Jun 2026 (Q2 FY26) — Aug 6, 2026
Natera Q2 FY26 — Record Test Volumes & Raised Revenue Guidance
Read the full callNatera (NTRA) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Natera earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 753 | +37.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -10.1 | +10.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -67.0 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
12 of 12 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FDA approval of Signatera as a companion diagnostic (muscle-invasive bladder cancer, IMvigor011-based) | submitted for FDA approval, decision pending | Sep 2025 | In May, the FDA approved Signatera as a companion diagnostic for patients with muscle-invasive bladder cancer | Achieved |
| Additional Medicare (MolDX) coverage decisions for non-covered Signatera histologies (~$250-300M gross-profit opportunity) | several additional coverage decisions within the next 12 months | Jun 2025 | I don't think that time line of at some point over the, kind of, second half of '26 and then, kind of, into the first half of '27, I think that's a reasonable time line | Delayed |
| FIND-CRC FDA-enabling trial enrollment completion timeline | complete enrollment potentially late 2026, submit to FDA/read out in 2027 | Jun 2025 | We're on track to complete enrollment in the third quarter of this year with roughly 24,000 average risk adults enrolled to date | On Track |
12 of Natera, Inc.'s 24 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 21 more targets are in the full ledger.
Claimed
- Processed approximately 1,044,000 tests in Q2 FY26, setting a new company record.
- Oncology clinical MRD units grew 56% year-over-year to 283,000 units in Q2 FY26.
- Generated approximately $753 million in revenue in Q2 FY26, representing 38% growth year-over-year (40% ex true-ups).
- Raised full-year 2026 revenue guidance midpoint by $100 million to $2.85 billion-$2.91 billion.
- Achieved strong gross margins of approximately 65% in Q2 FY26, with sequential improvement.
Qualified
- Q1 FY26 weather-related events suppressed MRD volumes by several thousand units, exaggerating Q2 sequential growth.
- COGS increased slightly in Q2 FY26 due to an uptick in volumes from recently launched products like Fetal Focus, LATITUDE, and Signatera Genome.
- Approximately $100 million is being spent in FY26 on development work and the FIND ECD trial, which does not yet yield top-line or margin benefits.
Price
$399.42 +1.52% · +$5.98
Performance +119.8% 1Y
1Y: $181.69 on 17 Oct 2025 → $399.42. High $425.64 (5 Oct 2026), low $181.69 (17 Oct 2025).
- Previous close
- $393.44
- 52-week range
- $182.65 – $425.64
- One year
- +111.78%
Overview
- Symbol
- NTRA
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
12 of 12 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FDA approval of Signatera as a companion diagnostic (muscle-invasive bladder cancer, IMvigor011-based) | submitted for FDA approval, decision pending | Sep 2025 | In May, the FDA approved Signatera as a companion diagnostic for patients with muscle-invasive bladder cancer | Achieved |
| Additional Medicare (MolDX) coverage decisions for non-covered Signatera histologies (~$250-300M gross-profit opportunity) | several additional coverage decisions within the next 12 months | Jun 2025 | I don't think that time line of at some point over the, kind of, second half of '26 and then, kind of, into the first half of '27, I think that's a reasonable time line | Delayed |
| FIND-CRC FDA-enabling trial enrollment completion timeline | complete enrollment potentially late 2026, submit to FDA/read out in 2027 | Jun 2025 | We're on track to complete enrollment in the third quarter of this year with roughly 24,000 average risk adults enrolled to date | On Track |
Claimed
- Processed approximately 1,044,000 tests in Q2 FY26, setting a new company record.
- Oncology clinical MRD units grew 56% year-over-year to 283,000 units in Q2 FY26.
- Generated approximately $753 million in revenue in Q2 FY26, representing 38% growth year-over-year (40% ex true-ups).
- Raised full-year 2026 revenue guidance midpoint by $100 million to $2.85 billion-$2.91 billion.
- Achieved strong gross margins of approximately 65% in Q2 FY26, with sequential improvement.
Qualified
- Q1 FY26 weather-related events suppressed MRD volumes by several thousand units, exaggerating Q2 sequential growth.
- COGS increased slightly in Q2 FY26 due to an uptick in volumes from recently launched products like Fetal Focus, LATITUDE, and Signatera Genome.
