Natera, Inc. (NTRA) Financial Statements

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Natera financial statements at a glance

Natera reported revenue of $2.31 billion for fiscal year 2025 (ended December 31, 2025), up 35.7% from fiscal year 2024. Net income was -$208.16 million, a net margin of 9.0% loss.

At the end of fiscal year 2025 it had total assets of $2.40 billion, total liabilities of $685.93 million and shareholders' equity of $1.71 billion, with cash and short-term investments of $1.08 billion and total debt of $214.38 million.

Its operations brought in $215.30 million of cash; capital spending was $139.19 million, leaving free cash flow of $76.11 million.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

NTRA logo

Natera, Inc.

NTRAUnited States
Healthcare
USD (Local)

Income Statement

Annual • USD

Total Revenue
2.31B
Prev Year: 1.70B
YoY: +35.7%
Operating Revenue
2.31B
Prev Year: 1.70B
YoY: +35.7%
Depreciation and amortization
1.72M
Total Unusual Items Excluding Goodwill
-
Amortization
1.72M
Total Unusual Items
-
Amortization of Intangibles
1.72M
Cost of Revenue
812.93M
Prev Year: 673.75M
YoY: +20.7%
Gross Profit
1.49B
Prev Year: 1.02B
YoY: +46.4%
Operating Expense
1.80B
Prev Year: 1.25B
YoY: +44.2%
Selling General and Administrative
1.18B
Prev Year: 841.31M
YoY: +39.9%
Research and Development
624.11M
Prev Year: 404.14M
YoY: +54.4%
Operating Income
-309.91M
Prev Year: -222.29M
YoY: -39.4%
Net Non Operating Interest Income Expense
41.82M
Prev Year: 32.56M
YoY: +28.4%
Non-operating Interest Income
45.89M
Prev Year: 43.25M
YoY: +6.1%
Non-operating Interest Expense
4.07M
Prev Year: 10.69M
YoY: -61.9%
Pre-tax Income
-268.09M
Prev Year: -189.73M
YoY: -41.3%
Other Income Expense
-
Provision for Income Taxes
-59.93M
Prev Year: 0
Net Income Common Stockholders
-208.16M
Prev Year: -190.43M
YoY: -9.3%
Net Income
-208.16M
Prev Year: -190.43M
YoY: -9.3%
Net Income Including Non-Controlling Interests
-208.16M
Prev Year: -190.43M
YoY: -9.3%
Net Income from Continuing Operations
-208.16M
Prev Year: -190.43M
YoY: -9.3%
Diluted NI Available to Com Stockholders
-208.16M
Prev Year: -190.43M
YoY: -9.3%
Average Dilution Earnings
-
Total Operating Income as Reported
-309.91M
Prev Year: -222.29M
YoY: -39.4%
Basic EPS
-
Total Expenses
2.62B
Prev Year: 1.92B
YoY: +36.3%
Diluted EPS
-
Net Income from Continuing and Discontinued Operation
-208.16M
Prev Year: -190.43M
YoY: -9.3%
Weighted Average Shares (basic)
-
Normalized Income
-208.16M
Prev Year: -190.43M
YoY: -9.3%
Weighted Average Shares (diluted)
-
Interest Income
45.89M
Prev Year: 43.25M
YoY: +6.1%
Interest Expense
4.07M
Prev Year: 10.69M
YoY: -61.9%
Net Interest Income
41.82M
Prev Year: 32.56M
YoY: +28.4%
EBIT
-264.02M
Prev Year: -179.05M
YoY: -47.5%
EBITDA
-220.54M
Prev Year: -148.08M
YoY: -48.9%
Reconciled Cost of Revenue
771.17M
Prev Year: 673.75M
YoY: +14.5%
Reconciled Depreciation
43.48M
Prev Year: 30.97M
YoY: +40.4%
Net Income from Continuing Operation Net Minority Interest
-208.16M
Prev Year: -190.43M
YoY: -9.3%
Normalized EBITDA
-220.54M
Prev Year: -148.08M
YoY: -48.9%
Tax Rate for Calcs
0.224
Prev Year: 0.21
YoY: +6.4%
Depreciation Amortization Depletion
1.72M
Values in USD

Natera key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$2.3B$1.7B$1.1B$820.2M$625.5M
Gross profit$1.5B$1.0B$492.7M$364.0M$307.1M
Operating income-$309.9M-$222.3M-$446.3M-$541.0M-$468.2M
Net income-$208.2M-$190.4M-$434.8M-$547.8M-$471.7M
Diluted EPS––-$3.78-$5.57-$5.21
Total assets$2.4B$1.7B$1.4B$1.4B$1.2B
Total liabilities$685.9M$465.3M$676.4M$688.7M$583.2M
Shareholders' equity$1.7B$1.2B$765.3M$705.7M$653.3M
Cash and short-term investments$1.1B$968.3M$879.0M$898.4M$914.3M
Total debt$214.4M$187.1M$442.0M$446.2M$397.2M
Operating cash flow$215.3M$135.7M-$247.0M-$431.5M-$335.2M
Capital spending$139.2M$76.9M$39.2M$47.7M$41.0M
Free cash flow$76.1M$58.8M-$286.2M-$479.2M-$376.3M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Natera's revenue in fiscal year 2025?

$2.31 billion, up 35.7% from $1.70 billion in fiscal year 2024.

How much profit does Natera make?

Natera reported net income of -$208.16 million for fiscal year 2025 (9.0% of revenue); operating income was -$309.91 million.

How much cash and debt does Natera have?

At the end of fiscal year 2025: cash and short-term investments of $1.08 billion and total debt of $214.38 million.

What is Natera's free cash flow?

$76.11 million in fiscal year 2025 (operating cash flow of $215.30 million minus capital spending of $139.19 million).

MoreNatera stock overviewNatera executive teamNatera shareholdersNatera revenue by segment
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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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