Gross margins have compressed significantly from 100% in early 2024 to 58.9% by 2026Q1, reflecting the high cost of goods sold associated with the firm's shift toward physical park operations.
| Sales/Revenue | 18.56M | 14.9M | 6.75M | 18.24M | 15.95M | 6.07M | 21.49K | 419.33K |
| Revenue Growth % | 167.61% | 120.85% | -63.03% | 14.38% | 162.72% | 28154.29% | -94.88% | - |
| Cost of Goods Sold | 6.4M | 4.3M | 0 | 10.15M | 11.34M | 4.05M | 11.99K | 179.17K |
| COGS % of Revenue | - | 28.87% | - | 55.64% | 71.12% | 66.73% | 55.79% | 42.73% |
| Gross Profit | 12.17M | 10.6M | 6.75M | 8.09M | 4.61M | 2.02M | 9.5K | 240.15K |
| Gross Margin % | 65.54% | 71.13% | 100% | 44.36% | 28.88% | 33.27% | 44.21% | 57.27% |
| Gross Profit Growth % | - | 57.08% | -16.66% | 75.71% | 128.02% | 21162.4% | -96.04% | - |
| Operating Expenses | 27.02M | 25.7M | 22.61M | 65.25M | 21.95M | 7.96M | 116.47K | 301.48K |
| OpEx % of Revenue | - | 172.5% | 335.24% | 357.66% | 137.6% | 131.16% | 542.04% | 71.9% |
| Selling, General & Admin | 26.94M | 25.5M | 22.41M | 28.06M | 18.44M | 8.23M | 188.74K | 172.36K |
| SG&A % of Revenue | - | 171.16% | 332.22% | 153.83% | 115.61% | 135.51% | 878.38% | 41.1% |
| Research & Development | 81K | 199K | 179K | 1.25M | 2.77M | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.34% | 2.65% | 6.84% | 17.37% | - | - | - |
| Other Operating Expenses | 0 | 0 | 25K | 35.94M | 737K | -264K | 0 | 0 |
| Operating Income | -14.85M | -15.1M | -15.87M | -57.16M | -17.34M | -5.94M | -179.24K | 67.79K |
| Operating Margin % | -80% | -101.37% | -235.24% | -313.3% | -108.72% | -97.89% | -834.17% | 16.17% |
| Operating Income Growth % | - | 4.83% | 72.24% | -229.61% | -191.79% | -3215.7% | -364.4% | - |
| EBITDA | -14.37M | -14.75M | -15.86M | -55.58M | -16.6M | -5.36M | -165.89K | 218.69K |
| EBITDA Margin % | -77.42% | -99.03% | -235.15% | -304.66% | -104.1% | -88.27% | -772.07% | 52.15% |
| EBITDA Growth % | 6.45% | 7% | 71.46% | -234.75% | -209.83% | -3130.38% | -175.86% | - |
| D&A (Non-Cash Add-back) | 479K | 349K | 6K | 1.58M | 737K | 584K | 13.34K | 150.9K |
| EBIT | -14.85M | -15.1M | 151.38M | -430.13M | -16.32M | -8.78M | -179.24K | 67.79K |
| Net Interest Income | -2.21M | -3.37M | -1.89M | -1.03M | -1.11M | -687K | 46.44K | 64.15K |
| Interest Income | 16K | 12K | 12K | 95K | 0 | 0 | 46.44K | 64.15K |
| Interest Expense | 2.23M | 3.38M | 1.9M | 1.12M | 1.11M | 687K | 0 | 0 |
| Other Income/Expense | 35.38M | 21.41M | 165.35M | -374.1M | -87K | -3.52M | 25.83K | -193K |
| Pretax Income | 20.52M | 6.31M | 149.48M | -431.25M | -17.43M | -9.47M | -153.41K | -125K |
| Pretax Margin % | 110.56% | 42.36% | 2216.2% | -2363.82% | -109.27% | -155.92% | -713.97% | -29.81% |
| Income Tax | -1K | -2K | 2K | -325K | 0 | 0 | 1.99K | 2.1K |
| Effective Tax Rate % | -0% | -0.03% | 0% | 0.08% | 0% | 0% | -1.3% | -1.68% |
| Net Income | 10.79M | 3.39M | 22.06M | -47.6M | -17.43M | -9.47M | -151.42K | -123K |
| Net Margin % | 58.1% | 22.76% | 327.01% | -260.93% | -109.27% | -155.92% | -704.69% | -29.33% |
| Net Income Growth % | 790.59% | -84.63% | 146.33% | -173.15% | -84.11% | -6151.59% | -23.1% | - |
| Net Income (Continuing) | 20.53M | 6.31M | 149.48M | -430.93M | -17.43M | -9.47M | -4.56M | -3.89M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 14.78M | 11.89M | -11.13M | -431.89M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.22 | 0.03 | 1.41 | -5.59 | -0.63 | -0.34 | -0.00 | -0.00 |
| EPS Growth % | 69.23% | -97.97% | 125.22% | -787.3% | -85.29% | - | - | - |
| EPS (Basic) | - | 0.06 | 1.76 | -5.59 | -0.63 | -0.34 | -0.00 | -0.00 |
| Diluted Shares Outstanding | 49.21M | 39.26M | 12.73M | 8.51M | 9.58M | 27.79M | 226M | 226M |
| Basic Shares Outstanding | 49.21M | 39.21M | 12.54M | 8.06M | 9.58M | 27.79M | 224.02M | 226M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Severe liquidity and dilution risk
