Natera Inc. (NTRA) financial statements: income statement, balance sheet and cash flow

Natera Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Natera Inc. reported revenue of $2.3B (+35.9% year on year) and net income of ($208.2M) (-9.3% year on year).

Income statement

Natera Inc. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Total revenues	$2.3B	$1.7B	$1.1B	$820.2M
Cost of revenues	$812.9M	$673.8M	$589.8M	$456.3M
Research and development	$624.1M	$404.1M	$320.7M	$316.4M
Selling, general and administrative	$1.2B	$841.3M	$618.3M	$588.6M
Amortization of acquired intangible assets	$1.7M	—	—	—
Total cost and expenses	$2.6B	$1.9B	$1.5B	$1.4B
Loss from operations	($309.9M)	($222.3M)	($446.2M)	($541.0M)
Interest expense	($4.1M)	($10.7M)	($12.6M)	($9.3M)
Interest and other income, net	$45.9M	$43.2M	$24.4M	$3.5M
Loss before income taxes	($268.1M)	($189.7M)	($434.5M)	($546.8M)
Income tax benefit (expense)	$59.9M	($695.0K)	($271.0K)	($978.0K)
Net loss	($208.2M)	($190.4M)	($434.8M)	($547.8M)
Unrealized gain on available-for-sale securities and foreign currency translation adjustment	$86.0K	—	—	—
Comprehensive loss	($208.1M)	($187.7M)	($421.5M)	($561.9M)
Basic (in dollars per share)	-$1.52	-$1.53	-$3.78	-$5.57
Diluted (in dollars per share)	-$1.52	-$1.53	-$3.78	-$5.57
Basic (in shares)	136.7M	124.7M	115.0M	98.4M
Diluted (in shares)	136.7M	124.7M	115.0M	98.4M

Natera Inc. income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Total revenues	$752.8M	$696.6M	$592.2M	$546.6M
Cost of revenues	$267.6M	$245.8M	$207.8M	$200.0M
Research and development	$228.1M	$210.7M	$173.4M	$146.4M
Selling, general and administrative	$327.2M	$327.9M	$308.5M	$310.5M
Amortization of acquired intangible assets	$5.7M	$7.1M	—	—
Total cost and expenses	$828.5M	$790.2M	$689.8M	$657.0M
Loss from operations	($75.8M)	($93.5M)	($97.6M)	($110.4M)
Interest expense	($890.0K)	($892.0K)	($1.0M)	($1.0M)
Interest and other income, net	$9.5M	$9.6M	$11.3M	$10.7M
Loss before income taxes	($67.2M)	($84.8M)	($87.3M)	($100.7M)
Income tax benefit (expense)	$261.0K	($283.0K)	($207.0K)	($275.0K)
Net loss	($67.0M)	($85.1M)	($87.5M)	($100.9M)
Unrealized gain (loss) on available-for-sale securities, net of tax and foreign currency translation adjustment	$94.0K	$56.0K	—	—
Comprehensive loss	($66.9M)	($85.0M)	($87.4M)	($101.0M)
Basic (in dollars per share)	-$0.47	-$0.60	-$0.64	-$0.74
Diluted (in dollars per share)	-$0.47	-$0.60	-$0.64	-$0.74
Basic (in shares)	143.3M	141.5M	137.2M	136.4M
Diluted (in shares)	143.3M	141.5M	137.2M	136.4M

