Space Exploration Technologies Corp. (SPCX) Cash Flow Statement
Where SPCX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $6.79B +17.5% vs 2024
- Capital expenditures
- $20.74B 111.0% of revenue
- Free cash flow
- −$13.95B −74.7% margin
- Returned to shareholders
- $1.12B
- Change in cash
- $13.62B cash at year-end $25.12B
Drawn to scale: where the cash came from and how it was used. Hover for values.
SPCX operating cash flow, capex and free cash flow
SPCX cash flow trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.52B2023 | $6.79B2025 | +22.5%/yr | |
| Capital expenditures | $4.42B2023 | $20.74B2025 | +116.7%/yr | |
| Free cash flow | $105.0M2023 | −$13.95B2025 | — | |
| Free cash flow margin | 1.0%2023 | −74.7%2025 | −75.7 pts | |
| Stock-based compensation | $679.0M2023 | $1.95B2025 | +69.3%/yr | |
| Share buybacks (net) | $170.0M2023 | $1.12B2025 | +157.2%/yr | |
| Capex / revenue | 42.5%2023 | 111.0%2025 | +68.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SPCX cash flow by activity
SPCX net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SPCX cash flow statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Operating activities | |||
| Net income | −$4.94B | $791.0M | −$4.63B |
| Depreciation & amortization | $6.70B | $3.82B | $2.63B |
| Stock-based compensation | $1.95B | $784.0M | $679.0M |
| Change in working capital | $2.09B | $1.67B | $2.01B |
| Other non-cash items | $985.0M | −$1.30B | $3.83B |
| Cash from operating activities | $6.79B | $5.78B | $4.52B |
| Investing activities | |||
| Capital expenditures | −$20.74B | −$11.16B | −$4.42B |
| Investments (net) | $1.39B | $363.0M | −$471.0M |
| Acquisitions & other investing | −$232.0M | — | — |
| Cash from investing activities | −$19.57B | — | — |
| Financing activities | |||
| Share repurchases & issuance (net) | −$1.12B | −$1.02B | −$170.0M |
| Net borrowing (repayment) | $8.90B | −$231.0M | −$112.0M |
| Shares issued | $18.81B | $13.10B | $774.0M |
| Other financing | −$234.0M | −$19.0M | −$70.0M |
| Cash from financing activities | $26.35B | $11.83B | $422.0M |
| Summary | |||
| Net change in cash | $13.62B | $6.81B | $73.0M |
| Cash at end of period | $25.12B | $11.50B | $4.69B |
| Free cash flow | −$13.95B | −$5.39B | $105.0M |
| Free cash flow margin | −74.7% | −38.4% | 1.0% |
| Capex / revenue | 111.0% | 79.7% | 42.5% |
| Operating cash flow / net income | — | 7.30 | — |
| Jun '26 | Mar '26 | Jun '25 | Mar '25 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | −$541.0M | −$4.28B | −$1.01B | −$528.0M |
| Depreciation & amortization | $2.85B | $2.44B | $1.53B | $1.44B |
| Stock-based compensation | $831.0M | $639.0M | $462.0M | $232.0M |
| Change in working capital | −$894.0M | $374.0M | −$1.14B | −$689.0M |
| Other non-cash items | $175.0M | $1.87B | −$242.0M | $269.0M |
| Cash from operating activities | $2.42B | $1.05B | −$398.0M | $727.0M |
| Investing activities | ||||
| Capital expenditures | −$18.37B | −$10.11B | −$2.83B | −$4.14B |
| Investments (net) | $1.42B | −$7.80B | $1.14B | −$23.0M |
| Acquisitions & other investing | −$813.0M | $1.18B | −$153.0M | — |
| Cash from investing activities | −$17.76B | −$16.72B | −$1.84B | — |
| Financing activities | ||||
| Share repurchases & issuance (net) | −$80.0M | −$4.35B | −$12.0M | −$508.0M |
| Net borrowing (repayment) | $7.93B | $4.32B | $4.88B | −$67.0M |
| Shares issued | $85.67B | $8.32B | $4.15B | $899.0M |
| Other financing | −$355.0M | −$1.17B | −$174.0M | $30.0M |
| Cash from financing activities | $93.17B | $7.12B | $8.85B | $354.0M |
| Summary | ||||
| Net change in cash | $77.74B | −$8.52B | $6.61B | −$3.02B |
| Cash at end of period | $94.35B | $16.61B | $15.09B | $8.48B |
| Free cash flow | −$15.95B | −$9.06B | −$3.22B | −$3.41B |
| Free cash flow margin | −204.1% | −193.0% | −79.2% | −83.9% |
| Capex / revenue | 235.1% | 215.3% | 69.4% | 101.8% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SPCX cash generation
In fiscal 2025 (ended December 31, 2025), SpaceX generated $6.8 billion of cash from operations (up 17.5%) and spent $20.7 billion on capital expenditures, leaving free cash flow of -$14.0 billion, −74.7% of revenue. It returned $1.1 billion to shareholders through dividends ($0) and net share buybacks ($1.1 billion). Cash and equivalents rose by $13.6 billion over the year.
Related: SPCX income statement, SPCX balance sheet. See the SPCX stock overview for the latest quote and news.
SPCX cash flow FAQ
What is SpaceX's free cash flow?
SpaceX's free cash flow was -$14.0 billion in fiscal 2025: $6.8 billion of operating cash flow minus $20.7 billion of capital expenditures It was -$5.4 billion a year earlier..
How much cash does SpaceX generate from operations?
SpaceX generated $6.8 billion of cash from operating activities in fiscal 2025.
How much does SpaceX spend on capital expenditures?
SpaceX spent $20.7 billion on capital expenditures in fiscal 2025, 111.0% of revenue, compared with $11.2 billion the year before.
How much stock does SpaceX buy back?
SpaceX spent $1.1 billion on net share repurchases in fiscal 2025.