Filing Flows › Natera (NTRA) › Q3 2026 › vs Q3 2025
Natera (NTRA) Q3 2026 vs Q3 2025 (year over year)
Natera's revenue rose $202M (+34%) from $592M in Q3 2025 to $794M in Q3 2026. The biggest changes: Product revenues +$200M (+34%); Licensing and other revenues +$2.0M (+101%).
Natera, Q3 2026: revenue $794M (+34% year over year), operating margin -8.6%, net loss $59.9M, operating cash flow $43.9M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 0.7% | 6.2% | -5.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Product revenues | $790M | $590M | $200M | +34% |
| Licensing and other revenues | $4.0M | $2.0M | $2.0M | +101% |
| Revenue | $794M | $592M | $202M | +34% |
| Other income, net | $8.7M | $10.2M | −$1.5M | -15% |
| Net loss | $59.9M | $87.5M | −$27.6M | -32% |
| Costs & expenses | $863M | $690M | $173M | +25% |
| Operating costs | $862M | $690M | $173M | +25% |
| Income tax | $299K | $207K | $92K | +44% |
| Research & development | $242M | $173M | $69.0M | +40% |
| SG&A | $334M | $309M | $25.1M | +8% |
| Other operating costs | $286M | $208M | $78.4M | +38% |
| Operating cash sources | $122M | $101M | $21.4M | +21% |
| Depreciation & amortization | $16.3M | $10.3M | $6.0M | +58% |
| Share-based compensation | $106M | $90.6M | $15.5M | +17% |
| Net loss absorbed | $59.9M | $87.5M | −$27.6M | -32% |
| Working capital & other | $18.5M | −$46.0M | $64.5M | — |
| Operating cash flow | $43.9M | $59.4M | −$15.5M | -26% |
| Free cash flow (OCF − capex) | $5.3M | $37.0M | −$31.7M | -86% |
| Capital expenditures | $38.7M | $22.4M | $16.3M | +73% |
Questions
How much did Natera's revenue grow year over year in Q3 2026?
Natera's revenue rose $202M (+34%) from $592M in Q3 2025 to $794M in Q3 2026.
What drove Natera's revenue change in Q3 2026?
Product revenues +$200M (+34%); Licensing and other revenues +$2.0M (+101%).