Revenue has ranged between $438M and $558M over the last ten quarters, but operating margin remained negative throughout, reaching -16.7% in 2026Q3 on $492M revenue, which suggests R&D intensity has not yet scaled against gross profit.
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 | 2B | 1.89B | 1.65B | 2.08B | 1.87B | 1.39B | 967M |
| Revenue Growth % | 3.41% | 14.51% | -20.44% | 11.24% | 34.85% | 43.33% | - |
| Cost of Goods Sold | 1.03B | 990M | 913M | 1.03B | 947M | 731M | 591M |
| COGS % of Revenue | - | 52.27% | 55.2% | 49.64% | 50.67% | 52.74% | 61.12% |
| Gross Profit | 973M | 904M | 741M | 1.05B | 922M | 655M | 376M |
| Gross Margin % | 48.55% | 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 | 1.33B | 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 | 229M | 193M | 188M | 191M | 170M | 168M | 149M |
| SG&A % of Revenue | - | 10.19% | 11.37% | 9.19% | 9.1% | 12.12% | 15.41% |
| Research & Development | 1.1B | 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 | -360M | -440M | -3.23B | -33M | -37M | -57M | -213M |
| Operating Margin % | -17.96% | -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 | 53M | 77M | -2.72B | 480M | 530M | 469M | 250M |
| EBITDA Margin % | 2.64% | 4.07% | -164.39% | 23.09% | 28.36% | 33.84% | 25.85% |
| EBITDA Growth % | -58.59% | 102.83% | -666.46% | -9.43% | 13.01% | 87.6% | - |
| D&A (Non-Cash Add-back) | 399M | 517M | 506M | 513M | 567M | 526M | 463M |
| EBIT | -4.11B | -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 | -4.09B | -377M | -3.16B | 16M | -32M | -57M | -212M |
| Pretax Margin % | -204.19% | -19.91% | -191.23% | 0.77% | -1.71% | -4.11% | -21.92% |
| Income Tax | -59M | 15M | -73M | 43M | 50M | 18M | -16M |
| Effective Tax Rate % | 1.44% | -3.98% | 2.31% | 268.75% | -156.25% | -31.58% | 7.55% |
| Net Income | -4.03B | -392M | -3.09B | -27M | -82M | -75M | -196M |
| Net Margin % | -201.25% | -20.7% | -186.82% | -1.3% | -4.39% | -5.41% | -20.27% |
| Net Income Growth % | -1100.3% | 87.31% | -11344.44% | 67.07% | -9.33% | 61.73% | - |
| Net Income (Continuing) | -4.03B | -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) | -4.89 | -0.48 | -3.82 | -0.03 | -0.10 | -0.09 | -0.25 |
| EPS Growth % | -1078.29% | 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 | 824M | 813M | 809M | 805M | 801.91M | 796.26M | 796.26M |
| Basic Shares Outstanding | 824M | 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 operating losses and margin drag
Metrics are mathematically derived from official filings.
Revenue Recovery Masks Volatile Quarterly Path
Based on reported figures, MBLY's quarterly revenue ranged from roughly $438M to $558M over ten quarters, with the latest quarter showing a 2.4% decline year over year after prior acceleration.
The revenue series suggests a business whose top line is driven by lumpy Tier-1 order timing rather than smooth end-market demand, as reflected in the sharp swings between adjacent quarters. The headline growth rates appear distorted by a soft comparison base, so the durability of any single quarter's acceleration warrants caution. Investors should monitor whether sequential revenue stabilizes above the $490M to $510M band, which would indicate more consistent underlying demand.
Gross Margin Swings Signal Pricing Pressure
Reported gross margin moved between roughly 45% and 53% over the period, with the latest quarter's 53.0% figure standing well above the typical range and warranting scrutiny.
The wide dispersion in gross margin suggests that mix shifts between basic ADAS volumes and higher-ASP products, along with inventory-related cost effects, may be driving reported profitability more than structural pricing power. An isolated high print in the most recent quarter may not be representative and could reflect timing effects. Analysts should watch whether gross margin settles into a consistent band, as sustained compression below the mid-40s would suggest competitive pressure from lower-cost domestic Chinese suppliers.
Operating Losses Persist Despite Stable Overhead
Operating margin remained negative across all ten reported quarters, ranging from roughly -5.8% to -31.4%, while SG&A held in a relatively narrow $44M to $60M band.
The stability of SG&A alongside persistently negative operating margins indicates that the cost base is dominated by R&D rather than overhead, meaning operating leverage is not yet working in the company's favor. Revenue has not grown fast enough to absorb the fixed R&D burden, which appears to be the core reason operating losses have not narrowed meaningfully. Investors may need to see R&D intensity decline relative to revenue before operating leverage can be credibly assessed as improving.
R&D Intensity Drives the Loss Profile
Reported R&D expense ranged from roughly $207M to $323M per quarter, consistently exceeding gross profit in most periods and representing the primary driver of negative operating income.
The R&D line appears to be the dominant cost item, and its magnitude relative to gross profit implies that the company is funding a long-duration platform investment in autonomous driving stacks. This spending may be strategically justified, but the reported figures do not yet show a clear path where R&D growth slows below revenue growth. Monitoring R&D as a percentage of revenue over the coming quarters will be essential to judging whether the investment cycle is maturing.
Sustained Losses Challenge the Growth Narrative
Reported net margin has been negative in every one of the ten quarters examined, and the most recent period shows a net loss of $67M on $492M revenue, challenging any thesis built on near-term profitability.
The bear case centers on the possibility that revenue growth, even when positive, is insufficient to close the gap with a cost structure weighted toward long-term R&D bets. Competitive pressure from Nvidia, Qualcomm, and Chinese domestic players could cap pricing and erode the margin advantage the company currently enjoys on gross profit. Investors should weigh whether the reported growth is durable enough to justify continued losses, rather than assuming operating leverage will emerge on schedule.