Surf Air Mobility Inc. (SRFM) Income Statement
SRFM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSRFM revenue and net income
Where SRFM's revenue goes
2025Each bar shows an amount and its share of revenue. SRFM kept −103.8% of revenue as net income.
SRFM profit margins
SRFM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −10.8% | +73.9% | +70.0% | — |
| Gross profit | −55.9% | — | — | — |
| 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.
SRFM quarterly EPS vs estimates
Surf Air Mobility beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 11, 2026 (estimate $-0.13).
SRFM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | $106.6M | $119.4M | $60.5M | $20.3M | $11.8M | $7.5M |
| Cost of revenue | $102.4M | $109.9M | $65.7M | $25.9M | $15.5M | $11.0M |
| Gross profit | $4.2M | $9.5M | −$5.2M | −$5.6M | −$3.7M | −$3.5M |
| Research & development | $10.3M | $24.0M | $20.9M | $3.3M | $3.0M | $2.2M |
| Sales, general & admin | $61.5M | $37.4M | $110.7M | $42.0M | $26.6M | $15.1M |
| Total operating expenses | $81.1M | $69.7M | $191.6M | $45.3M | $29.6M | $17.2M |
| Operating income | −$76.9M | −$60.3M | −$196.8M | −$50.9M | −$33.4M | −$20.8M |
| Interest expense | $13.2M | $8.6M | $3.0M | $596,000 | $2.1M | $1.6M |
| Income before taxes | −$110.9M | −$75.2M | −$254.0M | −$74.4M | −$35.8M | −$23.4M |
| Income taxes | −$380,000 | −$287,000 | −$3.3M | −$7.9M | $1.2M | $995,000 |
| Net income | −$110.6M | −$74.9M | −$250.7M | −$74.4M | −$35.8M | −$23.4M |
| EBITDA | −$88.4M | −$58.2M | −$247.3M | −$72.7M | −$32.6M | −$19.0M |
| EPS (diluted) | −$3.48 | −$5.47 | −$14.98 | −$7.45 | — | — |
| Gross margin | 3.9% | 7.9% | −8.6% | −27.5% | −31.8% | −47.0% |
| Operating margin | −72.1% | −50.5% | −325.2% | −251.1% | −282.7% | −276.8% |
| Net margin | −103.8% | −62.7% | −414.3% | −366.8% | −303.3% | −312.5% |
| 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 | $29.5M | $25.6M | $26.4M | $29.2M | $27.4M | $23.5M | $28.0M | $28.4M | $32.4M | $30.6M | $26.8M | $22.0M |
| Cost of revenue | $29.4M | $28.5M | $25.9M | $27.7M | $24.1M | $24.7M | $28.4M | $27.5M | $29.8M | $30.5M | $27.6M | $22.0M |
| Gross profit | $62,000 | −$2.9M | $498,000 | $1.5M | $3.4M | −$1.2M | −$351,000 | $890,000 | $2.6M | $157,000 | −$773,000 | $1,000 |
| Research & development | $1.8M | $2.4M | $2.6M | $2.3M | $2.7M | $2.7M | $5.7M | $5.7M | $5.7M | $7.0M | $16.3M | $2.9M |
| Sales, general & admin | $14.6M | $8.0M | $21.5M | $13.3M | $14.1M | $12.5M | $14.8M | $1.7M | $22.2M | $27.6M | $29.0M | $60.1M |
| Total operating expenses | $18.9M | $10.5M | $26.4M | $18.0M | $19.3M | $17.4M | −$8.5M | $9.5M | $27.8M | $34.6M | $107.8M | $63.0M |
| Operating income | −$18.8M | −$13.4M | −$25.9M | −$16.5M | −$15.9M | −$18.6M | $8.1M | −$8.6M | −$25.3M | −$34.5M | −$108.5M | −$63.0M |
| Interest expense | $1.2M | $1.2M | $2.3M | $3.3M | $3.8M | $3.9M | $2.9M | $2.1M | $1.9M | $1.7M | $1.3M | $935,000 |
| Income before taxes | −$28.2M | −$20.3M | −$37.1M | −$27.3M | −$28.1M | −$18.5M | $1.1M | −$12.2M | −$27.0M | −$37.0M | −$110.7M | −$78.2M |
| Income taxes | −$53,000 | −$39,000 | −$201,000 | −$62,000 | −$64,000 | −$53,000 | −$192,000 | −$14,000 | −$35,000 | −$46,000 | $267,000 | −$3.6M |
| Net income | −$28.1M | −$20.3M | −$36.9M | −$27.2M | −$28.0M | −$18.5M | $1.3M | −$12.2M | −$27.0M | −$37.0M | −$111.0M | −$74.6M |
| EBITDA | −$24.4M | −$16.5M | −$11.7M | −$21.6M | −$21.9M | −$12.5M | $6.2M | −$8.0M | −$23.0M | −$33.4M | −$46.6M | −$75.9M |
| EPS (diluted) | −$0.20 | −$0.26 | −$0.41 | −$0.64 | −$1.34 | −$1.09 | $0.81 | −$0.94 | −$1.98 | −$3.36 | −$0.60 | −$9.56 |
| Gross margin | 0.2% | −11.3% | 1.9% | 5.2% | 12.3% | −5.1% | −1.3% | 3.1% | 8.0% | 0.5% | −2.9% | 0.0% |
| Operating margin | −63.7% | −52.1% | −97.8% | −56.6% | −58.1% | −79.0% | 28.9% | −30.4% | −78.0% | −112.6% | −404.5% | −286.9% |
| Net margin | −95.3% | −79.1% | −139.4% | −93.3% | −102.1% | −78.6% | 4.5% | −43.1% | −83.4% | −120.7% | −413.6% | −339.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SRFM's financial statements (latest annual report filed March 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SRFM financial results
In fiscal year 2025 (ended December 31, 2025), Surf Air Mobility reported revenue of $106.6 million, down 10.8% from the year before. It had a net loss of $110.6 million, a net profit margin of −103.8%. Diluted earnings per share came to −$3.48. Over five years revenue grew at an average rate of 70.0% a year.
See the SRFM stock overview for the latest quote and news, or the SRFM chart for price history and technical indicators.
SRFM income statement FAQ
What is Surf Air Mobility's annual revenue?
Surf Air Mobility reported total revenue of $106.6 million for fiscal year 2025, which ended on December 31, 2025. That was down 10.8% from $119.4 million the previous year.
Is Surf Air Mobility profitable?
No. Surf Air Mobility reported a net loss of $110.6 million in fiscal 2025, a net profit margin of −103.8%; its operating margin was −72.1%.
What is Surf Air Mobility's gross margin?
Surf Air Mobility's gross margin was 3.9% in fiscal 2025: for every $100 of revenue, Surf Air Mobility kept $4 after the direct cost of its products and services.
How much does Surf Air Mobility spend on research and development?
Surf Air Mobility spent $10.3 million on research and development in fiscal 2025, 9.7% of revenue.
How fast is Surf Air Mobility growing?
Revenue grew 70.0% a year on average over the last five fiscal years, from $7.5 million to $106.6 million.
What are Surf Air Mobility's earnings per share?
Surf Air Mobility earned $-3.48 per diluted share in fiscal 2025, compared with $-5.47 a year earlier.
When will Surf Air Mobility report its next earnings?
Surf Air Mobility is expected to report results for the quarter ending September 30, 2026 on November 11, 2026.
When does Surf Air Mobility's fiscal year end?
Surf Air Mobility's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 12, 2026.