GH

MKT CAP:$12B

Guardant Health, Inc.

Market Cap

$12B

Healthcare·Medical - Diagnostics & Research·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$87.87-$13.87 (-13.63%)

Apr 23, 2026

Company Details

Guardant Health, Inc., a precision oncology company, provides blood tests, data sets, and analytics in the United States and internationally. The company offers Guardant360, Guardant360 LDT, Guardant360 CDx, and GuardantOMNI liquid biopsy-b...

CEO

Helmy Eltoukhy

IPO Date

Oct 4, 2018

Website

guardanthealth.com

Key Metrics TTM

Revenue

$982M

+32.9% YoY

Net Income

-$416M

EPS (Diluted)

-$3.31

Free Cash Flow

-$221M

Revenue / Share

$7.63

Gross Margin

64.5%

Operating Margin

-44.5%

Net Margin

-42.4%

FCF Margin

-22.5%

P/S

12.1x

P/E

—

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 19, 2026

$982M+32.9%EPS -$3.32

Q4 2025

Feb 19, 2026

$281M+39.4%EPS -$1.00

Q3 2025

Oct 29, 2025

$265M+38.5%EPS -$0.74

Q2 2025

Jul 30, 2025

$232M+30.9%EPS -$0.80

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$96M	$64M	-$123M
Q2 22	$109M	$72M	-$130M
Q3 22	$117M	$77M	-$145M
Q4 22	$127M	$80M	-$146M
Q1 23	$129M	$76M	-$134M
Q2 23	$137M	$83M	-$120M
Q3 23	$143M	$85M	-$114M
Q4 23	$155M	$236M	-$198M
Q1 24	$168M	$103M	-$100M
Q2 24	$177M	$105M	-$101M
Q3 24	$191M	$117M	-$117M
Q4 24	$202M	$124M	-$126M
Q1 25	$203M	$129M	-$111M
Q2 25	$232M	$151M	-$106M
Q3 25	$265M	$172M	-$99M
Q4 25	$281M	$182M	-$121M

Valuation

Quarter	P/S	P/E
Q1 22	20.5x	—
Q2 22	11.6x	—
Q3 22	13.5x	—
Q4 22	6.3x	—
Q1 23	5.4x	—
Q2 23	8.2x	—
Q3 23	6.5x	—
Q4 23	5.8x	—
Q1 24	4.1x	—
Q2 24	5.4x	—
Q3 24	4.1x	—
Q4 24	5.1x	—
Q1 25	6.8x	—
Q2 25	7.8x	—
Q3 25	8.5x	—
Q4 25	12.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$29M	-$51M
Q2 22	-$112M	-$135M
Q3 22	-$78M	-$100M
Q4 22	-$91M	-$101M
Q1 23	-$74M	-$82M
Q2 23	-$94M	-$101M
Q3 23	-$78M	-$80M
Q4 23	-$79M	-$83M
Q1 24	-$30M	-$37M
Q2 24	-$94M	-$99M
Q3 24	-$51M	-$55M
Q4 24	-$65M	-$83M
Q1 25	-$63M	-$67M
Q2 25	-$60M	-$66M
Q3 25	-$35M	-$46M
Q4 25	-$14M	-$42M

