Filing Flows › Natera (NTRA) › Q2 2025
Natera (NTRA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Natera (NTRA) reported revenue of $547M for the second quarter 2025 (Q2 2025), +32% from a year earlier and +9% from the quarter before. Operating margin was -20.2%, net loss $101M (18.5% of revenue).
Natera, Q2 2025: revenue $547M (+32% year over year), operating margin -20.2%, net loss $101M, operating cash flow $37.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $547M | +9% | +32% |
| Operating profit | −$110M | — | — |
| Net earnings | −$101M | — | — |
| Operating cash flow | $37.6M | -15% | +842% |
| Free cash flow | $11.7M | -48% | — |
What changed
Revenue was $546.6M in Q2 2025, up 32% year over year and up 9% from the previous quarter. Product was the largest line at 100% of revenue. Product added $133.1M year over year (up 32%), 100% of the total change.
Operating costs exceeded revenue by $110.4M, an operating margin of -20.2%. Total costs grew 44% against revenue growth of 32%. The fastest-growing cost line was Research & development (+64%). The quarter ended with a net loss of $100.9M, wider than the previous quarter's $66.9M loss.
Operating cash flow was $37.6M (up 842% year over year). Non-cash charges added back $9.9M of depreciation and amortization and $93.4M of share-based compensation. Working capital and other items added $35.3M. Capital expenditures of $25.9M left free cash flow of $11.7M.
Questions
What was Natera's revenue in the second quarter 2025?
Natera (NTRA) reported revenue of $547M for the second quarter 2025 (Q2 2025), +32% from a year earlier and +9% from the quarter before.
Was Natera profitable in the second quarter 2025?
Operating loss was $110M (-20.2% of revenue) and net loss $101M.
Source: Natera 10-Q on SEC EDGAR.