Liquidity remains a critical concern as the cash balance plummeted from $974.1 million in 2024Q1 to $69.3 million in 2026Q1, reflecting a persistent free cash flow deficit.
| Cash from Operations | -290.98M | -299.01M | -577.16M | -595.8M | -561.31M | -688.13M | -232M | -245.79M | -209.26M |
| Operating CF Margin % | - | -203.17% | -459.54% | -639.92% | -1010.46% | -4709.35% | - | - | - |
| Operating CF Growth % | 134.94% | 48.19% | 3.13% | -6.14% | 18.43% | -196.61% | 5.61% | -17.46% | - |
| Net Income | -395.32M | -408.35M | -2.03B | -1.47B | -5.4B | -1.25B | -312.16M | -244.85M | -275.72M |
| Depreciation & Amortization | -485K | 0 | 158.06M | 158.7M | 154.76M | 58.45M | 7.56M | 10.31M | 14.08M |
| Stock-Based Compensation | 582K | 0 | 86.08M | 97.23M | 75.73M | 681.91M | 45.99M | 28.39M | 11.04M |
| Deferred Taxes | 5.65M | 0 | -134.25M | -38.15M | -39.06M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 100.12M | 96.94M | 1.36B | 644.38M | 4.66B | -201M | 9.38M | -353K | 1.66M |
| Working Capital Changes | -1.53M | 12.41M | -24.28M | 7.72M | -14.46M | 20.29M | 17.22M | -39.28M | 39.67M |
| Change in Receivables | -3.03M | 1.69M | -3.37M | -1.38M | -8.68M | -6.88M | 0 | 0 | 0 |
| Change in Inventory | 34K | 2.62M | 3.07M | -1.94M | -14.08M | -5.67M | 0 | 0 | 0 |
| Change in Payables | 1.74M | -2.73M | -14.63M | 2.89M | 2.34M | 0 | 0 | -6.55M | -338K |
| Cash from Investing | -193.1M | -85.05M | -551.01M | -12.89M | -22.86M | 344.81M | -12.79M | 133.04M | -93.39M |
| Capital Expenditures | -441K | -909K | -5.21M | -12.89M | -22.86M | -69.93M | -11.9M | -3.33M | -15.99M |
| CapEx % of Revenue | 0.28% | 0.62% | 4.15% | 13.84% | 41.15% | 478.55% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -85.05M | 0 | 0 | 0 | 0 | 414.74M | -885K | 136.37M | -77.4M |
| Cash from Financing | 423.32M | 423.32M | 1.24B | 463.77M | 604.82M | 394.74M | 275.11M | 160.33M | 300.62M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -812K | -1.56M | -1.51M |
| Equity Issued (Net) | 0 | 423.32M | 0 | 0 | 0 | 5.81M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -170K | 0 | 0 | 0 |
| Other Financing | 423.32M | 0 | 1.24B | 463.77M | 604.82M | 388.93M | 275.92M | 161.88M | 302.13M |
| Net Change in Cash | -60.93M | 39.12M | 116.07M | -144.62M | 20.13M | -143.19M | 30.35M | 47.69M | -1.55M |
| Free Cash Flow | -291.43M | -299.01M | -582.36M | -608.69M | -584.17M | -758.06M | -243.91M | -249.13M | -225.25M |
| FCF Margin % | -186.67% | -203.17% | -463.68% | -653.76% | -1051.61% | -5187.9% | - | - | - |
| FCF Growth % | 37.68% | 48.66% | 4.32% | -4.2% | 22.94% | -210.8% | 2.09% | -10.6% | - |
| FCF per Share | -7.17 | -8.14 | -18.26 | -19.60 | -18.81 | -24.41 | -1.97 | -2.02 | -1.97 |
| FCF Conversion (FCF/Net Income) | 0.74x | 0.73x | 0.28x | 0.41x | 0.10x | 0.55x | 0.74x | 1.00x | 0.76x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory reimbursement dependency
As reported in recent financial filings, the relationship between net income and operating cash flow remains volatile, with the OCF/NI ratio fluctuating significantly from 0.11 in 2024Q2 to 0.93 in 2026Q1, highlighting the difficulty in reconciling accrual-based accounting with the company's actual cash-based commercial intake.
The wide variance in the OCF/NI ratio suggests that non-cash charges and timing differences in revenue recognition are heavily distorting the reported earnings profile. Investors should monitor this divergence, as it implies that the company's net loss figures may not fully capture the underlying cash burn required to sustain current diagnostic operations.
Based on the provided cash flow data, GRAL continues to experience a persistent free cash flow deficit, with quarterly outflows ranging from $63 million to over $200 million, underscoring the company's ongoing reliance on external capital to fund its extensive clinical and commercial infrastructure requirements.
The trajectory of FCF remains deeply negative, indicating that the company has yet to achieve the scale necessary to cover its operating expenses through core diagnostic revenue. This trend suggests that until reimbursement pathways are secured, the company will likely remain dependent on capital markets to maintain its current trajectory.
According to historical cash flow statements, GRAL's capital expenditure as a percentage of revenue has trended downward from 12.8% in 2023Q4 to 1.2% in 2026Q1, suggesting a shift toward prioritizing operational liquidity over significant investments in new laboratory hardware or infrastructure expansion.
The reduction in capital intensity may indicate that the company has completed its primary phase of laboratory build-out and is now focusing on optimizing existing capacity. However, this lower level of investment warrants investigation to ensure that it does not compromise the long-term maintenance of the proprietary methylation atlas.
Financial statements indicate that stock-based compensation, which reached $29.1 million in 2024Q1, frequently masks the true extent of the company's cash burn, as these non-cash adjustments are added back to operating cash flow despite representing a significant dilution of shareholder value over time.
The reliance on SBC as a primary tool for talent retention in a cash-constrained environment suggests that the company's reported operating cash flow may be artificially bolstered. Analysts should adjust for these items to gain a clearer view of the actual cash required to support the firm's ongoing diagnostic development.
Quick answers to the most common questions about buying GRAL stock.
GRAIL, Inc. (GRAL) generated $-299.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GRAIL, Inc. (GRAL) reported negative free cash flow of $299.0M in 2025, indicating capital requirements exceeded cash from operations.
GRAIL, Inc. (GRAL) spent $0.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.