Revenue growth accelerated to 37.7% YoY in 2026Q2, reaching $752.8M, while gross margin improved to 64.5% from 56.7% in 2024Q1, but operating margin remained negative at -10.1% due to rising R&D and SG&A costs.
Natera, Inc. (NTRA) 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 | 2.71B | 2.31B | 1.7B | 1.08B | 820.22M | 625.49M | 391M | 302.33M | 257.65M | 210.94M | 217.07M | 190.35M | 159.29M | 55.17M | 14.25M |
| Revenue Growth % | 37.82% | 35.9% | 56.75% | 31.99% | 31.13% | 59.97% | 29.33% | 17.34% | 22.15% | -2.83% | 14.04% | 19.5% | 188.72% | 287.16% | - |
| Cost of Goods Sold | 939.25M | 810.63M | 673.75M | 589.83M | 456.26M | 318.42M | 203.62M | 175.47M | 166.06M | 139.6M | 135.57M | 112.84M | 78.4M | 37.27M | 11.15M |
| COGS % of Revenue | - | 35.15% | 39.7% | 54.48% | 55.63% | 50.91% | 52.08% | 58.04% | 64.45% | 66.18% | 62.46% | 59.28% | 49.22% | 67.56% | 78.26% |
| Gross Profit | 1.77B | 1.5B | 1.02B | 492.74M | 363.97M | 307.07M | 187.38M | 126.86M | 91.6M | 71.34M | 81.5M | 77.51M | 80.89M | 17.9M | 3.1M |
| Gross Margin % | 65.3% | 64.85% | 60.3% | 45.52% | 44.37% | 49.09% | 47.92% | 41.96% | 35.55% | 33.82% | 37.54% | 40.72% | 50.78% | 32.44% | 21.74% |
| Gross Profit Growth % | - | 46.16% | 107.65% | 35.38% | 18.53% | 63.87% | 47.71% | 38.49% | 28.39% | -12.46% | 5.15% | -4.18% | 352.02% | 477.66% | - |
| Operating Expenses | 2.06B | 1.81B | 1.25B | 938.99M | 905.01M | 775.24M | 403.66M | 243.15M | 206.23M | 205.37M | 177.99M | 137.35M | 80.23M | 43.16M | 22.31M |
| OpEx % of Revenue | - | 78.29% | 73.4% | 86.74% | 110.34% | 123.94% | 103.24% | 80.42% | 80.04% | 97.36% | 81.99% | 72.15% | 50.37% | 78.24% | 156.55% |
| Selling, General & Admin | 1.25B | 1.18B | 841.31M | 618.31M | 588.59M | 511.03M | 303.63M | 206.18M | 154.87M | 155.31M | 136.13M | 109.64M | 62.94M | 31.61M | 15.33M |
| SG&A % of Revenue | - | 51.05% | 49.58% | 57.11% | 71.76% | 81.7% | 77.65% | 68.2% | 60.11% | 73.63% | 62.71% | 57.6% | 39.51% | 57.3% | 107.6% |
| Research & Development | 787.38M | 624.11M | 404.14M | 320.68M | 316.42M | 264.21M | 100.03M | 51.36M | 51.35M | 50.06M | 41.86M | 27.71M | 17.29M | 11.55M | 6.98M |
| R&D % of Revenue | - | 27.06% | 23.82% | 29.62% | 38.58% | 42.24% | 25.58% | 16.99% | 19.93% | 23.73% | 19.28% | 14.56% | 10.86% | 20.93% | 48.98% |
| Other Operating Expenses | 3M | 4.03M | 0 | 0 | 0 | 0 | 0 | -14.39M | 0 | 0 | 0 | 0 | 0 | 98K | 0 |
| Operating Income | -289.67M | -309.91M | -222.29M | -446.25M | -541.04M | -468.17M | -216.28M | -116.29M | -114.63M | -134.03M | -96.49M | -59.84M | 665K | -25.27M | -19.21M |
| Operating Margin % | -10.7% | -13.44% | -13.1% | -41.22% | -65.96% | -74.85% | -55.31% | -38.46% | -44.49% | -63.54% | -44.45% | -31.44% | 0.42% | -45.8% | -134.84% |
| Operating Income Growth % | - | -39.41% | 50.19% | 17.52% | -15.56% | -116.47% | -85.99% | -1.45% | 14.47% | -38.91% | -61.25% | -9098.2% | 102.63% | -31.5% | - |
| EBITDA | -224.3M | -266.43M | -191.33M | -407.63M | -510.57M | -456.92M | -207.66M | -108.56M | -107.13M | -126.88M | -90.31M | -54.3M | 5.81M | -22.74M | -18.49M |
| EBITDA Margin % | -8.29% | -11.55% | -11.28% | -37.65% | -62.25% | -73.05% | -53.11% | -35.91% | -41.58% | -60.15% | -41.6% | -28.53% | 3.65% | -41.22% | -129.77% |
