Pony AI Inc. (PONY) Balance Sheet
PONY balance sheet, 2025
December 31, 2025 · U.S. dollars$1.81B assets = $103.8M liabilities + $1.71B equity
Both columns are drawn to the same scale: what PONY owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PONY financial health
Descriptive bands, not a rating. Fiscal 2025.
PONY balance sheet trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $708.9M2021 | $1.81B2025 | +26.5%/yr | |
| Total liabilities | $31.2M2021 | $103.8M2025 | +35.0%/yr | |
| Shareholders’ equity | $673.8M2021 | $1.65B2025 | +25.1%/yr | |
| Cash & short-term investments | $418.8M2021 | $1.17B2025 | +29.2%/yr | |
| Total debt | $13.0M2022 | $28.9M2025 | +30.4%/yr | |
| Net cash (debt) | $564.9M2022 | $1.14B2025 | +$573.8M | |
| Working capital | $412.0M2021 | $1.16B2025 | +$747.1M | |
| Book value per share | $1.932021 | $4.352025 | +22.5%/yr | |
| Debt / equity | 0.022022 | 0.022025 | 0.00 | |
| Shares outstanding | 349.0M2021 | 379.9M2025 | +2.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PONY assets
PONY liabilities and equity
PONY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PONY balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & short-term investments | $1.17B | $745.0M | $589.6M | $577.9M | $418.8M |
| Cash & equivalents | $295.4M | $536.0M | $426.0M | $316.3M | $242.5M |
| Short-term investments | $872.2M | $209.0M | $163.6M | $261.6M | $176.2M |
| Receivables | $35.0M | $36.9M | $37.2M | $34.2M | $2.2M |
| Inventory | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $48.1M | $52.7M | $39.6M | $31.5M | $21.2M |
| Total current assets | $1.25B | $834.6M | $666.3M | $643.6M | $442.1M |
| Property, plant & equipment (net) | $75.3M | $30.0M | $21.3M | $34.5M | $33.1M |
| Goodwill & intangible assets | $1.0M | $564,000 | $556,446 | $491,106 | $811,000 |
| Long-term investments | $454.9M | $130.8M | $51.7M | $80.7M | $227.2M |
| Other non-current assets | $30.9M | $54.8M | $7.2M | $12.3M | $5.7M |
| Total assets | $1.81B | $1.05B | $747.1M | $771.5M | $708.9M |
| Liabilities | |||||
| Accounts payable | $17.3M | $15.1M | — | — | — |
| Short-term debt | $18.5M | $4.0M | $5.1M | $9.2M | — |
| Deferred revenue | $1.9M | $3.2M | $2.4M | $4.9M | — |
| Total current liabilities | $91.5M | $70.9M | $48.2M | $48.1M | $30.1M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $15.7M | $13.8M | $7.4M | $9.1M | $0 |
| Other long-term liabilities | $12.4M | $11.2M | $3.8M | $5.5M | $1.1M |
| Total liabilities | $103.8M | $82.1M | $51.9M | $53.6M | $31.2M |
| Shareholders' equity | |||||
| Common stock & paid-in capital | $217,000 | $175,000 | $45,000 | $44,000 | $42,000 |
| Retained earnings (deficit) | −$1.42B | −$1.29B | −$739.5M | −$614.7M | −$466.6M |
| Accumulated other comprehensive income | −$4.5M | $10.4M | $4.5M | −$72,000 | $13.6M |
| Minority interest | $56.7M | $17.6M | $11.1M | $11.9M | — |
| Total shareholders' equity | $1.65B | $951.1M | $684.0M | $706.0M | $673.8M |
| Key figures | |||||
| Total debt | $28.9M | $13.8M | $7.4M | $13.0M | — |
| Net cash (debt) | $1.14B | $731.2M | $582.2M | $564.9M | — |
| Working capital | $1.16B | $763.7M | $618.2M | $595.5M | $412.0M |
| Tangible book value | $1.65B | $950.6M | $683.5M | $705.5M | $673.0M |
