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GRAIL (GRAL) Financials

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$61.26 -0.38 (-0.62%)
Closing price 04:00 PM Eastern
Extended Trading
$61.25 -0.01 (-0.02%)
As of 05:33 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Annual Income Statements for GRAIL

Annual Income Statements for GRAIL

This table shows GRAIL's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 1/1/2023 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
-5,399 -1,466 -2,027 -408
Consolidated Net Income / (Loss)
-5,399 -1,466 -2,027 -408
Net Income / (Loss) Continuing Operations
-5,399 -1,466 -2,027 -408
Total Pre-Tax Income
-5,441 -1,508 -2,162 -535
Total Operating Income
-5,443 -1,515 -2,189 -562
Total Gross Profit
17 38 56 71
Total Revenue
56 93 126 147
Operating Revenue
56 93 126 147
Total Cost of Revenue
38 55 70 76
Operating Cost of Revenue
38 55 70 76
Total Operating Expenses
5,460 1,554 2,245 633
Selling, General & Admin Expense
174 200 214 159
Marketing Expense
122 162 154 117
Research & Development Expense
330 339 322 196
Amortization Expense
134 134 134 134
Impairment Charge
4,700 718 1,421 28
Total Other Income / (Expense), net
1.50 7.75 27 28
Interest & Investment Income
1.74 7.95 27 29
Other Income / (Expense), net
-0.24 -0.21 0.06 -0.99
Income Tax Expense
-42 -42 -135 -126
Basic Earnings per Share
($173.89) ($47.21) ($63.54) ($11.11)
Weighted Average Basic Shares Outstanding
31.05M 31.05M 31.90M 36.75M
Diluted Earnings per Share
($173.89) ($47.21) ($63.54) ($11.11)
Weighted Average Diluted Shares Outstanding
31.05M 31.05M 31.90M 36.75M
Weighted Average Basic & Diluted Shares Outstanding
- - 33.90M 41.02M

Quarterly Income Statements for GRAIL

This table shows GRAIL's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 10/1/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
-193 -891 -219 -1,585 -126 -97 -106 -114 -89 -99
Consolidated Net Income / (Loss)
-193 -891 -219 -1,585 -126 -97 -106 -114 -89 -99
Net Income / (Loss) Continuing Operations
-193 -891 -219 -1,585 -126 -97 -106 -114 -89 -99
Total Pre-Tax Income
-203 -910 -224 -1,638 -172 -127 -146 -153 -119 -117
Total Operating Income
-204 -912 -227 -1,641 -184 -137 -154 -159 -125 -124
Total Gross Profit
9.19 6.40 12 16 11 18 14 16 20 22
Total Revenue
22 21 27 32 29 38 32 36 36 44
Operating Revenue
22 21 27 32 29 38 32 36 36 44
Total Cost of Revenue
13 14 15 16 17 21 18 20 16 21
Operating Cost of Revenue
13 14 15 16 17 21 18 20 16 21
Total Operating Expenses
214 919 239 1,657 195 154 167 175 145 147
Selling, General & Admin Expense
51 50 57 67 47 42 45 38 37 39
Marketing Expense
41 37 47 41 36 31 35 29 26 28
Research & Development Expense
89 80 102 94 78 48 54 47 49 47
Amortization Expense
33 33 33 33 33 33 33 33 33 33
Total Other Income / (Expense), net
1.53 2.33 2.94 2.81 11 9.94 7.20 6.00 6.57 7.89
Interest & Investment Income
1.85 2.53 2.90 2.81 12 9.37 7.78 6.81 6.11 7.96
Other Income / (Expense), net
-0.32 -0.20 0.04 0.01 -0.56 0.58 -0.58 -0.81 0.47 -0.06
Income Tax Expense
-9.80 -19 -5.57 -53 -47 -30 -40 -39 -30 -17
Basic Earnings per Share
($6.22) ($28.71) ($7.05) ($51.06) ($3.94) ($1.49) ($3.10) ($3.18) ($2.46) ($2.37)
Weighted Average Basic Shares Outstanding
31.05M 31.05M 31.05M 31.05M 31.88M 31.90M 34.31M 35.79M 36.12M 36.75M
Diluted Earnings per Share
($6.22) ($28.71) ($7.05) ($51.06) ($3.94) ($1.49) ($3.10) ($3.18) ($2.46) ($2.37)
Weighted Average Diluted Shares Outstanding
31.05M 31.05M 31.05M 31.05M 31.88M 31.90M 34.31M 35.79M 36.12M 36.75M
Weighted Average Basic & Diluted Shares Outstanding
- - - 31.05M 33.60M 33.90M 35.97M 36.05M 38.98M 41.02M

