What is Butterfly Network's operating income?

Butterfly Network's total operating income in 2025 was -$86.42 million, based on the following breakdown: Total Gross Profit: $45.73 million Total Operating Expenses: $132.15 million

Butterfly Network (BFLY) Financials

$6.08 -0.60 (-8.92%)

Closing price 11/13/2026 03:59 PM Eastern

Extended Trading

$6.00 -0.08 (-1.23%)

As of 11/13/2026 07:48 PM Eastern

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Annual Income Statements for Butterfly Network

This table shows Butterfly Network's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-100	-163	-32	-169	-134	-72	-77
Consolidated Net Income / (Loss)	-100	-163	-32	-169	-134	-72	-77
Net Income / (Loss) Continuing Operations	-100	-163	-32	-169	-134	-72	-77
Total Pre-Tax Income	-100	-163	-32	-169	-134	-73	-77
Total Operating Income	-102	-162	-193	-193	-146	-74	-86
Total Gross Profit	-21	-61	17	39	17	49	46
Total Revenue	28	46	63	73	66	82	98
Operating Revenue	28	46	63	73	66	82	98
Total Cost of Revenue	48	107	46	34	49	33	52
Operating Cost of Revenue	48	107	46	34	49	33	52
Total Operating Expenses	81	100	210	232	162	123	132
Selling, General & Admin Expense	18	24	86	85	68	44	50
Marketing Expense	14	26	50	59	39	42	46
Research & Development Expense	49	50	74	88	56	38	36
Total Other Income / (Expense), net	2.60	-1.09	160	24	12	1.89	9.46
Interest Expense	0.00	1.14	0.65	0.00	0.00	1.26	1.49
Interest & Investment Income	2.70	0.29	2.57	3.38	7.45	5.02	5.91
Other Income / (Expense), net	-0.10	-0.23	159	21	4.54	-1.87	5.04
Income Tax Expense	0.00	0.04	0.12	0.04	0.08	-0.03	0.11
Basic Earnings per Share	($17.08)	($26.87)	($0.19)	($0.84)	($0.65)	($0.34)	($0.31)
Weighted Average Basic Shares Outstanding	5.84M	6.06M	173.81M	199.85M	205.39M	211.68M	247.12M
Diluted Earnings per Share	($17.08)	($26.87)	($0.19)	($0.84)	($0.65)	($0.34)	($0.31)
Weighted Average Diluted Shares Outstanding	5.84M	6.06M	173.81M	199.85M	205.39M	211.68M	247.12M
Weighted Average Basic & Diluted Shares Outstanding	-	-	198.16M	203.44M	208.13M	216.50M	254.63M
Cash Dividends to Common per Share	-	-	$0.00	-	-	$0.00	$0.00

This table shows Butterfly Network's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-22	-16	-17	-18	-14	-14	-34	-15	-13	-13	-13
Consolidated Net Income / (Loss)	-22	-16	-17	-18	-14	-14	-34	-15	-13	-13	-13
Net Income / (Loss) Continuing Operations	-22	-16	-17	-18	-14	-14	-34	-15	-13	-13	-13
Total Pre-Tax Income	-22	-16	-17	-18	-14	-14	-34	-15	-13	-13	-13
Total Operating Income	-23	-17	-17	-17	-18	-16	-35	-17	-14	-14	-14
Total Gross Profit	10	13	12	14	13	15	-3.76	21	18	23	24
Total Revenue	18	21	21	22	21	23	21	32	27	33	33
Operating Revenue	18	21	21	22	21	23	21	32	27	33	33
Total Cost of Revenue	7.38	8.90	8.33	8.62	7.85	8.49	25	10	8.25	9.32	8.80
Operating Cost of Revenue	7.38	8.90	8.33	8.62	7.85	8.49	25	10	8.25	9.32	8.80
Total Operating Expenses	33	30	29	31	32	31	31	38	32	37	37
Selling, General & Admin Expense	12	11	11	10	10	11	12	17	11	15	16
Marketing Expense	10	9.73	9.61	12	12	12	11	12	11	11	12
Research & Development Expense	11	9.41	8.84	8.83	9.92	8.32	8.70	9.32	9.54	11	10
Total Other Income / (Expense), net	0.86	1.54	0.38	-0.90	4.51	2.29	1.18	1.49	1.20	0.75	0.77
Interest Expense	0.30	0.31	0.32	0.33	0.35	0.37	0.39	0.39	0.28	0.28	0.28
Interest & Investment Income	1.51	1.29	1.22	1.00	1.65	1.50	1.44	1.31	1.19	1.08	1.07
Other Income / (Expense), net	-0.35	0.56	-0.52	-1.56	3.20	1.15	0.12	0.56	0.29	-0.04	-0.01
Income Tax Expense	0.00	0.02	0.06	-0.11	0.01	0.02	0.02	0.07	0.00	0.00	0.00
Basic Earnings per Share	($0.10)	($0.07)	($0.08)	($0.09)	($0.06)	($0.06)	($0.13)	($0.06)	($0.05)	($0.05)	($0.05)
Weighted Average Basic Shares Outstanding	208.87M	211.66M	212.77M	211.68M	234.92M	248.39M	252.09M	247.12M	256.52M	262.10M	266.50M
Diluted Earnings per Share	($0.10)	($0.07)	($0.08)	($0.09)	($0.06)	($0.06)	($0.13)	($0.06)	($0.05)	($0.05)	($0.05)
Weighted Average Diluted Shares Outstanding	208.87M	211.66M	212.77M	211.68M	234.92M	248.39M	252.09M	247.12M	256.52M	262.10M	266.50M
Weighted Average Basic & Diluted Shares Outstanding	210.71M	212.57M	213.06M	216.50M	247.29M	251.74M	252.60M	254.63M	261.27M	266.29M	267.46M

