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Dec 31, 2025
Guardant Health Q4 2025 Earnings Report
Guardant Health reported strong fourth quarter 2025 financial results, with significant revenue growth driven by oncology and screening performance.
Key Takeaways
Guardant Health delivered an outstanding fourth quarter in 2025, with total revenue increasing by 39% to $281.3 million. This growth was primarily fueled by strong performance in oncology and screening, with oncology revenue up 30% and screening revenue significantly increasing due to 38,000 Shield screening tests. The company also improved its non-GAAP gross margin to 66% and reduced its free cash flow burn for the full year.
Total revenue for Q4 2025 increased by 39% year-over-year to $281.3 million.
Oncology revenue grew 30% to $189.9 million, with oncology test volume increasing by 38% to approximately 79,000 tests.
Screening revenue reached $35.1 million, driven by approximately 38,000 Shield screening tests.
Non-GAAP gross margin improved to 66% in Q4 2025, up from 63% in the prior year period.
Revenue by Segment
Forward Guidance
Guardant Health expects full year 2026 revenue to be between $1.25 billion and $1.28 billion, representing a growth of 27% to 30% compared to full year 2025. The company anticipates continued growth across all segments, with significant expansion in screening volume and an improved free cash flow burn.
Positive Outlook
- Full year 2026 revenue expected to grow 27% to 30% ($1.25 to $1.28 billion).
- Oncology revenue expected to grow 25% to 27% in 2026, with volume growth of approximately 30%.
- Screening revenue projected to be $162 to $174 million in 2026, with volume of 210,000 to 225,000 tests.
- Non-GAAP gross margin expected to be in the range of 64% to 65% for full year 2026.
- Free cash flow burn expected to improve to $185 to $195 million in 2026, compared to $233 million in 2025.
Challenges Ahead
- Total non-GAAP operating expenses are expected to increase by 14% to 16% ($1.03 to $1.05 billion) compared to 2025.
- Biopharma & Data revenue growth is expected to be in the low double-digit range, which is lower than other segments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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