Annual Cash Flow Statements for GRAIL

This table details how cash moves in and out of GRAIL's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 1/1/2023 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents
20 -145 116 39
Net Cash From Operating Activities
-561 -596 -577 -299
Net Cash From Continuing Operating Activities
-561 -596 -577 -299
Net Income / (Loss) Continuing Operations
-5,399 -1,466 -2,027 -408
Consolidated Net Income / (Loss)
-5,399 -1,466 -2,027 -408
Depreciation Expense
16 20 20 18
Amortization Expense
138 138 135 117
Non-Cash Adjustments To Reconcile Net Income
4,737 748 1,453 88
Changes in Operating Assets and Liabilities, net
-54 -37 -159 -114
Net Cash From Investing Activities
-23 -13 -551 -85
Net Cash From Continuing Investing Activities
-23 -13 -551 -85
Purchase of Property, Plant & Equipment
-23 -13 -5.21 -0.91
Purchase of Investments
0.00 0.00 -546 -1,308
Sale and/or Maturity of Investments
- 0.00 0.00 1,224
Net Cash From Financing Activities
605 464 1,244 423
Net Cash From Continuing Financing Activities
605 464 1,244 423
Issuance of Common Equity
609 464 1,244 423
Other Financing Activities, net
-4.18 -0.23 0.00 0.00

Quarterly Cash Flow Statements for GRAIL

This table details how cash moves in and out of GRAIL's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 10/1/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Change in Cash & Equivalents
-87 -47 102 759 -106 -640 -80 -6.47 3.09 123
Net Cash From Operating Activities
-158 -129 -207 -172 -105 -93 -95 -77 -63 -64
Net Cash From Continuing Operating Activities
-158 -129 -207 -172 -105 -93 -95 -77 -63 -64
Net Income / (Loss) Continuing Operations
-891 -188 -219 -1,585 -126 -97 -106 -114 -89 -99
Consolidated Net Income / (Loss)
-891 -188 -219 -1,585 -126 -97 -106 -114 -89 -99
Depreciation Expense
5.22 5.35 5.41 4.81 4.65 4.86 4.70 4.59 4.40 4.32
Amortization Expense
35 35 35 35 35 31 28 29 30 30
Non-Cash Adjustments To Reconcile Net Income
705 13 -14 1,436 22 11 17 43 15 14
Changes in Operating Assets and Liabilities, net
-11 5.87 -15 -62 -40 -44 -39 -40 -23 -12
Net Cash From Investing Activities
-3.07 -3.90 -2.55 -1.39 -0.97 -546 15 70 67 -237
Net Cash From Continuing Investing Activities
-3.07 -3.90 -2.55 -1.39 -0.97 -546 15 70 67 -237
Purchase of Property, Plant & Equipment
-3.07 -3.90 -2.55 -1.39 -0.97 -0.30 -0.06 -0.37 -0.38 -0.09
Purchase of Investments
- - 0.00 - - - -221 -282 -239 -566
Sale and/or Maturity of Investments
- - 0.00 - - - 235 353 307 330
Net Cash From Financing Activities
74 86 312 932 - - 0.00 - - 423
Net Cash From Continuing Financing Activities
74 86 312 932 - - 0.00 - - 423
Issuance of Common Equity
74 86 312 932 - - 0.00 - - 423

Annual Balance Sheets for GRAIL

This table presents GRAIL's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Total Assets
3,914 2,983 2,922
Total Current Assets
156 820 954
Cash & Equivalents
97 214 250
Short-Term Investments
0.00 549 655
Accounts Receivable
17 20 18
Inventories, net
22 19 16
Prepaid Expenses
20 17 15
Plant, Property, & Equipment, net
85 69 52
Total Noncurrent Assets
3,673 2,094 1,916
Intangible Assets
2,687 2,017 1,851
Other Noncurrent Operating Assets
97 77 66
Total Liabilities & Shareholders' Equity
3,914 2,983 2,922
Total Liabilities
268 480 344
Total Current Liabilities
164 77 80
Accounts Payable
20 4.84 2.08
Accrued Expenses
74 57 64
Other Current Liabilities
16 15 14
Total Noncurrent Liabilities
104 403 264
Noncurrent Deferred & Payable Income Tax Liabilities
33 346 219
Other Noncurrent Operating Liabilities
71 57 46
Commitments & Contingencies
0.00 0.00 0.00
Total Equity & Noncontrolling Interests
3,646 2,503 2,578
Total Preferred & Common Equity
0.00 2,503 2,578
Preferred Stock
0.00 0.00 0.00
Total Common Equity
3,646 2,503 2,578
Common Stock
11,421 12,305 12,787
Retained Earnings
-7,776 -9,803 -10,212
Accumulated Other Comprehensive Income / (Loss)
1.07 1.45 2.66

