GRAIL Inc. (GRAL) financials

NASDAQ · Healthcare · Medical - Diagnostics & Research · 910 employees · CEO Joshua J. Ofman

Price: $143.43 -9.75%
Market cap: $6.41B
Enterprise value: $6.44B
Last report: Q2 '26 filed 2026-08-06
Next report: 2026-11-04 EPS est. -$2.45

Revenue (TTM)$165M+23.1% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-338.4%+132.9 pp vs a year agoOperating income -$559M

Net income (TTM)-$392M+11.6% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)-$295M+20.6% vs a year agoCapex $504K

Diluted EPS (TTM)-$9.75+25.6% vs a year agoSum of the last 4 quarters

Net cash$770M+42.5% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $6.41B
Revenue: $165M
Revenue growth: +23%
Profit margin: -236.9%
P/E: -14.7×
P/S: 38.8×
EV / EBITDA: -17.2×
Free cash flow: -$295M
Net income: -$392M
Revenue estimate: $181M
Earnings: 2026-11-04
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-05): revenue beat by 5.4%, EPS beat by 3.8%Revenue $44.7M vs $42.4M expected (+5.4%); EPS -$2.56 vs -$2.66 (+3.8%).
Revenue growth accelerating: 25.7% year on yearQ2 '26 revenue $44.7M, against an average of 19.9% over the four quarters before.
Operating margin -338.4% (TTM), +132.9 pp on a year agoOperating income grew 11.6% while revenue grew 23.1%.
Capex 0.3% of revenue (a year ago 1.3%)$504K invested in the last 4 quarters (-70.4% on a year earlier). Free cash flow -$295M.
Diluted share count up 23.0% in a year43.1M diluted shares in Q2 '26, 35.1M a year earlier.
Net cash $770MCash + short-term investments $862M, debt incl. leases $91.3M; a year ago net cash $541M.
Reportable Segment: revenue +25.7%, margin -388.9% (was -446.9%)Fastest-growing reported segment in Q2 '26: operating income -$174M on revenue $44.7M (from the segment note of the filing).

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$44.7M	$35.5M	+25.7%
Gross margin	-28.1%	-50.0%	+21.9 pp
Operating income	-$174M	-$159M	-9.4%
Operating margin	-388.9%	-446.9%	+58.0 pp
Net income	-$110M	-$114M	+3.3%
Diluted EPS	-$2.56	-$3.18	+19.5%
Operating cash flow	-$80.7M	-$77M	-4.9%
Capex	$432K	$369K	+17.1%
Free cash flow	-$81.2M	-$77.3M	-4.9%
R&D	$47.4M	$46.6M	+1.7%
Stock-based compensation	$19.6M	$14.2M	+38.0%

Reported vs consensus

2026-08-05

	Actual	Consensus	vs consensus
Revenue	$44.7M	$42.4M	+5.4%
EPS (as estimated)	-$2.56	-$2.66	+3.8%

From the report of 2026-08-05 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
United States	$41.4M	+21.2%	95.7%	$183M	–
Non-US	$1.85M	+58.4%	4.3%	$7.58M	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q2 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Reportable Segment	$44.7M	+25.7%	-$174M	-9.4%	-388.9%	-446.9%	-$559M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: -$295M
Capex: -$504K
Buybacks: $0
Dividends: $0
Acquisitions: $0
Net debt issued: $0
Stock-based compensation: $5.97M
Free cash flow: -$295M
Returned to shareholders / FCF: 0.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	-14.7×	–	–
EV / EBITDA	-17.2×	–	–
EV / Sales	39.0×	10.9×	3.4× – 21.5×
Price / FCF	-21.7×	–	–
Price / Book	2.4×	0.3×	0.0× – 1.2×
FCF yield	-4.6%	-114.3%	-178.7% – -9.5%
Return on invested capital	-14.9%	-45.9%	-98.5% – -12.9%
Return on equity	-15.9%	-53.3%	-116.2% – -13.2%

