GRAIL (GRAL) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and GRAIL published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• GRAIL reports no adjusted EPS. Its non-GAAP measures are adjusted gross profit, adjusted gross margin and adjusted EBITDA.
• GRAIL's cost of revenue includes $33.5 million a quarter of amortization of intangible assets recognized when Illumina acquired GRAIL, carried into GRAIL's own statements under pushdown accounting.
• Weighted average shares rose to 46.8 million from 36.1 million after equity raises in the fourth quarter of 2025 and the June 2026 sale of 1,570,308 shares to Samsung investors for about $110.0 million.

Source: GRAIL Q3 2026 results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How GRAIL splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• GRAIL's Screening revenue revenue was $37.3 million in Q3 2026, up 14% from $32.8 million in Q3 2025, 99% of total revenue.
• GRAIL's Development services revenue revenue was $0.3 million in Q3 2026, down 92% from $3.4 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenue (in millions) and net loss per share, basic and diluted, each as first reported in that quarter's release.

We do not hold a confirmed date for GRAIL's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 4, 2026

GRAIL's revenue is almost all from the Galleri multi-cancer early detection blood test. Total revenue was $37.5 million in Q3 2026, up 4%. Screening revenue, which is Galleri, was $37.3 million, up 14%, and development services revenue fell to $266 thousand from $3.4 million. (GRAIL Q3 2026 release, Nov 4, 2026)

GRAIL sold more than 56,000 Galleri tests in the quarter, about 24% more than a year earlier, but the average selling price fell 9%, which the 10-Q attributes mainly to promotional pricing introduced in September 2026 ahead of the FDA advisory committee meeting. GRAIL expects that promotion to keep affecting its ASP in the coming periods. Volume growth came from commercial expansion after the NHS-Galleri and PATHFINDER 2 data, partnerships with digital health platforms, employers and international distributors, EHR ordering integrations and enrollment in the REACH/Galleri-Medicare study. (GRAIL Q3 2026 release, Nov 4, 2026; GRAIL Form 10-Q, Q3 2026, Nov 5, 2026)

Development services revenue, from work with biopharmaceutical partners, fell 92%: $1.3 million less from pilots with biopharmaceutical partners, $1.0 million less from clinical development services and $0.8 million less from research services. (GRAIL Form 10-Q, Q3 2026, Nov 5, 2026)

One customer accounted for about 10% of GRAIL's revenue in Q3 2026, where a year earlier no customer reached 10%. Over the first nine months Galleri test volume rose 36% to more than 174,000 tests and Galleri revenue 24% to $119.7 million. (GRAIL Form 10-Q, Q3 2026, Nov 5, 2026; GRAIL Q3 2026 release, Nov 4, 2026)

GRAIL's net loss widened to $103.6 million, or $2.21 per share, from $89.0 million, or $2.46 per share. The per-share loss narrowed while the dollar loss grew because weighted average shares rose to 46,777,729 from 36,124,256. A $33.8 million income tax benefit reduced the pre-tax loss of $137.3 million. (GRAIL Q3 2026 release, Nov 4, 2026)

Operating costs rose to $182.2 million from $161.5 million. Sales and marketing expenses rose 63% to $41.7 million, mainly from an $8.2 million increase in marketing and professional services and a $7.2 million increase in compensation. Research and development fell 9% to $44.1 million. Cost of revenue includes $33.5 million of amortization of intangible assets, which is why GAAP gross loss was $18.1 million while adjusted gross profit was $15.9 million. (GRAIL Q3 2026 release, Nov 4, 2026; GRAIL Form 10-Q, Q3 2026, Nov 5, 2026)

GRAIL reports no adjusted EPS. Adjusted EBITDA was $(92.6) million against $(71.7) million, excluding $34.6 million of amortization, $14.1 million of stock-based compensation and $3.9 million of depreciation. Cash, cash equivalents and short-term marketable securities were $788.7 million at September 30, 2026, and the 10-Q says this will cover working capital and capital expenditure needs for at least the next 12 months. (GRAIL Q3 2026 release, Nov 4, 2026; GRAIL Form 10-Q, Q3 2026, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

GRAIL does not publish a revenue or earnings outlook in its release. The forward-looking item it gives is regulatory: after the FDA advisory committee panel voted in favor of approving Galleri in September 2026, GRAIL said it anticipates an FDA decision by early Q1 2027. The Galleri test has not been cleared or approved by the FDA. (GRAIL Q3 2026 release, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover GRAIL, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones GRAIL's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning GRAL is on is GRAL a buy or a sell?, what analysts expect next is on the GRAL forecast, and what the company does is on the GRAIL (GRAL) stock page.

Every number on this page can be traced to a document GRAIL published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.