Guardant Health, Inc.GH

Guardant Health, Inc. Segments Disclosure

10-KFiled Feb 19, 20262 min read
Segment and Geographic Information
The Company operates as one operating segment, and the Company's chief operating decision makers, or the CODMs, are its Co-Chief Executive Officers. The CODMs review segment financial information presented on a consolidated basis, including revenue, gross profit, operating expenses, net loss and adjusted EBITDA, and considers budget-to-actual variances for the purposes of making operating decisions, assessing financial performance and allocating resources. The CODMs do not evaluate operating segment performance using asset information.
The following table presents a summary of the Company's segment information:
Year Ended December 31,
202520242023
(in thousands)
Revenue$982,021 $739,016 $563,948 
Less:
Cost of revenue (1)
337,195 279,437 219,065 
Research and development expense (1)
309,178 295,866 329,826 
Sales and marketing expense (1)
448,419 328,064 270,132 
General and administrative expense (1)
146,145 133,352 129,247 
Other segment items (2)
157,361 138,670 95,127 
Net loss$(416,277)$(436,373)$(479,449)
(1)Excludes stock-based compensation and related employer payroll tax payments, contingent consideration, amortization of intangible assets, and non-recurring other operating expense.
(2)Includes stock-based compensation and related employer payroll tax payments, contingent consideration, amortization of intangible assets, non-recurring other operating expense, interest income and expense, provision for (benefit from) income taxes, and other income and expense.
The following table sets forth the Company’s revenue by geographic areas based on the customers’ locations:
Year Ended December 31,
202520242023
(in thousands)
United States $923,279 $697,162 $526,524 
International58,742 41,854 37,424 
Total revenue
$982,021 $739,016 $563,948 
As of December 31, 2025 and 2024, 100% and 99%, respectively, of the Company’s long-lived assets and right-of-use assets are located in the United States.

Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2024Feb 20, 2025
2023Feb 22, 2024
2022Feb 23, 2023
2021Feb 24, 2022
2020Feb 25, 2021
2019Mar 2, 2020
2018Mar 19, 2019

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

Income TaxesEarnings Per ShareFair ValuePP&EGoodwill & IntangiblesLeasesDebtCommitmentsStock CompensationNew StandardsPay vs Performance