Filing Flows › Natera (NTRA) › Q2 2026 › vs Q2 2025
Natera (NTRA) Q2 2026 vs Q2 2025 (year over year)
Natera's revenue rose $206M (+38%) from $547M in Q2 2025 to $753M in Q2 2026. The biggest changes: Product revenues +$204M (+37%); Licensing and other revenues +$2.6M (+122%).
Natera, Q2 2026: revenue $753M (+38% year over year), operating margin -10.1%, net loss $67.0M, operating cash flow $54.8M. The chart draws each line against Q2 2025, the increases inside each band.
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Product revenues | $748M | $544M | $204M | +37% |
| Licensing and other revenues | $4.8M | $2.2M | $2.6M | +122% |
| Revenue | $753M | $547M | $206M | +38% |
| Other income, net | $8.6M | $9.7M | −$1.1M | -12% |
| Income tax benefit | $261K | −$275K | $536K | — |
| Net loss | $67.0M | $101M | −$34.0M | -34% |
| Costs & expenses | $829M | $657M | $171M | +26% |
| Operating costs | $829M | $657M | $172M | +26% |
| Research & development | $228M | $146M | $81.6M | +56% |
| SG&A | $327M | $311M | $16.7M | +5% |
| Other operating costs | $273M | $200M | $73.3M | +37% |
| Operating cash sources | $122M | $139M | −$16.8M | -12% |
| Depreciation & amortization | $15.5M | $9.9M | $5.6M | +57% |
| Share-based compensation | $103M | $93.4M | $9.7M | +10% |
| Working capital & other | $3.2M | $35.3M | −$32.1M | -91% |
| Net loss absorbed | $67.0M | $101M | −$34.0M | -34% |
| Operating cash flow | $54.8M | $37.6M | $17.2M | +46% |
| Capital expenditures | $63.4M | $25.9M | $37.5M | +145% |
| Negative free cash flow (OCF − capex) | $8.6M | −$11.7M | $20.3M | — |
Questions
How much did Natera's revenue grow year over year in Q2 2026?
Natera's revenue rose $206M (+38%) from $547M in Q2 2025 to $753M in Q2 2026.
What drove Natera's revenue change in Q2 2026?
Product revenues +$204M (+37%); Licensing and other revenues +$2.6M (+122%).