10-K · March 12, 2026
GRAIL, Inc. (GRAL) reported a notable 17% increase in total revenue for 2025, with screening revenue up 28% driven by a 36% increase in Galleri test volumes. Despite substantial operational losses, the company is…
Earnings analysis · 10-Q
GRAL earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
GRAIL, Inc. (GRAL) reported Q1 2026 results with revenue of $40.8 million, exceeding estimates of $39.4 million. The diluted EPS was -$2.29, worse than the expected -$2.17, but the company improved its net loss to $93.2…
Read full summary
GRAIL, Inc. (GRAL) reported Q1 2026 results with revenue of $40.8 million, exceeding estimates of $39.4 million. The diluted EPS was -$2.29, worse than the expected -$2.17, but the company improved its net loss to $93.2 million from $106.2 million in the previous year. Segment performance highlighted a 37% increase in screening revenue driven by higher Galleri sales volume, while development services revenue decreased by 65%.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-2.29
What stood out
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Revenue Growth of 28% YoY
Total revenue increased to $40.8 million from $31.8 million, marking a year-over-year growth of 28%.
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Screening Revenue Saw 37% Increase
Screening revenue grew from $29.1 million to $39.8 million, primarily driven by a 50% increase in Galleri sales volume.
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Improvement in Net Loss
Net loss decreased to $93.2 million from $106.2 million in the previous year.
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Cost Control Measures
Total operating expenses decreased to $176.6 million from $185.4 million, showing effective cost management.
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Free Cash Flow Enhancements
Adjusted EBITDA improved slightly to -$79.9 million from -$98.7 million year-over-year.
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Interest Income Improved
Interest income increased to $8.0 million, up 3% from $7.8 million in Q1 2025.
What to watch
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Continued High Net Loss
The net loss remains significant at $93.2 million, raising concerns about sustainability without profitability.
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Regulatory Approval Risks
Dependence on FDA approval for Galleri poses uncertainties for future revenue growth.
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Negative EPS Trend
Diluted EPS of -$2.29 shows a worsening trend compared to the analyst estimate of -$2.17.
Management's outlook
No explicit numeric guidance provided; 2026 expectations remain cautious.
Earlier filings 4
10-Q · November 13, 2025
GRAIL, Inc. reported a revenue of $36.2 million for Q3 2025, surpassing expectations and showing a 26% increase year-over-year along with an EPS loss of $2.46, reflecting continued operational challenges but improving…
10-Q · August 13, 2025
GRAIL, Inc. reported a modest increase in Q2 2025 revenue, totaling $35.5 million, marking an 11% rise year-over-year, driven largely by a 22% increase in screening revenue. Despite this growth, the company continued to…
10-Q · May 14, 2025
GRAIL, Inc. (GRAL) reported a 19.09% decrease in total revenue to $31.8 million for Q1 2025, compared to the previous year, driven by a decline in the average selling price of its Galleri tests despite a 31% increase in…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.