This table details how cash moves in and out of Butterfly Network's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-125	-30	367	-260	-28	-46	62
Net Cash From Operating Activities	-120	-82	-189	-169	-99	-42	-13
Net Cash From Continuing Operating Activities	-120	-82	-189	-169	-99	-42	-13
Net Income / (Loss) Continuing Operations	-100	-163	-32	-169	-134	-72	-77
Consolidated Net Income / (Loss)	-100	-163	-32	-169	-134	-72	-77
Depreciation Expense	0.76	1.32	2.09	5.94	11	10	8.08
Non-Cash Adjustments To Reconcile Net Income	-30	31	-112	28	65	20	46
Changes in Operating Assets and Liabilities, net	8.75	48	-47	-34	-41	0.64	9.87
Net Cash From Investing Activities	-4.47	-2.38	-9.87	-94	70	-2.66	-3.35
Net Cash From Continuing Investing Activities	-4.47	-2.38	-9.87	-94	70	-2.66	-3.35
Purchase of Property, Plant & Equipment	-4.47	-2.38	-7.88	-18	-5.78	-2.69	-3.35
Purchase of Investments	0.00	0.00	-1,019	-76	-0.30	0.00	0.00
Sale of Property, Plant & Equipment	-	0.00	0.00	0.06	0.01	0.04	0.00
Sale and/or Maturity of Investments	0.00	0.00	1,017	0.00	76	0.00	0.00
Net Cash From Financing Activities	0.32	54	566	2.88	0.23	-1.50	78
Net Cash From Continuing Financing Activities	0.32	54	566	2.88	0.23	-1.50	78
Issuance of Common Equity	-	-	-	0.00	0.00	0.50	82
Other Financing Activities, net	0.32	1.38	570	2.88	0.23	-1.99	-4.66
Cash Interest Paid	-	-	-	-	0.00	0.19	0.81

This table details how cash moves in and out of Butterfly Network's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Change in Cash & Equivalents	-22	-11	-8.33	-5.02	66	-7.08	-3.90	6.26	-13	-13	-2.36
Net Cash From Operating Activities	-21	-10	-7.92	-3.12	-12	-7.17	-2.89	9.03	-14	-16	-2.27
Net Cash From Continuing Operating Activities	-21	-10	-7.94	-3.12	-12	-7.17	-2.89	9.03	-14	-16	-2.27
Net Income / (Loss) Continuing Operations	-22	-16	-17	-18	-14	-14	-34	-15	-13	-13	-13
Consolidated Net Income / (Loss)	-22	-16	-17	-18	-14	-14	-34	-15	-13	-13	-13
Depreciation Expense	2.58	2.63	2.62	2.51	2.36	2.08	1.89	1.75	1.81	1.66	1.62
Non-Cash Adjustments To Reconcile Net Income	4.89	5.21	8.39	3.16	5.89	6.84	25	9.14	4.60	8.17	6.32
Changes in Operating Assets and Liabilities, net	-6.38	-2.14	-2.02	9.32	-5.96	-2.26	4.64	13	-7.63	-13	2.61
Net Cash From Investing Activities	-1.14	-0.70	-0.41	-0.41	-0.35	-0.90	-1.02	-1.08	-0.95	-0.97	-1.15
Net Cash From Continuing Investing Activities	-1.14	-0.70	-0.41	-0.41	-0.35	-0.90	-1.02	-1.08	-0.95	-0.97	-1.15
Purchase of Property, Plant & Equipment	-1.14	-0.73	-0.41	-0.41	-0.35	-0.90	-1.02	-1.08	-0.95	-0.97	-1.15
Net Cash From Financing Activities	0.00	-	-	-1.50	78	0.99	-	-1.69	2.31	3.95	1.05
Net Cash From Continuing Financing Activities	0.00	-	-	-1.50	78	0.99	-	-1.69	2.31	3.95	1.05
Other Financing Activities, net	0.00	-	-	-1.99	-2.64	0.14	-	-2.16	2.31	2.72	1.05

