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Natera

NTRA Q4 2025 Earnings

Reported Feb 26, 2026 at 4:06 PM ET · SEC Source

Q4 25 EPS

$N/A

Est. $-0.50

Q4 25 Revenue

$665.5M

BEAT +11.39%

Est. $597.5M

vs S&P Since Q4 25

-9.1%

TRAILING MARKET

NTRA -4.0% vs S&P +5.1%

Full Year 2025 Results

FY 25 EPS

$-1.52

BEAT +37.16%

Est. $-2.42

FY 25 Revenue

$2.31B

BEAT +3.04%

Est. $2.24B

Market Reaction

Did NTRA Beat Earnings? Q4 2025 Results

Natera delivered a strong finish to fiscal 2025, posting fourth-quarter revenue of $665.50 million, an 11.39% beat against consensus estimates of $597.46 million and a 39.8% increase from the year-ago period, as robust volume growth and higher averag… Read more Natera delivered a strong finish to fiscal 2025, posting fourth-quarter revenue of $665.50 million, an 11.39% beat against consensus estimates of $597.46 million and a 39.8% increase from the year-ago period, as robust volume growth and higher average selling prices across its test menu drove product revenues of $661.20 million. Gross margin widened to 66.9% from 62.9% a year earlier, with per-test cost reductions in Signatera proving a key lever, while clinical MRD volumes surged 56% year over year to roughly 225,000 tests in the quarter alone. Full-year revenue reached $2.31 billion, though an expanded operating loss of $309.90 million reflected the cost of aggressive hiring and legal expenses tied to new product launches, including the company's recent entry into rare disease genomics with a whole genome sequencing assay that drew competitive attention across the diagnostics sector. Looking ahead, Natera guided 2026 revenue to $2.60 billion to $2.70 billion, with positive net cash inflow expected as it integrates recent acquisitions and pursues expanded coverage decisions.

Key Takeaways

  • • 39.8% YoY revenue growth driven by volume increases and ASP improvements
  • • Clinical MRD test volumes grew approximately 56% YoY to ~225,000 tests in Q4
  • • Total tests processed grew 16.5% YoY to approximately 923,600 in Q4
  • • Gross margin expanded to 66.9% from 62.9% driven by higher revenues and cost reduction in test processing
  • • Strong ASP trends across women's health, organ health and oncology
  • • Signatera revenues continue to ramp
  • • Prior-period true-up contributions of approximately $59.7M in Q4 2025

NTRA Forward Guidance & Outlook

For 2026, Natera anticipates total revenue of $2.60 billion to $2.70 billion (Exhibit 99.2 cites $2.60B-$2.68B range); gross margin of approximately 63% to 65%; SG&A costs of approximately $1.125 billion to $1.225 billion; R&D costs of $750 million to $850 million; and positive net cash inflow. The guidance midpoint implies approximately 25% pro forma revenue growth versus 2025 after excluding prior-period true-up contributions of approximately $194 million. Key anticipated 2026 milestones include expanded MolDx coverage, integration of Foresight Diagnostics, Signatera with phased and structural variants, Signatera launch in Japan, Latitude expansion to additional cancer types, Fetal Focus launch, enrollment completion for the FIND study, and collaborations in AI and sequencing.

24/7 Wall St

NTRA YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

NTRA Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“We delivered an outstanding finish to 2025 with record test volumes, strong revenue that exceeded our January pre-announcement, and gross margins well ahead of our expectations even as we continued to invest significantly throughout the year.”

— Steve Chapman, Q4 2025 Earnings Press Release

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