Guardant Health, Inc. reported preliminary revenue of $280 million for the quarter ended December 31 2025, a 39% year‑over‑year increase that exceeded the consensus estimate of $267.75 million. Full‑year 2025 revenue reached $981 million, up 33% from $737 million in 2024, and surpassed the $968.56 million consensus estimate. The revenue lift was driven by a 38% rise in oncology test volumes to roughly 79,000 tests and a 38% increase in Shield colorectal‑cancer screening tests to about 38,000 in Q4, reflecting growing market penetration and the expansion of Shield’s multi‑cancer detection capabilities.
Guardant’s oncology segment continued to dominate growth, with test volumes rising 38% year‑over‑year to 79,000, while Shield’s test volume surged 38% to 38,000, up from 6,400 in the same period a year earlier. The company’s Shield platform, now offering multi‑cancer detection, is gaining traction in the U.S. screening market, contributing to the overall revenue acceleration. The oncology and Shield segments together accounted for the majority of the revenue increase, underscoring the company’s dual‑focus strategy on both therapeutic and screening markets.
The company’s free cash flow remained negative, at $54 million for Q4 and $233 million for the full year, a result of continued investment in product development and commercial expansion. Despite the negative cash flow, Guardant’s liquidity position remains strong, with cash, cash equivalents, restricted cash, and marketable debt securities totaling approximately $1.3 billion as of December 31 2025. The robust cash reserves provide a buffer for ongoing R&D and market‑expansion initiatives while the company works toward profitability.
Co‑founders and co‑CEOs Helmy Eltoukhy and AmirAli Talasaz highlighted the momentum behind Guardant’s growth. Eltoukhy noted that “2025 was a breakout year, with total revenue growth accelerating to 33% year‑over‑year,” attributing the surge to “pioneering innovation from our Smart Platform and best‑in‑class commercial execution.” Talasaz emphasized Shield’s success, stating that “nearly 100,000 patients have been screened with Shield since FDA approval, and the platform’s expansion into multi‑cancer detection is enhancing its clinical value.”
Guardant’s results signal continued market acceptance of its liquid‑biopsy technology and a strengthening position in both oncology and screening. The revenue beat and volume growth demonstrate effective demand generation and pricing power, while the negative free cash flow reflects strategic investment in future growth. With a solid cash base and a clear trajectory toward profitability, the company is positioned to capitalize on expanding opportunities in precision oncology and early cancer detection, though investors will continue to monitor the pace of margin improvement and the transition to positive free cash flow.
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