Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Guardant Health, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
25.2
49.8
90.6
214
287
374
450
564
739
982
Cost of revenue
227
290
349
Gross profit
337
449
633
Research and development
10.9
25.6
50.7
86.3
150
263
374
367
348
364
Selling and marketing
26.2
32.5
53.5
78.3
107
192
300
295
365
495
General and administrative
9.92
36.8
36.2
61.4
193
207
164
156
180
211
Operating income
-43.8
-76.6
-92.9
-82.4
-255
-411
-544
-565
-444
-437
Interest expense
3.02
2.7
1.25
1.18
4.77
2.58
2.58
2.58
2.58
3.9
Interest income
0.73
2.23
5.27
13.7
10.2
3.93
6.07
35.4
53.7
34.1
Other non-operating income
-0
-1.06
4.7
0.09
3.64
25.2
-12.8
53.2
-42.6
-10.5
Pre-tax income
-46.1
-83.2
-84.2
-69.7
-246
-384
-653
-479
-435
-418
Income tax
0.01
0.01
0.04
-1.87
0.38
0.3
1.14
0.69
1.28
-1.26
Net income
-46.1
-83.2
-85.1
-75.7
-254
-385
-655
-479
-436
-416
EBITDA
-40.2
-71.4
-85.8
-71
-239
-389
-508
-522
-401
-398
EPS, basic
-3.53
-7.07
-2.80
-0.84
-2.60
-4.00
-6.41
-4.28
-3.56
-3.32
EPS, diluted
-3.53
-7.07
-2.80
-0.84
-2.60
-4.00
-6.41
-4.28
-3.56
-3.32
Shares, basic (weighted)
13.1
12.6
30.4
90.6
97.5
101
102
112
123
125
Shares, diluted (weighted)
13.1
12.6
30.4
90.6
97.5
101
102
112
123
125
Balance sheet
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
33.6
72.3
141
143
833
492
142
1,134
526
378
Short-term investments
149
278
380
962
441
870
35.1
314
823
Receivables
12.8
35.7
48
53.3
97.7
97.3
88.8
110
138
Inventory
7.29
9.14
15.2
22.7
30.7
51.6
61.9
71.1
85.9
Other current assets
1.54
5.2
11.4
17.5
53.1
31.5
27.7
33.8
40.7
Total current assets
243
469
597
1,888
1,114
1,192
1,347
1,055
1,466
Property, plant and equipment
16
31
43.7
62.8
124
168
145
137
146
Lease right-of-use assets
29.1
37.3
189
174
158
142
159
Goodwill
0
3.29
3.29
3.29
3.29
3.29
3.29
77.3
Intangible assets
0
8.52
16.2
14.2
11.7
8.98
6.76
25.9
Long-term investments
73.3
77.6
269
247
698
0
Other non-current assets
1.97
2.05
4.88
17.3
60.9
61.5
124
37.2
28.5
Total assets
343
587
963
2,272
2,204
1,610
1,786
1,486
2,014
Accounts payable
5
10.6
16.2
7.34
38.5
68.9
51.7
38.6
54.4
Accrued liabilities
6.41
7.18
25.7
22.6
45.3
176
63.5
68.3
77.9
Deferred revenue
3.11
16.1
12.3
8.55
11.3
17.4
18
35.5
50.8
Total current liabilities
19.6
46.9
72.7
66.8
195
193
206
226
303
Lease liabilities
33.3
41.6
226
210
186
164
178
Other non-current liabilities
0
0.33
1.67
1.52
3.93
9.18
96
92.8
128
Total liabilities
34.3
62.5
115
916
1,559
1,550
1,628
1,625
2,113
Total debt
1,143
1,504
Paid-in capital
4.9
764
1,150
1,902
1,658
1,742
2,304
2,444
2,900
Retained earnings
-196
-281
-353
-607
-1,008
-1,662
-2,142
-2,578
-2,995
Treasury stock
0
Other comprehensive income
-0.53
-0.08
1.11
2.7
-4.76
-19.5
-3.68
-5.2
-4.85
Shareholders' equity
79.7
309
483
798
1,298
645
60.2
159
-140
-99.3
Total equity
79.7
309
483
798
1,298
645
60.2
159
-140
-99.3
Total liabilities and equity
343
587
963
2,272
2,204
1,610
1,786
1,486
2,014
Shares outstanding
11.9
85.8
94.3
100
102
103
122
124
131
Cash flow statement
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-46.1
-83.2
-84.3
-67.9
-246
-385
-655
-479
-436
-416
Depreciation and amortization
3.69
5.21
7.14
11.4
16.1
22.3
36
42.9
42.4
39.7
Stock-based compensation
1.97
3.67
6.85
17
144
151
94.7
90.8
140
166
Deferred income tax
0
0
-2.14
0.13
0.18
-0.24
-0.54
0.29
-1.71
Change in receivables
-2.79
-9.29
-22.9
-7.39
-5.46
-44.4
0.38
8.38
-21.4
-28.2
Change in inventory
-0.35
-4.52
-1.85
-6.05
-7.54
-7.96
-20.9
-10.4
-9.14
-14.8
Change in payables
2.15
1.25
5.05
4.34
-7.86
8.64
Cash from operations
-36.7
-72.2
-72.2
-47.1
