The company achieved 78.8% year-over-year revenue growth in 2026Q1, yet operating margins remain constrained at 2.4% due to high investment in AI-driven analytical capabilities.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Sales/Revenue | 907.29M | 812.03M | 412.26M | 306.13M | 258.49M | 294.01M | 416.54M | 432.1M | 348.39M | 294.35M | 249.67M | 227.59M | 212.41M | 173.93M | 125.71M | 77.9M | 65.26M | 83.14M | 64.87M | 18.61M | 61.59M | 66.69M | 48.08M |
| Revenue Growth % | 133.7% | 96.97% | 34.67% | 18.43% | -12.08% | -29.42% | -3.6% | 24.03% | 18.36% | 17.9% | 9.7% | 7.15% | 22.12% | 38.36% | 61.37% | 19.36% | -21.51% | 28.17% | 248.57% | -69.78% | -7.65% | 38.69% | - |
| Cost of Goods Sold | 283.84M | 272.87M | 233.48M | 216.82M | 178.46M | 109.86M | 216.03M | 218.47M | 179.11M | 156.86M | 123.76M | 77.98M | 67.11M | 48.35M | 5.51M | 6.17M | 8.72M | 4.87M | 4.04M | 1.17M | 0 | 0 | 0 |
| COGS % of Revenue | - | 33.6% | 56.63% | 70.83% | 69.04% | 37.36% | 51.86% | 50.56% | 51.41% | 53.29% | 49.57% | 34.26% | 31.59% | 27.8% | 4.39% | 7.92% | 13.36% | 5.86% | 6.22% | 6.31% | - | - | - |
| Gross Profit | 623.45M | 539.17M | 178.78M | 89.31M | 80.02M | 184.16M | 200.51M | 213.63M | 169.29M | 137.5M | 125.91M | 149.61M | 145.3M | 125.57M | 120.19M | 71.73M | 56.55M | 78.27M | 60.83M | 17.44M | 61.59M | 66.69M | 48.08M |
| Gross Margin % | 68.72% | 66.4% | 43.37% | 29.17% | 30.96% | 62.64% | 48.14% | 49.44% | 48.59% | 46.71% | 50.43% | 65.74% | 68.41% | 72.2% | 95.61% | 92.08% | 86.64% | 94.14% | 93.78% | 93.69% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 201.58% | 100.18% | 11.61% | -56.55% | -8.16% | -6.14% | 26.19% | 23.12% | 9.21% | -15.85% | 2.97% | 15.71% | 4.48% | 67.57% | 26.85% | -27.75% | 28.66% | 248.88% | -71.69% | -7.65% | 38.69% | - |
| Operating Expenses | 479.13M | 494.06M | 435.9M | 408.86M | 395.78M | 45.07M | 70.23M | 64.85M | 63.62M | 71.54M | 57.81M | 52.58M | 43.88M | 34.96M | 55.9M | 34.76M | 33.71M | 33.98M | 20.9M | 5.39M | 37.45M | 43.69M | 44.4M |
| OpEx % of Revenue | - | 60.84% | 105.74% | 133.56% | 153.11% | 15.33% | 16.86% | 15.01% | 18.26% | 24.3% | 23.16% | 23.1% | 20.66% | 20.1% | 44.47% | 44.63% | 51.66% | 40.87% | 32.22% | 28.96% | 60.81% | 65.51% | 92.33% |
| Selling, General & Admin | 405.28M | 392.47M | 321.86M | 291.48M | 294.51M | 27.31M | 52.7M | 50.3M | 42.7M | 35.68M | 27.62M | 0 | 19.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 48.33% | 78.07% | 95.21% | 113.94% | 9.29% | 12.65% | 11.64% | 12.26% | 12.12% | 11.06% | - | 9.07% | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 83.89M | 45.31M | 113.92M | 116.88M | 101.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 5.58% | 27.63% | 38.18% | 39.18% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 56.27M | 128K | 500K | 0 | 17.76M | 17.53M | 14.54M | 20.92M | 35.86M | 30.19M | 52.58M | 24.63M | 34.96M | 55.9M | 34.76M | 33.71M | 33.98M | 20.9M | 5.39M | 37.45M | 43.69M | 44.4M |
| Operating Income | 144.32M | 45.11M | -257.12M | -319.55M | -315.76M | 139.09M | 130.28M | 148.78M | 105.67M | 65.96M | 68.09M | 97.03M | 101.41M | 90.61M | 64.3M | 36.97M | 22.83M | 44.29M | 39.94M | 12.05M | 24.14M | 23M | 3.69M |