| Book value per share | $4.35 | $8.32 | $7.69 | $2.02 | $1.93 |
| Shares outstanding | 379.9M | 114.3M | 88.9M | 349.0M | 349.0M |
| Current ratio | 13.67 | 11.77 | 13.83 | 13.38 | 14.69 |
| Quick ratio | 13.15 | 11.03 | 13.01 | 12.73 | 13.98 |
| Debt / equity | 0.02 | 0.01 | 0.01 | 0.02 | — |
| Equity / assets | 91.1% | 90.5% | 91.6% | 91.5% | 95.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.11B | $1.07B | $1.17B | $444.7M | $608.0M | $629.9M | $745.0M | $745.0M | $473.0M | $473.0M | $589.6M | $589.6M |
| Cash & equivalents | $327.1M | $327.1M | $295.4M | $99.0M | $318.5M | $379.2M | $536.0M | $536.0M | $334.8M | $334.8M | $426.0M | $426.0M |
| Short-term investments | $787.0M | $740.3M | $872.2M | $345.7M | $289.5M | $250.8M | $209.0M | $209.0M | $138.3M | $138.3M | $163.6M | $163.6M |
| Receivables | $56.2M | $50.1M | $35.0M | $37.2M | $34.5M | $30.2M | $28.6M | $36.9M | $35.0M | $35.0M | $37.2M | $37.2M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $66.5M | $49.3M | $48.1M | $59.4M | $59.2M | $56.1M | $61.1M | $52.7M | $50.0M | $50.0M | $39.6M | $39.6M |
| Total current assets | $1.24B | $1.17B | $1.25B | $541.3M | $701.8M | $716.2M | $834.6M | $834.6M | $558.0M | $558.0M | $666.3M | $666.3M |
| Property, plant & equipment (net) | $117.3M | $89.4M | $75.3M | $61.7M | $45.8M | $32.0M | $30.0M | $30.6M | $17.2M | $17.2M | $21.3M | $21.8M |
| Goodwill & intangible assets | $0 | $1.0M | $1.0M | $0 | $0 | $564,000 | $564,000 | $0 | $0 | $0 | $556,446 | $0 |
| Long-term investments | $375.7M | $464.6M | $454.9M | $267.6M | $214.1M | $154.2M | $130.8M | $0 | $89.3M | $0 | $51.7M | $0 |
| Other non-current assets | $8.8M | $33.3M | $30.9M | $30.1M | $29.3M | $69.4M | $54.8M | $185.6M | $29.1M | $118.4M | $7.2M | $58.9M |
| Total assets | $1.74B | $1.76B | $1.81B | $900.7M | $991.0M | $972.3M | $1.05B | $1.05B | $693.6M | $693.6M | $747.1M | $747.1M |
| Liabilities | ||||||||||||
| Accounts payable | $72.1M | $65.9M | $85.3M | $71.3M | $107.8M | $40.9M | $15.1M | $2.2M | — | $1.9M | — | $1.8M |
| Short-term debt | $5.5M | $5.0M | $4.8M | $4.9M | $4.8M | $3.6M | — | $4.0M | $3.6M | $3.6M | $5.1M | $5.1M |
| Deferred revenue | — | $1.9M | — | — | — | $3.2M | — | — | $4.1M | — | $2.4M | — |
| Total current liabilities | $77.6M | $72.4M | $91.5M | $76.9M | $113.4M | $45.2M | $70.9M | $70.9M | $41.5M | $41.5M | $48.2M | $48.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $19.0M | $16.4M | $15.7M | $15.1M | $16.8M | $12.1M | $13.8M | — | $5.0M | — | $7.4M | — |
| Other long-term liabilities | $15.4M | $13.3M | $12.4M | $11.8M | $13.4M | $9.8M | $11.2M | $11.2M | $3.0M | $3.0M | $3.8M | $3.8M |
| Total liabilities | $93.0M | $85.7M | $103.8M | $88.7M | $126.8M | $55.0M | $82.1M | $82.1M | $44.5M | $44.5M | $51.9M | $51.9M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.58B | $217,000 | — | $801.2M | $193,000 | $175,000 | — | $175,000 | $46,000 | $46,000 | $45,000 | $45,000 |
| Retained earnings (deficit) | — | −$1.42B | −$1.42B | — | −$1.38B | −$1.29B | −$1.29B | −$1.29B | −$790.9M | −$790.9M | −$739.5M | −$739.5M |
| Accumulated other comprehensive income | — | −$4.5M | — | — | $2.5M | $10.4M | — | $10.4M | $8.8M | $8.8M | $4.5M | $4.5M |