Capital Expenditures

Quarter	CapEx
Q1 22	$23M
Q2 22	$23M
Q3 22	$22M
Q4 22	$10M
Q1 23	$8M
Q2 23	$7M
Q3 23	$2M
Q4 23	$4M
Q1 24	$7M
Q2 24	$5M
Q3 24	$4M
Q4 24	$19M
Q1 25	$4M
Q2 25	$6M
Q3 25	$10M
Q4 25	$28M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+475.7%	+520.9%
Q2 22	+463.1%	+469.0%
Q3 22	+27.5%	+38.1%
Q4 22	+33.9%	+35.1%
Q1 23	+33.9%	+19.7%
Q2 23	+25.7%	+7.2%
Q3 23	+21.8%	-2.1%
Q4 23	+22.2%	+29.1%
Q1 24	+30.9%	+2.1%
Q2 24	+29.2%	+8.2%
Q3 24	+33.9%	+20.4%
Q4 24	+30.2%	-7.0%
Q1 25	+20.8%	+17.3%
Q2 25	+30.9%	+21.8%
Q3 25	+38.5%	+17.9%
Q4 25	+39.4%	+22.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$25M	25.8%
Q2 22	$26M	23.4%
Q3 22	$21M	17.6%
Q4 22	$24M	18.7%
Q1 23	$22M	17.3%
Q2 23	$22M	16.3%
Q3 23	$22M	15.3%
Q4 23	$24M	15.7%
Q1 24	$27M	16.0%
Q2 24	$27M	15.4%
Q3 24	$50M	26.0%
Q4 24	$36M	18.0%
Q1 25	$38M	18.6%
Q2 25	$42M	18.3%
Q3 25	$43M	16.1%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$82M	$41M	$64M
Q2 22	$85M	$44M	$74M
Q3 22	$100M	$41M	$80M
Q4 22	$107M	$38M	$81M
Q1 23	$93M	$40M	$76M
Q2 23	$90M	$42M	$71M
Q3 23	$94M	$36M	$69M
Q4 23	$90M	$38M	$79M
Q1 24	$84M	$39M	$80M
Q2 24	$83M	$40M	$82M
Q3 24	$87M	$49M	$98M
Q4 24	$94M	$52M	$105M
Q1 25	$89M	$47M	$104M
Q2 25	$87M	$50M	$120M
Q3 25	$90M	$53M	$127M
Q4 25	$98M	$61M	$143M

Revenue Segments

Quarter	Biopharma & Data	Licensing & Other	Oncology	Screening
Q1 25	$45M	$2M	$151M	$6M
Q2 25	$56M	$3M	$159M	$15M
Q3 25	$55M	$2M	$184M	$24M
Q4 25	$54M	$2M	$190M	$35M

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$5M	$91M
Q2 22	$8M	$101M
Q3 22	$6M	$111M
Q4 22	$9M	$118M
Q1 23	$10M	$119M
Q2 23	$8M	$129M
Q3 23	$7M	$136M
Q4 23	$12M	$143M
Q1 24	$11M	$157M
Q2 24	$9M	$168M
Q3 24	$11M	$180M
Q4 24	$10M	$192M
Q1 25	$10M	$194M
Q2 25	$15M	$217M
Q3 25	$16M	$249M
Q4 25	$18M	$264M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$574M	$389M	$962M
Q2 22	$215M	$639M	$854M
Q3 22	$158M	$800M	$958M
Q4 22	$142M	$870M	$1.0B
Q1 23	$224M	$713M	$937M
Q2 23	$271M	$954M	$1.2B
Q3 23	$457M	$697M	$1.2B
Q4 23	$1.1B	$35M	$1.2B
Q1 24	$1.1B	$0	$1.1B
Q2 24	$1.0B	$0	$1.0B
Q3 24	$688M	$311M	$999M
Q4 24	$526M	$314M	$840M
Q1 25	$699M	$0	$699M
Q2 25	$629M	$0	$629M
Q3 25	$580M	$0	$580M
Q4 25	$378M	$823M	$1.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	102M	+0.4%	+44.0%
Q2 22	102M	+0.2%	+22.1%
Q3 22	102M	+0.2%	+1.1%
Q4 22	103M	+0.2%	+1.1%
Q1 23	103M	+0.1%	+0.8%
Q2 23	109M	+6.0%	+6.6%
Q3 23	118M	+8.2%	+15.1%
Q4 23	119M	+0.7%	+15.6%
Q1 24	122M	+2.7%	+18.6%
Q2 24	122M	+0.6%	+12.5%
Q3 24	123M	+0.5%	+4.5%
Q4 24	124M	+0.6%	+4.4%
Q1 25	124M	+0.1%	+1.8%
Q2 25	124M	+0.2%	+1.4%
Q3 25	125M	+1.0%	+1.8%
Q4 25	129M	+2.7%	+4.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$70.0K	1K
Q2 22	$79.5K	1K
Q3 22	$85.5K	1K
Q4 22	$70.8K	2K
Q1 23	$71.8K	2K
Q2 23	$76.5K	2K
Q3 23	$79.8K	2K
Q4 23	$87.2K	2K
Q1 24	$94.7K	2K
Q2 24	$99.6K	2K
Q3 24	$107.6K	2K
Q4 24	$99.9K	2K
Q1 25	$100.7K	2K
Q2 25	$114.8K	2K
Q3 25	$131.2K	2K
Q4 25	$11.7K	24K

Revenue / Employee