Balance sheet

Natera Inc. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash, cash equivalents and restricted cash	$1.1B	$945.6M	$642.1M	—
Accounts receivable, net of allowance of $8,018 in 2025 and $7,259 in 2024	$296.5M	$314.2M	$278.3M	$244.4M
Inventory	$68.4M	$44.7M	$40.8M	$35.4M
Prepaid expenses and other current assets, net	$55.8M	$48.6M	$60.5M	$33.6M
Total current assets	$1.5B	$1.4B	$1.3B	$1.2B
Property and equipment, net	$241.2M	$162.0M	$111.2M	$92.5M
Operating lease right-of-use assets	$108.5M	$86.1M	$56.5M	$71.9M
Goodwill	$141.1M	—	—	—
Intangible assets	$373.7M	—	—	—
Other assets	$36.9M	$36.7M	$15.4M	$18.3M
Total assets	$2.4B	$1.7B	$1.4B	$1.4B
Accounts payable	$33.2M	$34.9M	$15.0M	$31.1M
Accrued compensation	$92.6M	$62.1M	$45.9M	$44.0M
Contingent consideration payable, current portion	$21.6M	—	—	—
Deferred revenue, current portion	$24.9M	$19.8M	$16.6M	$10.8M
Short-term debt financing	$80.3M	$80.4M	$80.4M	$80.3M
Other accrued liabilities	$188.7M	$146.9M	$149.4M	$144.2M
Total current liabilities	$441.2M	$344.0M	$307.3M	$310.5M
Contingent consideration payable, long-term portion	$96.8M	—	—	—
Deferred tax liability, long-term portion	$701.0K	—	—	—
Operating lease liabilities, long-term portion	$118.5M	$96.6M	$67.0M	$76.6M
Deferred revenue, long-term portion	$17.1M	—	$19.1M	$20.0M
Other liabilities	$11.7M	—	—	—
Total liabilities	$685.9M	$465.3M	$676.4M	$688.7M
Common stock, $0.0001 par value: 750,000 shares authorized at both December 31, 2025 and 2024; 139,693 and 132,646 shares issued and outstanding at December 31, 2025 and 2024, respectively	14.0K	12.0K	11.0K	11.0K
Additional paid-in capital	$4.5B	$3.8B	$3.1B	$2.7B
Accumulated deficit	($2.8B)	($2.6B)	($2.4B)	($1.9B)
Accumulated other comprehensive loss	($258.0K)	($344.0K)	($3.1M)	($16.4M)
Total stockholders' equity	$1.7B	$1.2B	$765.3M	$705.7M
Total liabilities and stockholders' equity	$2.4B	$1.7B	$1.4B	$1.4B

Natera Inc. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash, cash equivalents and restricted cash	$1.1B	$1.1B	$1.0B	$1.0B
Accounts Receivable, after Allowance for Credit Loss, Current	$422.0M	$417.6M	$286.4M	$309.2M
Inventory	$80.3M	$70.7M	$64.6M	$54.3M
Prepaid expenses and other current assets	$65.1M	$75.6M	$53.9M	$52.1M
Total current assets	$1.7B	$1.7B	$1.4B	$1.4B
Property and equipment, net	$317.6M	$269.4M	$206.5M	$189.2M
Operating lease right-of-use assets	$129.7M	$134.0M	$97.0M	$95.1M
Goodwill	$141.1M	$140.9M	—	—
Intangible assets	$360.2M	$367.4M	—	—
Other assets	$50.0M	$51.0M	$70.7M	$41.1M
Total assets	$2.7B	$2.6B	$1.8B	$1.8B
Accounts payable	$75.2M	$62.4M	$46.5M	$36.9M
Accrued compensation	$105.9M	$143.8M	$77.4M	$55.0M
Contingent consideration payable, current portion	$22.8M	$22.4M	—	—
Deferred revenue, current portion	$40.6M	$36.9M	$21.8M	$21.6M
Short-term debt financing	$80.3M	$80.3M	$80.3M	$80.3M
Total other accrued liabilities	$228.5M	$212.5M	$216.0M	$191.0M
Total current liabilities	$553.2M	$558.3M	$442.0M	$384.8M
Contingent consideration payable, long-term portion	$97.7M	$103.2M	—	—
Deferred tax liability, long-term portion	$701.0K	$701.0K	—	—
Operating lease liabilities, long-term portion	$143.1M	$145.0M	$104.4M	$102.7M
Deferred revenue, long-term portion	$16.1M	$17.0M	—	—
Other liabilities	$25.3M	$16.3M	—	—
Total liabilities	$836.0M	$840.4M	$569.3M	$510.9M
Common stock, $0.0001 par value: 750,000 shares authorized at both June 30, 2026 and December 31, 2025; 143,612 and 139,693 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	14.0K	14.0K	14.0K	14.0K
Additional paid-in capital	$4.7B	$4.6B	$4.1B	$4.0B
Accumulated deficit	($2.9B)	($2.9B)	($2.8B)	($2.7B)
Accumulated other comprehensive loss	($108.0K)	($202.0K)	($187.0K)	($287.0K)
Total stockholders’ equity	$1.8B	$1.8B	$1.3B	$1.2B
Total liabilities and stockholders’ equity	$2.7B	$2.6B	$1.8B	$1.8B

