Filing Flows › Natera (NTRA) › Q1 2026
Natera (NTRA) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Natera (NTRA) reported revenue of $697M for the first quarter 2026 (Q1 2026), +39% from a year earlier and +5% from the quarter before. Operating margin was -13.4%, net loss $85.1M (12.2% of revenue).
Natera, Q1 2026: revenue $697M (+39% year over year), operating margin -13.4%, net loss $85.1M, operating cash flow $40.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $697M | +5% | +39% |
| Operating profit | −$93.5M | — | — |
| Net earnings | −$85.1M | -280% | — |
| Operating cash flow | $40.2M | -46% | -10% |
| Free cash flow | $18.0M | -52% | -20% |
What changed
Revenue was $696.6M in Q1 2026, up 39% year over year and up 5% from the previous quarter. Product revenues was the largest line at 100% of revenue. Product revenues added $193.8M year over year (up 39%), 99% of the total change.
Operating costs exceeded revenue by $93.5M, an operating margin of -13.4%. Total costs grew 36% against revenue growth of 39%. The fastest-growing cost line was Research & development (+63%). The quarter ended with a net loss of $85.1M, after a profit of $47.3M the previous quarter.
Operating cash flow was $40.2M (down 10% year over year). Non-cash charges added back $14.5M of depreciation and amortization and $95.1M of share-based compensation. Working capital and other items added $15.6M. Capital expenditures of $22.1M left free cash flow of $18.0M.
Questions
What was Natera's revenue in the first quarter 2026?
Natera (NTRA) reported revenue of $697M for the first quarter 2026 (Q1 2026), +39% from a year earlier and +5% from the quarter before.
Was Natera profitable in the first quarter 2026?
Operating loss was $93.5M (-13.4% of revenue) and net loss $85.1M.
Source: Natera 10-Q on SEC EDGAR.