Quarterly Balance Sheets for GRAIL

This table presents GRAIL's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025
Total Assets
3,270 3,118 2,848 2,703 2,601
Total Current Assets
1,019 910 728 652 589
Cash & Equivalents
959 854 134 127 127
Short-Term Investments
- - 541 475 413
Accounts Receivable
13 15 19 16 16
Inventories, net
26 21 19 20 18
Prepaid Expenses
21 20 15 13 15
Plant, Property, & Equipment, net
78 74 65 60 56
Total Noncurrent Assets
2,173 2,134 2,055 1,990 1,955
Intangible Assets
2,086 2,051 1,982 1,920 1,885
Other Noncurrent Operating Assets
87 83 73 71 70
Total Liabilities & Shareholders' Equity
3,270 3,118 2,848 2,703 2,601
Total Liabilities
575 530 434 388 361
Total Current Liabilities
88 94 75 71 77
Accounts Payable
16 7.32 5.77 6.28 3.41
Accrued Expenses
57 72 54 49 58
Other Current Liabilities
15 15 15 15 16
Total Noncurrent Liabilities
486 436 359 317 284
Noncurrent Deferred & Payable Income Tax Liabilities
422 375 305 266 236
Other Noncurrent Operating Liabilities
64 61 54 51 47
Total Equity & Noncontrolling Interests
2,695 2,588 2,414 2,315 2,240
Total Preferred & Common Equity
2,695 2,588 2,414 2,315 2,240
Preferred Stock
0.00 0.00 0.00 0.00 0.00
Total Common Equity
2,695 2,588 2,414 2,315 2,240
Common Stock
12,274 12,292 12,322 12,336 12,350
Retained Earnings
-9,581 -9,706 -9,910 -10,024 -10,113
Accumulated Other Comprehensive Income / (Loss)
1.39 2.19 1.67 2.30 2.46

Annual Metrics And Ratios for GRAIL

This table displays calculated financial ratios and metrics derived from GRAIL's official financial filings.

Metric 2022 2023 2024 2025
Period end date 1/1/2023 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding
- - - 38,982,223.00
DEI Adjusted Shares Outstanding
- - - 38,982,223.00
DEI Earnings Per Adjusted Shares Outstanding
- - - -10.48
Growth Metrics
- - - -
Profitability Metrics
- - - -
Net Operating Profit after Tax (NOPAT)
-3,810 -1,061 -1,532 -394
Return On Investment Capital (ROIC_SIMPLE)
- -29.09% -61.21% -15.27%
Earnings before Interest and Taxes (EBIT)
-5,443 -1,516 -2,189 -563
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-5,288 -1,357 -2,034 -428
Valuation Ratios
- - - -
Leverage & Solvency
- - - -
Liquidity Ratios
- - - -
Cash Flow Metrics
- - - -
Free Cash Flow to Firm (FCFF)
0.00 -4,610 277 -327
Efficiency Ratios
- - - -
Capital & Investment Metrics
- - - -
Invested Capital
0.00 3,549 1,740 1,673
Increase / (Decrease) in Invested Capital
0.00 3,549 -1,809 -67
Book Value per Share
$0.00 $117.43 $74.50 $66.13
Tangible Book Value per Share
$0.00 $2.26 $14.48 $18.66
Total Capital
0.00 3,646 2,503 2,578
Total Debt
0.00 0.00 0.00 0.00
Total Long-Term Debt
0.00 0.00 0.00 0.00
Net Debt
0.00 -97 -763 -904
Capital Expenditures (CapEx)
23 13 5.21 0.91
Debt-free, Cash-free Net Working Capital (DFCFNWC)
0.00 -105 -21 -30
Debt-free Net Working Capital (DFNWC)
0.00 -7.55 743 874
Net Working Capital (NWC)
0.00 -7.55 743 874
Net Nonoperating Expense (NNE)
1,589 405 495 15
Net Nonoperating Obligations (NNO)
0.00 -97 -763 -904
Total Depreciation and Amortization (D&A)
155 159 155 135
Earnings Adjustments
- - - -
Adjusted Basic Earnings per Share
$0.00 $0.00 ($63.54) ($11.11)
Adjusted Weighted Average Basic Shares Outstanding
0.00 0.00 31.90M 36.75M
Adjusted Diluted Earnings per Share
$0.00 $0.00 ($63.54) ($11.11)
Adjusted Weighted Average Diluted Shares Outstanding
0.00 0.00 31.90M 36.75M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 0.00 33.90M 41.02M
Normalized Net Operating Profit after Tax (NOPAT)
-520 -558 -538 -374
Debt Service Ratios
- - - -
Payout Ratios
- - - -

