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Natera

Natera (NTRA) Q2 2026 Earnings

Reported Aug 6, 2026 at 4:05 PM ET · SEC Source

Q2 26 EPS GAAP

$-0.47

BEAT +11.99%

Est. $-0.53

Q2 26 Revenue

$752.8M

BEAT +13.83%

Est. $661.3M

vs S&P Since Q2 26

+23.9%

BEATING MARKET

NTRA +22.9% vs S&P -1.0%

Market Reaction

Did NTRA Beat Earnings? Q2 2026 Results

Natera delivered a standout second quarter for fiscal 2026, posting revenue of $752.75 million, up 37.7% year-over-year and well ahead of the $661.29 million consensus estimate, while its GAAP net loss of $0.47 per diluted share beat the $0.53 analys… Read more Natera delivered a standout second quarter for fiscal 2026, posting revenue of $752.75 million, up 37.7% year-over-year and well ahead of the $661.29 million consensus estimate, while its GAAP net loss of $0.47 per diluted share beat the $0.53 analyst forecast by nearly 12%. The primary engine behind the quarter's strength was explosive oncology growth, with approximately 296,700 oncology tests processed, up 57.2% year-over-year, as Signatera continued to gain clinical traction following its FDA approval as a companion diagnostic in bladder cancer earlier this year. Total test volume crossed one million for the second consecutive quarter, reaching approximately 1,043,900 units, and gross margin widened to 64.5% from 63.4% a year ago. The net loss narrowed to $66.97 million from $100.94 million in Q2 2025, reflecting scale benefits even as R&D spending climbed sharply to fund early cancer detection trials. Management raised full-year 2026 revenue guidance by $100 million at the midpoint, now targeting a range of $2.85 billion to $2.91 billion, while maintaining gross margin guidance of 64% to 66% and expecting positive cash flow for the year.

Key Takeaways

  • • 37.7% year-over-year revenue growth driven by volume increases and ASP improvements
  • • Oncology tests processed grew 57.2% YoY to approximately 296,700 units
  • • Clinical MRD oncology units grew approximately 34,000 sequentially, the largest sequential increase to date
  • • Over 1 million tests processed for the second consecutive quarter
  • • Strong ASP trends across women's health, organ health, and oncology
  • • Gross margin expanded 110 bps year-over-year to 64.5%

NTRA Forward Guidance & Outlook

Natera raised 2026 annual revenue guidance by $100 million at the midpoint, now expecting total revenue of $2.85 billion to $2.91 billion (previously $2.74 billion to $2.82 billion). Gross margin guidance is maintained at approximately 64% to 66%. SG&A costs are expected to be approximately $1.125 billion to $1.225 billion, R&D costs $800 million to $900 million, and cash flow is expected to be positive for the year. Key drivers include continued volume growth, conservative ASP assumptions, and strong oncology contribution. FIND-CRC enrollment completion is on track for Q3, with a 2027 data readout and FDA submission planned.

24/7 Wall St

NTRA YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

NTRA Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“We had an exceptional quarter helping patients, with over one million tests processed for the second consecutive quarter and record growth in oncology volumes. We also reached several landmark milestones in the last few months: Signatera™ achieved three significant regulatory approvals, Medicare coverage expanded for Prospera™, and we launched a major enhancement to our Panorama™ NIPT.”

— Steve Chapman, Q2 2026 Earnings Press Release

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