Filing Flows › Natera (NTRA) › Q4 2025
Natera (NTRA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Natera (NTRA) reported revenue of $665M for the fourth quarter 2025 (Q4 2025), +40% from a year earlier and +12% from the quarter before. Operating margin was -3.4%, net earnings $47.3M (7.1% of revenue).
Natera, Q4 2025: revenue $665M (+40% year over year), operating margin -3.4%, net earnings $47.3M, operating cash flow $73.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $665M | +12% | +40% |
| Operating profit | −$22.8M | — | — |
| Net earnings | $47.3M | — | — |
| Operating cash flow | $73.9M | +24% | +40% |
| Free cash flow | $37.8M | +2% | +9% |
What changed
Revenue was $665.5M in Q4 2025, up 40% year over year and up 12% from the previous quarter. Product was the largest line at 99% of revenue.
Operating costs exceeded revenue by $22.8M, an operating margin of -3.4%. Total costs grew 27% against revenue growth of 40%. The fastest-growing cost line was Research & development (+35%). Net earnings were $47.3M. Non-operating items added $9.5M, -71% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $73.9M (up 40% year over year), 156% of net earnings. Non-cash charges added back $12.4M of depreciation and amortization and $92.6M of share-based compensation. Working capital and other items used $78.3M. Capital expenditures of $36.1M left free cash flow of $37.8M.
Questions
What was Natera's revenue in the fourth quarter 2025?
Natera (NTRA) reported revenue of $665M for the fourth quarter 2025 (Q4 2025), +40% from a year earlier and +12% from the quarter before.
Was Natera profitable in the fourth quarter 2025?
Operating loss was $22.8M (-3.4% of revenue) and net earnings $47.3M.
Source: Natera 10-K on SEC EDGAR.