- Approximately $100 million is being spent in FY26 on development work and the FIND ECD trial, which does not yet yield top-line or margin benefits.
The full ledger
Open Natera, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 24 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
Natera Q1 FY26 — Strong Revenue Growth and Record Oncology Volumes
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
Natera Q4 FY25 — Record Revenue and MRD Growth, Strong 2026 Guidance
Read the full callEvery analysed call
Natera earnings calls (NTRA)
Financials
What the filings say
Net profit, year on year: +34% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 440 | 476 | 502 | 547 | 592 | 666 | 697 | 753 |
| Expenses | 479 | 541 | 581 | 657 | 690 | 688 | 790 | 829 |
| Operating profit | -39 | -65 | -79 | -110 | -98 | -23 | -94 | -76 |
| Operating margin | −8.9% | −13.6% | −15.8% | −20.2% | −16.5% | −3.4% | −13.4% | −10.1% |
| Interest | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | -31 | -55 | -67 | -101 | -87 | -13 | -85 | -67 |
| Tax rate | −2.4% | 2.5% | −0.3% | −0.3% | −0.2% | 454.6% | −0.3% | 0.4% |
| Net profit | -32 | -54 | -67 | -101 | -88 | 47 | -85 | -67 |
| EPS ($ per share) | -0.26 | — | -0.50 | -0.74 | -0.64 | — | -0.60 | -0.47 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | -575 | -699 | -929 | -1,395 | -1,943 | -2,377 | -2,568 | -2,776 |
| Total liabilities | 236 | 304 | 446 | 583 | 689 | 676 | 465 | 686 |
| Fixed assets | 24 | 23 | 33 | 66 | 92 | 111 | 162 | 241 |
| Investments | 107 | 379 | 689 | 830 | 432 | 237 | 23 | — |
| Total assets | 268 | 583 | 932 | 1,236 | 1,394 | 1,442 | 1,661 | 2,398 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -71 | -63 | -183 | -335 | -432 | -247 | 136 | 215 |
| Cash from investing | -5 | -266 | -331 | -205 | 330 | 168 | 138 | -132 |
| Cash from financing | 114 | 341 | 501 | 576 | 483 | 254 | 30 | 47 |
| Capital expenditure | -4 | -5 | -20 | -41 | -48 | -39 | -66 | -106 |
| Free cash flow | -74 | -68 | -202 | -376 | -479 | -286 | 69 | 109 |
NTRA revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Reportable | — | — | — | — | — | — | 100% | 100% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
NTRA operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Average selling price Signatera | $1,100+Signatera ASPs moved above $1,100 in the quarter, driven primarily by continued execution on securing Medicare Advantage reimbursement.Source: earnings call transcript | — | ~$1,200Women's health and organ health each had another standout quarter and Signatera ASPs are now at roughly $1,200.Source: earnings call transcript | ~$1,225Signatera ASPs stepped up to roughly $1,225 in Q4.Source: earnings call transcript | ~$1,250Unit ASPs were up across the board in women's health in Oregon Health and Signatera ASPs reached another high now at roughly $1,250.Source: earnings call transcript | ~$1,275Signatera ASPs were up to roughly $1,275 as we continue to drive more consistent reimbursement for Medicare Advantage and commercial plans in biomarker states.Source: earnings call transcript | — |
| Procedures | 855KWe had an outstanding volume quarter across the board with 855,000 units processed in the quarter.Source: earnings call transcript | — | — | ~924KWe processed about 924,000 tests and set another record for MRD clinical unit growth with 225,000 tests processed in Q4.Source: earnings call transcript | 1MQ1 was our first to deliver 1 million units in a single quarter headlined by excellent volume performance in women's health and another record growth quarter for oncology.Source: earnings call transcript | ~1.044MWe processed approximately 1,044,000 tests in the second quarter, once again exceeding 1 million units and setting a new company record with strong volume performance across the business.Source: earnings call transcript | — |
| Procedures Oncology | — | 189KWe processed 189,000 oncology tests in the quarter, which represents nearly 20,000 units of growth compared to our first quarter of this year.Source: earnings call transcript | — | — | 249KIn oncology, we processed 249,000 clinical oncology units in the quarter, which is 55% growth over last year and yet another record with roughly 24,000 units over the Q4 results.Source: earnings call transcript | 283KIn oncology, we processed 283,000 clinical MRD units, representing year-over-year growth of approximately 56% compared to Q2 of 2025.Source: earnings call transcript | +13.7% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- EMEA 1% ↓ 1 pt
- Americas Excluding United States <1%
- Asia Pacific and Other <1%
As NTRA cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
604 filings between Oct 20, 2025 and Oct 15, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$399.31M
