How did oncology testing perform?

Oncology tests were approximately 233,300 in Q4 2025 versus 150,800 in Q4 2024, up 55%, including approximately 225,300 clinical MRD tests. For the full year, oncology tests were approximately 800,800, up 52%, including approximately 769,700 clinical MRD tests.

Are these results final?

No. The results are preliminary and unaudited, based on management's initial review. They are subject to year-end closing procedures and the audit by the independent registered public accounting firm, and actual results may differ materially.

What did Natera say about cash flow?

Natera reported non-GAAP cash inflows of approximately $30 million in Q4 2025, compared with approximately $46 million in Q4 2024, and greater than $100 million for full-year 2025. The company notes these are non-GAAP measures calculated from estimated unaudited GAAP cash flow amounts, with reconciliation available on its website.

When will complete results and further updates be available?

Natera plans to release complete fourth-quarter and full-year 2025 financial results during its earnings call in February 2026. Additional business updates will be presented at the 44th Annual J.P. Morgan Healthcare Conference on January 13, 2026.

NTRA 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed January 12, 2026. Cited figures are marked; the original filing is the authoritative source.

Natera, Inc. (NASDAQ: NTRA) filed this Current Report on Form 8-K on January 12, 2026 to furnish a press release dated January 11, 2026 announcing preliminary, unaudited results for the fourth quarter and full year ended December 31, 2025.

The company expects total revenues of approximately $660 million^a in Q4 2025, compared with $476 million in Q4 2024, an increase of approximately 39%, with revenues excluding revenue true-ups greater than $600 million. For full-year 2025, total revenues are expected to be approximately $2.3 billion versus $1.7 billion in 2024, an increase of approximately 35%. The press release states this is approximately $40 million above the top end of Natera's financial outlook.

Volume growth was strong, driven by oncology. Approximately 923,600 tests were processed in Q4 2025 (up 17%^b from 792,800), and oncology tests rose 55% year over year to approximately 233,300, including about 225,300 clinical molecular residual disease (MRD) tests. For the full year, approximately 3,525,500 tests were processed (up about 15%), and oncology tests rose 52% to approximately 800,800.

Clinical MRD tests grew by approximately 22,800 sequentially in Q4 2025, described as a record sequential growth quarter. Management reported cash inflows of approximately $30 million^c in Q4 2025 (versus approximately $46 million in Q4 2024) and greater than $100 million for full-year 2025; these are non-GAAP measures. The figures are preliminary and subject to year-end closing procedures and audit, and actual results may differ materially.

Natera plans to release complete fourth-quarter and full-year 2025 results during its February 2026 earnings call, and will present additional business updates at the 44th Annual J.P. Morgan Healthcare Conference on January 13, 2026.

02—Key points

Key Highlights

Q4 2025 total revenues of approximately $660 million, up about 39% from $476 million in Q4 2024; excluding revenue true-ups, revenues were greater than $600 million.
Full-year 2025 total revenues of approximately $2.3 billion, up about 35% from $1.7 billion in 2024, and approximately $40 million above the top end of Natera's financial outlook.
Oncology volume growth was the main driver: Q4 2025 oncology tests rose 55% to approximately 233,300, and full-year oncology tests rose 52% to approximately 800,800.
Clinical MRD tests increased by approximately 22,800 sequentially in Q4 2025, a record sequential growth quarter that exceeded the prior Q3 2025 record.
Total tests processed were approximately 923,600 in Q4 2025 (up 17%) and approximately 3,525,500 for full-year 2025 (up about 15%).
Non-GAAP cash inflows were approximately $30 million in Q4 2025 (versus about $46 million in Q4 2024) and greater than $100 million for full-year 2025.
CEO Steve Chapman described the Q4 as showing excellent growth in volume, revenue and gross margins; results are preliminary and unaudited, and complete results are due in February 2026.

03—Questions

Frequently Asked Questions

What preliminary revenue did Natera report for 2025?
Natera expects full-year 2025 total revenues of approximately $2.3 billion, compared with $1.7 billion in 2024, an increase of approximately 35%. The company states this is approximately $40 million above the top end of its financial outlook.
How did oncology testing perform?
Oncology tests were approximately 233,300 in Q4 2025 versus 150,800 in Q4 2024, up 55%, including approximately 225,300 clinical MRD tests. For the full year, oncology tests were approximately 800,800, up 52%, including approximately 769,700 clinical MRD tests.
Are these results final?
No. The results are preliminary and unaudited, based on management's initial review. They are subject to year-end closing procedures and the audit by the independent registered public accounting firm, and actual results may differ materially.
What did Natera say about cash flow?
Natera reported non-GAAP cash inflows of approximately $30 million in Q4 2025, compared with approximately $46 million in Q4 2024, and greater than $100 million for full-year 2025. The company notes these are non-GAAP measures calculated from estimated unaudited GAAP cash flow amounts, with reconciliation available on its website.
When will complete results and further updates be available?
Natera plans to release complete fourth-quarter and full-year 2025 financial results during its earnings call in February 2026. Additional business updates will be presented at the 44th Annual J.P. Morgan Healthcare Conference on January 13, 2026.

04—Continue

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