Revenue grew from $84.7M in 2025Q1 to $139.4M in 2026Q3 with gross margin near 71%, but a 5.8% operating margin and $69.6M of SG&A indicate that scale has not yet translated into consistent operating profit.
CareDx, Inc (CDNA) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 497.4M | 379.81M | 333.79M | 280.32M | 321.79M | 296.4M | 192.19M | 127.07M | 76.57M | 48.32M | 40.63M | 28.14M | 27.31M | 22.1M | 20.45M |
| Revenue Growth % | 38.94% | 13.79% | 19.07% | -12.89% | 8.57% | 54.22% | 51.25% | 65.95% | 58.45% | 18.93% | 44.37% | 3.07% | 23.57% | 8.05% | - |
| Cost of Goods Sold | 144.39M | 123.24M | 109.63M | 102M | 112.21M | 97.39M | 63.12M | 45.45M | 32.99M | 21.37M | 21.12M | 10.27M | 8.54M | 9.08M | 7.93M |
| COGS % of Revenue | - | 32.45% | 32.84% | 36.39% | 34.87% | 32.86% | 32.84% | 35.77% | 43.08% | 44.22% | 51.98% | 36.5% | 31.28% | 41.08% | 38.78% |
| Gross Profit | 353M | 256.57M | 224.16M | 178.32M | 209.58M | 199.01M | 129.08M | 81.61M | 43.58M | 26.95M | 19.51M | 17.87M | 18.77M | 13.02M | 12.52M |
| Gross Margin % | 70.97% | 67.55% | 67.16% | 63.61% | 65.13% | 67.14% | 67.16% | 64.23% | 56.92% | 55.78% | 48.02% | 63.5% | 68.72% | 58.92% | 61.22% |
| Gross Profit Growth % | - | 14.46% | 25.7% | -14.91% | 5.31% | 54.18% | 58.16% | 87.26% | 61.7% | 38.16% | 9.17% | -4.76% | 44.12% | 3.99% | - |
| Operating Expenses | 348.88M | 281.64M | 183.39M | 381.69M | 286.81M | 228.73M | 151.6M | 106.14M | 58.14M | 44.11M | 44.28M | 29.93M | 18.75M | 13.88M | 14.86M |
| OpEx % of Revenue | - | 74.15% | 54.94% | 136.16% | 89.13% | 77.17% | 78.88% | 83.53% | 75.94% | 91.28% | 108.97% | 106.34% | 68.68% | 62.8% | 72.68% |
| Selling, General & Admin | 264.45M | 210.21M | 205.5M | 201.2M | 196.42M | 152.21M | 102.66M | 75.43M | 43.63M | 31.72M | 31.89M | 20.6M | 14.91M | 10.7M | 10.11M |
| SG&A % of Revenue | - | 55.35% | 61.57% | 71.77% | 61.04% | 51.35% | 53.42% | 59.37% | 56.98% | 65.64% | 78.49% | 73.18% | 54.6% | 48.43% | 49.44% |
| Research & Development | 84.42M | 71.43M | 72.41M | 81.87M | 90.39M | 76.53M | 48.94M | 30.71M | 14.51M | 12.39M | 12.38M | 9.33M | 3.85M | 3.18M | 4.75M |
| R&D % of Revenue | - | 18.81% | 21.69% | 29.2% | 28.09% | 25.82% | 25.46% | 24.17% | 18.96% | 25.64% | 30.48% | 33.16% | 14.08% | 14.37% | 23.24% |
| Other Operating Expenses | 0 | 0 | -94.52M | 98.62M | 0 | 0 | 0 | 0 | -178K | 0 | 0 | -188K | 147K | 0 | -14K |
| Operating Income | 4.13M | -25.07M | 40.77M | -203.36M | -77.23M | -29.73M | -22.53M | -24.53M | -15.58M | -20.29M | -37.33M | -11.93M | 1.25M | -857K | -2.34M |
| Operating Margin % | 0.83% | -6.6% | 12.21% | -72.55% | -24% | -10.03% | -11.72% | -19.31% | -20.34% | -42% | -91.88% | -42.4% | 4.58% | -3.88% | -11.45% |
| Operating Income Growth % | - | -161.5% | 120.05% | -163.32% | -159.81% | -31.95% | 8.17% | -57.48% | 23.24% | 45.64% | -212.87% | -1054.56% | 245.86% | 63.41% | - |
| EBITDA | 25.96M | -4.66M | 60.52M | -183.54M | -61.22M | -17.84M | -12.98M | -17.39M | -11.36M | -16.54M | -34.41M | -11.14M | 1.76M | -194K | -1.27M |
| EBITDA Margin % | 5.22% | -1.23% | 18.13% | -65.47% | -19.03% | -6.02% | -6.76% | -13.68% | -14.84% | -34.22% | -84.69% | -39.57% | 6.45% | -0.88% | -6.21% |