According to the company's quarterly income statements, revenue growth has exhibited extreme volatility, ranging from a 95.9% surge in 2025Q3 to a 36.6% contraction in 2024Q4, suggesting that the firm's reliance on project-based creative services creates highly inconsistent top-line performance that lacks predictable organic momentum.
The erratic revenue trajectory appears to be a direct consequence of the company's reliance on milestone-based creative contracts rather than recurring operational income. Investors should monitor whether the transition toward destination-based assets can smooth these fluctuations or if the inherent seasonality of the Caribbean tourism market will exacerbate the current instability.
As reported in financial statements, gross margins have compressed from 100% in early 2024 to 58.9% by 2026Q1, indicating that the shift toward physical park operations is introducing significant cost of goods sold that were previously absent when the firm operated primarily as a boutique design consultancy.
The rapid decline in gross margin suggests that the company's move into capital-intensive destination management is fundamentally altering its cost structure. This transition appears to be diluting the high-margin profile of its creative services, forcing the firm to contend with the lower-margin realities of physical asset ownership.
Based on FBYD's reported figures, the company consistently records operating losses, with 2026Q1 operating margins reaching -85.0%, demonstrating that corporate SG&A expenses are currently scaling far faster than the revenue generated by its nascent portfolio of theme park and resort assets.
The persistent inability to achieve positive operating income suggests that the firm's current infrastructure is oversized relative to its revenue base. This lack of operating leverage implies that the company is effectively subsidizing its growth through external financing rather than internal cash generation, which warrants further investigation into the sustainability of its current overhead.
Financial data reveals a stark disconnect between operating losses and net income, such as the $3.7M net profit reported in 2026Q1 despite a $4.6M operating loss, suggesting that non-operating gains are likely masking the underlying cash burn inherent in the company's current business model.
The presence of significant net income volatility, often decoupled from operating performance, appears to be driven by non-cash accounting adjustments related to SPAC-era derivative liabilities. Analysts should treat these net income figures with extreme caution, as they do not reflect the actual operational health or the ongoing cash requirements of the business.
Analysis of the company's recent filings indicates a precarious liquidity position, with cash reserves appearing insufficient to support the high fixed-cost base and ongoing development pipeline, which may necessitate dilutive capital raises to prevent a potential shortfall in operational funding over the coming quarters.
The combination of persistent operating losses and minimal cash reserves creates a high-risk environment for equity holders. Investors should monitor the company's ability to access capital markets, as any delay in funding could force a contraction in the development pipeline or a pivot away from the current growth strategy.
Quick answers to the most common questions about buying FBYD stock.
For fiscal year 2025, Falcon's Beyond Global, Inc. Class A Common Stock (FBYD) reported total revenue of $14.9M. This represents a 3452.4% increase compared to $0.4M in 2019.
Falcon's Beyond Global, Inc. Class A Common Stock (FBYD) is profitable, generating $3.4M in net income for the fiscal year ending 2025 with a net profit margin of 22.8%.
Falcon's Beyond Global, Inc. Class A Common Stock (FBYD) reported an operating income of $-15.1M, resulting in an operating profit margin of -101.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Falcon's Beyond Global, Inc. Class A Common Stock (FBYD) generated $10.6M in gross profit for the year, representing a gross profit margin of 71.1%. This demonstrates the company's core pricing power and production efficiency.