Natera, Inc. (NTRA) Income Statement
NTRA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNTRA revenue and net income
Where NTRA's revenue goes
2025Each bar shows an amount and its share of revenue. NTRA kept −9.0% of revenue as net income.
NTRA profit margins
NTRA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +35.9% | +41.1% | +42.6% | +28.3% |
| Gross profit | +46.2% | +60.2% | +51.5% | +34.4% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NTRA quarterly EPS vs estimates
Natera beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 5, 2026 (estimate $-0.11).
NTRA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.31B | $1.70B | $1.08B | $820.2M | $625.5M | $391.0M | $302.3M | $257.7M | $210.9M | $217.1M |
| Cost of revenue | $810.6M | $673.8M | $589.8M | $456.3M | $318.4M | $203.6M | $175.5M | $166.1M | $139.6M | $135.6M |
| Gross profit | $1.50B | $1.02B | $492.7M | $364.0M | $307.1M | $187.4M | $126.9M | $91.6M | $71.3M | $81.5M |
| Research & development | $624.1M | $404.1M | $320.7M | $316.4M | $264.2M | $100.0M | $51.4M | $51.4M | $50.1M | $41.9M |
| Sales, general & admin | $1.18B | $841.3M | $618.3M | $588.6M | $511.0M | $303.6M | $206.2M | $154.9M | $155.3M | $136.5M |
| Total operating expenses | $1.81B | $1.25B | $939.0M | $905.0M | $775.2M | $403.7M | $243.1M | $206.2M | $205.4M | $178.0M |
| Operating income | −$309.9M | −$222.3M | −$446.2M | −$541.0M | −$468.2M | −$216.3M | −$116.3M | −$114.6M | −$134.0M | −$96.5M |
| Interest income | $45.9M | $43.2M | $24.4M | $3.5M | $5.4M | $7.6M | $4.2M | $2.7M | $2.4M | $1.4M |
| Interest expense | $4.1M | $10.7M | $12.6M | $9.3M | $8.3M | $15.1M | $10.7M | $10.5M | $4.2M | $533,000 |
| Income before taxes | −$268.1M | −$189.7M | −$434.5M | −$546.8M | −$471.1M | −$229.6M | −$122.8M | −$127.8M | −$135.9M | −$95.6M |
| Income taxes | −$59.9M | $695,000 | $271,000 | $978,000 | $618,000 | $98,000 | $2.0M | $321,000 | $454,000 | $142,000 |
| Net income | −$208.2M | −$190.4M | −$434.8M | −$547.8M | −$471.7M | −$229.7M | −$124.8M | −$128.2M | −$136.3M | −$95.8M |
| EBITDA | −$220.5M | −$148.1M | −$397.8M | −$520.8M | −$451.5M | −$205.9M | −$104.4M | −$107.1M | −$125.8M | −$93.4M |
| EPS (diluted) | −$1.53 | −$1.53 | −$3.79 | −$5.57 | −$5.17 | −$2.77 | −$1.99 | −$2.16 | −$2.58 | −$1.86 |
| Gross margin | 64.8% | 60.3% | 45.5% | 44.4% | 49.1% | 47.9% | 42.0% | 35.6% | 33.8% | 37.5% |
| Operating margin | −13.4% | −13.1% | −41.2% | −66.0% | −74.8% | −55.3% | −38.5% | −44.5% | −63.5% | −44.4% |
| Net margin | −9.0% | −11.2% | −40.2% | −66.8% | −75.4% | −58.8% | −41.3% | −49.7% | −64.6% | −44.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $752.8M | $696.6M | $665.5M | $592.2M | $546.6M | $501.8M | $476.1M | $439.8M | $413.4M | $367.7M | $311.1M | $268.3M |
| Cost of revenue | $267.6M | $245.2M | $218.7M | $207.8M | $199.5M | $184.6M | $176.4M | $168.0M | $170.2M | $159.1M | $151.2M | $147.3M |
| Gross profit | $485.2M | $451.4M | $446.8M | $384.4M | $347.1M | $317.2M | $299.6M | $271.7M | $243.2M | $208.6M | $159.9M | $121.0M |
| Research & development | $228.1M | $210.7M | $175.2M | $173.4M | $146.4M | $129.1M | $129.5M | $96.9M | $89.1M | $88.6M | $83.0M | $77.2M |
| Sales, general & admin | $327.2M | $327.9M | $291.3M | $308.5M | $310.5M | $266.9M | $234.9M | $214.2M | $198.0M | $194.3M | $161.4M | $154.7M |
