Caris Life Sciences (CAI) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and full-year 2025 results, with Q4 revenue up 125% to $293 million and full-year revenue up 97% to $812 million, marking the first year-end as a public company after June IPO.

• Clinical case volumes grew 22% year-over-year to 199,300 in 2025, with Q4 clinical volume up 20% and clinical ASP rising 150% to $5,357, driven by accruals.

• Positive GAAP net income of $82 million and adjusted EBITDA of $106 million in Q4; full-year adjusted EBITDA reached $138 million.

• Cash on hand exceeded $800 million at year-end, with strong liquidity and positive free cash flow for the third consecutive quarter.

• Surpassed 1,016,000 genomic profiles in dataset and announced major partnerships, including Genentech and Everlywell.

Financial highlights

• Q4 molecular profiling revenue rose 199% year-over-year to $282 million; full-year molecular profiling revenue up 120% to $767 million.

• Pharma R&D services revenue declined 70% in Q4 and 28% for FY 2025, totaling $45.3 million for the year.

• Gross margin improved to 75% in Q4 and 66% for FY 2025, up significantly from prior year.

• Operating expenses increased to $133 million in Q4 and $494 million for FY 2025, reflecting commercial expansion.

• Adjusted EBITDA for FY 2025 was $138 million; free cash flow was $67 million.

Outlook and guidance

• 2026 revenue guidance: $1.0–$1.02 billion, up 23–26% from 2025.

• Molecular profiling revenue projected to grow 21–22% (26–28% excluding prior year accruals); pharma/research revenue expected at $75–$85 million.

• Clinical therapy selection volume expected to grow ~20% year-over-year in 2026.

• GAAP operating expenses projected at $590–$595 million, up 19–20% due to expansion.

• Guidance assumes continued positive adjusted EBITDA and free cash flow, with CapEx focused on early detection launch.