| Operating Margin % | 15.91% | 5.56% | -62.37% | -104.38% | -122.16% | 47.31% | 31.28% | 34.43% | 30.33% | 22.41% | 27.27% | 42.63% | 47.74% | 52.1% | 51.15% | 47.45% | 34.99% | 53.27% | 61.56% | 64.73% | 39.19% | 34.49% | 7.67% |
| Operating Income Growth % | - | 117.55% | 19.54% | -1.2% | -327.02% | 6.76% | -12.43% | 40.8% | 60.21% | -3.14% | -29.82% | -4.32% | 11.92% | 40.93% | 73.94% | 61.89% | -48.44% | 10.9% | 231.49% | -50.09% | 4.94% | 524.01% | - |
| EBITDA | 164.96M | 67.73M | -208.21M | -270.55M | -267.5M | 249.74M | 244.21M | 272.26M | 218.93M | 172.64M | 182.33M | 175.87M | 169.82M | 140.36M | 99.63M | 59.37M | 41.77M | 61.82M | 50.71M | 14.92M | 39M | 38.55M | 19.05M |
| EBITDA Margin % | 18.18% | 8.34% | -50.5% | -88.38% | -103.49% | 84.94% | 58.63% | 63.01% | 62.84% | 58.65% | 73.03% | 77.27% | 79.95% | 80.7% | 79.26% | 76.21% | 64% | 74.36% | 78.17% | 80.16% | 63.32% | 57.8% | 39.61% |
| EBITDA Growth % | -20.02% | 132.53% | 23.04% | -1.14% | -207.11% | 2.26% | -10.3% | 24.36% | 26.82% | -5.32% | 3.67% | 3.56% | 20.99% | 40.88% | 67.82% | 42.14% | -32.44% | 21.92% | 239.9% | -61.74% | 1.17% | 102.39% | - |
| D&A (Non-Cash Add-back) | 20.64M | 22.61M | 48.91M | 49M | 48.25M | 110.65M | 113.93M | 123.48M | 113.26M | 106.68M | 114.23M | 78.83M | 68.41M | 49.75M | 35.33M | 22.4M | 18.93M | 17.54M | 10.77M | 2.87M | 14.86M | 15.54M | 15.36M |
| EBIT | 83.84M | -11.23M | -231.87M | -309.81M | -294.15M | 143.81M | 134.37M | 159.83M | 110.25M | 52.63M | 67.26M | 102.79M | 107.58M | 102.89M | 78.04M | 37.03M | 21.79M | -6.06M | 40.74M | 12.07M | 24.16M | 23.03M | 3.72M |
| Net Interest Income | -34.05M | -40.36M | -42.9M | -20.35M | -25.73M | -61.56M | -79.16M | 0 | 0 | 0 | 0 | -35.2M | -36M | -28.79M | -16.13M | -5.17M | -4.3M | -9.12M | -10.28M | -3.69M | -7.77M | 0 | 0 |
| Interest Income | 22.83M | 16.5M | 7.12M | 11.26M | 947K | 0 | 0 | 0 | 0 | 0 | 0 | 7K | 5K | 9K | 12K | 109K | 10K | 229K | 126K | 20K | 27K | 0 | 0 |
| Interest Expense | 56.88M | 56.85M | 50.02M | 31.61M | 26.68M | 61.56M | 79.16M | 78.34M | 53.05M | 42.75M | 36.03M | 35.21M | 36.01M | 28.8M | 16.14M | 5.28M | 4.31M | 9.35M | 10.41M | 3.71M | 7.8M | 7.65M | 7.39M |
| Other Income/Expense | -110.48M | -113.2M | -24.77M | -21.86M | -5.07M | -109.55M | 0 | -67.3M | -48.47M | -56.08M | -36.87M | -29.46M | -29.83M | -16.51M | -2.4M | -5.21M | -5.36M | -59.7M | -9.6M | -3.69M | -7.77M | -7.62M | -7.35M |
| Pretax Income | 33.85M | -68.09M | -281.89M | -341.42M | -320.83M | 29.53M | 55.21M | 81.48M | 57.2M | 9.88M | 31.22M | 67.58M | 71.58M | 74.1M | 61.9M | 31.76M | 17.48M | -15.41M | 30.34M | 8.35M | 16.37M | 15.38M | -3.66M |
| Pretax Margin % | 3.73% | -8.38% | -68.38% | -111.53% | -124.12% | 10.04% | 13.26% | 18.86% | 16.42% | 3.36% | 12.51% | 29.69% | 33.7% | 42.6% | 49.24% | 40.77% | 26.78% | -18.53% | 46.76% | 44.88% | 26.57% | 23.06% | -7.62% |
| Income Tax | -134K | 469.87M | 0 | 0 | 0 | 1.8M | 4.19M | 2.89M | -14.86M | 3.84M | 4.25M | 7.19M | 7.06M | 9.82M | 11.08M | 3.56M | 3.92M | 11.55M | 11.1M | 3.12M | 6.38M | 6.15M | -1.01M |