This table presents Butterfly Network's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	147	572	418	304	256	297
Total Current Assets	97	512	357	231	193	249
Cash & Equivalents	60	423	163	134	89	150
Accounts Receivable	5.75	12	15	13	21	27
Inventories, net	26	36	95	76	76	63
Prepaid Expenses	3.00	13	9.49	7.57	6.71	8.42
Plant, Property, & Equipment, net	6.87	15	31	25	20	17
Total Noncurrent Assets	43	45	29	48	44	31
Intangible Assets	-	-	0.00	10	8.92	7.52
Other Noncurrent Operating Assets	43	45	29	37	35	23
Total Liabilities & Shareholders' Equity	147	572	418	304	256	297
Total Liabilities	148	124	92	84	87	101
Total Current Liabilities	70	50	51	44	48	65
Accounts Payable	16	5.80	7.21	5.09	4.25	5.44
Accrued Expenses	22	26	26	23	28	32
Current Deferred Revenue	8.44	13	16	16	16	27
Other Current Liabilities	23	5.33	2.15	0.13	0.13	0.41
Total Noncurrent Liabilities	78	74	41	40	39	35
Noncurrent Deferred Revenue	2.79	5.48	4.96	7.39	7.32	9.39
Other Noncurrent Operating Liabilities	22	69	36	33	32	26
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-362	448	325	220	169	196
Total Preferred & Common Equity	-362	448	325	220	169	196
Total Common Equity	-362	448	325	220	169	196
Common Stock	33	875	921	950	971	1,075
Retained Earnings	-395	-427	-596	-730	-802	-879

This table presents Butterfly Network's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026	9/30/2026
Total Assets	365	334	284	273	265	318	313	290	286	283	288
Total Current Assets	292	269	213	204	199	257	254	241	240	238	244
Cash & Equivalents	167	150	113	102	94	155	148	144	138	125	122
Accounts Receivable	18	14	14	16	21	20	25	24	25	35	37
Inventories, net	87	94	78	78	78	75	73	65	62	61	63
Prepaid Expenses	10	8.19	8.23	7.84	7.49	7.31	7.62	7.86	14	18	21
Plant, Property, & Equipment, net	29	26	24	23	21	18	17	17	16	16	16
Total Noncurrent Assets	44	39	47	46	45	43	42	32	30	29	28
Intangible Assets	-	-	9.97	9.62	9.27	8.57	8.22	7.87	7.17	6.82	6.47
Other Noncurrent Operating Assets	44	39	37	36	35	34	34	24	23	22	22
Total Liabilities & Shareholders' Equity	365	334	284	273	265	318	313	290	286	283	288
Total Liabilities	87	77	80	79	83	79	80	86	95	94	104
Total Current Liabilities	46	45	42	41	43	42	45	50	60	59	68
Accounts Payable	8.39	8.10	5.81	4.51	3.65	2.28	3.32	3.31	2.82	3.52	5.66
Accrued Expenses	23	22	21	21	23	23	24	30	34	40	46
Current Deferred Revenue	14	15	14	15	16	15	16	16	23	15	16
Other Current Liabilities	0.53	0.21	0.13	0.13	0.13	1.86	1.37	1.03	0.00	0.00	0.00
Total Noncurrent Liabilities	41	31	39	38	41	36	36	36	35	35	36
Noncurrent Deferred Revenue	6.03	5.27	7.22	7.36	7.04	7.60	7.23	7.91	9.63	10	11
Other Noncurrent Operating Liabilities	35	26	32	31	34	29	29	28	25	25	24
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	278	257	204	194	182	240	233	204	191	189	184
Total Preferred & Common Equity	278	257	204	194	182	240	233	204	191	189	184
Total Common Equity	278	257	204	194	182	240	233	204	191	189	184
Common Stock	936	943	955	961	966	1,056	1,063	1,068	1,083	1,094	1,102
Retained Earnings	-658	-686	-751	-767	-784	-816	-830	-864	-892	-905	-918

