial team expansion and marketing activities to support both the Shield product launch and existing product growth, as well as an increase in stock-based compensation expense and information technology infrastructure costs. Non-GAAP operating expenses were $903.7 million for 2025, as compared to $757.3 million for the corresponding prior year period. The year-over-year increase in non-GAAP operating expenses was primarily related to commercial team expansion and marketing activities to support both the Shield product launch and existing product growth, as well as an increase in information technology infrastructure costs.
Net loss was $416.3 million for 2025, as compared to $436.4 million for the corresponding prior year period. Net loss per share was $3.32 for 2025, as compared to $3.56 for the corresponding prior year period.
Non-GAAP net loss was $228.1 million for 2025, as compared to $247.2 million for the corresponding prior year period. Non-GAAP net loss per share was $1.82 for 2025, as compared to $2.01 for the corresponding prior year period.
Adjusted EBITDA loss was $220.9 million for 2025, as compared to a $257.5 million loss for the corresponding prior year period.
Free cash flow for 2025 was $(233.1) million, as compared to $(274.9) million for the corresponding prior year period.
2026 Guidance
Guardant Health expects full year 2026 revenue to be in the range of $1.25 to $1.28 billion, representing growth of 27% to 30% compared to full year 2025.
Within this revenue range:
•Oncology revenue is expected to grow in the range of 25% to 27% in 2026 and Oncology volume is expected to grow approximately 30% year-over-year in 2026.
•Biopharma & Data revenue growth is expected to be in the low double-digit range.
•Screening revenue is expected to be in the range of $162 to $174 million in 2026 and Screening volume is expected to be in the range of 210,000 to 225,000 tests in 2026. This compares to Screening revenue of $79.7 million and Screening volume of approximately 87,000 in 2025.
Guardant Health expects full year 2026 non-GAAP gross margin to be in the range of 64% to 65%. Guardant Health expects total non-GAAP operating expenses to be in the range of $1.03 to $1.05 billion, representing a 14% to 16% increase compared to 2025. Guardant Health expects free cash flow burn to be in the range of $185 to $195 million in 2025, an improvement compared to $233 million for the full year 2025.
Webcast Information
Guardant Health will host a conference call to discuss the fourth quarter and full year 2025 financial results after market close on Thursday, February 19, 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, unrealized and realized gains (losses) on marketable equity securities, impairment of non-marketable equity securities, gain on extinguishment of convertible notes, and other non-recurring items.
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Adjusted EBITDA is defined as net loss adjusted for interest income; interest expense; other income (expense), net; provision for (benefit from) 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.
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 December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue | $ | 281,266 | $ | 201,814 | $ | 982,021 | $ | 739,016 | |||||||||||||||
Costs and operating expenses: | |||||||||||||||||||||||
| Cost of revenue | 99,492 | 77,593 | 349,007 | 289,799 | |||||||||||||||||||
| Research and development expense | 98,264 | 93,543 | 364,191 | 347,753 | |||||||||||||||||||
| Sales and marketing expense | 143,382 | 104,763 | 494,661 | 364,935 | |||||||||||||||||||
| General and administrative expense | 60,933 | 51,880 | 211,410 | 180,123 | |||||||||||||||||||
| Total costs and operating expenses | 402,071 | 327,779 | 1,419,269 | 1,182,610 | |||||||||||||||||||
| Loss from operations | (120,805) | (125,965) | (437,248) | (443,594) | |||||||||||||||||||