| EBITDA Growth % | 13.24% | -39.25% | 53.06% | 20.16% | -11.74% | -120.03% | -91.29% | -1.33% | 15.57% | -40.5% | -66.31% | -1034.16% | 125.56% | -22.97% | - |
| D&A (Non-Cash Add-back) | 65.37M | 43.48M | 30.97M | 38.62M | 30.47M | 11.25M | 8.61M | 7.73M | 7.5M | 7.14M | 6.18M | 5.54M | 5.15M | 2.53M | 723K |
| EBIT | -244.51M | -264.02M | -179.05M | -421.89M | -537.5M | -462.79M | -214.56M | -112.14M | -114.63M | -132.96M | -99.65M | -66.77M | 665K | -25.17M | -19.18M |
| Net Interest Income | 44.52M | 41.82M | 32.56M | 11.71M | -5.78M | -2.92M | -7.52M | -6.54M | -13.21M | -1.83M | 865K | -2.54M | -4.1M | -11.94M | 0 |
| Interest Income | 54.49M | 45.89M | 43.25M | 24.35M | 3.54M | 5.38M | 7.56M | 4.15M | 0 | 2.38M | 1.4M | 964K | 118K | 0 | 56.96M |
| Interest Expense | 9.97M | 4.07M | 10.69M | 12.64M | 9.32M | 8.3M | 15.08M | 10.69M | 10.48M | 4.21M | 533K | 3.5M | 4.22M | 11.94M | 0 |
| Other Income/Expense | 36.97M | 41.82M | 32.56M | 11.71M | -5.78M | -2.92M | -13.37M | -6.54M | -13.21M | -1.83M | 865K | -10.44M | -5.82M | -11.84M | -56.96M |
| Pretax Income | -252.7M | -268.09M | -189.73M | -434.53M | -546.82M | -471.1M | -229.65M | -122.83M | -127.83M | -135.86M | -95.62M | -70.28M | -5.15M | -37.11M | -76.17M |
| Pretax Margin % | -9.33% | -11.63% | -11.18% | -40.14% | -66.67% | -75.32% | -58.73% | -40.63% | -49.61% | -64.41% | -44.05% | -36.92% | -3.23% | -67.26% | -534.53% |
| Income Tax | -60.35M | -59.93M | 695K | 271K | 978K | 618K | 98K | 2M | 321K | 454K | 142K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 23.88% | 22.35% | -0.37% | -0.06% | -0.18% | -0.13% | -0.04% | -1.63% | -0.25% | -0.33% | -0.15% | 0% | 0% | 0% | 0% |
| Net Income | -192.35M | -208.16M | -190.43M | -434.8M | -547.8M | -471.72M | -229.74M | -124.83M | -128.15M | -136.31M | -95.77M | -70.28M | -5.15M | -37.11M | -76.17M |
| Net Margin % | -7.11% | -9.03% | -11.22% | -40.16% | -66.79% | -75.42% | -58.76% | -41.29% | -49.74% | -64.62% | -44.12% | -36.92% | -3.23% | -67.26% | -534.53% |
| Net Income Growth % | 24.05% | -9.31% | 56.2% | 20.63% | -16.13% | -105.32% | -84.05% | 2.6% | 5.99% | -42.34% | -36.27% | -1264.03% | 86.12% | 51.28% | - |
| Net Income (Continuing) | -192.35M | -208.16M | -190.43M | -434.8M | -547.8M | -471.72M | -229.74M | -124.83M | -128.15M | -137.63M | -95.77M | -70.28M | -5.15M | -37.11M | -76.17M |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.34 | -1.52 | -1.53 | -3.78 | -5.57 | -5.21 | -2.84 | -1.79 | -2.22 | -2.54 | -1.86 | -1.47 | -0.14 | -1.01 | -24.37 |
| EPS Growth % | 28.8% | 0.65% | 59.52% | 32.14% | -6.91% | -83.45% | -58.66% | 19.37% | 12.6% | -36.56% | -26.53% | -950% | 86.14% | 95.86% | - |
| EPS (Basic) | - | -1.52 | -1.53 | -3.78 | -5.57 | -5.21 | -2.84 | -1.79 | -2.22 | -2.56 | -1.86 | -1.47 | -0.14 | -1.01 | -24.37 |
| Diluted Shares Outstanding | 143.28M | 136.72M | 124.72M | 115M | 98.41M | 90.56M | 81.01M | 69.56M | 57.85M | 53.6M | 51.58M | 47.69M | 36.69M | 36.69M | 3.13M |
| Basic Shares Outstanding | 143.28M | 136.72M | 124.72M | 115M | 98.41M | 90.56M | 81.01M | 69.56M | 57.73M | 53.31M | 51.45M | 47.65M | 36.69M | 36.69M | 3.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NTRA stock.
