How fast did Natera's revenue grow in 2025?

Total revenues were $2,306.1 million for 2025, up 35.9% from $1,696.9 million in 2024. Product revenues grew 36.2%, driven by higher volume and average selling price improvements. Q4 2025 revenues of $665.5 million rose 39.8% year over year.

Is Natera profitable?

Not on a GAAP net basis. The company reported a 2025 net loss of $208.2 million, or $(1.52) per diluted share, though this was smaller than the 2024 net loss of $190.4 million on a per-share basis of $(1.53). Loss from operations was $309.9 million for the year, compared with $222.3 million in 2024, and Q4 2025 operating loss narrowed to $22.8 million from $64.7 million.

What drove the increase in operating expenses?

Total operating expenses for 2025 were $1,801.4 million, up 44.6%, primarily from headcount growth to support new product offerings and increases in consulting and legal expenses. Amortization of acquired intangible assets was $1.7 million for 2025.

How much cash does Natera have?

At December 31, 2025, Natera held approximately $1,076.1 million in cash, cash equivalents, short-term investments and restricted cash, up from $968.3 million a year earlier. Its outstanding debt under a UBS line of credit was $80.3 million at year-end.

NTRA 8-K: Earnings & Results

Q: What does Natera expect for 2026?

Natera guided to 2026 total revenue of $2.62 billion to $2.70 billion, gross margin of approximately 63% to 65%, SG&A of $1.125 billion to $1.225 billion, and R&D of $750 million to $850 million. It also expects positive net cash inflow for the year.

01—Abstract

Summary

Summary of the 8-K filed February 26, 2026. Cited figures are marked; the original filing is the authoritative source.

Natera, Inc. (NASDAQ: NTRA) reported fourth-quarter and full-year 2025 results on February 26, 2026, furnished as Exhibit 99.1 (press release) and Exhibit 99.2 (investor presentation).

Total revenues were $665.5 million^a in Q4 2025, up 39.8% from $476.1 million in Q4 2024, and $2,306.1 million for full-year 2025, up 35.9% from $1,696.9 million. Gross margin rose to 66.9% in the quarter and 64.7% for the full year, compared with 62.9% and 60.3% a year earlier. Tests processed reached approximately 923,600 in Q4 2025 and 3,525,500 for the full year, and oncology tests grew 51.6% for the year to approximately 800,800.

Profitability remained negative. The full-year net loss was $208.2 million^b, or $(1.52) per diluted share, versus $190.4 million, or $(1.53) per share, in 2024. Loss from operations narrowed to $309.9 million for the full year from $222.3 million in 2024, while operating expenses rose 44.6% to $1,801.4 million.

Q4 operating loss was $22.8 million^c, compared with $64.7 million a year earlier. Cash, cash equivalents, short-term investments and restricted cash totaled $1,076.1 million at year-end 2025, up from $968.3 million, and the company reported positive cash inflow of approximately $107.6 million for 2025.

For 2026, Natera guided to total revenue of $2.62 billion to $2.70 billion^d, gross margin of approximately 63% to 65%, SG&A of $1.125 billion to $1.225 billion, R&D of $750 million to $850 million, and positive net cash inflow. The presentation attributes part of revenue to gross-margin true-up benefits in prior periods and notes that the $2.60-$2.68 billion figure in the presentation differs slightly from the press release range.

02—Key points

Key Highlights

Q4 2025 total revenues of $665.5 million, up 39.8% year over year; full-year revenues of $2,306.1 million, up 35.9%.
Gross margin improved to 66.9% in Q4 2025 (from 62.9%) and 64.7% for full-year 2025 (from 60.3%).
Clinical MRD test volume reached approximately 225K in Q4 2025 versus approximately 145K in Q4 2024, per the investor presentation.
Full-year 2025 net loss narrowed slightly to $208.2 million ($(1.52) per diluted share) from $190.4 million in 2024 on a per-share basis of $(1.53).
Operating expenses rose 44.6% to $1,801.4 million for 2025, driven by headcount growth for new products and higher consulting and legal costs.
Year-end cash and investments of $1,076.1 million, with reported 2025 cash inflow of approximately $107.6 million.
2026 guidance calls for revenue of $2.62-$2.70 billion, gross margin of approximately 63%-65%, and positive net cash inflow.

03—Questions

Frequently Asked Questions

How fast did Natera's revenue grow in 2025?
Total revenues were $2,306.1 million for 2025, up 35.9% from $1,696.9 million in 2024. Product revenues grew 36.2%, driven by higher volume and average selling price improvements. Q4 2025 revenues of $665.5 million rose 39.8% year over year.
Is Natera profitable?
Not on a GAAP net basis. The company reported a 2025 net loss of $208.2 million, or $(1.52) per diluted share, though this was smaller than the 2024 net loss of $190.4 million on a per-share basis of $(1.53). Loss from operations was $309.9 million for the year, compared with $222.3 million in 2024, and Q4 2025 operating loss narrowed to $22.8 million from $64.7 million.
What does Natera expect for 2026?
Natera guided to 2026 total revenue of $2.62 billion to $2.70 billion, gross margin of approximately 63% to 65%, SG&A of $1.125 billion to $1.225 billion, and R&D of $750 million to $850 million. It also expects positive net cash inflow for the year.
What drove the increase in operating expenses?
Total operating expenses for 2025 were $1,801.4 million, up 44.6%, primarily from headcount growth to support new product offerings and increases in consulting and legal expenses. Amortization of acquired intangible assets was $1.7 million for 2025.
How much cash does Natera have?
At December 31, 2025, Natera held approximately $1,076.1 million in cash, cash equivalents, short-term investments and restricted cash, up from $968.3 million a year earlier. Its outstanding debt under a UBS line of credit was $80.3 million at year-end.

04—Continue

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