Natera (NTRA) Cost of Revenue (2014 - 2026)
Natera (NTRA) reported Cost of Revenue of $267.56 million for Q2 2026, up 33.8% from $200 million a year earlier and up 8.8% from the prior quarter.
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Analysis
Natera (NTRA) Cost of Revenue (2014 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Natera's Cost of Revenue came in at $995.94 million, up 28.8% year-over-year; for FY2025, it was $867.63 million, up 21.0% from FY2024.
- Cost of Revenue has increased for 12 consecutive years, with a five-year compound annual growth rate of 31.9% (FY2020 to FY2025).
- By year, Cost of Revenue came in at $717.25 million in FY2024 (+13.5%), $632.03 million in FY2023 (+28.4%), $492.26 million in FY2022 (+44.6%) and $340.42 million in FY2021 (+56.9%).
- Five-year quarterly Cost of Revenue spans a low of $81.37 million in Q3 2021 and a high of $274.77 million in Q4 2025.
- Year over year, Cost of Revenue has now increased in each of the last 25 quarters, with growth averaging 22.1% over the last eight quarters.
- The year-over-year growth in Cost of Revenue has ranged between 7.4% (Q1 2024) and 58.7% (Q4 2021) over the last five years.
- Per Business Quant data, the three quarters before Q2 2026 came in at $245.81 million (Q1 2026), $274.77 million (Q4 2025) and $207.8 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | HCA Healthcare | 103.06 Bn | 99.07 Bn | - | - |
| 2 | Natera | 57.38 Bn | 53.06 Bn | 485.19 Mn | 267.56 Mn |
| 3 | Quest Diagnostics | 25.99 Bn | 24.11 Bn | 1.03 Bn | 2.02 Bn |
| 4 | Labcorp Holdings | 25.98 Bn | 23.73 Bn | 1.11 Bn | 2.62 Bn |
| 5 | Tenet Healthcare | 22.71 Bn | 11.72 Bn | - | - |
| 6 | Guardant Health | 21.81 Bn | 17.87 Bn | 219.03 Mn | 115.95 Mn |
| 7 | BrightSpring Health Services | 13.01 Bn | 11.34 Bn | 492.75 Mn | 271.40 Mn |
| 8 | Tempus AI | 12.50 Bn | 9.53 Bn | 246.50 Mn | 135.99 Mn |
| 9 | Fresenius Medical Care AG | 12.43 Bn | 4.39 Bn | 1.52 Bn | 4.13 Bn |
| 10 | Encompass Health | 12.43 Bn | 12.09 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 267.56 Mn |
| Mar 31, 2026 | 245.81 Mn |
| Dec 31, 2025 | 274.77 Mn |
| Sep 30, 2025 | 207.80 Mn |
| Jun 30, 2025 | 200.00 Mn |
| Mar 31, 2025 | 185.07 Mn |
| Dec 31, 2024 | 219.92 Mn |
| Sep 30, 2024 | 168.01 Mn |
| Jun 30, 2024 | 170.18 Mn |
| Mar 31, 2024 | 159.14 Mn |
| Dec 31, 2023 | 193.45 Mn |
| Sep 30, 2023 | 147.31 Mn |
| Jun 30, 2023 | 143.15 Mn |
| Mar 31, 2023 | 148.12 Mn |
| Dec 31, 2022 | 163.29 Mn |
| Sep 30, 2022 | 116.51 Mn |
| Jun 30, 2022 | 109.24 Mn |
| Mar 31, 2022 | 103.22 Mn |
| Dec 31, 2021 | 116.12 Mn |
| Sep 30, 2021 | 81.37 Mn |
API Access
Natera Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=NTRA&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "NTRA", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=NTRA&period=max&api_key=YOUR_API_KEY");
const data = await res.json();