Quarterly Metrics And Ratios for GRAIL

This table displays calculated financial ratios and metrics derived from GRAIL's official financial filings.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 10/1/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
DEI Shares Outstanding
- - - - - 33,600,772.00 - - - 38,982,223.00
DEI Adjusted Shares Outstanding
- - - - - 33,600,772.00 - - - 38,982,223.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - -2.89 - - - -2.54
Growth Metrics
- - - - - - - - - -
Profitability Metrics
- - - - - - - - - -
Net Operating Profit after Tax (NOPAT)
-143 -639 -159 -1,149 -128 -96 -108 -111 -88 -87
Return On Investment Capital (ROIC_SIMPLE)
- - - - - -3.83% -4.45% -4.80% -3.92% -3.38%
Earnings before Interest and Taxes (EBIT)
-205 -913 -227 -1,641 -184 -136 -154 -160 -125 -124
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-171 -873 -187 -1,608 -145 -100 -121 -126 -91 -90
Valuation Ratios
- - - - - - - - - -
Leverage & Solvency
- - - - - - - - - -
Liquidity Ratios
- - - - - - - - - -
Cash Flow Metrics
- - - - - - - - - -
Free Cash Flow to Firm (FCFF)
0.00 0.00 0.00 -2,885 -1,863 0.00 -1,847 -87 -53 -21
Efficiency Ratios
- - - - - - - - - -
Capital & Investment Metrics
- - - - - - - - - -
Invested Capital
0.00 0.00 0.00 1,736 1,734 1,740 1,739 1,712 1,700 1,673
Increase / (Decrease) in Invested Capital
0.00 0.00 0.00 1,736 1,734 0.00 1,739 -24 -34 -67
Book Value per Share
$0.00 $0.00 $0.00 $86.80 $83.34 $74.50 $71.21 $64.34 $62.14 $66.13
Tangible Book Value per Share
$0.00 $0.00 $0.00 $19.62 $17.27 $14.48 $12.73 $10.98 $9.84 $18.66
Total Capital
0.00 0.00 0.00 2,695 2,588 2,503 2,414 2,315 2,240 2,578
Total Debt
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt
0.00 0.00 0.00 -959 -854 -763 -675 -603 -540 -904
Capital Expenditures (CapEx)
0.00 3.07 2.55 0.00 0.97 0.30 0.06 0.37 0.38 0.09
Debt-free, Cash-free Net Working Capital (DFCFNWC)
0.00 0.00 0.00 -28 -38 -21 -22 -22 -28 -30
Debt-free Net Working Capital (DFNWC)
0.00 0.00 0.00 931 815 743 653 581 512 874
Net Working Capital (NWC)
0.00 0.00 0.00 931 815 743 653 581 512 874
Net Nonoperating Expense (NNE)
50 253 60 436 -2.77 1.21 -1.31 2.79 1.27 12
Net Nonoperating Obligations (NNO)
0.00 0.00 0.00 -959 -854 -763 -675 -603 -540 -904
Total Depreciation and Amortization (D&A)
33 40 40 33 39 36 33 34 34 34
Earnings Adjustments
- - - - - - - - - -
Adjusted Basic Earnings per Share
$0.00 $0.00 $0.00 ($51.06) ($3.94) ($1.49) ($3.10) ($3.18) ($2.46) ($2.37)
Adjusted Weighted Average Basic Shares Outstanding
0.00 0.00 0.00 31.05M 31.88M 31.90M 34.31M 35.79M 36.12M 36.75M
Adjusted Diluted Earnings per Share
$0.00 $0.00 $0.00 ($51.06) ($3.94) ($1.49) ($3.10) ($3.18) ($2.46) ($2.37)
Adjusted Weighted Average Diluted Shares Outstanding
0.00 0.00 0.00 31.05M 31.88M 31.90M 34.31M 35.79M 36.12M 36.75M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 0.00 0.00 31.05M 33.60M 33.90M 35.97M 36.05M 38.98M 41.02M
Normalized Net Operating Profit after Tax (NOPAT)
-143 -136 -159 -154 -128 -96 -108 -92 -88 -87
Debt Service Ratios
- - - - - - - - - -
Payout Ratios
- - - - - - - - - -

