Guardant Health
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Guardant Health (GH) investor relations material

Guardant Health Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary19 Feb, 2026

Executive summary

  • Achieved a breakout year in 2025 with Q4 revenue up 39% and full-year revenue up 33%, driven by innovation, new product launches, and strong adoption across oncology, screening, and biopharma segments.

  • Oncology segment saw 30% revenue growth and 38% volume growth in Q4, supported by product upgrades and expanded reimbursement.

  • Screening segment experienced significant momentum, with Shield test volumes rising from 6,000 in Q4 2024 to 38,000 in Q4 2025 and revenue increasing from $4M to $35M.

  • Biopharma & Data revenue grew 18% to $210.1M in 2025, supported by new CDx approvals and strategic partnerships.

  • Expanded commercial and R&D activities, including new applications, strategic collaborations, and acquisitions.

Financial highlights

  • Q4 2025 revenue reached $281.3M, up 39% year-over-year; full-year revenue was $982M, up 33% from $739M in 2024.

  • Non-GAAP gross margin improved to 66% in Q4 and full year, up from 63% and 62% in 2024, respectively.

  • Adjusted EBITDA loss improved to $64.9M in Q4 and $220.9M for the year.

  • Ended 2025 with $1.3B in cash, cash equivalents, and marketable debt securities.

  • Free cash flow burn improved to $(54.2)M in Q4 and $(233.1)M for the year.

Outlook and guidance

  • 2026 revenue expected at $1.25B–$1.28B (27%–30% growth), with oncology revenue up 25%–27% and screening revenue $162M–$174M from 210,000–225,000 Shield tests.

  • Non-GAAP gross margin forecasted at 64%–65%; operating expenses to grow 14%–16%.

  • Free cash flow burn expected at $185M–$195M, with core business (excluding screening) free cash flow positive.

  • Targeting free cash flow breakeven in Q4 2027.

  • Multiple new product launches and reimbursement advances anticipated in oncology and screening.

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TD Cowen 46th Annual Health Care Conference4 Mar, 2026
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Frequently asked questions

Guardant Health, Inc. is a cancer-specific diagnostic company that provides blood tests, data sets, and analytics. The company's blood test detects cancer mutations in blood so that clinicians can prescribe medicines to match specific types of cancer. The company also provides its patient data sets and analytic tools to change the way hospitals model cancer outcomes. The company is based in Redwood City, California.

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