Free cash flow burn has accelerated significantly, reaching $222.4 million in 2026Q1 as capital expenditures for manufacturing infrastructure rose to $77.9 million.
| Cash from Operations | -544.3M | -509.89M | -436.27M | -313.83M | -235.93M | -195.75M | -105.9M |
| Operating CF Margin % | - | -954.41% | -320784.56% | -30409.98% | - | - | - |
| Operating CF Growth % | -92.14% | -16.88% | -39.01% | -33.02% | -20.52% | -84.84% | - |
| Net Income | -957.39M | -929.84M | -608.03M | -513.05M | -258.04M | -180.32M | -114.16M |
| Depreciation & Amortization | 42.01M | 40.16M | 35.57M | 30.49M | 24M | 15.94M | 7.4M |
| Stock-Based Compensation | 103.47M | 0 | 104.45M | 93.64M | 69.07M | 26.93M | 7.18M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -10.54M | 0 |
| Other Non-Cash Items | 270.91M | 372.16M | 38.15M | 66.18M | -122.7M | -52.87M | -11.52M |
| Working Capital Changes | -3.32M | 7.63M | -6.4M | 8.91M | 51.75M | 5.11M | 5.2M |
| Change in Receivables | 2.09M | 0 | -11.8M | -573K | -1.82M | -11.81M | -3.1M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 41.85M | -6.9M | 6.12M | 6.44M | 10.88M | 6.44M | 8.38M |
| Cash from Investing | -1.01B | -475.42M | 70.76M | 80.3M | -630.79M | -18.74M | -393.16M |
| Capital Expenditures | -116.89M | -53.92M | -40.62M | -30.6M | -54.89M | -32.34M | -23.71M |
| CapEx % of Revenue | 150.49% | 100.92% | 29865.44% | 2964.83% | - | - | - |
| Acquisitions | 1.57M | 3.45M | 0 | 0 | -5.71M | -6.85M | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 10.76M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 2.31B | 1.03B | 361.11M | 288.24M | 60.46M | 1.09B | 69.22M |
| Debt Issued (Net) | -1.14M | -1.63M | -2.44M | -844K | -1.04M | 73.79M | 68.85M |
| Equity Issued (Net) | 1.03B | 1.03B | 12.86M | 289.08M | 61.5M | 1.02B | 70.23M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.28B | 0 | 350.69M | 0 | 0 | 0 | -69.86M |
| Net Change in Cash | 752.4M | 41.4M | -4.39M | 54.71M | -806.26M | 878.29M | -429.84M |
| Free Cash Flow | -661.19M | -563.81M | -476.88M | -344.43M | -290.81M | -228.09M | -129.21M |
| FCF Margin % | -851.27% | -1055.33% | -350650% | -33374.81% | - | - | - |
| FCF Growth % | -35.13% | -18.23% | -38.46% | -18.44% | -27.5% | -76.53% | - |
| FCF per Share | -0.70 | -0.68 | -0.68 | -0.53 | -0.50 | -0.39 | -0.21 |
| FCF Conversion (FCF/Net Income) | 0.69x | 0.55x | 0.72x | 0.61x | 0.91x | 1.09x | 0.93x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and certification delays
According to quarterly financial data, Joby’s operating cash flow consistently trails net losses, with an OCF/NI ratio that frequently exceeds 1.0, suggesting that non-cash charges and working capital movements are insufficient to bridge the gap between accounting losses and the actual cash required to sustain operations.
The persistent divergence between net income and operating cash flow highlights the capital-intensive nature of the firm's certification phase. Investors should monitor this relationship closely, as the reliance on non-cash adjustments to reconcile the cash burn may indicate that the underlying business model is not yet generating the necessary cash-on-cash returns to support its current R&D trajectory.
Based on reported figures, Joby’s free cash flow burn reached $222.4 million in 2026Q1, representing a significant deterioration from the $91.2 million outflow observed in 2023Q4, which underscores the intensifying capital requirements as the company moves deeper into the FAA certification process and prototype manufacturing.
The widening FCF deficit suggests that the company is entering a phase of peak capital intensity where cash outflows are decoupled from revenue generation. This trend warrants further investigation into the sustainability of the current burn rate, particularly if milestone-based government payments fail to scale in proportion to rising operational expenditures.
As reported in recent financial statements, Joby’s quarterly capital expenditures surged to $77.9 million in 2026Q1, a marked increase from the sub-$15 million levels seen in previous quarters, indicating a shift toward more aggressive investment in manufacturing infrastructure and testing facilities required for commercial readiness.
This spike in capital intensity appears to be a deliberate move to transition from low-volume prototype assembly to a more robust manufacturing framework. However, the high ratio of capex to revenue suggests that the company is currently trading significant near-term liquidity for long-term production capacity, which may heighten sensitivity to future financing conditions.
Analysis of the cash flow statement reveals that stock-based compensation, which totaled $44.0 million in 2026Q1, serves as a significant non-cash add-back that obscures the true economic cost of operations and the dilution risk inherent in funding the company's specialized engineering workforce through equity rather than cash.
While SBC is a standard tool for talent retention in the aerospace sector, its magnitude relative to the total cash burn suggests that the company's reported cash flow figures may be artificially bolstered by these non-cash expenses. Investors should consider the impact of this dilution on future per-share value as the company continues to rely on equity-based incentives to manage its liquidity constraints.
Quick answers to the most common questions about buying JOBY stock.
Joby Aviation, Inc. (JOBY) generated $-509.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Joby Aviation, Inc. (JOBY) reported negative free cash flow of $563.8M in 2025, indicating capital requirements exceeded cash from operations.
Joby Aviation, Inc. (JOBY) spent $53.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.