Q4 25 EPS
$-1.52
MISS 184.80%
Est. $-0.53
Q4 25 Revenue
$665.5M
BEAT +10.79%
Est. $600.7M
vs S&P Since Q4 25
-9.9%
TRAILING MARKET
NTRA -1.8% vs S&P +8.1%
Full Year 2025 Results
FY 25 EPS
$-1.52
BEAT +37.16%
Est. $-2.42
FY 25 Revenue
$2.31B
BEAT +3.04%
Est. $2.24B
Market Reaction
Did NTRA Beat Earnings? Q4 2025 Results
Natera posted a sharply mixed fourth quarter for fiscal 2025, delivering robust top-line results while its bottom line fell well short of expectations. Revenue came in at $665.50 million, a 39.8% year-over-year increase that cleared the $600.68 milli… Read more Natera posted a sharply mixed fourth quarter for fiscal 2025, delivering robust top-line results while its bottom line fell well short of expectations. Revenue came in at $665.50 million, a 39.8% year-over-year increase that cleared the $600.68 million consensus by 10.79%, propelled by volume gains and average selling price improvements across its women's health, organ health, and oncology divisions, with clinical MRD testing particularly notable as Signatera volumes grew 56% year-over-year to roughly 225,000 tests processed in the quarter. The earnings picture was far less encouraging, however, with the company reporting a loss per share of $1.52, badly missing the $0.53 consensus estimate by 184.80%, as full-year operating expenses expanded 44.6% on heavy investments in headcount, new product launches, and clinical trials. Gross margin did improve to 66.9% from 62.9% a year ago, offering some structural encouragement. Looking ahead, Natera guided 2026 revenue of $2.60 billion to $2.70 billion with positive net cash inflow expected, even as the company recently expanded its competitive footprint with the commercial launch of a whole genome sequencing assay targeting rare disease diagnosis.
Key Takeaways
- • 39.8% year-over-year revenue growth driven by volume increases and ASP improvements
- • Clinical MRD test volumes grew approximately 56% year-over-year to ~225K tests in Q4
- • Gross margin expansion to 66.9% from 62.9% in Q4 2024, driven by higher revenues and reduced cost of revenues
- • Strong ASP trends across women's health, organ health, and oncology
- • Signatera revenues continued to ramp
- • Revenue approximately $6M above January pre-announcement
NTRA YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
NTRA Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered an outstanding finish to 2025 with record test volumes, strong revenue that exceeded our January pre-announcement, and gross margins well ahead of our expectations even as we continued to invest significantly throughout the year.”
— Steve Chapman, Q4 2025 Earnings Press Release
NTRA Earnings Trends
NTRA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NTRA EPS Trend
Earnings per share: estimate vs actual
NTRA Revenue Trend
Quarterly revenue: estimate vs actual
NTRA Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $-0.55 | $-0.60 | -8.52% | $696.6M | +12.90% |
| Q4 25 MISS FY | $-0.53 | $-1.52 | -184.80% | $665.5M | +10.79% |
| FY Full Year | $-2.42 | $-1.52 | +37.16% | $2.31B | +3.04% |
| Q3 25 MISS | $-0.35 | $-0.64 | -80.74% | $592.2M | +15.04% |
| Q2 25 MISS | $-0.59 | $-0.74 | -24.54% | $546.6M | +14.63% |
| Q1 25 BEAT | $-0.66 | $-0.50 | +24.17% | $501.8M | +12.35% |