Revenue scaled from effectively zero in 2025Q2 to $55.1M in 2026Q3 and gross margin turned positive at 29.2%, yet R&D expense of $208.6M in the latest quarter and an operating margin of -5.0% indicate costs still far exceed the revenue base.
Joby Aviation, Inc. (JOBY) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 148.81M | 53.42M | 136K | 1.03M | 0 | 0 | 0 |
| Revenue Growth % | 557.17% | 39183.09% | -86.82% | - | - | - | - |
| Cost of Goods Sold | 116.44M | 69.49M | 67K | 200K | 0 | 0 | 0 |
| COGS % of Revenue | - | 130.06% | 49.26% | 19.38% | - | - | - |
| Gross Profit | 32.37M | -16.06M | 69K | 832K | 0 | 0 | 0 |
| Gross Margin % | 21.75% | -30.06% | 50.74% | 80.62% | - | - | - |
| Gross Profit Growth % | - | -23376.81% | -91.71% | - | - | - | - |
| Operating Expenses | 1.01B | 703.53M | 596.82M | 472.93M | 392.2M | 259.09M | 132.24M |
| OpEx % of Revenue | - | 1316.86% | 438840.44% | 45826.16% | - | - | - |
| Selling, General & Admin | 269.71M | 122.43M | 119.67M | 105.88M | 95.92M | 61.52M | 23.5M |
| SG&A % of Revenue | - | 229.16% | 87990.44% | 10259.4% | - | - | - |
| Research & Development | 742M | 581.1M | 477.16M | 367.05M | 296.28M | 202.6M | 108.74M |
| R&D % of Revenue | - | 1087.69% | 350850% | 35566.76% | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | -5.03M | 0 |
| Operating Income | -979.34M | -719.59M | -596.75M | -472.09M | -392.2M | -259.09M | -132.24M |
| Operating Margin % | -658.11% | -1346.92% | -438789.71% | -45745.54% | - | - | - |
| Operating Income Growth % | - | -20.58% | -26.41% | -20.37% | -51.38% | -95.93% | - |
| EBITDA | -933.33M | -679.43M | -561.18M | -441.6M | -368.21M | -243.15M | -124.83M |
| EBITDA Margin % | -627.19% | -1271.75% | -412633.82% | -42790.79% | - | - | - |
| EBITDA Growth % | -49.54% | -21.07% | -27.08% | -19.93% | -51.43% | -94.78% | - |
| D&A (Non-Cash Add-back) | 46.01M | 40.16M | 35.57M | 30.49M | 24M | 15.94M | 7.4M |
| EBIT | -687.14M | -928.53M | -607.9M | -512.91M | -257.83M | -188.44M | -132.24M |
| Net Interest Income | 31.53M | 43.16M | 42.82M | 45.56M | 16.79M | -1.28M | 5.4M |
| Interest Income | 31.53M | 43.16M | 42.82M | 45.56M | 16.91M | 1.15M | 5.65M |
| Interest Expense | 0 | 0 | 0 | 0 | 118K | 2.43M | 249K |
| Other Income/Expense | 292.19M | -208.94M | -11.15M | -40.82M | 134.25M | 68.23M | 18.1M |
| Pretax Income | -687.14M | -928.53M | -607.9M | -512.91M | -257.95M | -190.86M | -114.13M |
| Pretax Margin % | -461.76% | -1738.02% | -446988.97% | -49700.68% | - | - | - |
| Income Tax | 1.62M | 1.31M | 129K | 139K | 92K | -10.54M | 31K |
| Effective Tax Rate % | -0.24% | -0.14% | -0.02% | -0.03% | -0.04% | 5.52% | -0.03% |
| Net Income | -688.76M | -929.84M | -608.03M | -513.05M | -258.04M | -180.32M | -114.16M |
| Net Margin % | -462.84% | -1740.46% | -447083.82% | -49714.15% | - | - | - |
| Net Income Growth % | 34.69% | -52.93% | -18.51% | -98.82% | -43.1% | -57.95% | - |
| Net Income (Continuing) | -688.76M | -929.84M | -608.03M | -513.05M | -258.04M | -180.32M | -114.16M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.70 | -1.13 | -0.87 | -0.79 | -0.44 | -0.30 | -0.19 |
| EPS Growth % | 45.93% | -29.89% | -10.13% | -79.55% | -46.67% | -57.89% | - |
| EPS (Basic) | - | -1.13 | -0.87 | -0.79 | -0.44 | -0.30 | -0.19 |
| Diluted Shares Outstanding | 978.53M | 826.24M | 699.79M | 647.91M | 585.54M | 591.49M | 603.89M |
| Basic Shares Outstanding | 978.53M | 826.24M | 699.79M | 647.91M | 585.54M | 591.49M | 603.89M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying JOBY stock.