Analysts

Consensus target $107.88 (-24.8%)
range $56.00 – $175.00 · rating Buy

Strong buy0

Buy5

Hold3

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$181M	+22.9%	-$9.46	+14.9%	-15.2×	5
FY2027	$227M	+25.7%	-$10.18	-7.6%	-14.1×	4
FY2028	$290M	+27.7%	-$9.69	+4.7%	-14.8×	7
FY2029	$382M	+31.6%	-$10.12	-4.4%	-14.2×	2
FY2030	$503M	+31.7%	-$9.08	+10.3%	-15.8×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 200 figures GRAIL Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$7.24M	$6.28M	+15.2%	$2.08M	$4.84M	-57.0%
Accounts Receivable, after Allowance for Credit Loss, Current	$19.8M	$16.3M	+21.1%	$18.3M	$20.3M	-9.9%
Accounts Receivable, Allowance for Credit Loss	$3.8M	–	–	$3.6M	$3.8M	-5.3%
Accounts Receivable, Credit Loss Expense (Reversal)	$384K	$139K	+176.3%	–	–	–
Accrued Liabilities	$64.5M	$48.9M	+32.0%	$63.9M	$57.2M	+11.7%
Accrued Liabilities, Current	$64.5M	$48.9M	+32.0%	$63.9M	$57.2M	+11.7%
Accrued Professional Fees, Current	$4.52M	$5.21M	-13.2%	$3.65M	$2.97M	+23.1%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$70.5M2025-12-31	$53.9M	+30.8%	$70.5M	$53.9M	+30.8%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$1.84M	$2.3M	-20.1%	$2.66M	$1.45M	+83.0%
Additional Paid in Capital	$13B	$12.3B	+5.0%	$12.8B	$12.3B	+3.9%
Advertising Expense	–	–	–	$15.1M	$17.7M	-14.7%
Amortization of Intangible Assets	$33.5M	$33.5M	0.0%	$134M	$134M	0.0%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4M	5.51M	-27.4%	5.04M	5.63M	-10.4%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$19.6M	$14.3M	+36.5%	$31.9M2024-12-31	–	–
Asset Impairment Charges	$25.4M	–	–	–	–	–
Assets	$2.84B	$2.7B	+5.2%	$2.92B	$2.98B	-2.1%
Assets, Current	$915M	$652M	+40.3%	$954M	$820M	+16.3%
Capital Expenditures Incurred but Not yet Paid	-$164K	-$141K	-16.3%	$42K	$0	–
Cash and Cash Equivalents, at Carrying Value	$55.6M	$127M	-56.3%	$250M	$214M	+16.6%
Cash and Cash Equivalents, Fair Value Disclosure	$53.6M	$125M	-57.2%	$247M	$212M	+16.5%
Cash, Cash Equivalents, and Short-term Investments	$860M	$601M	+43.1%	$902M	$761M	+18.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$62.6M	$131M	-52.1%	$257M	$218M	+18.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$13.7M	-$6.47M	-111.8%	$39.1M	$116M	-66.3%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	1.5B	1.5B	0.0%	1.5B	1.5B	0.0%
Common Stock, Shares, Issued	44.7M	36M	+23.9%	40.3M	33.9M	+19.0%
Common Stock, Shares, Outstanding	44.7M	36M	+23.9%	33.9M2024-12-31	0	–
Common Stock, Value, Issued	$45K	$36K	+25.0%	$40K	$34K	+17.6%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	-$110M	-$113M	+2.7%	-$407M	-$2.03B	+79.9%
Contract with Customer, Liability	$1.9M2025-12-31	$1.6M	+18.8%	$1.9M	$1.6M	+18.8%
Cost, Amortization	$33.5M2025-09-30	$33.5M	0.0%	$134M2024-12-31	$134M	0.0%
Costs and Expenses	$218M	$194M	+12.4%	$709M	$2.31B	-69.4%
Current Federal Tax Expense (Benefit)	–	–	–	$1.13M	$0	–
Current Foreign Tax Expense (Benefit)	–	–	–	$0	-$1.63M	+100.0%
Current Income Tax Expense (Benefit)	–	–	–	$1.13M	-$1.63M	+169.1%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	$0	$0	–	$376K	$266K	+41.4%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$220K	$43K	+411.6%	–	–	–
Debt Securities, Available-for-sale, Unrealized Loss Position	$806M	$292M	+176.3%	–	–	–
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions	17 security	7 security	+142.9%	0 security	0 security	–
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss	$860M	$601M	+43.1%	$902M	$761M	+18.5%
DebtSecuritiesAvailableForSaleExcludingAccruedInterest	$860M	$601M	+43.1%	$902M	$761M	+18.5%
DebtSecuritiesAvailableForSaleExcludingAccruedInterestCurrent	$806M	$475M	+69.6%	$655M	$549M	+19.2%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$112M	-$92.2M	-21.2%
Deferred Federal, State and Local, Tax Expense (Benefit)	–	–	–	-$127M	-$134M	+4.8%
Deferred Income Tax Expense (Benefit)	-$56.7M	-$38.9M	-45.8%	-$126M	-$134M	+6.0%
Deferred Income Tax Liabilities, Net	$134M	$266M	-49.8%	$219M	$346M	-36.8%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$15.5M	-$41.5M	+62.6%
Deferred Tax Assets, Gross	$263M2025-12-31	$167M	+57.7%	$263M	$167M	+57.7%
Deferred Tax Assets, Net of Valuation Allowance	$256M2025-12-31	$159M	+61.0%	$256M	$159M	+61.0%
Deferred Tax Assets, Operating Loss Carryforwards	$147M2025-12-31	$43.7M	+236.5%	$147M	$43.7M	+236.5%
Deferred Tax Assets, Other	$876K2025-12-31	$1.03M	-14.6%	$876K	$1.03M	-14.6%
Deferred Tax Assets, Property, Plant and Equipment	$392K2025-12-31	$2.06M	-81.0%	$392K	$2.06M	-81.0%
Deferred Tax Assets, Tax Credit Carryforwards	$14M2025-12-31	$7.96M	+76.4%	$14M	$7.96M	+76.4%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$9.99M2025-12-31	$9.32M	+7.2%	$9.99M	$9.32M	+7.2%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals	$6.67M2025-12-31	$5.73M	+16.5%	$6.67M	$5.73M	+16.5%
Deferred Tax Assets, Valuation Allowance	$6.94M2025-12-31	$7.74M	-10.4%	$6.94M	$7.74M	-10.4%
Deferred Tax Liabilities, Gross	$475M2025-12-31	$505M	-6.0%	$475M	$505M	-6.0%
Deferred Tax Liabilities, Leasing Arrangements	$13M2025-12-31	$16.1M	-19.4%	$13M	$16.1M	-19.4%
Deferred Tax Liabilities, Net	$219M2025-12-31	$346M	-36.8%	$219M	$346M	-36.8%
Defined Contribution Plan, Cost	–	–	–	$2.6M	$3.9M	-33.3%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-02