NASDAQ : SPCX
Space Exploration Technologies Corp. — Financial statements
Industrials · Aerospace & Defense · United States
Last price 143.89 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.95T
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Financial statements
Space Exploration Technologies Corp. (SPCX) reported revenue of 32.04B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | 32.04B | 18.67B | 14.02B | 10.39B |
| Cost of Revenue | 13.86B | 9.45B | 8.00B | 6.11B |
| Gross Profit | 18.19B | 9.22B | 6.02B | 4.28B |
| Selling, General & Admin | 4.14B | 2.64B | 1.81B | 1.67B |
| Research & Development | 13.47B | 8.64B | 3.46B | 2.10B |
| Operating Expenses | 17.61B | 11.29B | 5.28B | 3.77B |
| Operating Income | 575.00M | -2.06B | 742.00M | 507.00M |
| Interest Expense | -2.54B | -1.95B | -1.58B | -1.69B |
| Interest & Investment Income | 1.55B | 492.00M | 371.00M | 249.00M |
| Other Non Operating Income (Expenses) | -473.00M | -177.00M | 986.00M | 3.00M |
| EBT Excluding Unusual Items | -891.00M | -3.69B | 519.00M | -934.00M |
| Merger & Restructuring Charges | -1.23B | -487.00M | -213.00M | -237.00M |
| Gain (Loss) on Sale of Investments | 561.00M | -1.00M | -45.00M | |
| Asset Writedown | -9.00M | -38.00M | -63.00M | -3.77B |
| Pretax Income | -3.12B | -4.22B | 242.00M | -4.99B |
| Income Tax Expense | -357.00M | 718.00M | -549.00M | -363.00M |
| Net Income | -2.76B | -4.94B | 791.00M | -4.63B |
| Preferred Dividends & Other Adjustments | 671.00M | 773.00M | ||
| Net Income to Common | -3.43B | -4.94B | 18.00M | -4.63B |
| Shares Outstanding (Basic) | 6.19B | 2.92B | 2.85B | 2.76B |
| Shares Outstanding (Diluted) | 6.19B | 2.92B | 2.85B | 2.76B |
| EPS (Basic) | -0.55 | -1.69 | 0.01 | -1.68 |
| EPS (Diluted) | -0.55 | -1.69 | 0.01 | -1.68 |
| Free Cash Flow | -39.29B | -14.12B | -5.39B | 105.00M |
| Free Cash Flow Per Share | -6.34 | -4.83 | -1.89 | 0.04 |
| Gross Margin | 56.76% | 49.39% | 42.95% | 41.18% |
| Operating Margin | 1.79% | -11.05% | 5.29% | 4.88% |
| Profit Margin | -10.71% | -26.44% | 0.13% | -44.56% |
| Free Cash Flow Margin | -122.62% | -75.62% | -38.44% | 1.01% |
| EBITDA | 11.74B | 4.97B | 4.57B | 3.14B |
| EBITDA Margin | 36.63% | 26.60% | 32.58% | 30.25% |
| D&A For EBITDA | 11.16B | 7.03B | 3.82B | 2.63B |
| EBIT | 575.00M | -2.06B | 742.00M | 507.00M |
| EBIT Margin | 1.79% | -11.05% | 5.29% | 4.88% |
| Advertising Expenses | 69.00M | 31.00M | 29.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Cash & Equivalents | 51.29B | 24.75B | 11.38B | |
| Short-Term Investments | 38.56B | 800.00M | ||
| Cash & Short-Term Investments | 89.86B | 24.75B | 12.19B | |
| Accounts Receivable | 5.59B | 1.80B | 1.37B | |
| Other Receivables | 975.00M | 1.22B | 160.00M | |
| Receivables | 6.56B | 3.02B | 1.53B | |
| Inventory | 2.89B | 2.42B | 2.00B | |
| Restricted Cash | 555.00M | 182.00M | 23.00M | |
| Other Current Assets | 1.11B | 590.00M | 371.00M | |
| Total Current Assets | 100.97B | 30.95B | 16.11B | |
| Property, Plant & Equipment | 90.52B | 45.20B | 24.20B | |
| Long-Term Investments | 297.00M | 243.00M | 154.00M | |
| Goodwill | 48.42B | 11.81B | 11.13B | |
| Other Intangible Assets | 6.35B | 1.55B | 2.21B | |
| Long-Term Deferred Tax Assets | 388.00M | 141.00M | 696.00M | |
| Other Long-Term Assets | 7.08B | 2.19B | 2.56B | |
| Total Assets | 254.04B | 92.08B | 57.06B | |
| Accounts Payable | 13.26B | 11.79B | 4.41B | |
| Accrued Expenses | 905.00M | 738.00M | 484.00M | |
| Current Portion of Long-Term Debt | 2.70B | 559.00M | 77.00M | |
| Current Portion of Leases | 374.00M | 791.00M | 677.00M | |
| Current Income Taxes Payable | 642.00M | 563.00M | 112.00M | |
| Current Unearned Revenue | 10.78B | 6.11B | 5.50B | |
| Other Current Liabilities | 4.08B | 846.00M | 530.00M | |
| Total Current Liabilities | 32.74B | 21.40B | 11.79B | |
| Long-Term Debt | 35.16B | 21.10B | 12.19B | |
| Long-Term Leases | 983.00M | 2.00B | 2.50B | |
| Long-Term Unearned Revenue | 6.74B | 6.00B | 4.68B | |
