Guardant Health, Inc. income statement
In fiscal 2025, Guardant Health, Inc. reported revenue of $982m, up 32.9% on the year before, operating income of −$437m (a -44.5% margin) and net income of −$416m, or −$3.32 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 25 | 50 | 91 | 214 | 287 | 374 | 450 | 564 | 739 | 982 | 1,183 |
| Cost of revenue | — | — | — | — | — | — | — | 227 | 290 | 349 | 414 |
| Gross profit | — | — | — | — | — | — | — | 337 | 449 | 633 | 769 |
| Research and development | 11 | 26 | 51 | 86 | 150 | 263 | 374 | 367 | 348 | 364 | 376 |
| Selling and marketing | 26 | 32 | 53 | 78 | 107 | 192 | 300 | 295 | 365 | 495 | 630 |
| General and administrative | 10 | 37 | 36 | 61 | 193 | 207 | 164 | 156 | 180 | 211 | 234 |
| Operating income | −44 | −77 | −93 | −82 | −255 | −411 | −544 | −565 | −444 | −437 | −470 |
| Interest expense | 3 | 3 | 1 | 1 | 5 | 3 | 3 | 3 | 3 | 4 | 5 |
| Income before tax | −46 | −83 | −84 | −70 | −246 | −384 | −653 | −479 | −435 | −418 | −454 |
| Income tax | 0 | 0 | 0 | −2 | 0 | 0 | 1 | 1 | 1 | −1 | −1 |
| Net income | −46 | −83 | −85 | −76 | −254 | −385 | −655 | −479 | −436 | −416 | −453 |
| Diluted EPS | −$1.18 | −$2.36 | −$0.93 | −$0.84 | −$2.60 | −$4.00 | −$6.41 | −$4.28 | −$3.56 | −$3.32 | −$3.50 |
| Diluted shares (average) | 39m | 38m | 91m | 91m | 98m | 101m | 102m | 112m | 123m | 125m | 129m |
| EBITDA | −40 | −71 | −86 | −71 | −239 | −389 | −508 | −522 | −401 | −398 | −432 |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 191 | 202 | 203 | 232 | 265 | 281 | 302 | 335 |
| Cost of revenue | 74 | 78 | 75 | 81 | 94 | 99 | 105 | 116 |
| Gross profit | 117 | 124 | 129 | 151 | 172 | 182 | 197 | 219 |
| Research and development | 87 | 94 | 89 | 87 | 90 | 98 | 91 | 97 |
| Selling and marketing | 98 | 105 | 104 | 120 | 127 | 143 | 169 | 190 |
| General and administrative | 49 | 52 | 47 | 50 | 53 | 61 | 58 | 62 |
| Operating income | −117 | −126 | −111 | −106 | −99 | −121 | −121 | −129 |
| Interest expense | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Income before tax | −108 | −110 | −95 | −100 | −93 | −130 | −112 | −120 |
| Income tax | 0 | 1 | 0 | 0 | 0 | −2 | 0 | 0 |
| Net income | −108 | −111 | −95 | −100 | −93 | −128 | −112 | −120 |
| Diluted EPS | −$0.88 | −$0.90 | −$0.77 | −$0.80 | −$0.74 | −$1.00 | −$0.85 | −$0.90 |
| EBITDA | −107 | −116 | −101 | −97 | −90 | −111 | −112 | −120 |
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