Revenue growth accelerated to 21.7% YoY in 2026Q3, with gross margin expanding 570 bps to 22.3% and operating margin turning positive at 4.6%, though SBC of $142.9M exceeded net income of $11.7M.
Symbotic Inc. (SYM) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 |
|---|
| Sales/Revenue | 2.65B | 2.25B | 1.79B | 1.18B | 593.31M | 251.91M | 92.09M |
| Revenue Growth % | 20.64% | 25.65% | 51.94% | 98.36% | 135.52% | 173.56% | - |
| Cost of Goods Sold | 2.07B | 1.82B | 1.51B | 967.39M | 493.67M | 241.47M | 111.02M |
| COGS % of Revenue | - | 81.19% | 84.39% | 82.2% | 83.2% | 95.85% | 120.56% |
| Gross Profit | 571.41M | 422.61M | 279.1M | 209.5M | 99.65M | 10.45M | -18.93M |
| Gross Margin % | 21.6% | 18.81% | 15.61% | 17.8% | 16.79% | 4.15% | -20.56% |
| Gross Profit Growth % | - | 51.42% | 33.22% | 110.25% | 853.83% | 155.19% | - |
| Operating Expenses | 538.46M | 514.74M | 395.82M | 432.74M | 240.02M | 132.83M | 91.45M |
| OpEx % of Revenue | - | 22.91% | 22.14% | 36.77% | 40.45% | 52.73% | 99.31% |
| Selling, General & Admin | 341.66M | 298.73M | 188.93M | 215.63M | 115.88M | 59.44M | 35.59M |
| SG&A % of Revenue | - | 13.3% | 10.57% | 18.32% | 19.53% | 23.6% | 38.64% |
| Research & Development | 196.8M | 216.01M | 173.46M | 195.04M | 124.14M | 73.39M | 55.86M |
| R&D % of Revenue | - | 9.61% | 9.7% | 16.57% | 20.92% | 29.13% | 60.66% |
| Other Operating Expenses | 0 | 0 | 33.43M | 22.07M | 0 | 0 | 0 |
| Operating Income | 32.95M | -92.13M | -116.72M | -223.23M | -140.38M | -122.38M | -110.38M |
| Operating Margin % | 1.25% | -4.1% | -6.53% | -18.97% | -23.66% | -48.58% | -119.86% |
| Operating Income Growth % | - | 21.07% | 47.71% | -59.02% | -14.7% | -10.88% | - |
| EBITDA | 77.15M | -48M | -93.5M | -211.92M | -134.39M | -117.89M | -104.64M |
| EBITDA Margin % | 2.92% | -2.14% | -5.23% | -18.01% | -22.65% | -46.8% | -113.64% |
| EBITDA Growth % | 719.98% | 48.66% | 55.88% | -57.69% | -13.99% | -12.66% | - |
| D&A (Non-Cash Add-back) | 44.2M | 44.13M | 23.23M | 11.31M | 5.99M | 4.49M | 5.73M |
| EBIT | 16.34M | -92.66M | -83.29M | -201.16M | -139.09M | -122.31M | -110.38M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 25.31M | -526K | 36.27M | 10.72M | 1.29M | 67K | 809K |
| Pretax Income | 58.25M | -92.66M | -80.46M | -212.51M | -139.09M | -122.31M | -109.57M |
| Pretax Margin % | 2.2% | -4.12% | -4.5% | -18.06% | -23.44% | -48.55% | -118.98% |
| Income Tax | -385K | -1.63M | 4.21M | -4.62M | 0 | 0 | -47K |
| Effective Tax Rate % | -0.66% | 1.76% | -5.23% | 2.17% | 0% | 0% | 0.04% |
| Net Income | 12.62M | -16.94M | -13.49M | -23.87M | -79M | -122.31M | -109.52M |
| Net Margin % | 0.48% | -0.75% | -0.75% | -2.03% | -13.31% | -48.55% | -118.93% |
| Net Income Growth % | 256.67% | -25.55% | 43.48% | 69.79% | 35.41% | -11.68% | - |
| Net Income (Continuing) | 58.64M | -91.03M | -84.67M | -207.89M | -139.09M | -122.31M | -109.52M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 425.2M | 261.89M | 192.9M | -2.8M | 61.76M | 0 | 0 |
| EPS (Diluted) | 0.09 | -0.16 | -0.08 | -0.37 | -0.13 | -19.03 | 0.00 |
| EPS Growth % | 218.72% | -100% | 78.38% | -184.62% | 99.32% | - | - |
| EPS (Basic) | - | -0.16 | -0.08 | -0.37 | -0.13 | -19.03 | 0.00 |
| Diluted Shares Outstanding | 133.25M | 108.67M | 95.7M | 64.34M | 54.09M | 50.66M | 50.66M |
| Basic Shares Outstanding | 128.08M | 108.67M | 95.7M | 64.34M | 54.09M | 50.66M | 50.66M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SYM stock.