| EBITDA Growth % | -65.62% | -107.69% | 132.97% | -199.78% | -243.16% | -37.41% | 25.33% | -53.02% | 31.28% | 51.95% | -209.02% | -732.01% | 1008.25% | 84.72% | - |
| D&A (Non-Cash Add-back) | 21.83M | 20.42M | 19.76M | 19.82M | 16.01M | 11.88M | 9.54M | 7.14M | 4.21M | 3.76M | 2.92M | 796K | 512K | 663K | 1.07M |
| EBIT | 6.71M | -25.07M | -53.75M | -104.74M | -76.23M | -32.09M | -17.71M | -24.53M | -15.58M | -18.34M | -24.77M | -12.06M | 11K | -857K | -2.34M |
| Net Interest Income | 7.87M | 9.17M | 11.77M | 11.87M | 3.76M | 160K | 271K | 985K | -3.7M | -5.86M | -1.86M | -1.59M | -2.12M | -2.15M | -2.7M |
| Interest Income | 7.87M | 9.17M | 11.77M | 11.87M | 3.76M | 160K | 271K | 985K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.7M | 5.86M | 1.86M | 1.59M | 2.12M | 2.15M | 2.7M |
| Other Income/Expense | 120.1M | 3.99M | 12.09M | 13.22M | 997K | -2.36M | 2.78M | 585K | -32.64M | -36.98M | -4.03M | -1.77M | -1.97M | -2.69M | -2.72M |
| Pretax Income | 124.22M | -21.08M | 52.86M | -190.14M | -76.23M | -32.09M | -19.75M | -23.95M | -48.22M | -57.27M | -41.36M | -13.71M | -719K | -3.54M | -5.06M |
| Pretax Margin % | 24.97% | -5.55% | 15.84% | -67.83% | -23.69% | -10.83% | -10.28% | -18.85% | -62.97% | -118.51% | -101.8% | -48.7% | -2.63% | -16.03% | -24.74% |
| Income Tax | -4.41M | 271K | 310K | 141K | 379K | -1.43M | -1.04M | -1.98M | -1.43M | -1.71M | -1.61M | 0 | -1.5M | 0 | 0 |
| Effective Tax Rate % | -3.55% | -1.29% | 0.59% | -0.07% | -0.5% | 4.44% | 5.25% | 8.26% | 2.97% | 2.98% | 3.88% | 0% | 208.62% | 0% | 0% |
| Net Income | 128.63M | -21.35M | 52.55M | -190.28M | -76.61M | -30.66M | -18.71M | -21.97M | -46.76M | -55.47M | -39.47M | -13.71M | 781K | -3.54M | -5.06M |
| Net Margin % | 25.86% | -5.62% | 15.74% | -67.88% | -23.81% | -10.34% | -9.74% | -17.29% | -61.06% | -114.79% | -97.14% | -48.7% | 2.86% | -16.03% | -24.74% |
| Net Income Growth % | 111.69% | -140.64% | 127.62% | -148.37% | -149.86% | -63.85% | 14.81% | 53.02% | 15.71% | -40.54% | -187.95% | -1855.06% | 122.05% | 29.99% | - |
| Net Income (Continuing) | 128.63M | -21.35M | 52.55M | -190.28M | -76.61M | -30.66M | -18.71M | -21.97M | -46.78M | -55.56M | -39.76M | -13.71M | 781K | -3.54M | -5.06M |
| Discontinued Operations | 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 | 180K | 279K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.34 | -0.40 | 0.93 | -3.54 | -1.44 | -0.59 | -0.40 | -0.52 | -1.31 | -2.38 | -2.39 | -1.16 | 0.10 | -0.48 | -0.69 |
| EPS Growth % | 100.64% | -143.01% | 126.27% | -145.83% | -144.07% | -47.5% | 23.08% | 60.31% | 44.96% | 0.42% | -106.03% | -1260% | 120.83% | 30.43% | - |
| EPS (Basic) | - | -0.40 | 1.00 | -3.54 | -1.44 | -0.59 | -0.40 | -0.52 | -1.31 | -2.38 | -2.39 | -1.16 | 0.13 | -0.48 | -0.69 |
| Diluted Shares Outstanding | 54.98M | 53.29M | 56.62M | 53.76M | 53.32M | 52.24M | 46.48M | 42.15M | 35.64M | 23.33M | 16.5M | 11.86M | 9.28M | 7.37M | 7.37M |
| Basic Shares Outstanding | 52.12M | 53.29M | 52.77M | 53.76M | 53.32M | 52.24M | 46.48M | 42.15M | 35.64M | 23.31M | 16.5M | 11.82M | 5.82M | 7.37M | 7.37M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CDNA stock.