| Interest income | 10,032 | 11,653 | 34,095 | 53,691 | |||||||||||||||||||
| Interest expense | (1,180) | (645) | (3,897) | (2,581) | |||||||||||||||||||
| Other income (expense), net | (18,268) | 4,667 | (10,490) | (42,605) | |||||||||||||||||||
Loss before (benefit from) provision for income taxes | (130,221) | (110,290) | (417,540) | (435,089) | |||||||||||||||||||
(Benefit from) provision for income taxes | (1,727) | 716 | (1,263) | 1,284 | |||||||||||||||||||
| Net loss | $ | (128,494) | $ | (111,006) | $ | (416,277) | $ | (436,373) | |||||||||||||||
| Net loss per share, basic and diluted | $ | (1.00) | $ | (0.90) | $ | (3.32) | $ | (3.56) | |||||||||||||||
| Weighted-average shares used in computing net loss per share, basic and diluted | 128,657 | 123,754 | 125,374 | 122,745 | |||||||||||||||||||
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Guardant Health, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands, except share and per share data)
| December 31, 2025 | December 31, 2024 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 378,203 | $ | 525,540 | |||||||
Short-term marketable debt securities | 823,395 | 314,438 | |||||||||
Accounts receivable, net | 137,849 | 110,253 | |||||||||
Inventory, net | 85,876 | 71,083 | |||||||||
Prepaid expenses and other current assets, net | 40,723 | 33,800 | |||||||||
Total current assets | 1,466,046 | 1,055,114 | |||||||||
| Restricted cash | 111,214 | 104,215 | |||||||||
Property and equipment, net | 145,915 | 136,813 | |||||||||
Right-of-use assets, net | 158,849 | 142,265 | |||||||||
Intangible assets, net | 25,921 | 6,760 | |||||||||
Goodwill | 77,257 | 3,290 | |||||||||
Other assets, net | 28,457 | 37,152 | |||||||||
Total Assets | $ | 2,013,659 | $ | 1,485,609 | |||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |||||||||||
Current liabilities: | |||||||||||
| Accounts payable | $ | 54,442 | $ | 38,551 | |||||||
| Accrued compensation | 119,646 | 83,219 | |||||||||
Accrued expenses | 77,889 | 68,345 | |||||||||
Deferred revenue | 50,753 | 35,468 | |||||||||
Total current liabilities | 302,730 | 225,583 | |||||||||
Convertible senior notes, net | 1,504,000 | 1,142,547 | |||||||||
Long-term operating lease liabilities | 178,463 | 164,292 | |||||||||
Other long-term liabilities | 127,773 | 92,834 | |||||||||
Total Liabilities | 2,112,966 | 1,625,256 | |||||||||
Stockholders’ deficit: | |||||||||||
Common stock, par value of $0.00001 per share; 350,000,000 shares authorized as of December 31, 2025 and 2024; 130,635,301 and 123,994,006 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 1 | 1 | |||||||||
Additional paid-in capital | 2,900,056 | 2,443,788 | |||||||||
Accumulated other comprehensive loss | (4,852) | (5,201) | |||||||||
Accumulated deficit | (2,994,512) | (2,578,235) | |||||||||
Total Stockholders’ Deficit | (99,307) | (139,647) | |||||||||
Total Liabilities and Stockholders’ Deficit | $ | 2,013,659 | $ | 1,485,609 | |||||||
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Guardant Health, Inc.
Supplemental Revenue Information
(unaudited)
(in thousands)
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Oncology | $ | 189,949 | $ | 145,613 | $ | 683,595 | $ | 542,827 | ||||||||||||||||||
Biopharma and data | 54,005 | 49,512 | 210,132 | 177,579 | ||||||||||||||||||||||
| Screening | 35,129 | 4,121 | 79,732 | 5,124 | ||||||||||||||||||||||
Licensing and other | 2,183 | 2,568 | 8,562 | 13,486 | ||||||||||||||||||||||
| Total revenue | $ | 281,266 | $ | 201,814 | $ | 982,021 | $ | 739,016 | ||||||||||||||||||
Reconciliation of Selected GAAP Measures to Non-GAAP Measures
(unaudited)
(in thousands, except per share data)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
GAAP cost of revenue | $ | 99,492 | $ | 77,593 | $ | 349,007 | $ | 289,799 | |||||||||||||||
| Amortization of intangible assets | (151) | (151) | (600) | (868) | |||||||||||||||||||
