Virgin Galactic Holdings, Inc. (SPCE) Income Statement
SPCE 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSPCE revenue and net income
Where SPCE's revenue goes
2025Each bar shows an amount and its share of revenue. SPCE kept −18,063.9% of revenue as net income.
SPCE profit margins
SPCE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −78.1% | −12.6% | +45.3% | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SPCE quarterly EPS vs estimates
Virgin Galactic beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 12, 2026 (estimate $-0.44).
SPCE income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5M | $7.0M | $6.8M | $2.3M | $3.3M | $238,000 | $3.8M | $2.8M | $1.8M |
| Cost of revenue | $89.3M | $90.0M | $50.5M | $1.9M | $272,000 | $173,000 | $2.0M | $1.3M | $488,000 |
| Gross profit | −$87.7M | −$83.0M | −$43.7M | $406,000 | $3.0M | $65,000 | $1.8M | $1.5M | $1.3M |
| Research & development | $80.5M | $152.7M | $295.1M | $314.2M | $149.4M | $154.4M | $132.9M | $116.7M | $93.1M |
| Sales, general & admin | $117.2M | $125.5M | $191.3M | $175.1M | $173.2M | $116.6M | $82.2M | — | — |
| Total operating expenses | $195.4M | $293.6M | $487.8M | $500.4M | $322.6M | $275.3M | $215.0M | $1.3M | $140.0M |
| Operating income | −$283.1M | −$376.6M | −$531.5M | −$500.0M | −$319.5M | −$275.3M | −$213.3M | −$1.3M | −$140.0M |
| Interest income | $21.8M | $42.4M | $34.8M | $12.5M | $1.2M | $2.3M | $2.3M | $12.6M | — |
| Interest expense | $12.8M | $12.9M | $12.9M | $12.1M | $25,000 | $36,000 | $36,000 | $10,000 | $0 |
| Income before taxes | −$278.9M | −$346.7M | −$501.9M | −$499.6M | −$352.8M | −$644.9M | −$210.9M | $11.0M | $1.3M |
| Income taxes | $52,000 | $74,000 | $453,000 | $598,000 | $79,000 | $6,000 | $62,000 | −$24.6M | $155,000 |
| Net income | −$278.9M | −$346.7M | −$502.3M | −$500.2M | −$352.9M | −$644.9M | −$210.9M | $11.0M | $1.3M |
| EBITDA | −$249.6M | −$318.3M | −$475.6M | −$476.3M | −$341.3M | −$635.1M | −$206.3M | −$132.2M | −$140.0M |
| EPS (diluted) | −$5.82 | −$14.55 | −$26.46 | −$27.35 | −$22.91 | −$19.11 | −$0.60 | $0.04 | $0.02 |
| Gross margin | −5,680.7% | −1,179.5% | −643.2% | 17.6% | 91.7% | 27.3% | 47.0% | 52.8% | 72.2% |
| Operating margin | −18,335.0% | −5,352.9% | −7,816.3% | −21,625.6% | −9,706.4% | −115,665.5% | −5,640.4% | −47.2% | −7,981.8% |
| Net margin | −18,063.9% | −4,928.1% | −7,387.3% | −21,632.9% | −10,719.9% | −270,960.9% | −5,578.8% | 384.9% | 75.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $134,000 | $227,000 | $312,000 | $365,000 | $406,000 | $461,000 | $429,000 | $402,000 | $4.2M | $2.0M | $2.8M | $1.7M |
| Cost of revenue | $28.2M | $33.6M | $22.2M | $23.6M | $18.4M | $25.0M | $20.3M | $19.9M | $30.5M | $26.3M | $24.3M | $25.6M |
| Gross profit | −$28.0M | −$33.3M | −$21.9M | −$23.2M | −$18.0M | −$24.6M | −$19.8M | −$19.5M | −$26.3M | −$24.3M | −$21.5M | −$23.9M |
| Research & development | $4.3M | $6.7M | $12.1M | $15.0M | $20.1M | $33.3M | $28.2M | $23.9M | $41.5M | $59.0M | $53.8M | $44.8M |
| Sales, general & admin | $28.6M | $25.6M | $26.8M | $28.0M | $31.9M | $30.6M | $29.7M | $34.0M | $33.9M | $27.9M | $30.8M | $42.2M |
| Total operating expenses | $36.9M | $32.3M | $39.0M | $40.5M | $52.0M | $63.9M | $62.1M | $62.3M | $75.5M | $86.9M | $92.7M | $90.4M |
| Operating income | −$64.9M | −$65.6M | −$60.9M | −$63.8M | −$69.9M | −$88.4M | −$82.0M | −$81.7M | −$101.8M | −$111.2M | −$114.3M | −$114.3M |
