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Financials · GRAL

GRAIL Inc. (GRAL) financials

For the twelve months ended Sep 30, 2026, GRAIL Inc. reported $166.60M of revenue and -$406.18M of net income.

Revenue, TTM
$166.60M
Revenue growth, YoY
+17.5%
Net income, TTM
-$406.18M
Net margin
-243.8%
Free cash flow, TTM
-$312.00M
EPS, diluted, TTM
-$9.43
Cash
$28.98M
P/S
34.57
Market cap
$5.76B
Annual revenue$147.17M
FY2022FY2025
Annual net income-$408.35M
FY2022FY2025
Annual free cash flow-$299.92M
FY2022FY2025

GRAL revenue and earnings growth

GRAL revenueQ3 2026$37.53M

Quarter YoY
+3.7%
QoQ
-16.0%
FY YoY
+17.2%

GRAL revenue was $37.53M in fiscal Q3 2026 (ended Sep 30, 2026), up 3.7% from a year earlier and down 16.0% from the prior quarter. For the full fiscal 2025 it was $147.17M, up 17.2% from fiscal 2024. It rose in each of the last 3 fiscal years.

GRAL net incomeQ3 2026-$103.57M

GRAL net income was -$103.57M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$88.98M a year earlier. For the full fiscal 2025 it was -$408.35M, compared with -$2.03B in fiscal 2024.

GRAL EPSQ3 2026-$2.21

GRAL diluted EPS was -$2.21 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$2.46 a year earlier. For the full fiscal 2025 it was -$11.11, compared with -$63.54 in fiscal 2024.

GRAL free cash flowQ3 2026-$79.47M

GRAL free cash flow was -$79.47M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$63.63M a year earlier. For the full fiscal 2025 it was -$299.92M, compared with -$582.36M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Jan 1, 2023
Revenue$147.17M$125.59M$93.11M$55.55M
Research and development$195.79M$322.38M$338.75M$329.58M
Selling, general and admin$159.10M$213.86M$200.27M$174.11M
Operating income-$562.16M-$2.19B-$1.52B-$5.44B
Pre-tax income-$534.50M-$2.16B-$1.51B-$5.44B
Income tax-$126.15M-$135.36M-$41.95M-$42.29M
Net income-$408.35M-$2.03B-$1.47B-$5.40B
EPS, basic-$11.11-$63.54-$47.21-$173.89
EPS, diluted-$11.11-$63.54-$47.21-$173.89
Diluted shares36.8M31.9M31.0M31.0M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Jan 1, 2023
Cash and equivalents$249.73M$217.58M$97.29M$241.60M
Receivables$18.30M$20.31M$16.94M-
Current assets$953.85M$819.86M$156.06M-
Goodwill-$0$888.94M$1.50B
Total assets$2.92B$2.98B$3.91B-
Current liabilities$79.67M$76.92M$163.61M-
Total liabilities$344.15M$479.90M$267.63M-
Shareholders' equity$2.58B$2.50B--

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Jan 1, 2023
Operating cash flow-$299.01M-$577.16M-$595.80M-$561.31M
Capital expenditures$909.0K$5.21M$12.89M$22.86M
Free cash flow-$299.92M-$582.36M-$608.69M-$584.17M
Investing cash flow-$85.05M-$551.01M-$12.89M-$22.86M
Financing cash flow$423.32M$1.24B$463.77M$604.82M
Stock-based compensation$58.28M$86.08M$97.23M$75.73M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Jan 1, 2023
Revenue growth, YoY17.2%34.9%67.6%-
Operating margin-382.0%-1743.0%-1627.6%-9798.2%
Net margin-277.5%-1613.9%-1574.2%-9719.3%
Free cash flow margin-203.8%-463.7%-653.8%-1051.6%
Return on equity-15.8%-81.0%--
Return on assets-14.0%-67.9%-37.4%-
Current ratio11.9710.660.95-

Source: XBRL data GRAIL Inc. files with the SEC, latest filing dated Nov 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

GRAL peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
GRAL$166.60M+17.5%-$406.18M-243.8%$5.76B
UNH$449.66B+3.3%$15.88B3.5%$356.28B
ELV$201.83B+3.6%$5.13B2.5%$90.37B
CI$286.32B+6.8%$5.99B2.1%$77.89B
HUM$154.19B+22.0%$1.25B0.8%$50.82B
NTRA$2.91B+37.4%-$164.71M-5.7%$46.46B
CNC$203.90B+9.7%$1.46B0.7%$33.93B
ILMN$4.54B+5.8%$895.00M19.7%$33.38B
LH$14.59B+6.0%$1.00B6.9%$30.19B

GRAL FAQ

8 questions
  • What is GRAL revenue?
    GRAIL Inc. (GRAL) reported $166.60M of revenue for the twelve months ended Sep 30, 2026. That is up 17.5% from the year before. Revenue for fiscal 2025 was $147.17M.
  • Is GRAL profitable?
    No. GRAIL Inc. reported a net loss of $406.18M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does GRAL have?
    GRAIL Inc. reported $28.98M in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is GRAL revenue growing?
    GRAIL Inc.'s revenue changed +17.2% in fiscal 2025, to $147.17M.
  • What is GRAL free cash flow?
    GRAIL Inc. generated -$312.00M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$306.24M less capital expenditures.
  • What is GRAL earnings per share?
    Diluted earnings per share were -$9.43 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did GRAL last report financial results?
    The latest statements here come from GRAIL Inc.'s 10-Q filed on Nov 5, 2026, covering the period ended Sep 30, 2026.
  • Where does this GRAL financial data come from?
    Quantisnow builds these statements from the structured XBRL data GRAIL Inc. files with the SEC. It is provided for information only and is not investment advice.