Revenue growth reached 38.8% year-over-year in 2026Q1, while gross margins improved significantly from 51.4% in 2023Q4 to 64.8% in the most recent quarter.
| 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 | 2.5B | 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 % | 36.59% | 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 | 871.22M | 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 | 1.63B | 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 % | 65.16% | 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 | 1.95B | 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 | 1.24B | 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 | 705.73M | 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 | 2.46M | 4.03M | 0 | 0 | 0 | 0 | 0 | -14.39M | 0 | 0 | 0 | 0 | 0 | 98K | 0 |
| Operating Income | -324.25M | -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 % | -12.97% | -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 | -313.26M | -264.02M | -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 % | -12.53% | -11.45% | -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 % | -61.46% | -37.99% | 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) | 10.99M | 0 | 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 | -285.62M | -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 | 26.57M | -4.07M | 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 | 34.9M | 0 | 43.25M | 24.35M | 3.54M | 5.38M | 7.56M | 4.15M | 0 | 2.38M | 1.4M | 964K | 118K | 0 | 56.96M |
| Interest Expense | 8.33M | 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 | 38.12M | 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 | -286.13M | -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 % | -11.44% | -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 | -59.82M | -59.93M | 695K | 271K | 978K | 618K | 98K | 2M | 321K | 454K | 142K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 20.91% | 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 | -226.31M | -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 % | -9.05% | -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 % | -19.26% | -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) | -226.31M | -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) | -1.60 | -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 % | -10.88% | 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 | 141.5M | 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 | 141.5M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and reimbursement volatility
As reported in financial statements, Natera achieved a 38.8% year-over-year revenue growth in 2026Q1, maintaining a robust expansion trajectory despite the law of large numbers, with quarterly revenue climbing from $311.1 million in 2023Q4 to $696.6 million in the most recent period.
The consistent double-digit growth suggests that the Signatera platform is successfully penetrating the oncology market, effectively offsetting the more mature, slower-growth prenatal segment. Investors should monitor whether this momentum can be sustained as the company faces tougher year-over-year comparisons and potential saturation in its core testing indications.
According to recent SEC filings, Natera's gross margin has demonstrated a clear upward trend, expanding from 51.4% in 2023Q4 to 64.8% in 2026Q1, reflecting the successful transition toward higher-value oncology diagnostics and improved laboratory automation efficiencies across the company's core testing portfolio.
This margin expansion appears to be a direct result of the favorable product mix shift toward the Signatera platform, which commands higher reimbursement rates than legacy prenatal tests. The ability to maintain these margins will likely depend on the company's success in managing reagent costs and navigating the complex reimbursement landscape for molecular diagnostics.
Based on Natera's reported figures, operating expenses continue to scale alongside revenue, as evidenced by SG&A costs rising to $327.9 million in 2026Q1, which suggests that the company has yet to achieve the significant operating leverage required to consistently deliver positive operating income.
While gross profit has grown substantially, the persistent investment in sales and marketing to drive physician adoption appears to be keeping operating margins in negative territory. The lack of a clear inflection point in operating profitability warrants further investigation into whether the current commercial model is inherently high-cost or if scale will eventually drive meaningful margin expansion.
As disclosed in quarterly financial data, Natera's net income remains highly volatile, swinging from a $47.3 million profit in 2025Q4 to an $85.1 million loss in 2026Q1, a fluctuation heavily influenced by the timing of non-cash stock-based compensation and lumpy revenue recognition patterns.
The significant quarterly variance in net income suggests that GAAP earnings may not currently serve as a reliable indicator of the company's underlying operational health. Investors should focus on the underlying cash burn and the sustainability of revenue growth, as the current earnings profile appears susceptible to accounting adjustments and non-operating items.
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.