| Stock-based compensation expense and related employer payroll tax payments | (3,499) | (1,993) | (11,212) | (9,494) | |||||||||||||||||||
Non-GAAP cost of revenue | $ | 95,842 | $ | 75,449 | $ | 337,195 | $ | 279,437 | |||||||||||||||
| GAAP gross profit | $ | 181,774 | $ | 124,221 | $ | 633,014 | $ | 449,217 | |||||||||||||||
| Amortization of intangible assets | 151 | 151 | 600 | 868 | |||||||||||||||||||
| Stock-based compensation expense and related employer payroll tax payments | 3,499 | 1,993 | 11,212 | 9,494 | |||||||||||||||||||
| Non-GAAP gross profit | $ | 185,424 | $ | 126,365 | $ | 644,826 | $ | 459,579 | |||||||||||||||
| GAAP research and development expense | $ | 98,264 | $ | 93,543 | $ | 364,191 | $ | 347,753 | |||||||||||||||
| Stock-based compensation expense and related employer payroll tax payments | (11,904) | (12,397) | (52,999) | (51,212) | |||||||||||||||||||
| Contingent consideration | (416) | — | (2,014) | (675) | |||||||||||||||||||
| Non-GAAP research and development expense | $ | 85,944 | $ | 81,146 | $ | 309,178 | $ | 295,866 | |||||||||||||||
| GAAP sales and marketing expense | $ | 143,382 | $ | 104,763 | $ | 494,661 | $ | 364,935 | |||||||||||||||
| Stock-based compensation expense and related employer payroll tax payments | (12,846) | (8,997) | (46,242) | (36,871) | |||||||||||||||||||
| Non-GAAP sales and marketing expense | $ | 130,536 | $ | 95,766 | $ | 448,419 | $ | 328,064 | |||||||||||||||
| GAAP general and administrative expense | $ | 60,933 | $ | 51,880 | $ | 211,410 | $ | 180,123 | |||||||||||||||
| Amortization of intangible assets | (236) | (340) | (1,070) | (1,351) | |||||||||||||||||||
| Stock-based compensation expense and related employer payroll tax payments | (17,063) | (13,519) | (61,245) | (44,410) | |||||||||||||||||||
| Contingent consideration | (115) | (250) | (950) | (1,010) | |||||||||||||||||||
Other | — | — | (2,000) | — | |||||||||||||||||||
| Non-GAAP general and administrative expense | $ | 43,519 | $ | 37,771 | $ | 146,145 | $ | 133,352 | |||||||||||||||
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| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| GAAP loss from operations | $ | (120,805) | $ | (125,965) | $ | (437,248) | $ | (443,594) | |||||||||||||||
| Amortization of intangible assets | 387 | 491 | 1,670 | 2,219 | |||||||||||||||||||
| Stock-based compensation expense and related employer payroll tax payments | 45,312 | 36,906 | 171,698 | 141,987 | |||||||||||||||||||
| Contingent consideration | 531 | 250 | 2,964 | 1,685 | |||||||||||||||||||
Other | — | — | 2,000 | — | |||||||||||||||||||
| Non-GAAP loss from operations | $ | (74,575) | $ | (88,318) | $ | (258,916) | $ | (297,703) | |||||||||||||||
| GAAP net loss | $ | (128,494) | $ | (111,006) | $ | (416,277) | $ | (436,373) | |||||||||||||||
| Amortization of intangible assets | 387 | 491 | 1,670 | 2,219 | |||||||||||||||||||
| Stock-based compensation expense and related employer payroll tax payments | 45,312 | 36,906 | 171,698 | 141,987 | |||||||||||||||||||
| Contingent consideration | 531 | 250 | 2,964 | 1,685 | |||||||||||||||||||
Unrealized and realized (gains) losses on marketable equity securities | — | (2,824) | — | 44,401 | |||||||||||||||||||
Impairment of non-marketable equity securities | 13,582 | — | 18,582 | — | |||||||||||||||||||
| Gain on extinguishment of convertible notes | — | — | (13,672) | — | |||||||||||||||||||
Other | 4,900 | (1,100) | 6,900 | (1,100) | |||||||||||||||||||
| Non-GAAP net loss | $ | (63,782) | $ | (77,283) | $ | (228,135) | $ | (247,181) | |||||||||||||||
| GAAP net loss per share, basic and diluted | $ | (1.00) | $ | (0.90) | $ | (3.32) | $ | (3.56) | |||||||||||||||
| Non-GAAP net loss per share, basic and diluted | $ | (0.50) | $ | (0.62) | $ | (1.82) | $ | (2.01) | |||||||||||||||
| Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted | 128,657 | 123,754 | 125,374 | 122,745 | |||||||||||||||||||
Reconciliation of GAAP Net Loss to Adjusted EBITDA
(unaudited)