This table displays calculated financial ratios and metrics derived from Butterfly Network's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	51,750,000.00	394,514,196.00	-	-	-	252,602,112.00
DEI Adjusted Shares Outstanding	0.00	51,750,000.00	394,514,196.00	-	-	-	252,602,112.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-3.14	-0.08	-	-	-	-0.31
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	67.68%	35.27%	17.30%	-10.21%	24.52%	18.96%
EBITDA Growth	0.00%	-57.95%	79.99%	-417.21%	21.45%	49.47%	-11.15%
EBIT Growth	0.00%	-58.07%	78.86%	-402.96%	18.01%	45.92%	-6.68%
NOPAT Growth	0.00%	-57.99%	-19.25%	-0.15%	24.56%	48.90%	-16.13%
Net Income Growth	0.00%	-63.24%	80.09%	-420.61%	20.76%	45.78%	-6.31%
EPS Growth	0.00%	-57.32%	99.29%	-342.11%	22.62%	47.69%	8.82%
Operating Cash Flow Growth	0.00%	32.16%	-131.56%	10.61%	41.57%	57.80%	69.55%
Free Cash Flow Firm Growth	0.00%	0.00%	-57.87%	-18.40%	49.45%	53.47%	44.28%
Invested Capital Growth	0.00%	0.00%	440.13%	252.31%	-2.21%	-6.49%	-43.18%
Revenue Q/Q Growth	0.00%	0.00%	5.63%	-0.01%	-3.61%	7.66%	10.36%
EBITDA Q/Q Growth	0.00%	0.00%	16.88%	-12.41%	-8.25%	29.24%	2.62%
EBIT Q/Q Growth	0.00%	0.00%	15.48%	-12.81%	-7.89%	26.13%	3.24%
NOPAT Q/Q Growth	0.00%	0.00%	-13.61%	-1.95%	1.53%	28.34%	0.69%
Net Income Q/Q Growth	0.00%	0.00%	19.25%	-12.31%	-8.45%	26.41%	3.52%
EPS Q/Q Growth	0.00%	0.00%	95.06%	-10.53%	-6.56%	26.09%	8.82%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-13.26%	7.60%	13.75%	19.31%	48.90%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	12.27%	26.01%	12.78%	20.07%
Invested Capital Q/Q Growth	0.00%	0.00%	244.78%	15.53%	-20.29%	-9.10%	-23.67%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	-75.75%	-132.37%	27.26%	53.77%	25.58%	59.51%	46.85%
EBITDA Margin	-368.47%	-347.09%	-51.34%	-226.36%	-198.02%	-80.36%	-75.09%
Operating Margin	-370.87%	-349.43%	-308.04%	-263.01%	-220.96%	-90.68%	-88.53%
EBIT Margin	-371.21%	-349.93%	-54.68%	-234.45%	-214.06%	-92.96%	-83.37%
Profit (Net Income) Margin	-361.44%	-351.87%	-51.80%	-229.90%	-202.88%	-88.34%	-78.95%
Tax Burden Percent	100.00%	100.02%	100.37%	100.02%	100.06%	99.96%	100.14%
Interest Burden Percent	97.37%	100.53%	94.38%	98.03%	94.72%	95.07%	94.57%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	-1,537.96%	-240.42%	-117.72%	-62.88%	-96.36%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-1,585.73%	-230.24%	-100.65%	-44.60%	-82.51%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	1,523.45%	196.77%	68.70%	25.60%	54.11%
Return on Equity (ROE)	0.00%	16,372.74%	-14.51%	-43.65%	-49.03%	-37.28%	-42.25%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-672.30%	-351.98%	-115.49%	-56.17%	-41.30%
Operating Return on Assets (OROA)	0.00%	-109.96%	-9.51%	-34.78%	-39.09%	-27.23%	-29.45%
Return on Assets (ROA)	0.00%	-110.57%	-9.01%	-34.10%	-37.04%	-25.87%	-27.89%
Return on Common Equity (ROCE)	0.00%	5,961,570.29%	-2.79%	-43.65%	-49.03%	-37.28%	-42.25%
Return on Equity Simple (ROE_SIMPLE)	0.00%	44.97%	-7.24%	-51.86%	-60.76%	-42.94%	0.00%
Net Operating Profit after Tax (NOPAT)	-72	-113	-135	-135	-102	-52	-60
NOPAT Margin	-259.61%	-244.60%	-215.63%	-184.10%	-154.67%	-63.48%	-61.97%
Net Nonoperating Expense Percent (NNEP)	0.00%	-1,571.98%	47.77%	-10.17%	-17.07%	-18.28%	-13.85%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-41.53%	-46.32%	-30.85%	-30.87%
Cost of Revenue to Revenue	175.75%	232.37%	72.74%	46.23%	74.42%	40.49%	53.15%
SG&A Expenses to Revenue	65.93%	52.74%	137.00%	115.74%	102.85%	53.47%	51.24%
R&D to Revenue	177.41%	107.54%	119.01%	119.97%	84.39%	46.07%	37.15%
Operating Expenses to Revenue	295.11%	217.06%	335.30%	316.77%	246.53%	150.19%	135.38%
Earnings before Interest and Taxes (EBIT)	-102	-162	-34	-172	-141	-76	-81
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-102	-161	-32	-166	-130	-66	-73
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	2.95	1.52	1.02	3.94	4.90
Price to Tangible Book Value (P/TBV)	0.00	0.00	2.95	1.52	1.07	4.16	5.09