Financials Breakdown Chart

Key Financial Trends

GRAIL, Inc. (GRAL) shows a year-plus of growth in 2025 on the top line, but the company continues to operate at a loss with ongoing cash burn. The fourth quarter of 2025 provided a liquidity boost from equity financing, while the balance sheet remains heavily funded by equity. Below is a concise, four-year view from the quarterly statements, with the most important trends called out for retail investors.

  • Top line momentum in 2025: Operating revenue rose through the year, reaching 43.6 million in Q4 2025, up from 31.8 million in Q1 2025 and higher than the 2024 year-ago levels.
  • Late-2025 gross-margin strength: Q4 2025 gross margin was around 51% (gross profit of 22.34m on 43.60m revenue), consistent with or improving vs mid-2025 levels, signaling better cost control or mix as revenue grows.
  • Liquidity boost from equity financing in Q4 2025: Issuance of common equity brought in about 423.3 million, providing a meaningful liquidity runway to support operations and growth plans.
  • Intangible assets are a large part of noncurrent assets: Intangible assets stood at about 1.885 billion in 2025-Q3, indicating substantial IP capitalization that could carry impairment risk if business fundamentals weaken.
  • Deep cumulative losses on retained earnings: Retained earnings were deeply negative (around -10.1 billion in 2025-Q3), reflecting a long-standing loss position despite growing equity.
  • Balance-sheet leverage is modest in liabilities but equity-rich: Total liabilities are around 360 million (2025-Q3), while total equity remains substantial (roughly 2.2–2.3 billion), indicating a strong equity cushion but not a path to profitability yet.
  • Ongoing net losses in 2025: Net income attributable to common shareholders remained negative across the year, e.g., Q4 2025 was -99.176 million, with other quarters showing similar losses.
  • Operating cash flow remains negative: Net cash from continuing operating activities was -63.785 million in Q4 2025 (and negative in prior 2025 quarters), signaling continued cash burn from core operations.
  • High operating costs relative to revenue: Q4 2025 Total Operating Expenses were 146.747 million vs only 22.336 million gross profit, highlighting a large gap between spending and gross margins.
  • Significant investing activity pressuring cash: Q4 2025 included a substantial purchase of investments (-566.408 million), contributing to negative investing cash flow despite financing inflows.
05/11/26 04:22 PM ETAI Generated. May Contain Errors.

GRAIL Financials - Frequently Asked Questions

According to the most recent income statement we have on file, GRAIL's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

GRAIL's net income appears to be on a downward trend, with a most recent value of -$408.35 million in 2025, falling from -$5.40 billion in 2022. The previous period was -$2.03 billion in 2024. Find out what analysts predict for GRAIL in the coming months.

GRAIL's total operating income in 2025 was -$562.16 million, based on the following breakdown:
  • Total Gross Profit: $71.32 million
  • Total Operating Expenses: $633.48 million

Over the last 3 years, GRAIL's total revenue changed from $55.55 million in 2022 to $147.17 million in 2025, a change of 164.9%.

GRAIL's total liabilities were at $344.15 million at the end of 2025, a 28.3% decrease from 2024, and a 28.6% increase since 2023.

In the past 2 years, GRAIL's cash and equivalents has ranged from $97.29 million in 2023 to $249.73 million in 2025, and is currently $249.73 million as of their latest financial filing in 2025.

Over the last 3 years, GRAIL's book value per share changed from 0.00 in 2022 to 66.13 in 2025, a change of 6,612.9%.



Financial statements for NASDAQ:GRAL last updated on 3/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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