Revenue rebounded to $508M in 2026Q2 (up 14.5% YoY) with gross margin stabilizing at 46.3%, but operating margin remains deeply negative at -5.9% due to R&D intensity of 40.7% of revenue.
Mobileye Global Inc. (MBLY) 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 | 2.02B | 1.89B | 1.65B | 2.08B | 1.87B | 1.39B | 967M |
| Revenue Growth % | 5% | 14.51% | -20.44% | 11.24% | 34.85% | 43.33% | - |
| Cost of Goods Sold | 1.06B | 990M | 913M | 1.03B | 947M | 731M | 591M |
| COGS % of Revenue | - | 52.27% | 55.2% | 49.64% | 50.67% | 52.74% | 61.12% |
| Gross Profit | 955M | 904M | 741M | 1.05B | 922M | 655M | 376M |
| Gross Margin % | 47.37% | 47.73% | 44.8% | 50.36% | 49.33% | 47.26% | 38.88% |
| Gross Profit Growth % | - | 22% | -29.23% | 13.56% | 40.76% | 74.2% | - |
| Operating Expenses | 1.34B | 1.34B | 3.97B | 1.08B | 959M | 712M | 589M |
| OpEx % of Revenue | - | 70.96% | 239.78% | 51.95% | 51.31% | 51.37% | 60.91% |
| Selling, General & Admin | 218M | 193M | 188M | 191M | 170M | 168M | 149M |
| SG&A % of Revenue | - | 10.19% | 11.37% | 9.19% | 9.1% | 12.12% | 15.41% |
| Research & Development | 1.12B | 1.15B | 1.08B | 889M | 789M | 544M | 440M |
| R&D % of Revenue | - | 60.77% | 65.48% | 42.76% | 42.22% | 39.25% | 45.5% |
| Other Operating Expenses | 0 | 0 | 2.69B | 0 | 0 | 0 | 0 |
| Operating Income | -387M | -440M | -3.23B | -33M | -37M | -57M | -213M |
| Operating Margin % | -19.2% | -23.23% | -194.98% | -1.59% | -1.98% | -4.11% | -22.03% |
| Operating Income Growth % | - | 86.36% | -9672.73% | 10.81% | 35.09% | 73.24% | - |
| EBITDA | 5M | 77M | -2.72B | 480M | 530M | 469M | -118M |
| EBITDA Margin % | 0.25% | 4.07% | -164.39% | 23.09% | 28.36% | 33.84% | -12.2% |
| EBITDA Growth % | 100.19% | 102.83% | -666.46% | -9.43% | 13.01% | 497.46% | - |
| D&A (Non-Cash Add-back) | 392M | 517M | 506M | 513M | 567M | 526M | 95M |
| EBIT | -4.13B | -377M | -3.16B | 16M | -8M | -57M | -213M |
| Net Interest Income | 0 | 0 | 0 | 0 | -6M | 3M | 6M |
| Interest Income | 0 | 0 | 0 | 0 | 18M | 3M | 6M |
| Interest Expense | 0 | 0 | 0 | 0 | 24M | 0 | 0 |
| Other Income/Expense | -3.73B | 63M | 62M | 49M | 5M | 0 | 1M |
| Pretax Income | -4.12B | -377M | -3.16B | 16M | -32M | -57M | -212M |
| Pretax Margin % | -204.17% | -19.91% | -191.23% | 0.77% | -1.71% | -4.11% | -21.92% |
| Income Tax | -54M | 15M | -73M | 43M | 50M | 18M | -16M |
| Effective Tax Rate % | 1.31% | -3.98% | 2.31% | 268.75% | -156.25% | -31.58% | 7.55% |
| Net Income | -4.06B | -392M | -3.09B | -27M | -82M | -75M | -196M |
| Net Margin % | -201.49% | -20.7% | -186.82% | -1.3% | -4.39% | -5.41% | -20.27% |
| Net Income Growth % | -37.46% | 87.31% | -11344.44% | 67.07% | -9.33% | 61.73% | - |
| Net Income (Continuing) | -4.06B | -392M | -3.09B | -27M | -82M | -75M | -196M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.97 | -0.48 | -3.82 | -0.03 | -0.10 | -0.09 | -0.25 |
| EPS Growth % | -36.71% | 87.43% | -11302.99% | 66.5% | -6.16% | 62.32% | - |
| EPS (Basic) | - | -0.48 | -3.82 | -0.03 | -0.10 | -0.09 | -0.25 |
| Diluted Shares Outstanding | 818M | 813M | 809M | 805M | 801.91M | 796.26M | 796.26M |
| Basic Shares Outstanding | 818M | 813M | 809M | 805M | 801.91M | 796.26M | 796.26M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MBLY stock.