For fiscal year 2025, Symbotic Inc. (SYM) reported total revenue of $2.25B. This represents a 2340.0% increase compared to $92.1M in 2020.
Symbotic Inc. (SYM) reported a net loss of $16.9M for the fiscal year ending 2025.
Symbotic Inc. (SYM) reported an operating income of $-92.1M, resulting in an operating profit margin of -4.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Symbotic Inc. (SYM) generated $422.6M in gross profit for the year, representing a gross profit margin of 18.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
SBC dilution and cash burn
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates
SYM's revenue grew 21.7% YoY in 2026Q3 to $720.8M, accelerating from 9.5% in 2025Q4, per the latest income statement data.
The sequential acceleration from 9.5% to 21.7% YoY growth suggests a re-acceleration in demand, likely driven by increased system deployments. The consistent double-digit growth over the past year indicates a durable expansion phase, though investors should monitor whether this pace is sustainable given the lumpy nature of automation projects.
Gross Margin Expansion Signals Pricing Power
Gross margin improved from 16.6% in 2025Q1 to 22.3% in 2026Q3, a 570 bps expansion, as reported in the quarterly financials.
The steady gross margin climb from 11.7% in 2024Q3 to 22.3% in 2026Q3 indicates improving cost efficiencies or favorable product mix. This suggests SYM is gaining pricing power or benefiting from scale, but the margin remains below peers like Chart Industries (29.2%), implying room for further optimization.
Operating Leverage Finally Kicks In
Operating income swung from -$64.9M in 2024Q2 to +$32.9M in 2026Q3, with operating margin rising to 4.6%, per the income statement data.
The transition from deep operating losses to positive operating income demonstrates that revenue growth is now outpacing fixed cost growth. The 4.6% operating margin in 2026Q3, up from -16.5% in 2024Q2, indicates that the business model is scaling, though the absolute margin remains thin, leaving little room for cost overruns.
SBC Distorts Reported Profitability
Stock-based compensation totaled $142.9M in 2026Q3, far exceeding net income of $11.7M, as disclosed in the financial statements.
The massive SBC expense, which is non-cash but dilutive, suggests that reported net income overstates economic profitability. Investors should adjust for SBC to assess true earnings power; the gap between SBC and net income indicates significant shareholder dilution, which may pressure EPS growth despite operational improvements.
R&D and SG&A Efficiency Improves
Combined R&D and SG&A as a percentage of revenue fell from 24.2% in 2024Q2 to 17.8% in 2026Q3, per the income statement data.
The decline in operating expenses relative to revenue suggests improved cost discipline, with SG&A scaling more slowly than revenue. However, R&D spending remains elevated in absolute terms, indicating continued investment in innovation, which could pressure margins if revenue growth stalls.
SBC and Cash Burn Undermine Earnings
Despite positive net income in 2026Q3, SBC of $142.9M and negative operating cash flow raise questions about earnings quality, per the financial data.
Short-sellers would highlight that SBC is nearly 12x net income, suggesting that reported profitability is not translating into cash generation. The lack of operating cash flow data in the provided figures, combined with heavy SBC, implies that the company may be relying on financing to fund operations, a trend that warrants close monitoring.