Cash flow statement

Natera Inc. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net loss	($208.2M)	($190.4M)	($434.8M)	($547.8M)
Depreciation and amortization	$41.8M	$31.0M	$24.1M	$16.7M
Amortization of acquired intangible assets	$1.7M	—	—	—
Non-cash lease expense	$20.2M	$15.3M	$14.5M	$13.8M
Stock-based compensation	$354.4M	$274.4M	$191.8M	$152.4M
Amortization of premiums and accretion of purchase discounts on investment securities	$32.0K	($618.0K)	—	—
Change in fair value of warrants and preferred stock of related party equity investment	($3.2M)	—	—	—
Foreign exchange adjustment	$17.0K	$462.0K	$265.0K	—
Non-cash interest expense	($39.0K)	$2.8M	$52.0K	—
Non-cash expense recovery	($1.4M)	($442.0K)	—	—
Accounts receivable	$20.8M	($35.9M)	($33.9M)	($124.1M)
Inventory	($20.9M)	($4.0M)	($5.4M)	($8.3M)
Operating lease right-of-use assets	$4.2M	—	$8.4M	—
Prepaid expenses and other assets	($8.6M)	$10.8M	($26.1M)	($1.2M)
Accounts payable	$753.0K	$13.2M	($15.5M)	$5.5M
Accrued compensation	$60.3M	$40.3M	$21.6M	$3.1M
Deferred tax liability	($60.8M)	—	—	—
Operating lease liabilities	($19.8M)	($16.8M)	($12.4M)	($9.4M)
Other accrued liabilities	$31.3M	($6.4M)	$10.3M	$47.6M
Deferred revenue	$2.8M	$852.0K	$5.0M	$2.1M
Net cash provided by (used in) operating activities	$215.3M	$135.7M	($247.0M)	($431.5M)
Proceeds from maturity of investments	$23.0M	$314.4M	$306.0M	$216.5M
Purchases of property and equipment, net	($106.2M)	($66.4M)	($39.2M)	($47.7M)
Purchase of intangible assets, net	($33.0M)	—	—	—
Cash paid for business combination, net	($16.0M)	—	—	—
Net cash (used in) provided by investing activities	($132.2M)	$137.6M	$168.5M	$330.3M
Proceeds from exercise of stock options	$22.5M	$13.0M	$3.9M	$6.4M
Proceeds from issuance of common stock under employee stock purchase plan	$25.0M	—	$15.1M	$13.0M
Stock issuance costs	($112.0K)	—	—	—
Net cash provided by financing activities	$47.5M	$30.2M	$254.5M	$482.6M
Net change in cash, cash equivalents and restricted cash	$130.6M	$303.5M	$176.0M	$381.5M
Beginning cash, cash equivalents and restricted cash	$945.6M	$642.1M	$466.1M	$84.6M
Ending cash, cash equivalents and restricted cash	$1.1B	$945.6M	$642.1M	—
Cash paid for income taxes, net	$499.0K	$1.3M	$295.0K	$549.0K
Cash paid for interest	$4.1M	$7.9M	$11.3M	$8.1M
Purchases of property and equipment in accounts payable and accruals	($1.0M)	$9.4M	$1.6M	($1.9M)
Amounts accrued for acquisition of intangible assets	$3.0M	$1.4M	—	—
Contingent consideration for business combination	$118.4M	—	—	—
Issuance of common stock for business combination	$287.4M	—	—	—
Issuance of common stock for bonuses	$32.9M	$24.1M	$19.8M	—
Stock-based compensation included in capitalized software development costs	$2.9M	$2.3M	$629.0K	—