For fiscal year 2025, Natera, Inc. (NTRA) reported total revenue of $2.31B. This represents a 16083.2% increase compared to $14.3M in 2012.
Natera, Inc. (NTRA) reported a net loss of $208.2M for the fiscal year ending 2025.
Natera, Inc. (NTRA) reported an operating income of $-309.9M, resulting in an operating profit margin of -13.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Natera, Inc. (NTRA) generated $1.50B in gross profit for the year, representing a gross profit margin of 64.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative operating margins
Metrics are mathematically derived from official filings.
Oncology Volume Drives Accelerating Growth
Revenue grew 37.7% YoY in 2026Q2 to $752.8M, with oncology volumes exceeding one million tests for a second straight quarter, per recent earnings commentary.
The revenue trajectory is clearly accelerating, with quarterly YoY growth rates climbing from 52.1% in 2024Q1 to 37.7% in 2026Q2, though the latter is off a larger base. The sustained double-digit growth, particularly in the oncology segment, suggests that the tumor-informed Signatera platform is gaining traction. The sequential revenue increase of $56.2M from 2026Q1 to 2026Q2 indicates robust demand, likely driven by expanding reimbursement coverage and clinical adoption.
Gross Margin Expansion Reflects Scale Benefits
Gross margin improved from 56.7% in 2024Q1 to 64.5% in 2026Q2, as reported in financial statements, indicating operating leverage from higher volumes and mix shift.
The 780 basis point expansion in gross margin over ten quarters is a clear sign of scale benefits and a favorable product mix shift toward higher-margin oncology tests. However, the gross margin dipped slightly from 67.1% in 2025Q4 to 64.5% in 2026Q2, which may reflect increased costs or a temporary mix change. Investors should monitor whether this is a one-off or the start of a plateau, especially given the competitive pressures in the prenatal segment.
Operating Leverage Elusive Despite Revenue Growth
Operating margin improved from -20.2% in 2024Q1 to -10.1% in 2026Q2, but remains deeply negative, with SG&A and R&D costs growing nearly in line with revenue.
Despite a 35.9% YoY revenue increase in 2026Q2, operating income improved only modestly, with the operating margin still at -10.1%. The sequential improvement from -13.4% in 2026Q1 to -10.1% in 2026Q2 is encouraging, but the absolute level indicates that the company has not yet achieved the operating leverage that scale typically brings. The high SG&A spend, which was $327.2M in 2026Q2, suggests that sales and marketing investments are still heavy, likely to drive oncology adoption.
Non-Cash Charges Cloud Profitability Picture
Net income swung to a positive $47.3M in 2025Q4, but 2026Q2 EPS of -$0.47 missed estimates, with stock-based compensation of $103.1M in the quarter.
The reported net income in 2025Q4 was an anomaly, likely driven by one-time items, as the company returned to losses in subsequent quarters. The high level of stock-based compensation, which exceeded $100M in 2026Q2, is a significant non-cash expense that investors should adjust for when assessing cash burn. The EPS miss in 2026Q2, despite revenue beat, suggests that operating expenses are growing faster than anticipated, warranting a closer look at cost discipline.
R&D and SG&A Escalation Pressures Bottom Line
R&D and SG&A combined reached $555.3M in 2026Q2, up from $392.4M in 2024Q1, as reported in financial statements, outpacing revenue growth in some periods.
The cost structure is heavily weighted toward SG&A, which is typical for a diagnostics company investing in commercial expansion. R&D spending has also increased significantly, from $88.6M in 2024Q1 to $228.1M in 2026Q2, reflecting investment in clinical trials and product development. While these investments are necessary for long-term growth, they are currently suppressing operating margins, and the pace of increase may be unsustainable without corresponding revenue acceleration.
Profitability Path Remains Uncertain
Despite 35.9% revenue growth, operating margin is -10.1% in 2026Q2, and the EPS miss suggests cost pressures may persist, challenging the bull case.
The most significant risk is that the company's path to profitability is longer than expected. The operating margin, while improving, is still far from breakeven, and the recent EPS miss indicates that expenses are not being controlled effectively. Additionally, the company faces ongoing legal disputes with competitors, which could result in significant cash outflows or operational changes. If revenue growth decelerates or reimbursement rates decline, the negative margins could widen, putting pressure on the stock's valuation.