Filing Flows › Grail (GRAL) › Q1 2026
Grail (GRAL) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Grail (GRAL) reported revenue of $40.8M for the first quarter 2026 (Q1 2026), +28% from a year earlier and -6% from the quarter before. Operating margin was -332.9%, net loss $93.2M (228.5% of revenue).
Grail, Q1 2026: revenue $40.8M (+28% year over year), operating margin -332.9%, net loss $93.2M, operating cash flow −$87.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $40.8M | -6% | +28% |
| Operating profit | −$136M | — | — |
| Net earnings | −$93.2M | — | — |
| Operating cash flow | −$87.0M | — | — |
What changed
Revenue was $40.8M in Q1 2026, up 28% year over year and down 6% from the previous quarter. Screening revenue was the largest line at 98% of revenue. Screening revenue added $10.7M year over year (up 37%), 120% of the total change. Development Services declined 65%.
Operating costs exceeded revenue by $135.8M, an operating margin of -332.9%. Total costs fell 5% while revenue rose 28%. The quarter ended with a net loss of $93.2M, narrower than the previous quarter's $99.2M loss.
Operating cash flow was −$87.0M. Non-cash charges added back $37.7M of depreciation and amortization and $16.8M of share-based compensation. Working capital and other items used $48.3M. Capital expenditures of $503K exceeded it, leaving free cash flow of −$87.5M.
Questions
What was Grail's revenue in the first quarter 2026?
Grail (GRAL) reported revenue of $40.8M for the first quarter 2026 (Q1 2026), +28% from a year earlier and -6% from the quarter before.
Was Grail profitable in the first quarter 2026?
Operating loss was $136M (-332.9% of revenue) and net loss $93.2M.
Source: Grail 10-Q on SEC EDGAR.