Guardant Health reported strong revenue growth in Q4 2025, driven by significant increases in Oncology and Screening test volumes. The company also demonstrated improved gross margins and a reduced free cash flow burn, indicating positive operational momentum and progress towards profitability.
Total revenue increased 39% year-over-year to $281.3 million in Q4 2025.
positiveOncology revenue grew 30% to $189.9 million, with test volume up 38% year-over-year.
positiveScreening revenue saw substantial growth, reaching $35.1 million with approximately 38,000 Shield screening tests in Q4 2025, up from 6,400 in the prior year.
positiveNon-GAAP gross margin improved to 66% in Q4 2025 from 63% in Q4 2024.
positiveFull year 2025 free cash flow burn improved to $(233.1) million from $(274.9) million in 2024.
positiveNet loss widened to $128.5 million in Q4 2025 from $111.0 million in the prior year period.
negativeOperating expenses increased to $302.6 million in Q4 2025 from $250.2 million in the prior year period, primarily due to commercial team expansion and marketing activities.
attentionNon-GAAP operating expenses increased to $260.0 million in Q4 2025 from $214.7 million in the prior year period.
attentionThe company reported a full year 2025 net loss of $416.3 million, a slight improvement from $436.4 million in 2024.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Oncology | N/A | — | — | — |
Biopharma & Data | N/A | — | — | — |
Screening | N/A | — | — | — |
Licensing and other | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
We delivered an outstanding end to a great year, with fourth quarter revenue growth of 39% year-over-year.
Our progress in 2025 is a testament to our breakthrough innovation and best-in-class execution across our portfolio.
We are uniquely positioned with scaled offerings spanning both therapy selection and monitoring, and the recent launch of Reveal for therapy response monitoring further strengthens our competitive moat.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.