Guardant Health (GH) Q4 2025 earnings summary

Executive summary

• Achieved a breakout year in 2025 with Q4 revenue up 39% and full-year revenue up 33%, driven by innovation, new product launches, and strong adoption across oncology, screening, and biopharma segments.

• Oncology segment saw 30% revenue growth and 38% volume growth in Q4, supported by product upgrades and expanded reimbursement.

• Screening segment experienced significant momentum, with Shield test volumes rising from 6,000 in Q4 2024 to 38,000 in Q4 2025 and revenue increasing from $4M to $35M.

• Biopharma & Data revenue grew 18% to $210.1M in 2025, supported by new CDx approvals and strategic partnerships.

• Expanded commercial and R&D activities, including new applications, strategic collaborations, and acquisitions.

Financial highlights

• Q4 2025 revenue reached $281.3M, up 39% year-over-year; full-year revenue was $982M, up 33% from $739M in 2024.

• Non-GAAP gross margin improved to 66% in Q4 and full year, up from 63% and 62% in 2024, respectively.

• Adjusted EBITDA loss improved to $64.9M in Q4 and $220.9M for the year.

• Ended 2025 with $1.3B in cash, cash equivalents, and marketable debt securities.

• Free cash flow burn improved to $(54.2)M in Q4 and $(233.1)M for the year.

Outlook and guidance

• 2026 revenue expected at $1.25B–$1.28B (27%–30% growth), with oncology revenue up 25%–27% and screening revenue $162M–$174M from 210,000–225,000 Shield tests.

• Non-GAAP gross margin forecasted at 64%–65%; operating expenses to grow 14%–16%.

• Free cash flow burn expected at $185M–$195M, with core business (excluding screening) free cash flow positive.

• Targeting free cash flow breakeven in Q4 2027.

• Multiple new product launches and reimbursement advances anticipated in oncology and screening.