505 sales by 12 insiders
94% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 63
- Award — granted as compensation
- 30
- Option exercise — converted options into shares
- 1
- Tax withheld — shares kept back by the company to cover tax
Also filed: 5 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Rabinowitz Matthew | — | $144.18M | Oct 15, 2026 |
| Chapman Steven Leonard | — | $90.75M | Oct 1, 2026 |
| BOTHA ROELOF | — | $34.89M | Jun 1, 2026 |
| Sheena Jonathan | — | $29.03M | Sep 23, 2026 |
| Moshkevich Solomon | — | $23.64M | Oct 1, 2026 |
| RABINOWITZ DANIEL | — | $23.61M | Aug 3, 2026 |
| Brophy Michael Burkes | — | $21.73M | Aug 4, 2026 |
| ROSENMAN HERM | — | $15.14M | Jun 24, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Option exercise 10b5-1 plan | 50,000 | $520.5K |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 300 | $118.3K |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 286 | $111.1K |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 6,274 | $2.54M |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 1,100 | $436.9K |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 800 | $314.8K |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 6,309 | $2.54M |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 600 | $234.1K |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 1,400 | $569.3K |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 2,000 | $816.5K |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 10,321 | $4.18M |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 1,900 | $753.0K |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 600 | $238.9K |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 300 | $117.5K |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 2,671 | $1.07M |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 714 | $278.3K |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 793 | $316.7K |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 5,974 | $2.40M |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 3,858 | $1.56M |
| Oct 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 3,800 | $1.55M |
| Oct 7, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Gift | 6,000 | $0 |
| Oct 1, 2026 | Moshkevich Solomon PRESIDENT, CLINICALDIAGNOSTICS | Sale 10b5-1 plan | 1,846 | $766.2K |
| Oct 1, 2026 | Moshkevich Solomon PRESIDENT, CLINICALDIAGNOSTICS | Sale 10b5-1 plan | 200 | $82.3K |
| Oct 1, 2026 | Moshkevich Solomon PRESIDENT, CLINICALDIAGNOSTICS | Sale 10b5-1 plan | 954 | $394.1K |
| Oct 1, 2026 | Chapman Steven Leonard CEO AND PRESIDENT | Sale 10b5-1 plan | 1,273 | $526.1K |
| Sep 23, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 1,935 | $754.1K |
| Sep 23, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 220 | $85.9K |
| Sep 23, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 2,320 | $904.1K |
| Sep 23, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 400 | $154.0K |
| Sep 23, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 1,341 | $521.3K |
| Sep 23, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 2,300 | $889.3K |
| Sep 23, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 2,846 | $1.10M |
| Sep 23, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 2,734 | $1.06M |
| Sep 23, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 110 | $42.9K |
| Sep 23, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 2,175 | $841.1K |
| Sep 23, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 1,293 | $502.6K |
| Sep 23, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 390 | $150.3K |
| Sep 16, 2026 | Moshkevich Solomon PRESIDENT, CLINICALDIAGNOSTICS | Gift | 945 | $0 |
| Sep 16, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 200 | $71.4K |
| Sep 16, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 100 | $34.9K |
| Sep 16, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 1,400 | $495.4K |
| Sep 16, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 200 | $69.6K |
| Sep 16, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 450 | $159.7K |
| Sep 16, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 800 | $284.8K |
| Sep 15, 2026 | Sheena Jonathan Director | Sale 10b5-1 plan | 6,000 | $2.10M |
| Sep 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 14,500 | $5.09M |
| Sep 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 800 | $281.0K |
| Sep 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 1,481 | $502.4K |
| Sep 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 4,206 | $1.47M |
| Sep 15, 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN | Sale 10b5-1 plan | 2,000 | $700.0K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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