| Other Long-Term Liabilities | 1.66B | 245.00M | 106.00M | |
| Total Liabilities | 77.28B | 50.75B | 31.26B | |
| Common Stock | 13.00M | 1.00M | ||
| Additional Paid-In Capital | 212.54B | 37.71B | 35.87B | |
| Retained Earnings | -37.45B | -37.03B | -32.10B | |
| Comprehensive Income & Other | 1.66B | 1.90B | 1.09B | |
| Total Common Equity | 176.77B | 2.57B | 4.86B | |
| Shareholders' Equity | 176.77B | 41.33B | 25.80B | |
| Total Liabilities & Equity | 254.04B | 92.08B | 57.06B | |
| Total Debt | 39.22B | 24.45B | 15.43B | |
| Net Cash (Debt) | 50.64B | 293.00M | -3.25B | |
| Net Cash Per Share | 8.17 | 0.10 | -1.14 | |
| Filing Date Shares Outstanding | 13.58B | 3.08B | 3.02B | 2.76B |
| Total Common Shares Outstanding | 13.58B | 3.08B | 3.02B | 2.76B |
| Working Capital | 68.24B | 9.55B | 4.32B | |
| Book Value Per Share | 13.02 | 0.84 | 1.61 | |
| Tangible Book Value | 121.99B | -10.78B | -8.48B | |
| Tangible Book Value Per Share | 8.98 | -3.50 | -2.80 | |
| Land | 5.17B | 1.88B | 913.00M | |
| Machinery | 70.58B | 21.71B | 15.63B | |
| Construction In Progress | 23.75B | 4.60B | 3.01B | |
| Leasehold Improvements | 1.00B | 784.00M | 1.02B | |
| Order Backlog | 16.26B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Net Income | -2.76B | -4.94B | 791.00M | -4.63B |
| Depreciation & Amortization | 11.16B | 7.03B | 3.82B | 2.63B |
| Other Amortization | 93.00M | 93.00M | 84.00M | 212.00M |
| Asset Writedown & Restructuring Costs | 94.00M | 88.00M | 135.00M | 3.81B |
| Stock-Based Compensation | 4.74B | 1.95B | 784.00M | 679.00M |
| Other Operating Activities | 961.00M | 474.00M | -1.51B | -195.00M |
| Change in Accounts Receivable | -2.49B | -543.00M | -347.00M | 345.00M |
| Change in Inventory | -1.42B | -413.00M | -309.00M | -72.00M |
| Change in Accounts Payable | -929.00M | 709.00M | 472.00M | 220.00M |
| Change in Unearned Revenue | 6.45B | 1.93B | 1.88B | 1.70B |
| Change in Other Net Operating Assets | 398.00M | 407.00M | -19.00M | -182.00M |
| Operating Cash Flow | 15.76B | 6.79B | 5.78B | 4.52B |
| Capital Expenditures | -55.05B | -20.91B | -11.16B | -4.42B |
| Investment in Securities | -37.41B | 1.31B | 363.00M | -471.00M |
| Other Investing Activities | 1.63B | 23.00M | 4.00M | 19.00M |
| Investing Cash Flow | -91.19B | -19.57B | -10.80B | -4.87B |
| Long-Term Debt Issued | 16.05B | |||
| Long-Term Debt Repaid | -7.15B | -231.00M | -112.00M | |
| Net Debt Issued (Repaid) | 15.90B | 8.90B | -231.00M | -112.00M |
| Issuance of Common Stock | 107.99B | 19.14B | 13.32B | 915.00M |
| Repurchase of Common Stock | -3.87B | -1.62B | -1.24B | -381.00M |
| Other Financing Activities | -1.28B | -66.00M | ||
| Financing Cash Flow | 116.73B | 26.35B | 11.83B | 422.00M |
| Foreign Exchange Rate Adjustments | -49.00M | 63.00M | 1.00M | -2.00M |
| Net Cash Flow | 41.25B | 13.62B | 6.81B | 73.00M |
| Free Cash Flow | -39.29B | -14.12B | -5.39B | 105.00M |
| Free Cash Flow Margin | -122.62% | -75.62% | -38.44% | 1.01% |
| Free Cash Flow Per Share | -6.34 | -4.83 | -1.89 | 0.04 |
| Levered Free Cash Flow | -7.61B | |||
| Unlevered Free Cash Flow | -6.49B | |||
| Cash Interest Paid | 2.86B | 1.48B | 1.50B | 1.36B |
| Cash Income Tax Paid | 164.00M | 154.00M | 134.00M | 45.00M |
| Change in Working Capital | 2.01B | 2.09B | 1.67B | 2.01B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Market Capitalization | 1.85T | |||
| Enterprise Value | 1.80T | |||
| Debt / Equity Ratio | 0.22 | 0.59 | 0.60 | |
| Debt / EBITDA Ratio | 3.05 | 4.21 | 3.05 | |
| Net Debt / Equity Ratio | -0.29 | -0.01 | 0.13 | |
| Net Debt / EBITDA Ratio | -4.32 | -0.06 | 0.71 | |
| Net Debt / FCF Ratio | 1.29 | 0.02 | -0.60 | |
| Asset Turnover | 0.25 | |||
| Inventory Turnover | 4.28 | |||
| Quick Ratio | 2.94 | 1.30 | 1.16 | |
| Current Ratio | 3.08 | 1.45 | 1.37 | |
| Return on Equity (ROE) | -14.71% | |||
| Return on Assets (ROA) | -1.73% | |||
| Return on Capital Employed (ROCE) | 0.30% | -2.90% | 1.60% | |
| Buyback Yield / Dilution | -117.34% | -2.63% | -3.26% |