(in thousands)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| GAAP net loss | $ | (128,494) | $ | (111,006) | $ | (416,277) | $ | (436,373) | |||||||||||||||
| Interest income | (10,032) | (11,653) | (34,095) | (53,691) | |||||||||||||||||||
| Interest expense | 1,180 | 645 | 3,897 | 2,581 | |||||||||||||||||||
| Other expense (income), net | 18,268 | (4,667) | 10,490 | 42,605 | |||||||||||||||||||
| (Benefit from) provision for income taxes | (1,727) | 716 | (1,263) | 1,284 | |||||||||||||||||||
| Depreciation and amortization | 10,050 | 10,454 | 39,736 | 42,387 | |||||||||||||||||||
| Stock-based compensation expense and related employer payroll tax payments | 45,312 | 36,906 | 171,698 | 141,987 | |||||||||||||||||||
| Contingent consideration | 531 | 250 | 2,964 | 1,685 | |||||||||||||||||||
Other | — | — | 2,000 | — | |||||||||||||||||||
| Adjusted EBITDA | $ | (64,912) | $ | (78,355) | $ | (220,850) | $ | (257,535) | |||||||||||||||
8
Reconciliation of Free Cash Flow to Net Cash Used in Operating Activities
(unaudited)
(in thousands)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net cash used in operating activities | $ | (26,373) | $ | (64,513) | $ | (184,760) | $ | (239,858) | |||||||||||||||
| Purchases of property and equipment | (27,848) | (18,875) | (48,306) | (35,085) | |||||||||||||||||||
| Free cash flow | $ | (54,221) | $ | (83,388) | $ | (233,066) | $ | (274,943) | |||||||||||||||
9
FAQ
How did Guardant Health (GH) perform financially in full year 2025?
Guardant Health generated $982.0 million in 2025 revenue, up 33% from 2024. Oncology revenue grew to $683.6 million and Screening revenue to $79.7 million. Despite higher margins, the company recorded a GAAP net loss of $416.3 million for the year.
What were Guardant Health’s fourth quarter 2025 results?
In fourth quarter 2025, Guardant Health reported $281.3 million in revenue, a 39% increase year over year. Oncology revenue reached $189.9 million, Biopharma and Data revenue $54.0 million, and Screening revenue $35.1 million. Non-GAAP gross margin improved to 66% in the quarter.
What guidance did Guardant Health provide for 2026 revenue?
Guardant Health expects 2026 revenue between $1.25 billion and $1.28 billion, representing 27–30% growth versus 2025. Within this, Oncology revenue is projected to grow 25–27%, with Oncology test volume increasing about 30% year over year.
How fast is Guardant Health’s Shield screening business growing?
Shield drove Screening revenue of $79.7 million in 2025 from roughly 87,000 tests. In fourth quarter 2025 alone, Screening revenue was $35.1 million on about 38,000 tests. For 2026, Screening revenue is expected to reach $162–$174 million and 210,000–225,000 tests.
Is Guardant Health improving its profitability and cash flow trends?
Guardant Health remains unprofitable but trends are improving. GAAP net loss narrowed to $416.3 million from $436.4 million in 2024. Free cash flow burn improved to $233.1 million, compared with $274.9 million in the prior year, reflecting better operating leverage.
What major financing steps did Guardant Health take in 2025?
In November 2025, Guardant Health completed an equity offering, selling common and treasury shares at $90.00 per share for net proceeds of $327.3 million. It also issued $402.5 million principal of 0% convertible senior notes due 2033 , bolstering its liquidity.
How strong is Guardant Health’s balance sheet at year-end 2025?
As of December 31, 2025 , Guardant Health held $1.3 billion in cash, cash equivalents, restricted cash and marketable debt securities. Total assets were $2.01 billion and convertible senior notes totaled $1.50 billion, leaving the company with a stockholders’ deficit of $99.3 million.
Filing Exhibits & Attachments
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Guardant Health
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Feb 19, 2026
[10-K] Guardant Health, Inc. Files Annual Report