| Interest income | $2.4M | $2.7M | $3.8M | $5.0M | $5.8M | $7.2M | $8.6M | $10.4M | $11.1M | $12.3M | $13.6M | $12.9M |
| Interest expense | $2.0M | $1.8M | $3.0M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M |
| Income before taxes | −$55.9M | −$64.7M | −$62.7M | −$64.4M | −$67.3M | −$84.4M | −$76.6M | −$74.4M | −$93.7M | −$101.9M | −$103.7M | −$104.6M |
| Income taxes | $30,000 | $30,000 | $41,000 | — | −$37,000 | $48,000 | −$145,000 | $105,000 | $34,000 | $80,000 | $238,000 | $53,000 |
| Net income | −$55.9M | −$64.7M | −$62.7M | −$64.4M | −$67.3M | −$84.5M | −$76.4M | −$74.5M | −$93.8M | −$102.0M | −$104.0M | −$104.6M |
| EBITDA | −$49.9M | −$58.9M | −$55.7M | −$57.0M | −$59.9M | −$77.0M | −$69.2M | −$66.9M | −$87.3M | −$95.0M | −$96.9M | −$98.0M |
| EPS (diluted) | −$0.58 | −$0.81 | −$0.93 | −$1.10 | −$1.41 | −$2.38 | −$2.53 | −$2.66 | −$4.36 | −$5.00 | −$0.26 | −$5.60 |
| Gross margin | −20,931.3% | −14,682.4% | −7,019.9% | −6,369.6% | −4,426.4% | −5,333.6% | −4,625.2% | −4,843.8% | −623.8% | −1,224.4% | −766.4% | −1,384.3% |
| Operating margin | −48,452.2% | −28,895.2% | −19,531.1% | −17,470.1% | −17,227.1% | −19,186.1% | −19,103.3% | −20,330.3% | −2,412.1% | −5,599.9% | −4,067.8% | −6,613.0% |
| Net margin | −41,708.2% | −28,508.8% | −20,103.5% | −17,648.5% | −16,571.4% | −18,326.9% | −17,811.9% | −18,542.3% | −2,222.2% | −5,139.1% | −3,701.8% | −6,053.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SPCE's financial statements (latest annual report filed March 30, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SPCE financial results
In fiscal year 2025 (ended December 31, 2025), Virgin Galactic reported revenue of $1.5 million, down 78.1% from the year before. It had a net loss of $278.9 million, a net profit margin of −18,063.9%. Diluted earnings per share came to −$5.82. Over five years revenue grew at an average rate of 45.3% a year.
See the SPCE stock overview for the latest quote and news, or the SPCE chart for price history and technical indicators.
SPCE income statement FAQ
What is Virgin Galactic's annual revenue?
Virgin Galactic reported total revenue of $1.5 million for fiscal year 2025, which ended on December 31, 2025. That was down 78.1% from $7.0 million the previous year.
Is Virgin Galactic profitable?
No. Virgin Galactic reported a net loss of $278.9 million in fiscal 2025, a net profit margin of −18,063.9%; its operating margin was −18,335.0%.
What is Virgin Galactic's gross margin?
Virgin Galactic's gross margin was −5,680.7% in fiscal 2025: for every $100 of revenue, Virgin Galactic kept $-5681 after the direct cost of its products and services.
How much does Virgin Galactic spend on research and development?
Virgin Galactic spent $80.5 million on research and development in fiscal 2025, 5,211.5% of revenue.
How fast is Virgin Galactic growing?
Revenue grew 45.3% a year on average over the last five fiscal years, from $0.2 million to $1.5 million.
What are Virgin Galactic's earnings per share?
Virgin Galactic earned $-5.82 per diluted share in fiscal 2025, compared with $-14.55 a year earlier.
When will Virgin Galactic report its next earnings?
Virgin Galactic is expected to report results for the quarter ending September 30, 2026 on November 12, 2026.
When does Virgin Galactic's fiscal year end?
Virgin Galactic's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 30, 2026.