| Minority interest | $70.1M | $54.6M | $56.7M | $10.8M | $10.9M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.58B | $1.61B | $1.65B | $801.2M | $853.4M | $899.9M | $951.1M | $951.1M | $638.4M | $638.4M | $684.0M | $684.0M |
| Key figures | ||||||||||||
| Total debt | $19.0M | $16.4M | $15.2M | $15.1M | $16.8M | $12.1M | — | $13.8M | $5.0M | $5.0M | $7.4M | $7.4M |
| Net cash (debt) | $1.10B | $1.05B | $1.15B | $429.5M | $591.3M | $617.8M | — | $731.2M | $468.0M | $468.0M | $582.2M | $582.2M |
| Working capital | $1.16B | $1.09B | $1.16B | $464.4M | $588.4M | $671.1M | $763.7M | $763.7M | $516.5M | $516.5M | $618.2M | $618.2M |
| Tangible book value | $1.58B | $1.61B | $1.65B | $801.2M | $853.4M | $899.3M | $950.6M | $951.1M | $638.4M | $638.4M | $683.5M | $684.0M |
| Book value per share | $3.63 | $3.72 | $3.92 | $2.08 | $2.33 | $2.56 | $2.72 | $6.75 | $7.68 | $7.27 | $7.60 | $7.60 |
| Shares outstanding | 433.6M | 433.5M | 422.0M | 385.3M | 366.8M | 351.7M | 350.3M | 140.8M | 83.1M | 87.8M | 90.1M | 90.1M |
| Current ratio | 15.94 | 16.12 | 13.67 | 7.04 | 6.19 | 15.86 | 11.77 | 11.77 | 13.45 | 13.45 | 13.83 | 13.83 |
| Quick ratio | 15.09 | 15.44 | 13.15 | 6.27 | 5.67 | 14.62 | 10.91 | 11.03 | 12.25 | 12.25 | 13.01 | 13.01 |
| Debt / equity | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 | — | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Equity / assets | 90.6% | 92.0% | 91.1% | 89.0% | 86.1% | 92.5% | 90.5% | 90.5% | 92.1% | 92.1% | 91.6% | 91.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 22, 2026); data from EODHD.
PONY financial position
At the end of fiscal 2025 (December 31, 2025), Pony AI Inc. had total assets of $1.8 billion (up 72.5% from a year earlier), total liabilities of $103.8 million and shareholders' equity of $1.7 billion. It held $1.2 billion in cash and short-term investments against $28.9 million of debt, a net cash position of $1.1 billion. Its current ratio was 13.67. In the latest quarter (ended June 30, 2026) total assets were $1.7 billion and equity $1.6 billion.
Related: PONY income statement, PONY cash flow statement, PONY key metrics. See the PONY stock overview for the latest quote and news.
PONY balance sheet FAQ
What are Pony AI Inc.'s total assets?
Pony AI Inc. reported total assets of $1.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.1 billion a year earlier.
How much debt does Pony AI Inc. have?
Pony AI Inc. had $28.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.02.
How much cash does Pony AI Inc. have?
Pony AI Inc. held $1.2 billion in cash and short-term investments at the end of fiscal 2025; with $28.9 million of debt that is net cash of $1.1 billion.
What is Pony AI Inc.'s book value?
Pony AI Inc.'s shareholders' equity (book value) was $1.7 billion at the end of fiscal 2025, or $4.35 per share.
What is Pony AI Inc.'s current ratio?
Pony AI Inc. had current assets of $1.3 billion and current liabilities of $91.5 million, a current ratio of 13.67 (it can cover its short-term obligations).
How much goodwill does Pony AI Inc. have?
Pony AI Inc. carried $1.0 million of goodwill and intangible assets, 0.1% of total assets, at the end of fiscal 2025.