Filing Flows › Natera (NTRA) › Q3 2025
Natera (NTRA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Natera (NTRA) reported revenue of $592M for the third quarter 2025 (Q3 2025), +35% from a year earlier and +8% from the quarter before. Operating margin was -16.5%, net loss $87.5M (14.8% of revenue).
Natera, Q3 2025: revenue $592M (+35% year over year), operating margin -16.5%, net loss $87.5M, operating cash flow $59.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $592M | +8% | +35% |
| Operating profit | −$97.6M | — | — |
| Net earnings | −$87.5M | — | — |
| Operating cash flow | $59.4M | +58% | +15% |
| Free cash flow | $37.0M | +217% | +4% |
What changed
Revenue was $592.2M in Q3 2025, up 35% year over year and up 8% from the previous quarter. Product was the largest line at 100% of revenue. Product added $154.1M year over year (up 35%), 101% of the total change. Licensing and other declined 45%.
Operating costs exceeded revenue by $97.6M, an operating margin of -16.5%. Total costs grew 44% against revenue growth of 35%. The fastest-growing cost line was Research & development (+79%). The quarter ended with a net loss of $87.5M, narrower than the previous quarter's $100.9M loss.
Operating cash flow was $59.4M (up 15% year over year). Non-cash charges added back $10.3M of depreciation and amortization and $90.6M of share-based compensation. Working capital and other items added $46.0M. Capital expenditures of $22.4M left free cash flow of $37.0M.
Questions
What was Natera's revenue in the third quarter 2025?
Natera (NTRA) reported revenue of $592M for the third quarter 2025 (Q3 2025), +35% from a year earlier and +8% from the quarter before.
Was Natera profitable in the third quarter 2025?
Operating loss was $97.6M (-16.5% of revenue) and net loss $87.5M.
Source: Natera 10-Q on SEC EDGAR.