Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data GRAIL, 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
FY2022
FY2024
FY2024
FY2025
Revenue
55.6
93.1
126
147
Research and development
330
339
322
196
Selling and marketing
122
162
154
117
General and administrative
174
200
214
159
Operating income
-5,443
-1,515
-2,189
-562
Interest income
1.74
7.95
26.7
28.7
Other non-operating income
1.5
7.75
26.8
27.7
Pre-tax income
-5,441
-1,508
-2,162
-535
Income tax
-42.3
-42
-135
-126
Net income
-5,399
-1,466
-2,027
-408
EBITDA
-5,426
-1,495
-2,169
-544
EPS, basic
-173.89
-47.21
-63.54
-11.11
EPS, diluted
-173.89
-47.21
-63.54
-11.11
Shares, basic (weighted)
31
31
31.9
36.8
Shares, diluted (weighted)
31
31
31.9
36.8
Balance sheet
FY2022
FY2024
FY2024
FY2025
Cash and equivalents
242
97.3
214
250
Receivables
16.9
20.3
18.3
Other current assets
20.1
17.4
15.1
Total current assets
156
820
954
Property, plant and equipment
85
69.1
51.8
Lease right-of-use assets
84.4
66.4
52.1
Goodwill
1,497
889
0
Intangible assets
2,687
2,017
1,851
Other non-current assets
7.98
7.77
6.75
Total assets
3,914
2,983
2,922
Accounts payable
19.7
4.84
2.08
Accrued liabilities
73.8
57.2
63.9
Total current liabilities
164
76.9
79.7
Lease liabilities
69.6
54.9
43.1
Other non-current liabilities
1.5
2.24
2.75
Total liabilities
268
480
344
Paid-in capital
12,305
12,787
Retained earnings
-7,776
-9,803
-10,212
Other comprehensive income
1.07
1.45
2.66
Shareholders' equity
2,503
2,578
Total equity
2,503
2,578
Total liabilities and equity
3,914
2,983
2,922
Shares outstanding
0
33.9
40.3
Cash flow statement
FY2022
FY2024
FY2024
FY2025
Net income
-5,399
-1,466
-2,027
-408
Depreciation and amortization
16.4
20.4
19.7
18
Stock-based compensation
75.7
97.2
86.1
58.3
Deferred income tax
-39.1
-38.2
-134
-126
Change in receivables
-8.68
-1.38
-3.37
1.69
Change in payables
2.34
2.89
-14.6
-2.73
Cash from operations
-561
-596
-577
-299
Capital expenditures
-22.9
-12.9
-5.21
-0.91
Purchases of investments
0
0
-546
-1,308
Cash from investing
-22.9
-12.9
-551
-85
Cash from financing
605
464
1,244
423
Exchange rate effect
-0.51
0.31
-0.06
-0.15
Net change in cash
20.1
-145
116
39.1
Free cash flow
-584
-609
-582
-300
Income taxes paid
1.13
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $124.74 on November 10, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-347.3%
Operating income / revenue.
EBITDA margin
-337.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-329.0%
Pre-tax income / revenue.
Net margin
-243.8%
Net income / revenue.
FCF margin
-187.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-183.8%
Cash from operations / revenue.
Return on equity (ROE)
-16.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-14.9%
Net income / average total assets.
Return on invested capital (ROIC)
-18.9%
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
111.9%
Research and development expense / revenue.
Stock-based pay / revenue
38.5%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
3.5%
Capital expenditures / revenue.
D&A / revenue
9.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
17.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
38.4%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
3.0%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-2.1%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
15.2%
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
5.8%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
8.93x
Current assets / current liabilities.
Quick ratio
0.51x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.31x
(Cash + short-term investments) / current liabilities.
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
$3.56
Revenue / diluted weighted shares.
FCF per share
-$6.67
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$6.55
Cash from operations / diluted weighted shares.
Book value per share
$54.82
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
33.4x
Market cap / revenue.
P/B
2.27x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
7.88x
Market cap / tangible book value, when positive.
EV/Sales
33.3x
Enterprise value / revenue.
FCF yield
-5.6%
Free cash flow / market cap.
Earnings yield
-7.3%
Net income / market cap (the inverse of P/E).
What was GRAIL, Inc.'s revenue in fiscal 2025?
GRAIL, Inc. reported revenue of $147.2M for fiscal 2025, 17.2% higher than the year before.
Was GRAIL, Inc. profitable in fiscal 2025?
No. It reported a net loss of $408.4M.
How much free cash flow did GRAIL, Inc. generate in fiscal 2025?
Cash from operations of $299.0M minus capital expenditures of $909.0K left free cash flow of -$299.9M.
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.