Detailed financial statements for Space Exploration Technologies Corp. (SPCX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Space Exploration Technologies Corp. designs, manufactures, and launches rockets and spacecraft, and provides satellite-based broadband services in the United States, Ireland, and Canada. The company offers launch services for satellites, cargo, and crew to destinations such as low Earth orbit, the International Space Station, the Moon, and Mars, using vehicles, including Falcon 9, Falcon Heavy, and Starship.
Analysis Summary
Trailing-twelve-month margins: gross margin 50.8%, operating margin -18.4%, net margin -35.1%.
At the current price of $171.09, SPCX has negative trailing earnings (P/E not meaningful) and an ROE of -8.32%. Market capitalisation stands at $2.3T, placing it among large-cap names.
Balance sheet quality for SPCX: current ratio of 1.4, net cash position of $1.85B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| Revenue | $10.39B | $14.02B | $18.67B |
| Cost of Revenue | $6.11B | $8.00B | $9.45B |
| Gross Profit | $4.28B | $6.02B | $9.22B |
| Research & Development | $2.10B | $3.46B | $8.64B |
| Selling, General & Admin | $1.67B | $1.81B | $2.64B |
| Operating Expenses | $7.78B | $5.55B | $11.81B |
| Operating Income | -$3.50B | $466.0M | -$2.59B |
| EBITDA | -$828.0M | $3.31B | $4.29B |
| Interest Expense | $1.69B | $1.58B | $1.95B |
| Pre-tax Income | -$4.99B | $242.0M | -$4.22B |
| Income Tax | -$363.0M | -$549.0M | $718.0M |
| Net Income | -$4.63B | $791.0M | -$4.94B |
| EPS | $-1.68 | $0.01 | $-1.69 |
| EPS (Diluted) | $-1.68 | $0.00 | $-1.69 |
| Shares Outstanding (Diluted) | $2.76B | $9.96B | $2.93B |
Income Statement (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $4.07B | $4.07B | $4.69B | $7.81B |
| Gross Profit | $2.10B | $1.79B | $2.31B | $4.32B |
| Operating Income | $27.0M | -$970.0M | -$1.94B | -$143.0M |
| EBITDA | $1.68B | $1.07B | $2.38B | $111.0M |
| Net Income | -$528.0M | -$1.01B | -$4.28B | -$541.0M |
| EPS | $-0.18 | $-0.34 | $-1.27 | $-0.09 |
| EPS (Diluted) | $-0.18 | $-0.34 | $-1.27 | $-0.09 |
Balance Sheet (10y)
| Year | 2024 | 2025 |
|---|
| Cash & Equivalents | $11.38B | $24.75B |
| Short-term Investments | $800.0M | 0 |
| Receivables | $1.05B | $1.58B |
| Inventory | $2.00B | $2.42B |
| Total Current Assets | $16.11B | $30.95B |
| Property, Plant & Equipment | $22.83B | $43.86B |
| Goodwill | $11.13B | $11.81B |
| Intangible Assets | $2.21B | $1.55B |
| Total Assets | $57.06B | $92.08B |
| Accounts Payable | $4.41B | $11.79B |
| Short-term Debt | $372.0M | $928.0M |
| Total Current Liabilities | $11.79B | $21.40B |
| Long-term Debt | $13.42B | $21.97B |
| Total Liabilities | $31.26B | $50.75B |
| Retained Earnings | -$32.10B | -$37.03B |
| Total Equity | $25.80B | $41.33B |
| Total Debt | $13.79B | $22.90B |
| Net Debt | $1.61B | -$1.85B |
| Working Capital | $4.32B | $9.55B |
Balance Sheet (Quarterly)
| Year | 2024-Q4 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $11.38B | $24.75B | $15.85B | $93.52B |
| Total Assets | $57.06B | $92.08B | $102.09B | $192.77B |
| Total Liabilities | $31.26B | $50.75B | $60.51B | $65.55B |
| Total Equity | $25.80B | $41.33B | $41.58B | $127.22B |
| Total Debt | $13.79B | $22.90B | $30.27B | $39.36B |
Cash Flow (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| Net Income | -$4.63B | $791.0M | -$4.94B |
| Depreciation & Amortization | $2.63B | $3.82B | $6.70B |
| Stock-based Compensation | $679.0M | $784.0M | $1.95B |
| Change in Working Capital | $2.01B | $1.67B | $2.09B |
| Operating Cash Flow | $4.52B | $5.78B | $6.79B |
| Capital Expenditure | -$4.42B | -$11.16B | -$20.74B |
| Acquisitions | 0 | 0 | 0 |
| Stock Repurchased | -$170.0M | -$1.02B | -$1.12B |
| Dividends Paid | 0 | 0 | 0 |
| Free Cash Flow | $105.0M | -$5.39B | -$13.95B |
Cash Flow (Quarterly)
| Year | 2025-Q1 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $727.0M | $1.05B | $2.42B |
| Capital Expenditure | -$4.14B | -$10.11B | -$18.37B |
| Free Cash Flow | -$3.41B | -$9.06B | -$15.95B |
| Dividends Paid | 0 | 0 | 0 |
| Stock-based Compensation | $232.0M | $639.0M | $831.0M |
Growth & Margins (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +34.9% | +33.2% |
| Net Income Growth (YoY) | | +117.1% | -724.1% |
| EPS Growth (YoY) | | +100.4% | -26,925.4% |
| Shares Change (YoY) | | +260.9% | -70.6% |
| FCF Growth (YoY) | | -5,230.5% | -159.0% |
| Gross Margin | 41.2% | 42.9% | 49.4% |
| Operating Margin | -33.7% | 3.3% | -13.9% |
| EBITDA Margin | -8.0% | 23.6% | 23.0% |
| Net Margin | -44.6% | 5.6% | -26.4% |
| FCF Margin | 1.0% | -38.4% | -74.7% |
| Effective Tax Rate | 7.3% | -226.9% | -17.0% |
Per-Share Data (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $0.04 | $-0.54 | $-4.77 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.76B | $2.85B | $2.93B |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | -8.32% |
| Return on Invested Capital | -1.75% |
| Return on Assets | -3.02% |
| Gross Margin | 50.75% |
| Operating Margin | -18.43% |
| Net Margin | -35.13% |
Financial Health
| Debt / Equity | 0.31 |
| Current Ratio | 5.12 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 12.19 |
Key Ratios (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| P/E | -95.80 | 25,547.62 | -95.24 |
| P/B | 0.00 | 17.76 | 11.40 |
| P/S | 42.75 | 32.71 | 25.22 |
| Gross Margin | 41.2% | 42.9% | 49.4% |
| Operating Margin | -33.7% | 3.3% | -13.9% |
| Net Margin | -44.6% | 5.6% | -26.4% |