Price to Revenue (P/Rev)	13.05	22.14	21.09	6.72	3.39	8.10	9.83
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	36.09	2.92	1.04	7.19	17.79
Enterprise Value to Revenue (EV/Rev)	0.00	29.81	14.33	3.48	1.35	7.02	8.29
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	-54.22	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	-54.22	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	6.35	-0.96	-0.85	-0.68	-0.57	-0.66
Leverage Ratio	0.00	-148.08	1.61	1.28	1.32	1.44	1.51
Compound Leverage Factor	0.00	-148.86	1.52	1.25	1.25	1.37	1.43
Debt to Total Capital	0.00%	101.88%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	101.88%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	682.30%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-684.18%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	-0.34	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.04	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	-0.34	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	-0.48	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.06	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	-0.48	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	-2.70	6.21	0.91	-2.34	0.20	1.74
Noncontrolling Interest Sharing Ratio	0.00%	-36,311.57%	80.80%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1.40	10.27	6.96	5.22	3.99	3.83
Quick Ratio	0.00	0.95	8.73	4.92	3.34	2.27	2.72
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-106	-167	-198	-100	-47	-26
Operating Cash Flow to CapEx	-2,695.43%	-3,438.55%	-2,401.76%	-926.91%	-1,711.76%	-1,569.11%	-379.33%
Free Cash Flow to Firm to Interest Expense	0.00	-92.75	-256.63	-98,906.50	0.00	-36.90	-17.40
Operating Cash Flow to Interest Expense	0.00	-71.60	-290.61	-84,557.50	0.00	-33.07	-8.52
Operating Cash Flow Less CapEx to Interest Expense	0.00	-73.69	-302.71	-93,680.00	0.00	-35.18	-10.77
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.31	0.17	0.15	0.18	0.29	0.35
Accounts Receivable Turnover	0.00	8.04	7.07	5.51	4.69	4.80	4.11
Inventory Turnover	0.00	4.16	1.47	0.52	0.57	0.44	0.74
Fixed Asset Turnover	0.00	6.73	5.80	3.19	2.33	3.66	5.41
Accounts Payable Turnover	0.00	6.55	4.10	5.22	7.97	7.11	10.70
Days Sales Outstanding (DSO)	0.00	45.39	51.60	66.20	77.83	76.09	88.88
Days Inventory Outstanding (DIO)	0.00	87.64	248.81	706.74	636.28	835.86	491.77
Days Payable Outstanding (DPO)	0.00	55.70	89.01	69.97	45.77	51.30	34.10
Cash Conversion Cycle (CCC)	0.00	77.33	211.39	702.96	668.33	860.65	546.56
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	-7.31	25	88	86	80	45
Invested Capital Turnover	0.00	-12.66	7.13	1.31	0.76	0.99	1.56
Increase / (Decrease) in Invested Capital	0.00	-7.31	32	63	-1.93	-5.56	-35
Enterprise Value (EV)	0.00	1,379	897	256	89	576	809
Market Capitalization	360	1,024	1,320	493	224	665	960
Book Value per Share	$0.00	($6.99)	$2.27	$1.62	$1.06	$0.79	$0.78
Tangible Book Value per Share	$0.00	($6.99)	$2.27	$1.62	$1.01	$0.75	$0.75
Total Capital	0.00	53	448	325	220	169	196
Total Debt	0.00	54	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	54	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	-6.31	-423	-238	-134	-89	-150
Capital Expenditures (CapEx)	4.47	2.38	7.88	18	5.77	2.66	3.35
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-33	39	68	53	56	33
Debt-free Net Working Capital (DFNWC)	0.00	28	462	306	187	144	184
Net Working Capital (NWC)	0.00	28	462	306	187	144	184
Net Nonoperating Expense (NNE)	28	50	-103	34	32	20	17
Net Nonoperating Obligations (NNO)	0.00	-6.31	-423	-238	-134	-89	-150
Total Depreciation and Amortization (D&A)	0.76	1.32	2.09	5.94	11	10	8.08
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-70.42%	62.71%	92.65%	79.75%	67.79%	34.32%
Debt-free Net Working Capital to Revenue	0.00%	59.75%	738.55%	416.69%	283.75%	175.97%	188.49%
