Filing Flows › Grail (GRAL) › Q2 2025
Grail (GRAL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 13, 2025
Grail (GRAL) reported revenue of $35.5M for the second quarter 2025 (Q2 2025), +11% from a year earlier and +12% from the quarter before. Operating margin was -446.9%, net loss $114M (320.7% of revenue).
Grail, Q2 2025: revenue $35.5M (+11% year over year), operating margin -446.9%, net loss $114M, operating cash flow −$77.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $35.5M | +12% | +11% |
| Operating profit | −$159M | — | — |
| Net earnings | −$114M | — | — |
| Operating cash flow | −$77.0M | — | — |
What changed
Revenue was $35.5M in Q2 2025, up 11% year over year and up 12% from the previous quarter. Screening revenue was the largest line at 97% of revenue. Screening revenue added $6.2M year over year (up 22%), 174% of the total change. Development services revenue declined 69%.
Operating costs exceeded revenue by $158.9M, an operating margin of -446.9%. Total costs fell 88% while revenue rose 11%. The quarter ended with a net loss of $114.0M, wider than the previous quarter's $106.2M loss.
Operating cash flow was −$77.0M. Non-cash charges added back $38.1M of depreciation and amortization and $14.2M of share-based compensation. Working capital and other items used $15.2M. Capital expenditures of $369K exceeded it, leaving free cash flow of −$77.3M.
Questions
What was Grail's revenue in the second quarter 2025?
Grail (GRAL) reported revenue of $35.5M for the second quarter 2025 (Q2 2025), +11% from a year earlier and +12% from the quarter before.
Was Grail profitable in the second quarter 2025?
Operating loss was $159M (-446.9% of revenue) and net loss $114M.
Source: Grail 10-Q on SEC EDGAR.