| Effective Tax Rate % | -0.4% | -690.09% | 0% | 0% | 0% | 6.09% | 7.59% | 3.54% | -25.98% | 38.91% | 13.62% | 10.64% | 9.86% | 13.25% | 17.91% | 11.19% | 22.43% | -74.95% | 36.6% | 37.34% | 38.96% | 39.99% | 27.7% |
| Net Income | 33.98M | -537.96M | -281.89M | -341.42M | -320.83M | 27.73M | 31.01M | 78.6M | 72.06M | 6M | 26.84M | 60.27M | 63.93M | 63.47M | 50.19M | 28.38M | 13.56M | -26.95M | 19.23M | 5.23M | 9.99M | 9.23M | -2.65M |
| Net Margin % | 3.75% | -66.25% | -68.38% | -111.53% | -124.12% | 9.43% | 7.44% | 18.19% | 20.68% | 2.04% | 10.75% | 26.48% | 30.1% | 36.49% | 39.93% | 36.44% | 20.77% | -32.42% | 29.65% | 28.12% | 16.22% | 13.84% | -5.51% |
| Net Income Growth % | 52.68% | -90.84% | 17.43% | -6.42% | -1256.84% | -10.57% | -60.54% | 9.07% | 1101.6% | -77.65% | -55.47% | -5.71% | 0.73% | 26.45% | 76.83% | 109.38% | 150.29% | -240.13% | 267.55% | -47.61% | 8.23% | 448.4% | - |
| Net Income (Continuing) | 33.98M | -537.96M | -281.89M | -341.42M | -320.83M | 27.73M | 31.01M | 78.6M | 72.06M | 6M | 26.84M | 60.27M | 63.93M | 63.47M | 50.19M | 28.38M | 13.56M | -26.95M | 19.23M | 5.23M | 9.99M | 9.23M | -2.65M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.12 | -1.90 | -2.70 | -1.82 | -1.57 | 1.55 | 1.72 | 3.97 | 3.68 | 0.31 | 1.28 | 2.85 | 2.82 | 3.18 | 2.55 | 1.56 | 0.76 | -1.55 | 1.15 | 0.25 | 0.47 | 0.44 | -0.13 |
| EPS Growth % | -122.43% | 29.63% | -48.35% | -15.92% | -201.29% | -9.88% | -56.68% | 7.88% | 1087.1% | -75.78% | -55.09% | 1.06% | -11.32% | 24.71% | 63.46% | 105.26% | 149.03% | -234.78% | 360% | -46.81% | 6.82% | 438.46% | - |
| EPS (Basic) | - | -1.90 | -2.70 | -1.82 | -1.57 | 1.55 | 1.72 | 3.97 | 3.74 | 0.31 | 1.29 | 2.91 | 2.89 | 3.26 | 2.60 | 1.58 | 0.76 | -1.55 | 1.31 | 0.25 | 0.47 | 0.44 | -0.13 |
| Diluted Shares Outstanding | 282.56M | 1.67B | 254.66M | 254.66M | 254.79M | 17.95M | 18.01M | 19.82M | 19.61M | 19.39M | 20.99M | 21.16M | 22.67M | 19.95M | 19.69M | 18.2M | 17.9M | 17.41M | 16.68M | 21.17M | 21.17M | 21.17M | 21.17M |
| Basic Shares Outstanding | 282.56M | 1.67B | 254.66M | 254.66M | 254.79M | 17.95M | 18.01M | 19.82M | 19.25M | 19.32M | 20.77M | 20.73M | 22.16M | 19.5M | 19.3M | 17.97M | 17.9M | 17.41M | 14.71M | 21.17M | 21.17M | 21.17M | 21.17M |
| Dividend Payout Ratio | - | - | - | - | - | 63.84% | 28.47% | 4.15% | - | - | - | - | - | - | - | - | - | - | 4.18% | - | - | - | - |
High cash burn rate
According to recent financial disclosures, Caris Life Sciences achieved a 78.8% year-over-year revenue growth in 2026Q1, signaling an aggressive expansion phase that appears to be driven by increased clinical test adoption and the scaling of its proprietary clinico-genomic data platform across the biopharma research sector.
The acceleration in top-line performance suggests that the company is successfully capturing market share in the molecular profiling space. Investors should monitor whether this growth trajectory remains sustainable as the company faces the inherent complexities of US payer reimbursement cycles and potential saturation in its core clinical markets.
As reported in quarterly filings, the company maintained a gross margin of 65.4% in 2026Q1, demonstrating a consistent ability to manage laboratory costs despite the significant fluctuations in quarterly revenue volume observed over the past several years of intensive operational scaling and infrastructure investment.
