Caris Life Sciences (CAI) Q4 2025 earnings summary

Executive summary

• Achieved record-breaking Q4 and full-year 2025 results, with Q4 revenue up 125% to $293 million and full-year revenue up 97% to $812 million, marking the first year-end as a public company after June IPO.

• Molecular profiling services drove growth, with volumes up 22% to 199,300 cases and revenue up 120% to $766.7 million.

• Positive GAAP net income of $82 million and adjusted EBITDA of $106 million in Q4; full-year adjusted EBITDA reached $138 million.

• Surpassed 1,016,000 genomic profiles in dataset and announced major partnerships, including Genentech and Everlywell.

• Cash on hand exceeded $800 million at year-end, providing strong liquidity and strategic flexibility.

Financial highlights

• Q4 2025 revenue: $293 million (+125% year-over-year); full-year 2025 revenue: $812 million (+97%).

• Gross margin improved to 75% in Q4 and 66% for the full year.

• Adjusted EBITDA for 2025 was $138 million; free cash flow for the year was $67 million.

• Pharma R&D services revenue declined in 2025 but is expected to rebound in 2026.

• ASP for tissue reached $3,876 in 2025, with blood ASP at $2,500.

Outlook and guidance

• 2026 revenue guidance: $1.0–$1.02 billion (+23–26% year-over-year).

• Molecular profiling revenue projected to grow 21–22% in 2026; therapy selection volume expected to grow ~20%.

• Pharma/research revenue expected at $75–$85 million in 2026.

• GAAP operating expenses projected at $590–$595 million (+19–20%), mainly for commercial and R&D expansion.

• Positive adjusted EBITDA and free cash flow expected to be maintained in 2026.