Natera Inc. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net loss	($152.1M)	($85.1M)	($255.4M)	($167.9M)
Depreciation and amortization	$30.0M	$14.5M	$29.4M	$19.1M
Amortization of acquired intangible assets	$11.4M	$7.1M	—	—
Amortization of premiums and accretion of purchase discounts on investment securities	$0	$0	$32.0K	$19.0K
Non-cash settlement expense	$1.2M	$1.2M	—	—
Non-cash lease expense	$13.3M	$5.9M	$14.8M	$9.3M
Stock-based compensation	$198.2M	$95.1M	$261.8M	$171.2M
Change in fair value of warrants and preferred stock of related party equity investment	($166.0K)	($166.0K)	($3.2M)	($3.2M)
Revaluation of contingent consideration	$550.0K	$6.1M	—	—
Other non-cash items	$449.0K	—	—	—
Non-cash expense recovery	($1.3M)	($596.0K)	($1.1M)	($722.0K)
Accounts receivable	($125.4M)	($121.1M)	$27.8M	$4.9M
Inventory	($11.9M)	($2.3M)	($19.9M)	($9.5M)
Operating lease right-of-use assets	$1.4M	$255.0K	$88.0K	—
Prepaid expenses and other assets	($9.5M)	($17.1M)	($9.0M)	($6.6M)
Accounts payable	$35.6M	$21.9M	$12.3M	$7.0M
Accrued compensation	$58.9M	$98.2M	$48.2M	$25.8M
Operating lease liabilities	($12.0M)	($5.9M)	($14.2M)	($9.3M)
Other accrued liabilities	$43.1M	$12.1M	$48.2M	$40.5M
Deferred revenue	$14.7M	$11.9M	$1.6M	$1.5M
Other long-term liabilities	($1.6M)	($920.0K)	—	—
Net cash provided by operating activities	$95.0M	$40.2M	$141.4M	$82.0M
Proceeds from maturity of investments	$0	$0	$22.0M	$7.0M
Purchases of property and equipment, net	($85.6M)	($22.1M)	($70.1M)	($47.7M)
Investment in related party	($10.0M)	($10.0M)	—	—
Net cash used in investing activities	($95.6M)	($32.1M)	($60.6M)	($40.7M)
Proceeds from exercise of stock options	$4.7M	$3.9M	$2.8M	$884.0K
Cash paid to satisfy statutory withholding requirement for net settlement of cashless stock option exercises	($5.1M)	—	—	—
Proceeds from the issuance of common stock under the employee stock purchase plan	$16.4M	—	$12.2M	$12.2M
Stock issuance costs	($105.0K)	($105.0K)	—	—
Net cash provided by financing activities	$16.0M	$3.8M	$15.1M	$13.1M
Net change in cash, cash equivalents and restricted cash	$15.4M	$11.8M	$95.9M	$54.4M
Cash, cash equivalents and restricted cash, beginning of period	$1.1B	$1.1B	$945.6M	$945.6M
Cash, cash equivalents and restricted cash, end of period	$1.1B	$1.1B	$1.0B	$1.0B
Cash paid for interest	$1.8M	$889.0K	$3.1M	$2.0M
Purchases of property and equipment in accounts payable and accruals	$15.3M	$18.2M	($1.8M)	($4.8M)
Acquisition of warrants and warrants receivable	$7.2M	$7.2M	—	—
Consideration for business combination	$30.0K	($213.0K)	—	—
Issuance of common stock for IPR&D milestone	$774.0K	$774.0K	—	—
Issuance of common stock for bonuses	$47.0M	$47.0M	$32.9M	$32.9M
Stock-based compensation included in capitalized software development costs	$994.0K	$391.0K	$2.3M	$1.4M

Natera Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.