The stability of these margins suggests that the underlying laboratory operations are relatively efficient, even as the company scales its testing capacity. However, the inability to translate this gross profitability into positive operating income indicates that the cost of supporting the data-intensive AI platform remains a substantial burden.
Based on the provided income statement data, operating expenses continue to scale in lockstep with revenue, resulting in a thin 2.4% operating margin in 2026Q1, which highlights the company's current struggle to achieve meaningful operating leverage despite the rapid growth in its top-line revenue figures.
The high level of SG&A and R&D spending suggests that the company is prioritizing long-term data accumulation and market penetration over immediate profitability. This strategy may be necessary for competitive positioning, but it leaves the firm vulnerable to any slowdown in revenue growth that would expose the high fixed-cost base.
Data from recent income statements reveal that net income remains deeply negative or near break-even, with a net margin of -0.2% in 2026Q1, reflecting the heavy impact of non-operating costs and aggressive investment in the company's proprietary multi-omic database and associated AI-driven analytical capabilities.
The quality of earnings is currently obscured by the massive reinvestment of gross profits into R&D and SG&A. Analysts should look past the headline net loss to determine if the underlying unit economics of the clinical testing business are improving or if the company is merely subsidizing growth through equity-funded burn.
Based on the historical volatility in quarterly performance, there is a risk that the current 78.8% growth rate may be inflated by non-recurring biopharma data-licensing milestones, which warrants further investigation into the durability of revenue streams versus the more predictable, yet lower-margin, clinical molecular profiling business.
Short-sellers might focus on the discrepancy between the company's high revenue growth and its persistent inability to generate consistent net income. If the revenue mix shifts toward lower-margin clinical tests, the current valuation may face significant downward pressure as the market re-evaluates the company's long-term path to profitability.
Quick answers to the most common questions about buying CAI stock.
For fiscal year 2025, Caris Life Sciences, Inc. (CAI) reported total revenue of $812.0M. This represents a 1588.8% increase compared to $48.1M in 2003.
Caris Life Sciences, Inc. (CAI) reported a net loss of $538.0M for the fiscal year ending 2025.
Caris Life Sciences, Inc. (CAI) reported an operating income of $45.1M, resulting in an operating profit margin of 5.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Caris Life Sciences, Inc. (CAI) generated $539.2M in gross profit for the year, representing a gross profit margin of 66.4%. This demonstrates the company's core pricing power and production efficiency.