| Total operating expenses | $561.0M | $545.0M | $469.6M | $482.0M | $457.4M | $396.4M | $364.4M | $311.1M | $287.1M | $282.9M | $244.4M | $232.0M |
| Operating income | −$75.8M | −$93.5M | −$22.8M | −$97.6M | −$110.4M | −$79.2M | −$64.7M | −$39.3M | −$43.9M | −$74.3M | −$84.5M | −$111.0M |
| Interest income | $9.5M | $9.6M | $10.4M | $11.3M | $10.7M | $13.4M | $10.9M | $11.6M | $10.5M | $10.3M | $9.8M | $5.4M |
| Interest expense | $890,000 | $892,000 | $7.1M | $1.0M | $1.0M | $1.0M | $1.3M | $3.1M | $3.1M | $3.1M | $3.1M | $3.3M |
| Income before taxes | −$67.2M | −$84.8M | −$13.3M | −$87.3M | −$100.7M | −$66.8M | −$55.1M | −$30.9M | −$36.6M | −$67.2M | −$77.8M | −$108.8M |
| Income taxes | −$261,000 | $283,000 | −$60.6M | $207,000 | $275,000 | $173,000 | −$1.4M | $730,000 | $892,000 | $428,000 | $191,000 | $202,000 |
| Net income | −$67.0M | −$85.1M | $47.3M | −$87.5M | −$100.9M | −$66.9M | −$53.8M | −$31.6M | −$37.5M | −$67.6M | −$78.0M | −$109.0M |
| EBITDA | −$45.2M | −$65.5M | $7.9M | −$76.0M | −$89.8M | −$56.5M | −$46.0M | −$19.5M | −$25.5M | −$57.0M | −$67.8M | −$98.6M |
| EPS (diluted) | −$0.47 | −$0.60 | $0.35 | −$0.64 | −$0.74 | −$0.50 | −$0.41 | −$0.26 | −$0.30 | −$0.56 | −$0.64 | −$0.95 |
| Gross margin | 64.5% | 64.8% | 67.1% | 64.9% | 63.5% | 63.2% | 62.9% | 61.8% | 58.8% | 56.7% | 51.4% | 45.1% |
| Operating margin | −10.1% | −13.4% | −3.4% | −16.5% | −20.2% | −15.8% | −13.6% | −8.9% | −10.6% | −20.2% | −27.2% | −41.4% |
| Net margin | −8.9% | −12.2% | 7.1% | −14.8% | −18.5% | −13.3% | −11.3% | −7.2% | −9.1% | −18.4% | −25.1% | −40.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NTRA's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NTRA financial results
In fiscal year 2025 (ended December 31, 2025), Natera reported revenue of $2.3 billion, up 35.9% from the year before. It had a net loss of $208.2 million, a net profit margin of −9.0%. Diluted earnings per share came to −$1.53. Over five years revenue grew at an average rate of 42.6% a year.
See the NTRA stock overview for the latest quote and news, or the NTRA chart for price history and technical indicators.
NTRA income statement FAQ
What is Natera's annual revenue?
Natera reported total revenue of $2.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 35.9% from $1.7 billion the previous year.
Is Natera profitable?
No. Natera reported a net loss of $208.2 million in fiscal 2025, a net profit margin of −9.0%; its operating margin was −13.4%.
What is Natera's gross margin?
Natera's gross margin was 64.8% in fiscal 2025: for every $100 of revenue, Natera kept $65 after the direct cost of its products and services.
How much does Natera spend on research and development?
Natera spent $624.1 million on research and development in fiscal 2025, 27.1% of revenue.
How fast is Natera growing?
Revenue grew 42.6% a year on average over the last five fiscal years, from $391.0 million to $2.3 billion.
What are Natera's earnings per share?
Natera earned $-1.53 per diluted share in fiscal 2025, compared with $-1.53 a year earlier.
When will Natera report its next earnings?
Natera is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Natera's fiscal year end?
Natera's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.