Grail, Inc. income statement

In fiscal 2025, Grail, Inc. reported revenue of $147m, up 17.2% on the year before, operating income of −$562m (a -382.0% margin) and net income of −$408m, or −$11.11 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

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Grail, Inc.: income statement, annual
Fiscal year	2022Jan 2023	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Revenue	56	93	126	147	165
Research and development	330	339	322	196	191
Selling and marketing	122	162	154	117	122
General and administrative	174	200	214	159	170
Operating income	−5,443	−1,515	−2,189	−562	−559
Provision for credit losses	—	0	0	0	—
Income before tax	−5,441	−1,508	−2,162	−535	−529
Income tax	−42	−42	−135	−126	−138
Net income	−5,399	−1,466	−2,027	−408	−392
Diluted EPS	−$173.89	−$47.21	−$63.54	−$11.11	−$9.75
Diluted shares (average)	31m	31m	32m	37m	40m
EBITDA	−5,426	−1,495	−2,169	−544	−542

US$ millions unless shown otherwise. Fiscal quarters.

Grail, Inc.: income statement, quarterly
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	29	38	32	36	36	44	41	45
Research and development	78	48	54	47	49	47	48	47
Selling and marketing	36	31	35	29	26	28	31	38
General and administrative	47	42	45	38	37	39	43	51
Operating income	−184	−137	−154	−159	−125	−124	−136	−174
Income before tax	−172	−127	−146	−153	−119	−117	−128	−167
Income tax	−47	−30	−40	−39	−30	−17	−34	−56
Net income	−126	−97	−106	−114	−89	−99	−93	−110
Diluted EPS	−$3.94	−$1.93	−$3.10	−$3.18	−$2.46	−$2.38	−$2.29	−$2.56
EBITDA	−179	−132	−149	−154	−121	−120	−132	−170

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from Grail, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Grail, Inc.