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Free cash flow was deeply negative at -$15.9B in 2026Q2 due to capital expenditures of $18.4B, indicating the company's substantial cash reserves are being consumed at an alarming rate.
Space Exploration Technologies Corp. (SPCX) cash flow statement — 2-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 |
|---|
| Cash from Operations | 3.47B | 6.79B | 5.78B |
| Operating CF Margin % | - | 36.33% | 41.21% |
| Operating CF Growth % | 0% | 17.47% | - |
| Net Income | -4.82B | -4.94B | 791M |
| Depreciation & Amortization | 5.29B | 6.7B | 3.82B |
| Stock-Based Compensation | 1.47B | 1.95B | 784M |
| Deferred Taxes | -9M | 626M | -675M |
| Other Non-Cash Items | 2.05B | 359M | -621M |
| Working Capital Changes | -520M | 2.09B | 1.67B |
| Change in Receivables | -2B | -543M | -347M |
| Change in Inventory | -827M | -413M | -309M |
| Change in Payables | -88M | 709M | 472M |
| Cash from Investing | -34.49B | -19.57B | -10.8B |
| Capital Expenditures | -28.48B | -20.74B | -11.16B |
| CapEx % of Revenue | - | 111.05% | 79.65% |
| Acquisitions | 0 | 0 | 0 |
| Investments | - | - | - |
| Other Investing | -13.26B | -232M | 4M |
| Cash from Financing | 100.29B | 26.35B | 11.83B |
| Debt Issued (Net) | 12.24B | 8.9B | -231M |
| Equity Issued (Net) | 89.88B | 18.01B | 12.3B |
| Dividends Paid | 0 | 0 | 0 |
| Share Repurchases | -4.43B | -1.13B | -1.02B |
| Other Financing | -1.84B | -562M | -243M |
| Net Change in Cash | 69.23B | 13.62B | 6.81B |
| Free Cash Flow | -25.01B | -13.95B | -5.39B |
| FCF Margin % | - | -74.71% | -38.44% |
| FCF Growth % | - | -158.99% | - |
| FCF per Share | -4.27 | -4.77 | -0.54 |
| FCF Conversion (FCF/Net Income) | 5.19x | -1.37x | 7.30x |
| Interest Paid | 0 | 1.48B | 1.5B |
| Taxes Paid | 0 | 154M | 134M |
Quick answers to the most common questions about buying SPCX stock.
Space Exploration Technologies Corp. (SPCX) generated $6.79B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Space Exploration Technologies Corp. (SPCX) reported negative free cash flow of $13.95B in 2025, indicating capital requirements exceeded cash from operations.
Space Exploration Technologies Corp. (SPCX) spent $20.74B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Space Exploration Technologies Corp. (SPCX) spent $1.13B on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Massive cash burn from R&D and Capex
Negative FCF Deepens on Capex Surge
SPCX's free cash flow remained deeply negative at -$15.9B in 2026Q2, as capital expenditures of $18.4B, reported in its financial statements, overwhelmed the modest $2.4B operating cash flow, underscoring a severe cash burn tied to its investment phase.
The quarterly FCF margin of -2.0% is dramatically worse than the prior quarter's -193.0%, but only because revenue more than doubled; in absolute terms, the cash outflow has widened from -$9.1B. This trajectory indicates that despite revenue growth, the company's cash generation is deteriorating, with every incremental dollar of sales requiring massive upfront capital investment.
OCF Marginally Positive, But Distorted by D&A
Operating cash flow turned slightly positive at $2.4B in 2026Q2, a significant swing from $1.0B in Q1, yet this appears driven primarily by $2.8B in depreciation and amortization rather than core operational cash generation, according to the company's reported figures.
The OCF/NI ratio of -4.47 highlights a stark disconnect between accounting losses and cash flow, but here the positive OCF is largely a non-cash add-back. This suggests the underlying cash conversion quality is weak, with actual cash from operations being minimal relative to the scale of investment spending.
Capital Intensity Skyrockets to 2.4x Revenue
Capital expenditures surged to $18.4B in 2026Q2, representing a Capex/Revenue ratio of 2.4%, an unprecedented level of capital intensity that dwarfs the company's entire revenue base, as shown in the quarterly data.
This extreme capital intensity suggests that SPCX is in a period of massive, growth-oriented infrastructure build-out. The magnitude implies these are likely growth capex projects, potentially for new launch systems or satellite constellations, rather than maintenance, which creates a long-term cash flow obligation with uncertain future returns.
Working Capital Reversal Pressures Cash
After providing $374M of cash in Q1, working capital consumed $894M in 2026Q2, indicating a potential inventory build or collection slowdown, which complicates the cash flow picture amid massive capital spending.
This swing back to a use of cash suggests that operational efficiency is not yet keeping pace with the revenue ramp. The negative working capital change acts as an additional headwind, requiring the company to fund a larger portion of its growth through external financing or existing cash reserves.
SBC Cash Flow Masking True Burn Rate
Stock-based compensation of $831M in 2026Q2, as reported in the cash flow statement, is a non-cash expense that inflates operating cash flow, masking the true cash burn from operations before accounting for these employee-related costs.
When the $831M SBC add-back is considered, the cash available for core operations is even lower than the headline OCF figure suggests. This adjustment is critical for investors to model, as it represents a real economic cost in the form of equity dilution that is not reflected in the negative net income figures.