For fiscal year 2025, CareDx, Inc (CDNA) reported total revenue of $379.8M. This represents a 1757.1% increase compared to $20.5M in 2012.
CareDx, Inc (CDNA) reported a net loss of $21.4M for the fiscal year ending 2025.
CareDx, Inc (CDNA) reported an operating income of $-25.1M, resulting in an operating profit margin of -6.6%. This margin reflects the operational efficiency of the business before interest and taxes.
CareDx, Inc (CDNA) generated $256.6M in gross profit for the year, representing a gross profit margin of 67.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile quarterly profitability
Metrics are mathematically derived from official filings.
Revenue Re-Accelerating After 2025 Dip
According to reported quarterly figures, CareDx grew revenue from $84.7M in 2025Q1 to $139.4M in 2026Q3, a 39.3% year-over-year increase that suggests demand has rebounded strongly after a weak mid-2025 period.
The 2025Q2 contraction of 6.1% year-over-year reversed into sustained double-digit growth, with 2026Q2 revenue of $131.9M reflecting a 52.2% jump that may partly reflect base effects from the depressed prior-year comparison. Investors should monitor whether the 39.3% growth rate in the latest quarter holds as comparisons normalize against the stronger 2025 second half.
Gross Margin Holding Near 71 Percent
Based on CareDx's reported figures, gross margin reached 71.1% in 2026Q3 versus 66.4% in 2025Q1, indicating improved unit economics as revenue scaled over the period.
The roughly 5-point margin expansion over the ten-quarter window suggests some pricing or mix benefit from a diagnostics test portfolio that carries high marginal contribution. The 2026Q2 gross margin cannot be assessed because the COGS line is reported as zero, so the trend relies on the remaining quarters and warrants further investigation of that data gap.
Operating Leverage Remains Thin
As reported in financial statements, CareDx's operating margin of 5.8% in 2026Q3 on $139.4M revenue indicates that SG&A of $69.6M absorbs most of the gross profit gained from scaling.
SG&A has grown from $45.8M to $69.6M over the period, nearly matching the pace of revenue growth, which limits the operating leverage that a high-gross-margin diagnostics business would typically generate. This pattern may indicate that commercial investment is still consuming incremental gross profit, and investors should monitor whether SG&A growth begins to decelerate relative to revenue.
Net Income Distorted by Non-Operating Items
Based on EDBL-style reported figures, CareDx's 2026Q2 net income of $110.6M dwarfed its $113.2M operating income reversal, a gap that signals heavy reliance on non-operating or one-time items rather than core operations.
The 2026Q2 result, with operating income of $113.2M and net income of $110.6M against revenue of $131.9M, is inconsistent with the surrounding quarters and suggests a discrete gain or accounting item rather than recurring earnings power. Stock-based compensation of roughly $8M to $10M per quarter is a consistent drag, and 2024Q4 SBC of $26.2M further indicates that reported EPS may be sensitive to equity award timing.
SG&A Dominates the Cost Base
According to recent SEC filings, CareDx's SG&A expense of $69.6M in 2026Q3 represents roughly 50% of revenue, making commercial overhead the primary cost line rather than cost of goods sold.
R&D has stayed relatively flat between $16.5M and $22.4M, implying that spending discipline on development has been maintained while commercial scale-up absorbs incremental dollars. The cost structure suggests the business is still in a phase where go-to-market investment limits margin expansion, which investors should weigh against the company's ability to convert revenue growth into operating profit.
Profitability Claims Lack Consistency
The strongest bear argument is that CareDx has swung between operating losses and profits without a clear sustained trend, with 2025Q4 posting a $5.9M operating loss even as revenue grew 25.2% year-over-year.
Short-sellers would likely point to the 2024Q4 and 2026Q2 spikes as non-recurring events that flatter the earnings trajectory, leaving a base of only modest operating margin around 2% to 6% in normal quarters. Revenue growth of 39% may prove difficult to sustain against tougher comparisons, and any compression in gross margin would quickly eliminate the thin operating profit cushion.