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Dec 31, 2025
Natera Q4 2025 Earnings Report
Natera reported strong fourth quarter 2025 revenue growth with expanding gross margins and a significantly reduced operating loss year-over-year.
Key Takeaways
Natera delivered 39.8% year-over-year revenue growth in Q4 2025 driven by higher product volumes and pricing improvements, expanded gross margin to 66.9%, and narrowed its operating loss compared to the prior year period.
Total revenue increased 39.8% year-over-year to 665500000 driven by product revenue growth.
Gross margin expanded to 66.9% from 62.9% in the prior year quarter.
Tests processed grew 16.5% year-over-year to 923600.
Operating loss narrowed to 22800000 from 64700000 in the prior year quarter.
Revenue by Segment
Forward Guidance
For 2026, Natera expects continued revenue growth, solid gross margins, significant operating investment, and positive net cash inflow.
Positive Outlook
- 2026 total revenue expected between 2620000000 and 2700000000.
- Gross margin projected between 63 and 65 percent.
- Net cash inflow expected to remain positive.
- Continued investment to support growth initiatives.
- Strong operational momentum entering 2026.
Challenges Ahead
- Selling, general and administrative expenses projected between 1125000000 and 1225000000.
- Research and development expenses projected between 750000000 and 850000000.
- Gross margin guidance slightly below Q4 2025 level.
- Elevated operating expense base expected to continue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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