Revenue growth accelerated to 48.3% in 2026Q1, yet operating leverage remains elusive as SG&A expenses of $227.1M continue to significantly exceed the $196.7M in gross profit.
| Sales/Revenue | 1.08B | 982.02M | 739.02M | 563.95M | 449.54M | 373.65M | 286.73M | 214.38M | 90.64M | 49.84M | 25.25M |
| Revenue Growth % | 39.56% | 32.88% | 31.04% | 25.45% | 20.31% | 30.32% | 33.75% | 136.52% | 81.85% | 97.4% | - |
| Cost of Goods Sold | 379.2M | 349.01M | 289.8M | 227.05M | 156.32M | 122.91M | 92.53M | 70.72M | 43.21M | 31.62M | 22.12M |
| COGS % of Revenue | - | 35.54% | 39.21% | 40.26% | 34.77% | 32.89% | 32.27% | 32.99% | 47.67% | 63.44% | 87.62% |
| Gross Profit | 701.01M | 633.01M | 449.22M | 336.9M | 293.21M | 250.74M | 194.19M | 143.66M | 47.43M | 18.22M | 3.13M |
| Gross Margin % | 64.9% | 64.46% | 60.79% | 59.74% | 65.23% | 67.11% | 67.73% | 67.01% | 52.33% | 36.56% | 12.38% |
| Gross Profit Growth % | - | 40.91% | 33.34% | 14.9% | 16.94% | 29.12% | 35.18% | 202.88% | 160.26% | 483.17% | - |
| Operating Expenses | 1.15B | 1.07B | 892.81M | 901.62M | 837.59M | 661.74M | 449.14M | 226.03M | 140.37M | 94.84M | 46.97M |
| OpEx % of Revenue | - | 108.99% | 120.81% | 159.88% | 186.32% | 177.1% | 156.64% | 105.43% | 154.87% | 190.27% | 186.04% |
| Selling, General & Admin | 781.86M | 706.07M | 545.06M | 451.03M | 463.78M | 398.52M | 299.28M | 139.73M | 89.66M | 69.27M | 36.11M |
| SG&A % of Revenue | - | 71.9% | 73.75% | 79.98% | 103.17% | 106.66% | 104.38% | 65.18% | 98.92% | 138.99% | 143.03% |
| Research & Development | 366.71M | 364.19M | 347.75M | 367.19M | 373.81M | 263.22M | 149.86M | 86.29M | 50.71M | 25.56M | 10.86M |
| R&D % of Revenue | - | 37.09% | 47.06% | 65.11% | 83.15% | 70.45% | 52.27% | 40.25% | 55.95% | 51.29% | 43.01% |
| Other Operating Expenses | 0 | 0 | 0 | 83.4M | 0 | 0 | 0 | 88K | 0 | 0 | -1K |
| Operating Income | -447.56M | -436.3M | -443.59M | -564.73M | -544.38M | -411M | -254.95M | -82.37M | -92.94M | -76.61M | -43.85M |
| Operating Margin % | -41.43% | -44.43% | -60.02% | -100.14% | -121.1% | -110% | -88.92% | -38.42% | -102.54% | -153.71% | -173.66% |
| Operating Income Growth % | - | 1.64% | 21.45% | -3.74% | -32.45% | -61.21% | -209.51% | 11.37% | -21.32% | -74.73% | - |
| EBITDA | -408.62M | -396.56M | -401.21M | -521.84M | -508.42M | -388.73M | -238.88M | -68.76M | -85.81M | -71.41M | -40.15M |
| EBITDA Margin % | -37.83% | -40.38% | -54.29% | -92.53% | -113.1% | -104.04% | -83.31% | -32.08% | -94.67% | -143.26% | -159.03% |
| EBITDA Growth % | 1.05% | 1.16% | 23.12% | -2.64% | -30.79% | -62.73% | -247.41% | 19.86% | -20.17% | -77.83% | - |
| D&A (Non-Cash Add-back) | 38.94M | 39.74M | 42.39M | 42.88M | 35.96M | 22.27M | 16.07M | 13.61M | 7.14M | 5.21M | 3.69M |
| EBIT | -429.92M | -413.64M | -432.51M | -476.19M | -650.87M | -381.89M | -241.14M | -68.54M | -82.97M | -80.51M | -43.12M |
| Net Interest Income | 31.68M | 30.2M | 51.11M | 32.79M | 3.49M | 1.35M | 5.41M | 12.56M | 4.01M | -468K | -2.29M |
| Interest Income | 36.13M | 34.09M | 53.69M | 35.37M | 6.07M | 3.93M | 10.17M | 13.74M | 5.27M | 2.23M | 733K |
| Interest Expense | 4.45M | 3.9M | 2.58M | 2.58M | 2.58M | 2.58M | 4.77M | 1.18M | 1.25M | 2.7M | 3.02M |
| Other Income/Expense | 13.18M | 18.76M | 8.51M | 85.96M | -109.07M | 26.53M | 9.05M | 12.65M | 8.72M | -6.6M | -2.29M |
| Pretax Income | -434.37M | -417.54M | -435.09M | -478.76M | -653.45M | -384.47M | -245.9M | -69.72M | -84.22M | -83.21M | -46.13M |
| Pretax Margin % | -40.21% | -42.52% | -58.87% | -84.9% | -145.36% | -102.89% | -85.76% | -32.52% | -92.92% | -166.96% | -182.71% |
| Income Tax | -1.18M | -1.26M | 1.28M | 685K | 1.14M | 300K | 379K | -1.87M | 38K | 7K | 6K |
| Effective Tax Rate % | 0.27% | 0.3% | -0.3% | -0.14% | -0.17% | -0.08% | -0.15% | 2.68% | -0.05% | -0.01% | -0.01% |
| Net Income | -433.19M | -416.28M | -436.37M | -479.45M | -654.59M | -405.67M | -253.78M | -75.65M | -85.06M | -83.22M | -46.14M |
| Net Margin % | -40.1% | -42.39% | -59.05% | -85.02% | -145.61% | -108.57% | -88.51% | -35.29% | -93.85% | -166.97% | -182.74% |
| Net Income Growth % | -4% | 4.61% | 8.98% | 26.76% | -61.36% | -59.85% | -235.47% | 11.06% | -2.21% | -80.37% | - |
| Net Income (Continuing) | -433.19M | -416.28M | -436.37M | -479.45M | -654.59M | -384.77M | -246.28M | -67.85M | -84.26M | -83.22M | -46.14M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 57.1M | 49.6M | 41.8M | 0 | 0 |
| EPS (Diluted) | -3.30 | -3.32 | -3.56 | -4.28 | -6.41 | -3.80 | -2.53 | -0.75 | -1.00 | -1.18 | -3.49 |
| EPS Growth % | 0% | 6.74% | 16.82% | 33.23% | -68.68% | -50.2% | -237.33% | 25% | 15.25% | 66.19% | - |