-104
-209
-309
-325
-240
-185
Capital expenditures
-1.77
-6.68
-20.2
-18.7
-36.2
-75
-77.5
-20.5
-35.1
-48.3
Acquisitions
0
0
-7.33
0
0
0
0
-59
Purchases of investments
-341
-237
-287
-614
-1,126
-901
-304
-630
-307
-818
Sales and maturities of investments
369
75.4
155
325
563
952
555
1,495
35
307
Cash from investing
26.2
-170
-153
-318
-617
-63.2
150
840
-261
-627
Stock issued
0.27
0
254
350
356
0
0
493
0
257
Share buybacks
-0.1
-7.22
-0.17
0
0
0
0
-45
Cash from financing
39.8
282
293
367
1,410
-66.8
-189
477
-1
671
Net change in cash
29.3
39
67.9
2.68
690
-341
-350
992
-504
-140
Free cash flow
-38.5
-78.9
-92.4
-65.9
-140
-284
-387
-345
-275
-233
Interest paid
2.24
1.34
1.25
1.18
0
0
0
0
3.77
Income taxes paid
0.01
0.03
0.1
0.3
0.33
0.39
1.33
1.97
1.01
0.87
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $177.25 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
65.0%
Gross profit / revenue.
Operating margin
-39.7%
Operating income / revenue.
EBITDA margin
-36.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-38.4%
Pre-tax income / revenue.
Net margin
-38.3%
Net income / revenue.
FCF margin
-20.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-15.7%
Cash from operations / revenue.
Return on assets (ROA)
-23.7%
Net income / average total assets.
Return on invested capital (ROIC)
-163.9%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
31.8%
Research and development expense / revenue.
Stock-based pay / revenue
16.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
4.7%
Capital expenditures / revenue.
D&A / revenue
3.2%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
32.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
29.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
27.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
40.9%
Gross profit vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
35.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
7.7%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-2.4%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
2.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
7.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
5.2%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
4.03x
Current assets / current liabilities.
Quick ratio
3.53x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
3.11x
(Cash + short-term investments) / current liabilities.
Debt / assets
78.6%
Total debt / total assets.
Liabilities / assets
111.7%
Total liabilities / total assets.
Net debt
$449.5M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$3.41
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$8.90
Revenue / diluted weighted shares.
FCF per share
-$1.81
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.39
Cash from operations / diluted weighted shares.
Book value per share
-$1.67
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
20.1x
Market cap / revenue.
EV/Sales
20.5x
Enterprise value / revenue.
FCF yield
-1.0%
Free cash flow / market cap.
Earnings yield
-1.9%
Net income / market cap (the inverse of P/E).
Shareholder yield
0.0%
(Dividends paid + share buybacks) / market cap.
What was Guardant Health, Inc.'s revenue in fiscal 2025?
Guardant Health, Inc. reported revenue of $982.0M for fiscal 2025, 32.9% higher than the year before.
Was Guardant Health, Inc. profitable in fiscal 2025?
No. It reported a net loss of $416.3M.
How much free cash flow did Guardant Health, Inc. generate in fiscal 2025?
Cash from operations of $184.8M minus capital expenditures of $48.3M left free cash flow of -$233.1M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.