For fiscal year 2025, Joby Aviation, Inc. (JOBY) reported total revenue of $53.4M.
Joby Aviation, Inc. (JOBY) reported a net loss of $929.8M for the fiscal year ending 2025.
Joby Aviation, Inc. (JOBY) reported an operating income of $-719.6M, resulting in an operating profit margin of -1346.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Joby Aviation, Inc. (JOBY) generated $-16.1M in gross profit for the year, representing a gross profit margin of -30.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses dilution
Metrics are mathematically derived from official filings.
Revenue Ramp Lacks Durable Base
Based on reported quarterly figures, JOBY's revenue climbed from effectively zero in 2025Q2 to $55.1M in 2026Q3, a 144% year-over-year gain that appears driven by milestone-based contract recognition rather than recurring commercial demand.
The sequential swings, including $30.8M in 2025Q4 followed by $24.2M in 2026Q1, suggest lumpy project timing rather than a smooth compounding curve. Without a commercial passenger segment, this growth may reflect government or testing receipts that could reverse as programs conclude. Investors should monitor whether revenue stabilizes above a recurring floor before extrapolating the recent trajectory.
Gross Margin Turns Positive Only Recently
As reported in the income statement, JOBY's gross margin improved from -649.9% in 2025Q2 to 29.2% in 2026Q3, yet operating margin remained at -5.0% in the latest quarter and -1346.9% on a trailing basis.
The move into positive gross margin territory is a meaningful directional shift, but it is recent and rests on a small revenue base. Cost of revenue still absorbs most of each dollar of sales, indicating that bespoke production economics have not yet reached scale. Whether margins hold as volumes rise remains an open analytical question.
Operating Losses Scale Faster Than Revenue
Based on reported figures, JOBY's R&D expense reached $208.6M in 2026Q3 against gross profit of only $16.1M, meaning research spending exceeds gross profit by roughly thirteen times in the latest quarter.
Operating income of -$278.1M in the same quarter shows that overhead and development costs are expanding in absolute terms even as revenue increases. This pattern suggests negative operating leverage: incremental revenue has not yet offset the fixed certification and engineering base. Investors should watch for any evidence that SG&A and R&D growth decelerates relative to gross profit.
Net Income Distorted by Non-Operating Items
According to reported quarterly data, JOBY's net loss of -$401.2M in 2025Q3 diverged sharply from its operating loss of -$181.7M, a gap that suggests material non-operating or non-cash items influenced reported results.
Such divergence between operating and net results warrants further investigation into the components of other income and expense. Stock-based compensation of $54.7M in the latest quarter also dilutes the economic reading of EPS. Reported EPS of -$0.22 should therefore be interpreted alongside the cash burn profile rather than in isolation.
Persistent Losses Challenge Commercial Timeline
Based on TTM ratios in the supplied data, JOBY's operating margin of -1346.9% and gross margin of -30.1% indicate that costs continue to far exceed revenue, challenging assumptions about near-term commercial scalability.
The bear case centers on whether certification delays or capital constraints force further dilutive financing before unit economics can be demonstrated. The unknown reported EPS result against a consensus of -$0.20 leaves profitability trajectory unconfirmed. Pending business combination integration adds execution and capital-structure uncertainty that warrants close review of pro forma liquidity.