Net Working Capital to Revenue	0.00%	59.75%	738.55%	416.69%	283.75%	175.97%	188.49%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	($0.84)	($0.65)	($0.34)	($0.31)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	199.85M	205.39M	211.68M	247.12M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	($0.84)	($0.65)	($0.34)	($0.31)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	199.85M	205.39M	211.68M	247.12M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	203.44M	208.13M	216.50M	254.63M
Normalized Net Operating Profit after Tax (NOPAT)	-72	-113	-135	-135	-102	-52	-60
Normalized NOPAT Margin	-259.61%	-244.60%	-215.63%	-184.10%	-154.67%	-63.48%	-61.97%
Pre Tax Income Margin	-361.44%	-351.78%	-51.61%	-229.84%	-202.76%	-88.38%	-78.84%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	-141.85	-52.55	-86,031.50	0.00	-60.49	-54.61
NOPAT to Interest Expense	0.00	-99.15	-207.23	-67,557.00	0.00	-41.31	-40.60
EBIT Less CapEx to Interest Expense	0.00	-143.93	-64.65	-95,154.00	0.00	-62.60	-56.86
NOPAT Less CapEx to Interest Expense	0.00	-101.24	-219.33	-76,679.50	0.00	-43.41	-42.84
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Butterfly Network's official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
DEI Shares Outstanding	-	-	-	-	216,496,214.00	247,288,930.00	251,741,090.00	252,602,112.00	254,632,867.00	261,269,705.00	266,285,183.00
DEI Adjusted Shares Outstanding	-	-	-	-	216,496,214.00	247,288,930.00	251,741,090.00	252,602,112.00	254,632,867.00	261,269,705.00	266,285,183.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-0.06	-0.06	-0.13	-0.06	-0.05	-0.05	-0.05
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.09%	16.23%	33.33%	35.34%	20.21%	8.82%	4.51%	40.99%	24.99%	39.47%	51.70%
EBITDA Growth	38.46%	50.76%	39.98%	62.47%	36.70%	8.34%	-118.67%	12.05%	8.76%	6.37%	63.85%
EBIT Growth	34.82%	45.70%	39.29%	58.84%	33.55%	10.33%	-97.06%	14.44%	11.01%	8.31%	61.18%
NOPAT Growth	35.46%	44.88%	47.04%	62.96%	18.36%	6.57%	-103.72%	3.46%	24.88%	15.13%	61.35%
Net Income Growth	35.12%	45.22%	38.16%	58.97%	35.82%	11.92%	-100.73%	15.52%	9.24%	6.68%	62.30%
EPS Growth	41.18%	50.00%	38.46%	57.14%	40.00%	14.29%	-62.50%	33.33%	16.67%	16.67%	61.54%
Operating Cash Flow Growth	52.22%	62.24%	50.44%	76.19%	43.50%	28.33%	63.55%	389.46%	-18.99%	-127.00%	21.51%
Free Cash Flow Firm Growth	93.46%	111.61%	113.35%	78.69%	-25.00%	-156.16%	-46.56%	448.63%	454.89%	379.28%	-410.37%
Invested Capital Growth	-10.74%	-16.84%	-18.00%	-6.49%	-7.52%	-8.20%	-32.33%	-43.18%	-36.95%	-23.54%	4.27%
Revenue Q/Q Growth	6.90%	21.70%	-4.31%	8.71%	-5.04%	10.17%	-8.10%	46.65%	-15.81%	22.93%	-0.04%
EBITDA Q/Q Growth	53.26%	31.14%	-7.92%	-8.04%	21.16%	0.29%	-157.46%	56.55%	18.21%	-2.33%	0.58%
EBIT Q/Q Growth	49.91%	27.42%	-6.58%	-6.23%	19.13%	2.06%	-134.22%	53.88%	15.88%	-0.91%	0.84%
NOPAT Q/Q Growth	51.60%	23.82%	-0.08%	-0.38%	-6.68%	12.82%	-118.22%	52.43%	16.99%	1.51%	0.62%
Net Income Q/Q Growth	50.68%	27.83%	-7.76%	-6.95%	22.84%	0.95%	-145.56%	54.99%	17.10%	-1.84%	0.80%
EPS Q/Q Growth	52.38%	30.00%	-14.29%	-12.50%	33.33%	0.00%	-116.67%	53.85%	16.67%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-57.75%	51.61%	20.80%	60.61%	-274.26%	38.62%	59.72%	412.82%	-253.85%	-17.09%	86.07%
Free Cash Flow Firm Q/Q Growth	84.25%	236.30%	9.98%	-190.27%	7.62%	38.76%	204.64%	488.89%	-5.96%	-51.81%	-216.29%
Invested Capital Q/Q Growth	6.70%	0.96%	-4.51%	-9.10%	5.53%	0.22%	-29.61%	-23.67%	17.10%	21.54%	-4.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.20%	58.58%	59.50%	61.45%	63.04%	63.68%	-17.48%	67.34%	68.92%	71.41%	73.02%
EBITDA Margin	-115.46%	-65.33%	-73.68%	-73.23%	-60.80%	-55.03%	-154.16%	-45.68%	-44.38%	-36.94%	-36.74%
Operating Margin	-128.12%	-80.20%	-83.88%	-77.45%	-87.01%	-68.85%	-163.50%	-53.04%	-52.29%	-41.90%	-41.66%
EBIT Margin	-130.09%	-77.59%	-86.42%	-84.44%	-71.92%	-63.93%	-162.93%	-51.25%	-51.20%	-42.03%	-41.70%
Profit (Net Income) Margin	-123.25%	-73.10%	-82.31%	-80.98%	-65.80%	-59.16%	-158.09%	-48.53%	-47.78%	-39.59%	-39.29%
Tax Burden Percent	100.01%	100.11%	100.34%	99.40%	100.05%	100.14%	100.05%	100.44%	100.00%	100.00%	100.00%
