Filing Flows › Grail (GRAL) › Q3 2025
Grail (GRAL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
Grail (GRAL) reported revenue of $36.2M for the third quarter 2025 (Q3 2025), +26% from a year earlier and +2% from the quarter before. Operating margin was -346.2%, net loss $89.0M (245.8% of revenue).
Grail, Q3 2025: revenue $36.2M (+26% year over year), operating margin -346.2%, net loss $89.0M, operating cash flow −$63.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $36.2M | +2% | +26% |
| Operating profit | −$125M | — | — |
| Net earnings | −$89.0M | — | — |
| Operating cash flow | −$63.2M | — | — |
What changed
Revenue was $36.2M in Q3 2025, up 26% year over year and up 2% from the previous quarter. Screening revenue was the largest line at 91% of revenue. Screening revenue added $7.4M year over year (up 29%), 99% of the total change.
Operating costs exceeded revenue by $125.3M, an operating margin of -346.2%. Total costs fell 24% while revenue rose 26%. The quarter ended with a net loss of $89.0M, narrower than the previous quarter's $114.0M loss.
Operating cash flow was −$63.2M. Non-cash charges added back $39.0M of depreciation and amortization and $14.1M of share-based compensation. Working capital and other items used $27.4M. Capital expenditures of $384K exceeded it, leaving free cash flow of −$63.6M.
Questions
What was Grail's revenue in the third quarter 2025?
Grail (GRAL) reported revenue of $36.2M for the third quarter 2025 (Q3 2025), +26% from a year earlier and +2% from the quarter before.
Was Grail profitable in the third quarter 2025?
Operating loss was $125M (-346.2% of revenue) and net loss $89.0M.
Source: Grail 10-Q on SEC EDGAR.