Guardant Health Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −5.26%.
Did GH Beat Earnings? Q4 2025 Results
Guardant Health closed out fiscal 2025 with a mixed fourth quarter, posting revenue of $281.27 million, a 39.4% year-over-year gain that cleared the $272.28 million consensus estimate by 3.30%, even as its loss per share of $0.50 fell short of the $0.47 analyst forecast by 6.52%. The primary engine behind the revenue strength was the explosive ramp of Shield, the company's colorectal cancer screening blood test, which generated $35.13 million in the quarter versus just $4.12 million a year earlier as test volumes surged to roughly 38,000 from 6,400, a commercial acceleration underscored by a nationwide mobile screening tour aimed at broadening access in underserved communities. Oncology testing also contributed meaningfully, with Q4 revenue climbing 30% to $189.95 million on approximately 79,000 tests. Looking ahead, management guided 2026 total revenue of $1.25 billion to $1.28 billion, representing 27% to 30% growth, with Shield volume expected to roughly double to 210,000 to 225,000 tests and free cash flow burn narrowing to $185 million to $195 million from $233 million in 2025.
- Oncology test volume grew 38% year-over-year to approximately 79,000 tests in Q4
- Shield screening tests grew to approximately 38,000 from 6,400 in the prior year quarter
- Non-GAAP gross margin expanded to 66% from 63% in Q4 2024
- Commercial team expansion and marketing activities drove growth across Shield and existing products
“We delivered an outstanding end to a great year, with fourth quarter revenue growth of 39% year-over-year. Our progress in 2025 is a testament to our breakthrough innovation and best-in-class execution across our portfolio. We are uniquely positioned with scaled offerings spanning both therapy selection and monitoring, and the recent launch of Reveal for therapy response monitoring further strengthens our competitive moat. We look forward to another strong year ahead, supported by a diverse set of growth catalysts across our business.”
Guardant Health CEO, on the earnings call
Forward Guidance & Outlook
Guardant Health expects full year 2026 total revenue of $1.25 billion to $1.28 billion, representing 27% to 30% year-over-year growth. Oncology revenue is expected to grow 25% to 27% with volume up approximately 30%. Biopharma & Data revenue growth is expected in the low double-digit range. Screening revenue is expected to be $162 million to $174 million with volume of 210,000 to 225,000 tests, roughly doubling from 2025 levels. Non-GAAP gross margin is expected to be 64% to 65%. Total non-GAAP operating expenses are expected to be $1.03 billion to $1.05 billion, representing 14% to 16% growth. Free cash flow burn is expected to improve to $185 million to $195 million, compared to $233 million in 2025.
GH YoY Financials
GH Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.