Capital expenditure intensity remains extreme, with a CapEx/Revenue ratio of 175.4% in 2026Q1, reflecting the heavy investment required for the Delta Class manufacturing infrastructure.
| Cash from Operations | -217.72M | -240.14M | -352.7M | -448.19M | -380.24M | -230.76M | -233.16M | -203.56M | -1.15M | -652.7K |
| Operating CF Margin % | - | -15553.24% | -5012.83% | -6591.07% | -16446.41% | -7009.81% | -97965.97% | -5383.66% | -40.25% | -37.21% |
| Operating CF Growth % | 123.71% | 31.91% | 21.31% | -17.87% | -64.78% | 1.03% | -14.54% | -17652.16% | -75.68% | - |
| Net Income | -259.13M | -278.91M | -346.74M | -502.34M | -500.15M | -352.9M | -644.89M | -210.94M | 10.97M | 1.33M |
| Depreciation & Amortization | 16.18M | 16.48M | 15.47M | 13.37M | 11.1M | 11.52M | 9.78M | 7M | 5.81M | 4.55M |
| Stock-Based Compensation | 9.55M | 18.7M | 29.75M | 44.26M | 45.71M | 61.8M | 30.32M | 2.54M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 6.45M | -3.78M | -12.94M | -11.41M | 12.8M | 34.66M | 371.95M | -38K | -12.31M | -1.94M |
| Working Capital Changes | 9.23M | 7.37M | -38.24M | 7.93M | 50.31M | 14.15M | -325K | -2.12M | 197.25K | -42.06K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | -944K | 819K | -2.2M | 138K |
| Change in Inventory | 0 | 0 | 0 | 4.76M | 5.63M | 815K | 1.37M | -3.53M | -13.12M | -1.19M |
| Change in Payables | 12.81M | 11.22M | -29.2M | 8.63M | 0 | 0 | 0 | -1.89M | -29.62K | 230.15M |
| Cash from Investing | 111.14M | 90.84M | 175.66M | -116.27M | -286.17M | -387.52M | -17.2M | -19.41M | -10.59M | -690M |
| Capital Expenditures | -191.81M | -198.04M | -121.86M | -44.31M | -16.49M | -4.63M | -17.2M | -19.41M | -10.59M | -5.6M |
| CapEx % of Revenue | 14641.6% | 12826.75% | 1731.88% | 651.6% | 713.19% | 140.8% | 7227.31% | 513.38% | 371.71% | 319.1% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 6.08M | 610K | 0 | 0 | 0 | 0 | 0 | 0 | -684M |
| Cash from Financing | 89.9M | 114.13M | 134.34M | 475.43M | 459M | 489.36M | 436.59M | 634.32M | 912.43K | 691.35M |
| Debt Issued (Net) | -115.12M | -108.32M | -193K | -235K | 424.46M | -450K | -433K | -104K | -88K | 0 |
| Equity Issued (Net) | 206.79M | 230.22M | 137.8M | 484.14M | 103.33M | 500M | 460.2M | 76.31M | 0 | 691.22M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.77M | -7.78M | -3.26M | -8.48M | -68.78M | -10.19M | -23.17M | 558.11M | 156.68M | 126.38K |
| Net Change in Cash | -16.68M | -35.17M | -42.71M | -89.03M | -207.4M | -128.93M | 186.23M | 411.35M | -234.22K | 696.38K |
| Free Cash Flow | -409.53M | -438.19M | -474.56M | -492.5M | -396.73M | -235.4M | -250.36M | -222.97M | -11.74M | -6.25M |
| FCF Margin % | -31261.83% | -28379.99% | -6744.71% | -7242.68% | -17159.6% | -7150.61% | -105193.28% | -5897.04% | -411.96% | -356.31% |
| FCF Growth % | 12.91% | 7.66% | 3.64% | -24.14% | -68.54% | 5.98% | -12.29% | -1799.75% | -87.8% | - |
| FCF per Share | -5.15 | -8.55 | -19.02 | -29.21 | -30.06 | -19.01 | -22.85 | -22.94 | -1.21 | -0.03 |
| FCF Conversion (FCF/Net Income) | 1.58x | 0.86x | 1.02x | 0.89x | 0.76x | 0.65x | 0.36x | 0.97x | -0.10x | -0.49x |
| Interest Paid | 0 | 0 | 10.63M | 15.94M | 5.67M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 329K | 658K | 80K | 109K | 102K | 0 | 0 | 0 |
Liquidity and operational hiatus
According to recent financial disclosures, SPCE consistently reports operating cash flow deficits that closely track net losses, with the OCF/NI ratio hovering near 0.85, suggesting that the company lacks any meaningful non-cash accrual buffer to mitigate its ongoing, deep-seated operational cash burn.
The tight correlation between net income and operating cash flow indicates that the company's losses are primarily driven by cash-based expenditures rather than non-cash accounting charges. This lack of divergence suggests that the business is currently unable to generate internal cash to fund its operations, leaving it entirely dependent on external capital.
As reported in quarterly filings, the company's free cash flow margins remain deeply negative, frequently exceeding -250% of revenue, which underscores the extreme capital intensity required to sustain the current development-heavy business model during this prolonged operational hiatus.
The persistent negative free cash flow trajectory reflects a business model that is currently consuming capital at a rate far outpacing its ability to generate revenue. Investors should monitor whether the transition to the Delta Class fleet can eventually narrow this gap, though current data provides little evidence of near-term improvement.
Based on the provided cash flow statements, the company's capital expenditure intensity is exceptionally high, with CapEx/Revenue ratios frequently exceeding 100% in recent periods, illustrating the heavy investment required to build out the next-generation Delta Class manufacturing infrastructure.
The elevated capital spending relative to revenue suggests that the company is in a pure investment phase, prioritizing asset development over immediate commercial returns. This level of capital intensity warrants further investigation into whether the current cash reserves are sufficient to complete the necessary fleet expansion without further dilution.
Analysis of recent cash flow statements reveals inconsistent working capital movements, with fluctuations in accounts payable and deferred revenue suggesting that the company's cash position is highly sensitive to the timing of customer deposits and supplier payment cycles during this period of operational transition.
The volatility in working capital changes appears to reflect the company's struggle to manage liquidity while scaling down legacy operations and ramping up new development. Investors should be cautious, as these shifts may mask underlying cash flow pressures that are not immediately apparent in the headline operating cash flow figures.
As evidenced by the historical cash flow data, the cumulative gap between net income and operating cash flow remains narrow, confirming that the company's reported losses are fundamentally cash-based and not mitigated by significant non-cash accounting adjustments or deferred liabilities.
The lack of a meaningful divergence between net income and operating cash flow suggests that the company's financial distress is not an accounting artifact but a reflection of real-world cash consumption. This reality implies that the company's path to sustainability is entirely dependent on achieving a radical shift in its operational cost structure.
Quick answers to the most common questions about buying SPCE stock.
Virgin Galactic Holdings, Inc. (SPCE) generated $-240.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Virgin Galactic Holdings, Inc. (SPCE) reported negative free cash flow of $438.2M in 2025, indicating capital requirements exceeded cash from operations.
Virgin Galactic Holdings, Inc. (SPCE) spent $198.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.