Filing Flows › Health Care › Grail (GRAL)
Grail (GRAL) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Grail (GRAL) Q3 2026 earnings results →
Q3 2026 Revenue up 4% year over year to $37.5M · 276¢ of every $1 of revenue lost · operating margin -385.3%
Grail made $37.5M in Q3 2026 (+4% Y/Y): Screening revenue $37.3M, Development Services $266K. Operating margin -385.3%, net loss $104M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $37.5M in Q3 2026, up 4% year over year and down 16% from the previous quarter. Screening revenue was the largest line at 99% of revenue. Screening revenue added $4.5M year over year (up 14%), 333% of the total change. Development Services declined 92%.
Operating costs exceeded revenue by $144.6M, an operating margin of -385.3%. Total costs grew 13% against revenue growth of 4%. The fastest-growing cost line was Sales & marketing (+63%). The quarter ended with a net loss of $103.6M, narrower than the previous quarter's $110.2M loss.
Operating cash flow was −$74.7M. Non-cash charges added back $37.4M of depreciation and amortization and $14.1M of share-based compensation. Working capital and other items used $22.6M. Capital expenditures of $4.7M exceeded it, leaving free cash flow of −$79.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $37.5M | +4% | -385.3% | −$104M | −$74.7M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $44.7M | +26% | -388.9% | −$110M | −$80.7M |
| Q1 2026 | 10-Q | May 7, 2026 | $40.8M | +28% | -332.9% | −$93.2M | −$87.0M |
| Q4 2025 | 10-K | Mar 12, 2026 | $43.6M | +14% | -285.4% | −$99.2M | −$63.8M |
| Q3 2025 | 10-Q | Nov 13, 2025 | $36.2M | +26% | -346.2% | −$89.0M | −$63.2M |
| Q2 2025 | 10-Q | Aug 13, 2025 | $35.5M | +11% | -446.9% | −$114M | −$77.0M |
| Q1 2025 | 10-Q | May 14, 2025 | $31.8M | +19% | -482.5% | −$106M | −$95.0M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
Customers and suppliers named in filings
Buys from
- ILMN · Stated in 10-K (named, share not stated) · source
- TWST · Stated in 10-K (named, share not stated) · source
About Grail
We are an innovative commercial-stage healthcare company focused on shifting the paradigm in early cancer detection at population scale. We believe screening individuals for many types of cancer with a single test represents a significant opportunity to reduce the global burden of cancer. Our multi-cancer early detection test (“Galleri”) can screen for many types of cancer, accurately predicting the specific organ or tissue type where the cancer signal originated (the “Cancer Signal of Origin”, or “CSO”), with high positive predictive values (“PPV”) and low false positive rates, all from a simple blood draw. Galleri has detected some of the most aggressive cancers in early stages including, among others, endometrial, esophageal, gastrointestinal, head and neck, liver, pancreatic, and rectal cancers.
In its own words, from its 10-K, filed Mar 12, 2026.
Grail against its Services-Medical Laboratories peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +10%. Operating margin: -385.3% against the peers' median 6.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| GRAL Grail | Q3 2026 | $37.5M | +4% | -385.3% |
| LH Labcorp Holdings | Q3 2026 | $3.8B | +7% | 10.6% |
| DGX Quest Diagnostics | Q3 2026 | $3.1B | +10% | 15.5% |
| NTRA Natera | Q3 2026 | $794M | +34% | -8.6% |
| FTRE Fortrea Holdings | Q3 2026 | $692M | -1% | 2.2% |
| RDNT RadNet | Q2 2026 | $623M | +25% | 6.3% |
| GH Guardant Health | Q3 2026 | $361M | +36% | -36.8% |
| CAI Caris Life Sciences | Q3 2026 | $275M | +27% | 7.0% |
| LMRI Lumexa Imaging Holdings | Q2 2026 | $264M | +5% | 8.7% |
Source: Grail 10-Q on SEC EDGAR · CIK 1699031 · Services-Medical Laboratories
Guidance and outlook
13F: who owns GRAL and who is buying
More on GRAL
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results