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Natera (NTRA) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Natera (NTRA) Q3 2026 earnings results →
Q3 2026 Revenue up 34% year over year to $794M · 8¢ of every $1 of revenue lost · operating margin -8.6%
Natera made $794M in Q3 2026 (+34% Y/Y): Product revenues $790M, Licensing and other revenues $4.0M. Operating margin -8.6%, net loss $59.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
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What changed this quarter
Revenue was $794.0M in Q3 2026, up 34% year over year and up 5% from the previous quarter. Product revenues was the largest line at 99% of revenue. Product revenues added $199.8M year over year (up 34%), 99% of the total change.
Operating costs exceeded revenue by $68.3M, an operating margin of -8.6%. Total costs grew 25% against revenue growth of 34%. The fastest-growing cost line was Research & development (+40%). The quarter ended with a net loss of $59.9M, narrower than the previous quarter's $67.0M loss.
Operating cash flow was $43.9M (down 26% year over year). Non-cash charges added back $16.3M of depreciation and amortization and $106.1M of share-based compensation. Working capital and other items used $18.5M. Capital expenditures of $38.7M left free cash flow of $5.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $794M | +34% | -8.6% | −$59.9M | $43.9M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $753M | +38% | -10.1% | −$67.0M | $54.8M |
| Q1 2026 | 10-Q | May 8, 2026 | $697M | +39% | -13.4% | −$85.1M | $40.2M |
| Q4 2025 | 10-K | Feb 27, 2026 | $665M | +40% | -3.4% | $47.3M | $73.9M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $592M | +35% | -16.5% | −$87.5M | $59.4M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $547M | +32% | -20.2% | −$101M | $37.6M |
| Q1 2025 | 10-Q | May 9, 2025 | $502M | +36% | -15.8% | −$66.9M | $44.5M |
Charts
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- Medicare & Medicaid — 13% of its revenue · Stated in 10-K (sentence) · source
Buys from
About Natera
We are a diagnostics company with proprietary molecular and bioinformatics technology that we are applying to change disease management worldwide. Our cell-free DNA, or cfDNA, technology combines our novel molecular assays, which reliably measure many informative regions across the genome from samples as small as a single cell, with our statistical algorithms that incorporate data available from the broader scientific community to identify genetic variations covering a wide range of serious conditions with high accuracy and coverage. We aim to make personalized genetic testing and diagnostics part of the standard of care to protect health and inform earlier and provide more targeted interventions that help lead to longer, healthier lives.
In its own words, from its 10-K, filed Feb 27, 2026.
Natera against its Services-Medical Laboratories peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +34% against the peers' median +15%. Operating margin: -8.6% against the peers' median 7.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NTRA Natera | Q3 2026 | $794M | +34% | -8.6% |
| LH Labcorp Holdings | Q3 2026 | $3.8B | +7% | 10.6% |
| DGX Quest Diagnostics | Q3 2026 | $3.1B | +10% | 15.5% |
| 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% |
| VCYT Veracyte | Q3 2026 | $152M | +15% | 10.9% |
Source: Natera 10-Q on SEC EDGAR · CIK 1604821 · Services-Medical Laboratories
Guidance and outlook
13F: who owns NTRA and who is buying
More on NTRA
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results