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Diagnostics & research · Healthcare · Fiscal year ends Dec 31
GRAIL reported revenue of $147M in the fiscal year ended Dec 2025, up 17.2% from the year before. Operating income was −$562M, an operating margin of −382.0%, and net income was −$408M. Operating cash flow of −$299M less capital expenditure of $909,000 left free cash flow of −$300M.
Ranks among the 31 diagnostics & research companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 55.6 | 93.1 | 126 | 147 |
| Research & development | 330 | 339 | 322 | 196 |
| Selling, general & admin | 296 | 363 | 368 | 276 |
| Operating income | −5,443 | −1,515 | −2,189 | −562 |
| Pre-tax income | −5,441 | −1,508 | −2,162 | −535 |
| Income tax | −42.3 | −42.0 | −135 | −126 |
| Net income | −5,399 | −1,466 | −2,027 | −408 |
| Diluted EPS | −173.89 | −47.21 | −63.54 | −11.11 |
| Diluted shares | 31.0 | 31.0 | 31.9 | 36.8 |
| Fiscal year | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 242 | 97.3 | 214 | 250 |
| Receivables | – | 16.9 | 20.3 | 18.3 |
| Current assets | – | 156 | 820 | 954 |
| Net PP&E | – | 85.0 | 69.1 | 51.8 |
| Goodwill | 1,497 | 889 | 0.0 | – |
| Total assets | – | 3,914 | 2,983 | 2,922 |
| Payables | – | 19.7 | 4.8 | 2.1 |
| Deferred revenue | – | 0.8 | 1.6 | 1.9 |
| Current liabilities | – | 164 | 76.9 | 79.7 |
| Total liabilities | – | 268 | 480 | 344 |
| Shareholders' equity | – | – | 2,503 | 2,578 |
| Fiscal year | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | −561 | −596 | −577 | −299 |
| Capital expenditure | 22.9 | 12.9 | 5.2 | 0.9 |
| Free cash flow | −584 | −609 | −582 | −300 |
| Depreciation & amortisation | 16.4 | 20.4 | 19.7 | 18.0 |
| Stock-based compensation | 75.7 | 97.2 | 86.1 | 58.3 |
| Fiscal year | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 67.6% | 34.9% | 17.2% |
| Operating margin | −9798.2% | −1627.6% | −1743.0% | −382.0% |
| Net margin | −9719.3% | −1574.2% | −1613.9% | −277.5% |
| Return on equityBlank when equity is negative | – | – | −81.0% | −15.8% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −40.4% | −75.3% | −19.8% |
| Free cash flow margin | −1051.6% | −653.8% | −463.7% | −203.8% |
| Cash conversion (CFO ÷ net income) | 0.10x | 0.41x | 0.28x | 0.73x |
| Receivable days | – | 66 | 59 | 45 |
| Current ratio | – | 0.95x | 10.7x | 12.0x |
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.