Guardant Health (GH) financial statements
Guardant Health reported revenue of $982M in fiscal 2025, up 50.2% a year over 9 years.
Net income was -$416M and the operating margin -44.5%, against -173.7% in 2016.
Free cash flow was -$233M, and the company returned $45M in net buybacks.
The diluted share count rose 860% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Guardant Health's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25M | $50M | $91M | $214M | $287M | $374M | $450M | $564M | $739M | $982M |
| Cost of revenue | — | — | — | — | — | — | — | $227M | $290M | $349M |
| Gross profit | — | — | — | — | — | — | — | $337M | $449M | $633M |
| Research and development | $11M | $26M | $51M | $86M | $150M | $263M | $374M | $367M | $348M | $364M |
| Selling, general and admin | $36M | $69M | $90M | $140M | $299M | $399M | $464M | $451M | $545M | $706M |
| Operating income | -$44M | -$77M | -$93M | -$82M | -$255M | -$411M | -$544M | -$565M | -$444M | -$437M |
| Interest expense | $3M | $3M | $1M | $1M | $5M | $3M | $3M | $3M | $3M | $4M |
| Pre-tax income | -$46M | -$83M | -$84M | -$70M | -$246M | -$384M | -$653M | -$479M | -$435M | -$418M |
| Income tax | $6,000 | $7,000 | $38,000 | -$2M | $379,000 | $300,000 | $1M | $685,000 | $1M | -$1M |
| Net income | -$46M | -$83M | -$85M | -$76M | -$254M | -$385M | -$655M | -$479M | -$436M | -$416M |
| EPS (diluted) | -$3.53 | -$7.07 | -$2.80 | -$0.84 | -$2.60 | -$4.00 | -$6.41 | -$4.28 | -$3.56 | -$3.32 |
| Diluted shares | 13M | 13M | 30M | 91M | 98M | 101M | 102M | 112M | 123M | 125M |
| Gross margin | — | — | — | — | — | — | — | 59.7% | 60.8% | 64.5% |
| Operating margin | -173.7% | -153.7% | -102.5% | -38.4% | -88.9% | -110.0% | -121.1% | -100.1% | -60.0% | -44.5% |
| Net margin | -182.7% | -167.0% | -93.8% | -35.3% | -88.5% | -103.0% | -145.6% | -85.0% | -59.0% | -42.4% |
Balance sheet
Fiscal years, from Guardant Health's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $34M | $221M | $419M | $523M | $1.8B | $933M | $1.0B | $1.2B | $840M | $1.2B |
| Receivables | — | $13M | $36M | $48M | $53M | $98M | $97M | $89M | $110M | $138M |
| Inventory | — | $7M | $9M | $15M | $23M | $31M | $52M | $62M | $71M | $86M |
| Total current assets | — | $243M | $469M | $597M | $1.9B | $1.1B | $1.2B | $1.3B | $1.1B | $1.5B |
| Property, plant and equipment | — | $16M | $31M | $44M | $63M | $124M | $168M | $145M | $137M | $146M |
| Goodwill | — | — | $0 | $3M | $3M | $3M | $3M | $3M | $3M | $77M |
| Total assets | — | $343M | $587M | $963M | $2.3B | $2.2B | $1.6B | $1.8B | $1.5B | $2.0B |
| Total current liabilities | — | $20M | $47M | $73M | $67M | $195M | $193M | $206M | $226M | $303M |
| Total liabilities | — | $34M | $62M | $115M | $916M | $1.6B | $1.5B | $1.6B | $1.6B | $2.1B |
| Shareholders' equity | $80M | $309M | $483M | $798M | $1.3B | $645M | $60M | $159M | -$140M | -$99M |
| Net debt | -$34M | -$72M | -$141M | -$143M | -$833M | -$492M | -$142M | -$1.1B | -$526M | -$378M |
Cash flow
Fiscal years, from Guardant Health's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$37M | -$72M | -$72M | -$47M | -$104M | -$209M | -$309M | -$325M | -$240M | -$185M |
| Capital spending | $2M | $7M | $20M | $19M | $36M | $75M | $77M | $20M | $35M | $48M |
| Free cash flow | -$38M | -$79M | -$92M | -$66M | -$140M | -$284M | -$387M | -$345M | -$275M | -$233M |
| Stock-based compensation | $2M | $4M | $7M | $17M | $144M | $151M | $95M | $91M | $140M | $166M |
| Share buybacks (net) | -$100,000 | -$7M | -$172,000 | $0 | $0 | — | — | $0 | $0 | -$45M |
| Free cash flow margin | -152.4% | -158.3% | -101.9% | -30.7% | -48.9% | -76.0% | -86.1% | -61.3% | -37.2% | -23.7% |
Questions
What was Guardant Health's revenue in 2025?
$982M in fiscal 2025, from its 10-K filing.
How much free cash flow does Guardant Health generate?
-$233M in fiscal 2025 (operating cash flow minus capital spending).
From Guardant Health's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.