Revenue has grown to $5.6M as of 2026Q2 from a minimal base, but this has been accompanied by severe margin compression, with gross margins declining from 100% to 60.3%, and persistent operating losses ranging from -$1.9M to -$5.3M per quarter.
Falcon's Beyond Global, Inc. Class A Common Stock (FBYD) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 21.63M | 14.9M | 6.75M | 18.24M | 15.95M | 6.07M | 21.49K | 419.33K |
| Revenue Growth % | 181.39% | 120.85% | -63.03% | 14.38% | 162.72% | 28154.29% | -94.88% | - |
| Cost of Goods Sold | 7.72M | 3.95M | 6K | 10.15M | 11.34M | 4.05M | 11.99K | 179.17K |
| COGS % of Revenue | - | 26.53% | 0.09% | 55.64% | 71.12% | 66.73% | 55.79% | 42.73% |
| Gross Profit | 13.92M | 10.94M | 6.75M | 8.09M | 4.61M | 2.02M | 9.5K | 240.15K |
| Gross Margin % | 64.33% | 73.47% | 100% | 44.36% | 28.88% | 33.27% | 44.21% | 57.27% |
| Gross Profit Growth % | - | 62.25% | -16.66% | 75.71% | 128.02% | 21162.4% | -96.04% | - |
| Operating Expenses | 28.38M | 26.04M | 22.61M | 65.25M | 21.95M | 7.96M | 116.47K | 301.48K |
| OpEx % of Revenue | - | 174.84% | 335.24% | 357.66% | 137.6% | 131.16% | 542.04% | 71.9% |
| Selling, General & Admin | 27.94M | 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 | -2K | 199K | 179K | 1.25M | 2.77M | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.34% | 2.65% | 6.84% | 17.37% | - | - | - |
| Other Operating Expenses | 439K | 349K | 25K | 35.94M | 737K | -264K | 0 | 0 |
| Operating Income | -14.46M | -15.1M | -15.87M | -57.16M | -17.34M | -5.94M | -179.24K | 67.79K |
| Operating Margin % | -66.86% | -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 | -13.89M | -14.75M | -15.86M | -55.58M | -16.6M | -5.36M | -165.89K | 218.69K |
| EBITDA Margin % | -64.23% | -99.03% | -235.15% | -304.66% | -104.1% | -88.27% | -772.07% | 52.15% |
| EBITDA Growth % | -153.92% | 7% | 71.46% | -234.75% | -209.83% | -3130.38% | -175.86% | - |
| D&A (Non-Cash Add-back) | 569K | 349K | 6K | 1.58M | 737K | 584K | 13.34K | 150.9K |
| EBIT | -7.47M | 9.69M | 151.38M | -430.13M | -16.32M | -8.78M | -179.24K | 67.79K |
| Net Interest Income | -1.58M | -3.37M | -1.89M | -1.03M | -1.11M | -687K | 46.44K | 64.15K |
| Interest Income | 20K | 12K | 12K | 95K | 0 | 0 | 46.44K | 64.15K |
| Interest Expense | 1.6M | 3.38M | 1.9M | 1.12M | 1.11M | 687K | 0 | 0 |
| Other Income/Expense | 9.56M | 21.41M | 165.35M | -374.1M | -87K | -3.52M | 25.83K | -193K |
| Pretax Income | -4.91M | 6.31M | 149.48M | -431.25M | -17.43M | -9.47M | -153.41K | -125K |
| Pretax Margin % | -22.68% | 42.36% | 2216.2% | -2363.82% | -109.27% | -155.92% | -713.97% | -29.81% |
| Income Tax | -2K | -2K | 2K | -325K | 0 | 0 | 1.99K | 2.1K |
| Effective Tax Rate % | 0.04% | -0.03% | 0% | 0.08% | 0% | 0% | -1.3% | -1.68% |
| Net Income | -844K | 3.39M | 22.06M | -47.6M | -17.43M | -9.47M | -151.42K | -123K |
| Net Margin % | -3.9% | 22.76% | 327.01% | -260.93% | -109.27% | -155.92% | -704.69% | -29.33% |
| Net Income Growth % | -107.39% | -84.63% | 146.33% | -173.15% | -84.11% | -6151.59% | -23.1% | - |
| Net Income (Continuing) | -4.91M | 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 | 14.85M | 11.89M | -11.13M | -431.89M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.02 | 0.03 | 1.41 | -5.59 | -0.63 | -0.34 | -0.00 | -0.00 |
| EPS Growth % | -132.19% | -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 | 49.33M | 39.26M | 12.73M | 8.51M | 9.58M | 27.79M | 226M | 226M |
| Basic Shares Outstanding | 49.33M | 39.21M | 12.54M | 8.06M | 9.58M | 27.79M | 224.02M | 226M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
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 $10.9M in gross profit for the year, representing a gross profit margin of 73.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Volatile Revenue Surge from Minimal Base
FBYD's revenue has grown from $1.5M in 2024Q1 to $5.6M in 2026Q2, representing a 273% increase, but with significant quarterly volatility as seen in the 120.4% growth in 2026Q2 followed by a deceleration to 2.1% in 2026Q1, according to the provided financial data.
The revenue trajectory indicates a high-growth phase from a low base, but the erratic pattern suggests inconsistent demand or project-based recognition that may not be durable. Investors should monitor whether the recent deceleration reflects normalization or emerging challenges in the conglomerate's core operations.
Erosion of Pricing Power in Core Operations
Gross margin has contracted sharply from 100% in early 2024 quarters to 60.3% in 2026Q2, suggesting increasing cost pressures or a shift in revenue mix toward lower-margin activities, as reported in the company's income statements.
The structural decline in gross margin implies a loss of pricing power or a fundamental change in the business model, potentially driven by higher direct costs or less favorable product mix. This trend may indicate reduced competitiveness and warrants further investigation into the sustainability of the current margin profile.
Operational Leverage Absent Despite Revenue Growth
Despite revenue growth, operating losses have persisted, with operating income ranging from -$1.9M to -$5.3M, indicating a lack of operating leverage and high fixed costs, based on the quarterly data provided.
Operating leverage remains absent as SG&A expenses consistently outpace gross profit, resulting in persistent operating losses that scale poorly with revenue. The high fixed-cost structure, with SG&A around $6-7M per quarter, appears to be the primary impediment to profitability despite top-line expansion.
Net Income Volatility Masked by Non-Operating Gains
Net income has been highly volatile, with significant positive spikes like $17.2M in 2024Q1 and negative dips like -$4.4M in 2025Q3, likely driven by non-operating items, as indicated in the financial statements.
The quality of earnings is questionable, as net income often shows little correlation with operational performance and appears influenced by erratic non-operating gains or losses. Stock-based compensation of up to $720K per quarter may be contributing to non-cash expenses, further clouding underlying profitability.
Sustainability of Growth Amid Margin Compression
The company's high revenue growth rates may be unsustainable if gross margin erosion continues, as seen in the decline from 100% to 60.3%, which could pressure future profitability and challenge the viability of the growth narrative, according to reported figures.
A key analytical challenge is that impressive top-line growth may be masking operational weaknesses, such as the inability to control costs and the risk of further margin compression. If gross margins continue to fall, the company may struggle to achieve profitability without significant restructuring or strategic shifts.