Guardant Health
GH · NasdaqServices-Medical Laboratories · Fiscal year ends Dec 31
Guardant Health reported revenue of $982M in the fiscal year ended Dec 2025, up 32.9% from the year before. Operating income was −$437M, an operating margin of −44.5%, and net income was −$416M. Operating cash flow of −$185M less capital expenditure of $48M left free cash flow of −$233M. Net debt was $1.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $374M | $450M | $564M | $739M | $982M |
| Cost of revenue | – | – | $227M | $290M | $349M |
| Gross profit | – | – | $337M | $449M | $633M |
| Research & development | $263M | $374M | $367M | $348M | $364M |
| Operating income | −$411M | −$544M | −$565M | −$444M | −$437M |
| Interest expense | $3M | $3M | $3M | $3M | $4M |
| Pre-tax income | −$384M | −$653M | −$479M | −$435M | −$418M |
| Income tax | $300,000 | $1M | $685,000 | $1M | −$1M |
| Net income | −$385M | −$655M | −$479M | −$436M | −$416M |
| Diluted EPS | −4.00 | −6.41 | −4.28 | −3.56 | −3.32 |
| Diluted shares | 101M | 102M | 112M | 123M | 125M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $492M | $142M | $1.1B | $526M | $378M |
| Receivables | $98M | $97M | $89M | $110M | $138M |
| Inventory | $31M | $52M | $62M | $71M | $86M |
| Current assets | $1.1B | $1.2B | $1.3B | $1.1B | $1.5B |
| Net PP&E | $124M | $168M | $145M | $137M | $146M |
| Goodwill | $3M | $3M | $3M | $3M | $77M |
| Total assets | $2.2B | $1.6B | $1.8B | $1.5B | $2B |
| Payables | $39M | $69M | $52M | $39M | $54M |
| Deferred revenue | $11M | $17M | $18M | $35M | $51M |
| Current liabilities | $195M | $193M | $206M | $226M | $303M |
| Long-term debt | – | – | – | $1.1B | $1.5B |
| Total liabilities | $1.6B | $1.5B | $1.6B | $1.6B | $2.1B |
| Shareholders' equity | $645M | $60M | $159M | −$140M | −$99M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$209M | −$309M | −$325M | −$240M | −$185M |
| Capital expenditure | $75M | $77M | $20M | $35M | $48M |
| Free cash flow | −$284M | −$387M | −$345M | −$275M | −$233M |
| Depreciation & amortisation | $22M | $36M | $43M | $42M | $40M |
| Stock-based compensation | $151M | $95M | $91M | $140M | $166M |
| Acquisitions | $0 | – | $0 | $0 | $59M |
| Share buybacks | – | – | $0 | $0 | $45M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.3% | 25.5% | 31.0% | 32.9% |
| Gross margin | – | – | 59.7% | 60.8% | 64.5% |
| Operating margin | −110.0% | −121.1% | −100.1% | −60.0% | −44.5% |
| Net margin | −103.0% | −145.6% | −85.0% | −59.0% | −42.4% |
| Return on equityBlank when equity is negative | −59.7% | −1087.7% | −302.1% | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | −20.4% | −38.4% | −35.7% | −35.2% | −25.6% |
| Free cash flow margin | −76.0% | −86.1% | −61.3% | −37.2% | −23.7% |
| Cash conversion (CFO ÷ net income) | 0.54x | 0.47x | 0.68x | 0.55x | 0.44x |
| Receivable days | 95 | 79 | 57 | 54 | 51 |
| Inventory days | – | – | 100 | 90 | 90 |
| Payable days | – | – | 83 | 49 | 57 |
| Interest cover | −159x | −211x | −219x | −172x | −112x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | $617M | $1.1B |
| Current ratio | 5.72x | 6.17x | 6.54x | 4.68x | 4.84x |
Recent filings
More in Services-Medical Laboratories
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.