Interest Burden Percent	94.73%	94.11%	94.92%	96.48%	91.46%	92.41%	96.98%	94.28%	93.32%	94.19%	94.22%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-63.05%	-39.29%	-45.79%	-53.71%	-59.32%	-47.69%	-137.10%	-57.73%	-54.69%	-44.03%	-59.04%
ROIC Less NNEP Spread (ROIC-NNEP)	-59.18%	-36.58%	-41.80%	-48.34%	-58.54%	-45.64%	-129.22%	-54.72%	-52.67%	-41.57%	-56.57%
Return on Net Nonoperating Assets (RNNOA)	36.26%	20.84%	23.20%	27.75%	35.34%	26.74%	79.74%	35.89%	35.83%	26.86%	38.83%
Return on Equity (ROE)	-26.79%	-18.45%	-22.59%	-25.96%	-23.98%	-20.95%	-57.36%	-21.84%	-18.86%	-17.17%	-20.21%
Cash Return on Invested Capital (CROIC)	-84.92%	-63.74%	-54.58%	-56.17%	-48.13%	-46.16%	-43.93%	-41.30%	-37.83%	-47.71%	-70.69%
Operating Return on Assets (OROA)	-26.60%	-17.30%	-21.97%	-24.73%	-20.43%	-19.09%	-51.91%	-18.10%	-17.44%	-15.81%	-17.78%
Return on Assets (ROA)	-25.20%	-16.30%	-20.93%	-23.72%	-18.70%	-17.66%	-50.36%	-17.14%	-16.27%	-14.89%	-16.76%
Return on Common Equity (ROCE)	-26.79%	-18.45%	-22.59%	-25.96%	-23.98%	-20.95%	-57.36%	-21.84%	-18.86%	-17.17%	-20.21%
Return on Equity Simple (ROE_SIMPLE)	-59.76%	-56.08%	-54.18%	0.00%	-26.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-16	-12	-12	-12	-13	-11	-25	-12	-9.71	-9.56	-9.51
NOPAT Margin	-89.68%	-56.14%	-58.71%	-54.22%	-60.91%	-48.20%	-114.45%	-37.12%	-36.60%	-29.33%	-29.16%
Net Nonoperating Expense Percent (NNEP)	-3.87%	-2.71%	-3.98%	-5.36%	-0.78%	-2.05%	-7.88%	-3.00%	-2.02%	-2.45%	-2.48%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-7.18%	-5.39%	-4.84%	-12.07%	-5.97%	-5.08%	-5.05%	-5.15%
Cost of Revenue to Revenue	41.80%	41.43%	40.50%	38.55%	36.96%	36.32%	117.48%	32.66%	31.08%	28.59%	26.98%
SG&A Expenses to Revenue	66.83%	49.70%	53.64%	46.39%	48.55%	47.54%	56.07%	52.49%	42.23%	45.82%	47.87%
R&D to Revenue	60.72%	43.80%	43.01%	39.48%	46.76%	35.56%	40.50%	29.58%	35.95%	32.33%	31.20%
Operating Expenses to Revenue	186.32%	138.77%	143.37%	138.90%	150.05%	132.54%	146.01%	120.37%	121.21%	113.31%	114.67%
Earnings before Interest and Taxes (EBIT)	-23	-17	-18	-19	-15	-15	-35	-16	-14	-14	-14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-20	-14	-15	-16	-13	-13	-33	-14	-12	-12	-12
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.10	0.91	2.07	3.94	2.31	2.12	2.38	4.90	5.38	11.62	12.94
Price to Tangible Book Value (P/TBV)	1.16	0.96	2.18	4.16	2.40	2.20	2.48	5.09	5.59	12.05	13.41
Price to Revenue (P/Rev)	3.30	2.49	4.94	8.10	6.47	5.65	5.49	9.83	10.00	19.62	19.36
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.23	0.81	3.21	7.19	4.72	4.09	5.73	17.79	16.72	32.05	36.43
Enterprise Value to Revenue (EV/Rev)	1.65	1.06	3.71	7.02	4.66	3.96	3.86	8.29	8.66	18.51	18.37
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.61	-0.57	-0.56	-0.57	-0.60	-0.59	-0.62	-0.66	-0.68	-0.65	-0.69
Leverage Ratio	1.33	1.35	1.36	1.44	1.36	1.37	1.44	1.51	1.40	1.41	1.49
Compound Leverage Factor	1.26	1.27	1.30	1.39	1.24	1.27	1.40	1.43	1.31	1.33	1.40
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	-1.32	-1.81	-0.66	0.94	1.55	0.90	-0.09	2.47	3.11	10.62	10.37
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.13	5.01	4.66	3.99	6.06	5.68	4.80	3.83	4.02	4.06	3.58
Quick Ratio	3.05	2.90	2.67	2.27	4.12	3.87	3.35	2.72	2.74	2.72	2.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4.85	6.61	7.27	-6.56	-6.06	-3.71	3.88	23	22	10	-12
Operating Cash Flow to CapEx	-1,816.08%	-1,430.62%	-1,917.68%	-764.71%	-3,307.93%	-799.89%	-284.15%	833.89%	-1,462.53%	-1,670.33%	-197.90%
Free Cash Flow to Firm to Interest Expense	-16.16	21.38	22.78	-19.70	-17.46	-10.08	10.09	58.64	77.08	36.75	-42.44
Operating Cash Flow to Interest Expense	-68.89	-32.36	-24.83	-9.37	-33.65	-19.48	-7.50	23.16	-49.80	-57.69	-7.98
Operating Cash Flow Less CapEx to Interest Expense	-72.68	-34.62	-26.12	-10.59	-34.67	-21.91	-10.14	20.38	-53.20	-61.15	-12.01
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.22	0.25	0.29	0.28	0.30	0.32	0.35	0.34	0.38	0.43
Accounts Receivable Turnover	4.97	4.19	4.45	4.80	5.07	4.31	3.93	4.11	4.56	3.80	3.99
Inventory Turnover	0.68	0.62	0.63	0.44	0.44	0.44	0.70	0.74	0.76	0.79	0.58