| EPS (Basic) | - | -3.32 | -3.56 | -4.28 | -6.41 | -3.80 | -2.53 | -0.75 | -1.00 | -1.18 | -3.49 |
| Diluted Shares Outstanding | 131.27M | 125.37M | 122.75M | 111.99M | 102.18M | 101.31M | 97.5M | 90.6M | 85.03M | 70.72M | 13.22M |
| Basic Shares Outstanding | 131.27M | 125.37M | 122.75M | 111.99M | 102.18M | 101.31M | 97.5M | 90.6M | 85.03M | 70.72M | 13.22M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
High Cash Burn Rate
According to recent financial filings, Guardant Health achieved a notable revenue growth acceleration to 48.3% in 2026Q1, up from 39.4% in the prior quarter, suggesting that the company's commercial scaling efforts are gaining traction despite the inherent volatility associated with its biopharma development services segment.
The recent uptick in top-line performance appears to be driven by successful market penetration in clinical testing, though investors should monitor whether this pace is sustainable given the competitive landscape. The reliance on non-recurring milestone payments in the biopharma segment warrants caution, as these can create artificial growth spikes that mask the underlying run-rate of the core clinical business.
Based on reported figures, Guardant Health has maintained gross margins near 65%, yet the transition toward mass-market screening products like Shield may introduce structural headwinds that could compress these margins if average selling prices fail to offset the costs of high-volume laboratory processing and specialized reagent requirements.
While the current 65.2% gross margin reflects the premium nature of genomic sequencing, the shift toward lower-priced screening tests suggests a potential long-term dilution of the blended margin profile. Analysts should investigate whether the company can achieve sufficient economies of scale to mitigate the impact of these lower-margin product lines on overall profitability.
As indicated by the income statement, Guardant Health continues to struggle with operating leverage, as SG&A expenses of $227.1M in 2026Q1 significantly outpace gross profit, suggesting that the company's aggressive investment in commercial infrastructure has yet to yield the expected efficiency gains in its operating model.
The persistent gap between revenue growth and operating expenses implies that the company is prioritizing market share acquisition over near-term profitability. Investors should monitor the trajectory of SG&A as a percentage of revenue to determine if management can eventually decouple operational costs from the aggressive expansion of the Shield screening platform.
Financial statements reveal that Guardant Health relies heavily on stock-based compensation, with $47.6M recorded in 2026Q1, which effectively obscures the true cash-burn rate and complicates the assessment of the company's underlying operational efficiency and its long-term path toward achieving sustainable, non-dilutive net income.
The consistent use of equity-based incentives suggests a strategy to preserve cash, yet this practice results in significant shareholder dilution that warrants careful scrutiny. Analysts should adjust for these non-cash expenses to better understand the actual capital requirements necessary to sustain the current R&D and commercialization trajectory.
Market participants should consider that intensifying competition from peers like Natera in the MRD space may force pricing concessions, potentially undermining the company's ability to maintain its current gross margin profile while simultaneously increasing the cost of customer acquisition in a crowded oncology diagnostics market.
The assumption that Guardant will easily capture the colorectal cancer screening market may be overly optimistic given the clinical sensitivity requirements and potential resistance from medical societies. If the company fails to achieve broad adoption for Shield, the massive R&D and SG&A investments already deployed could lead to a significant impairment of shareholder value.
Quick answers to the most common questions about buying GH stock.
For fiscal year 2025, Guardant Health, Inc. (GH) reported total revenue of $982.0M. This represents a 3789.3% increase compared to $25.2M in 2016.
Guardant Health, Inc. (GH) reported a net loss of $416.3M for the fiscal year ending 2025.
Guardant Health, Inc. (GH) reported an operating income of $-436.3M, resulting in an operating profit margin of -44.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Guardant Health, Inc. (GH) generated $633.0M in gross profit for the year, representing a gross profit margin of 64.5%. This demonstrates the company's core pricing power and production efficiency.