For fiscal year 2025, Mobileye Global Inc. (MBLY) reported total revenue of $1.89B. This represents a 95.9% increase compared to $967.0M in 2020.
Mobileye Global Inc. (MBLY) reported a net loss of $392.0M for the fiscal year ending 2025.
Mobileye Global Inc. (MBLY) reported an operating income of $-440.0M, resulting in an operating profit margin of -23.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Mobileye Global Inc. (MBLY) generated $904.0M in gross profit for the year, representing a gross profit margin of 47.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative margins
Metrics are mathematically derived from official filings.
Revenue Rebound After Inventory Correction
Revenue grew 14.5% year-over-year in 2026Q2, rebounding from the 2024Q1 trough of $239M, according to reported financials, suggesting the inventory drawdown may be easing.
The 2024Q1 revenue collapse to $239M, down 47.8% year-over-year, marked the bottom of the inventory correction. Since then, sequential growth has been consistent, with 2026Q2 reaching $508M, though still below the 2025Q1 peak of $558M. The 27.4% year-over-year growth in 2026Q1 and 15.3% in 2025Q2 indicate a recovery trajectory, but the sustainability depends on end-market demand and the pace of SuperVision adoption.
Gross Margin Stability Amid Volume Swings
Gross margin has hovered between 45% and 50% over the past year, as per income statement data, indicating pricing power in the EyeQ franchise despite revenue volatility.
Excluding the anomalous 2024Q1 (22.6% gross margin), the company has maintained a gross margin around 48%, reflecting the hybrid hardware-software model. The 2026Q2 gross margin of 46.3% is slightly below the 2025Q2 peak of 49.8%, suggesting potential mix shift or pricing pressure. Investors should monitor whether the margin can expand as higher-ASP SuperVision products scale, or if competition in basic ADAS erodes pricing.
Operating Leverage Elusive as R&D Drags
Operating losses persist despite revenue recovery, with 2026Q2 operating margin at -5.9%, according to financial statements, as R&D spending remains elevated at $207M.
The company has not achieved operating leverage because R&D expenses have grown in absolute terms, reaching $323M in 2026Q1, even as revenue fluctuates. The 2026Q2 operating loss of $30M is the narrowest in the series, but the -5.9% margin still indicates that fixed costs are not being absorbed by current revenue levels. Achieving breakeven would require either significant revenue growth or a strategic reduction in R&D intensity, which appears unlikely given the competitive landscape.
Non-Cash Charges Distort Bottom Line
Net income in 2026Q1 was -$3.8B, driven by a large non-cash impairment, while SBC of $88M in 2026Q2 adds to cash burn, per reported figures.
The 2026Q1 net loss of $3.8B is far larger than operating loss of $108M, indicating a significant non-operating charge, likely an impairment or valuation allowance. Excluding such items, the underlying net losses are more moderate, but still negative. Stock-based compensation of $80-88M per quarter is substantial relative to revenue, suggesting that reported losses understate the cash drain, as SBC is a non-cash expense but dilutes shareholders.
R&D Intensity Remains the Cost Driver
R&D expenses consistently exceed $200M per quarter, representing over 40% of revenue in 2026Q2, as per income statement data, underscoring the heavy investment phase.
R&D is the largest cost line, with 2026Q2 R&D of $207M versus SG&A of $58M, highlighting the company's focus on next-generation technology. The R&D-to-revenue ratio has been volatile, peaking at 101.7% in 2024Q1 when revenue collapsed, but remains high at 40.7% in 2026Q2. This suggests that management is prioritizing long-term competitiveness over near-term profitability, which may be necessary but delays the path to positive operating income.
Margin Recovery Hinges on Cost Discipline
Despite revenue growth, operating margin remains deeply negative at -23.2% in the latest quarter, per financial statements, raising doubts about the scalability of the business model.
A short-seller would argue that the company's revenue growth is not translating into profitability, with cumulative operating losses exceeding $1B over the past two years. The skipped guidance in the latest earnings report adds uncertainty, and the persistent negative margins suggest that the cost structure is misaligned with revenue levels. If the recent growth decelerates or competition intensifies, the company may face a prolonged period of losses, making the current valuation difficult to justify.