Veracyte (VCYT) FY2025 results: revenue $517 million, up 16.0% on the year
Veracyte, Inc. (VCYT) reported revenue of $517 million for fiscal 2025, the year ended 31 December 2025, up 16.0% on the year before. Net income was $66 million, up 174.9%, and diluted earnings per share $0.82. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$517 million
+16.0% on the year
FY2018FY2025
Operating margin
11.2%
3.6% a year earlier
FY2018FY2025
Net income
$66 million
+174.9% on the year
FY2018FY2025
Diluted EPS
$0.82
+164.5% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 2 kept.
Q4 revenue rose 19%: Total revenue was $140.6 million, up from $118.6 million, and testing revenue rose 21% to $135.8 million, driven by Decipher Prostate and Afirma.
Full-year revenue rose 16%: Full-year total revenue was $517.1 million and testing revenue was $493.2 million, up 18%. Product revenue was $14.3 million.
Adjusted EBITDA margin reached 30.1%: Q4 adjusted EBITDA was $42.3 million, 30.1% of revenue, against 22.0% a year earlier. Full-year adjusted EBITDA was $142.5 million, 27.6% of revenue.
Decipher grew faster than Afirma: Decipher revenue rose 27% to $85.6 million in Q4, and Afirma rose 16% to $47.9 million. Both product lines grew by double digits in the quarter.
Over 15 ASCO GU abstracts: More than 15 abstracts on Decipher Prostate and Decipher Bladder were announced for the ASCO GU meeting, including Decipher Bladder results from three trials.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
136
75.1
44.2
+81.5%
Capital expenditure
9.7
11.3
10.0
-14.3%
Free cash flow
127
63.8
34.3
+98.5%
Free cash flow margin
24.5%
14.3%
9.5%
Cash from investing
-9.2
-56.3
15.1
Cash from financing
-4.2
4.9
2.8
Depreciation and amortisation
21.4
23.5
27.2
-8.7%
Share-based compensation
43.6
36.2
33.1
+20.3%
Diluted shares, weighted
81m
78m
73m
+3.1%
Shares outstanding at period end
79m
78m
73m
+2.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,310
1,176
1,044
+11.4%
Debt
0.0
0.0
0.0
Operating lease liabilities
35.6
43.2
7.5
-17.7%
Other liabilities
60.8
80.8
63.3
-24.7%
Total liabilities and equity
1,406
1,300
1,115
+8.2%
Goodwill
767
746
703
+2.9%
Intangible assets
89.1
102
88.6
-12.9%
Investments
50.3
n/a
n/a
Securities held for sale or to maturity
n/a
50.4
0.0
Cash and equivalents
363
239
216
+51.7%
Receivables
44.7
46.5
40.4
-4.0%
Inventory
20.5
21.8
16.1
-5.5%
Other assets
71.6
94.2
50.4
-24.0%
Total assets
1,406
1,300
1,115
+8.2%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.