Space Exploration Technologies Corp. (SPCX) Income Statement
SPCX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSPCX revenue and net income
Where SPCX's revenue goes
2025Each bar shows an amount and its share of revenue. SPCX kept −26.4% of revenue as net income.
SPCX profit margins
SPCX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +33.2% | — | — | — |
| Gross profit | +53.2% | — | — | — |
| Operating income | −448.9% | — | — | — |
| Net income | −724.1% | — | — | — |
| EPS (diluted) | −2,250.0% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SPCX quarterly EPS vs estimates
SpaceX beat the analyst EPS estimate in 1 of the last 1 quarters. Next report: November 3, 2026 (estimate $0.11).
SPCX income statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Revenue | $18.67B | $14.02B | $10.39B |
| Cost of revenue | $9.45B | $8.00B | $6.11B |
| Gross profit | $9.22B | $6.02B | $4.28B |
| Research & development | $8.64B | $3.46B | $2.10B |
| Sales, general & admin | $2.64B | $1.81B | $1.67B |
| Total operating expenses | $11.81B | $13.27B | $9.88B |
| Operating income | −$2.59B | $742.0M | $507.0M |
| Interest income | $492.0M | $371.0M | $249.0M |
| Interest expense | $1.95B | $1.58B | $1.69B |
| Income before taxes | −$4.22B | $242.0M | −$4.99B |
| Income taxes | $718.0M | — | — |
| Net income | −$4.94B | $791.0M | −$4.63B |
| EBITDA | $4.29B | $5.65B | −$663.0M |
| EPS (diluted) | −$1.72 | $0.08 | −$1.68 |
| Gross margin | 49.4% | 42.9% | 41.2% |
| Operating margin | −13.9% | 5.3% | 4.9% |
| Net margin | −26.4% | 5.6% | −44.6% |
| Jun '26 | Mar '26 | Jun '25 | Mar '25 | |
|---|---|---|---|---|
| Revenue | $7.81B | $4.69B | $4.07B | $4.07B |
| Cost of revenue | $3.50B | $2.39B | $2.28B | $1.96B |
| Gross profit | $4.32B | $2.31B | $1.79B | $2.10B |
| Research & development | $3.55B | $3.51B | $1.96B | $1.56B |
| Sales, general & admin | $606.0M | $746.0M | $606.0M | $493.0M |
| Total operating expenses | $4.46B | $4.25B | $4.85B | $4.01B |
| Operating income | −$143.0M | −$1.94B | −$775.0M | $55.0M |
| Interest income | $340.0M | $213.0M | $98.0M | $117.0M |
| Interest expense | $629.0M | $664.0M | $411.0M | $447.0M |
| Income before taxes | −$518.0M | −$4.27B | −$870.0M | −$514.0M |
| Income taxes | $23.0M | $6.0M | — | — |
| Net income | −$541.0M | −$4.28B | −$1.01B | −$528.0M |
| EBITDA | $2.96B | $2.38B | $1.07B | $1.38B |
| EPS (diluted) | −$0.09 | — | — | — |
| Gross margin | 55.3% | 49.1% | 43.9% | 51.8% |
| Operating margin | −1.8% | −41.4% | −19.0% | 1.4% |
| Net margin | −6.9% | −91.1% | −24.8% | −13.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SPCX's financial statements (latest annual report filed June 3, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SPCX financial results
In fiscal year 2025 (ended December 31, 2025), SpaceX reported revenue of $18.7 billion, up 33.2% from the year before. It had a net loss of $4.9 billion, a net profit margin of −26.4%. Diluted earnings per share came to −$1.72.
See the SPCX stock overview for the latest quote and news, or the SPCX chart for price history and technical indicators.
SPCX income statement FAQ
What is SpaceX's annual revenue?
SpaceX reported total revenue of $18.7 billion for fiscal year 2025, which ended on December 31, 2025. That was up 33.2% from $14.0 billion the previous year.
Is SpaceX profitable?
No. SpaceX reported a net loss of $4.9 billion in fiscal 2025, a net profit margin of −26.4%; its operating margin was −13.9%.
What is SpaceX's gross margin?
SpaceX's gross margin was 49.4% in fiscal 2025: for every $100 of revenue, SpaceX kept $49 after the direct cost of its products and services.
How much does SpaceX spend on research and development?
SpaceX spent $8.6 billion on research and development in fiscal 2025, 46.3% of revenue.
What are SpaceX's earnings per share?
SpaceX earned $-1.72 per diluted share in fiscal 2025, compared with $0.08 a year earlier.
When will SpaceX report its next earnings?
SpaceX is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 after the market closes.
When does SpaceX's fiscal year end?
SpaceX's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on June 3, 2026.