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Revenue rebounded 66% quarter-over-quarter to $7.8B in 2026Q2, yet operating losses narrowed only modestly to -$143M as R&D spending consumed 44.9% of revenue, completely obscuring the impact of the sales growth.
Space Exploration Technologies Corp. (SPCX) annual income statement — 2-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 |
|---|
| Sales/Revenue | 12.51B | 18.67B | 14.02B |
| Revenue Growth % | - | 33.24% | - |
| Cost of Goods Sold | 5.88B | 9.45B | 8B |
| COGS % of Revenue | - | 50.61% | 57.05% |
| Gross Profit | 6.63B | 9.22B | 6.02B |
| Gross Margin % | - | 49.39% | 42.95% |
| Gross Profit Growth % | - | 53.23% | - |
| Operating Expenses | 8.71B | 11.81B | 5.55B |
| OpEx % of Revenue | - | 63.25% | 39.62% |
| Selling, General & Admin | 1.66B | 2.64B | 1.81B |
| SG&A % of Revenue | - | 14.16% | 12.94% |
| Research & Development | 7.06B | 8.64B | 3.46B |
| R&D % of Revenue | - | 46.28% | 24.72% |
| Other Operating Expenses | 0 | 525M | 276M |
| Operating Income | -2.09B | -2.59B | 466M |
| Operating Margin % | - | -13.86% | 3.33% |
| Operating Income Growth % | - | -655.58% | - |
| EBITDA | 610M | 4.11B | 4.29B |
| EBITDA Margin % | - | 22.02% | 30.61% |
| EBITDA Growth % | - | -4.15% | - |
| D&A (Non-Cash Add-back) | 2.44B | 6.7B | 3.82B |
| EBIT | 44M | -2.41B | -519M |
| Net Interest Income | -740M | -1.45B | -1.21B |
| Interest Income | 553M | 492M | 371M |
| Interest Expense | 1.29B | 1.95B | 1.58B |
| Other Income/Expense | -2.7B | -1.63B | -224M |
| Pretax Income | -4.79B | -4.22B | 242M |
| Pretax Margin % | - | -22.59% | 1.73% |
| Income Tax | 29M | 718M | -549M |
| Effective Tax Rate % | -0.61% | -17.02% | -226.86% |
| Net Income | -4.82B | -4.94B | 791M |
| Net Margin % | - | -26.44% | 5.64% |
| Net Income Growth % | - | -724.15% | - |
| Net Income (Continuing) | -4.82B | -4.94B | 791M |
| Discontinued Operations | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
| EPS (Diluted) | - | -1.69 | 0.00 |
| EPS Growth % | - | - | - |
| EPS (Basic) | - | -1.69 | 0.01 |
| Diluted Shares Outstanding | 5.86B | 2.93B | 9.96B |
| Basic Shares Outstanding | 5.86B | 2.93B | 2.85B |
| Dividend Payout Ratio | - | - | - |
Quick answers to the most common questions about buying SPCX stock.
For fiscal year 2025, Space Exploration Technologies Corp. (SPCX) reported total revenue of $18.67B. This represents a 33.2% increase compared to $14.02B in 2024.
Space Exploration Technologies Corp. (SPCX) reported a net loss of $4.94B for the fiscal year ending 2025.
Space Exploration Technologies Corp. (SPCX) reported an operating income of $-2589.0M, resulting in an operating profit margin of -13.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Space Exploration Technologies Corp. (SPCX) generated $9.22B in gross profit for the year, representing a gross profit margin of 49.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Extreme R&D burden eroding returns
Revenue Rebound Amid Operational Reset
SPCX's revenue rebounded sharply to $7.8B in 2026Q2 from $4.7B in the prior quarter, suggesting a potential operational recovery or a significant shift in project delivery timelines following a deeply disappointing Q1.
The sequential acceleration in revenue is striking, but the absolute level remains below the $8B+ quarterly run-rate implied by the company's long-term ambitions. This volatility suggests revenue recognition may be lumpy and tied to specific mission milestones rather than a smooth underlying demand curve, which warrants scrutiny of the underlying backlog and delivery schedule.
Gross Margin Expansion Under Pressure
Gross margins expanded significantly to 55.3% in 2026Q2 from 49.1% in Q1, indicating improved production efficiencies or a more favorable mix of higher-margin missions, yet they remain under structural pressure from immense R&D spending.
The margin recovery is a positive signal, but the cost of goods sold at $3.5B against $7.8B revenue still implies substantial direct costs associated with its capital-intensive launch operations. However, the sheer magnitude of R&D as a percentage of revenue (44.9% in Q2) indicates that gross profit is entirely consumed by development activities, making it the dominant driver of operating losses.
Operating Leverage Non-Existent in R&D Phase
Operating leverage is absent, as operating losses narrowed only modestly to -$143M in 2026Q2 despite a $3.1B revenue increase, because the cost structure is dominated by massive, non-discretionary R&D outlays.
The company's operating margin improved dramatically from -41.4% to -1.8% quarter-over-quarter, but this is a function of the revenue surge, not cost control. SG&A remained relatively fixed, while R&D held steady at $3.5B, confirming that the business model currently lacks scalable operating leverage until this investment cycle matures.
Net Losses Driven by R&D and SBC
Reported net losses of $541M in 2026Q2 and $4.3B in Q1 are a direct function of massive R&D capitalization and stock-based compensation, which totaled $831M in Q2, significantly obscuring underlying cash operational performance.
The enormous SBC expense, which represents 10.6% of Q2 revenue, heavily dilutes equity holders and is a recurring non-cash charge that management appears to use to fund its long-term engineering goals. Investors should treat reported EPS of -$0.09 as a poor proxy for economic value creation, given the capital-intensive and pre-profit nature of the business.
R&D as the Primary Cost Center
Research and development is the overwhelmingly dominant cost structure, consuming 44.9% of revenue in 2026Q2, which dwarfs both COGS and SG&A and dictates the entire financial profile of the company.
The commitment to R&D at $3.5B per quarter is the defining feature of the income statement, reflecting an aggressive investment in next-generation vehicle development and new capabilities. This level of spending is unsustainable without consistent access to external capital markets or a radical improvement in the profitability of core launch services.
The Peril of Investment-Phase Financials
The financial profile presents a classic challenge: SPCX is burning substantial cash on R&D to fund future growth, but there is no current proof that this investment will generate a positive return on capital, especially with operating margins deeply negative.
Short-sellers would focus on the persistent net losses, the massive cash burn implied by the income statement (net loss plus non-cash SBC), and the lack of a visible path to profitability that covers the R&D burden. The narrative of future technological dominance must be weighed against the present financial reality of consuming gross profit on development projects with uncertain timelines and commercial outcomes.