Fixed Asset Turnover	2.48	2.72	3.21	3.66	4.04	4.34	4.65	5.41	6.04	6.76	7.54
Accounts Payable Turnover	8.91	7.96	9.14	7.11	8.33	8.50	14.43	10.70	20.52	15.53	8.18
Days Sales Outstanding (DSO)	73.42	87.02	82.05	76.09	72.03	84.74	92.93	88.88	79.96	96.15	91.50
Days Inventory Outstanding (DIO)	539.36	587.23	583.73	835.86	831.28	833.17	518.06	491.77	478.96	461.09	634.17
Days Payable Outstanding (DPO)	40.98	45.83	39.95	51.30	43.80	42.96	25.30	34.10	17.78	23.50	44.63
Cash Conversion Cycle (CCC)	571.80	628.42	625.82	860.65	859.52	874.96	585.69	546.56	541.14	533.74	681.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	91	92	88	80	84	85	60	45	53	65	62
Invested Capital Turnover	0.70	0.70	0.78	0.99	0.97	0.99	1.20	1.56	1.49	1.50	2.02
Increase / (Decrease) in Invested Capital	-11	-19	-19	-5.56	-6.87	-7.56	-28	-35	-31	-20	2.55
Enterprise Value (EV)	112	75	282	576	399	346	342	809	891	2,075	2,264
Market Capitalization	225	177	376	665	554	495	486	960	1,029	2,200	2,386
Book Value per Share	$0.98	$0.92	$0.86	$0.79	$0.99	$0.94	$0.81	$0.78	$0.75	$0.72	$0.69
Tangible Book Value per Share	$0.93	$0.88	$0.81	$0.75	$0.95	$0.91	$0.78	$0.75	$0.72	$0.70	$0.67
Total Capital	204	194	182	169	240	233	204	196	191	189	184
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-113	-102	-94	-89	-155	-148	-144	-150	-138	-125	-122
Capital Expenditures (CapEx)	1.14	0.70	0.41	0.41	0.35	0.90	1.02	1.08	0.95	0.97	1.15
Debt-free, Cash-free Net Working Capital (DFCFNWC)	59	62	63	56	60	61	47	33	42	55	53
Debt-free Net Working Capital (DFNWC)	172	164	157	144	215	209	191	184	180	179	176
Net Working Capital (NWC)	172	164	157	144	215	209	191	184	180	179	176
Net Nonoperating Expense (NNE)	5.93	3.64	4.85	5.98	1.04	2.56	9.38	3.59	2.97	3.35	3.30
Net Nonoperating Obligations (NNO)	-113	-102	-94	-89	-155	-148	-144	-150	-138	-125	-122
Total Depreciation and Amortization (D&A)	2.58	2.63	2.62	2.51	2.36	2.08	1.89	1.75	1.81	1.66	1.62
Debt-free, Cash-free Net Working Capital to Revenue	86.78%	86.72%	82.58%	67.79%	69.72%	69.63%	52.94%	34.32%	41.06%	48.76%	43.31%
Debt-free Net Working Capital to Revenue	252.25%	230.30%	205.59%	175.97%	250.99%	238.89%	216.01%	188.49%	175.10%	159.92%	142.54%
Net Working Capital to Revenue	252.25%	230.30%	205.59%	175.97%	250.99%	238.89%	216.01%	188.49%	175.10%	159.92%	142.54%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.10)	($0.07)	($0.08)	($0.09)	($0.06)	($0.06)	($0.13)	($0.06)	($0.05)	($0.05)	($0.05)
Adjusted Weighted Average Basic Shares Outstanding	208.87M	211.66M	212.77M	211.68M	234.92M	248.39M	252.09M	247.12M	256.52M	262.10M	266.50M
Adjusted Diluted Earnings per Share	($0.10)	($0.07)	($0.08)	($0.09)	($0.06)	($0.06)	($0.13)	($0.06)	($0.05)	($0.05)	($0.05)
Adjusted Weighted Average Diluted Shares Outstanding	208.87M	211.66M	212.77M	211.68M	234.92M	248.39M	252.09M	247.12M	256.52M	262.10M	266.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	210.71M	212.57M	213.06M	216.50M	247.29M	251.74M	252.60M	254.63M	261.27M	266.29M	267.46M
Normalized Net Operating Profit after Tax (NOPAT)	-16	-12	-12	-12	-13	-11	-25	-12	-9.71	-9.56	-9.51
Normalized NOPAT Margin	-89.68%	-56.14%	-58.71%	-54.22%	-60.91%	-48.20%	-114.45%	-37.12%	-36.60%	-29.33%	-29.16%
Pre Tax Income Margin	-123.23%	-73.02%	-82.03%	-81.47%	-65.77%	-59.08%	-158.01%	-48.31%	-47.78%	-39.59%	-39.29%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-76.56	-53.95	-55.70	-56.68	-43.99	-40.62	-90.94	-41.41	-48.69	-48.61	-47.86
NOPAT to Interest Expense	-52.78	-39.04	-37.84	-36.39	-37.26	-30.63	-63.88	-30.00	-34.81	-33.92	-33.47
EBIT Less CapEx to Interest Expense	-80.36	-56.21	-56.99	-57.91	-45.01	-43.06	-93.58	-44.18	-52.09	-52.06	-51.89
NOPAT Less CapEx to Interest Expense	-56.58	-41.30	-39.14	-37.62	-38.27	-33.06	-66.52	-32.77	-38.21	-37.37	-37.50
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Butterfly Network’s Q2 2026 results show meaningful revenue and margin improvement, but the company remains unprofitable and cash-flow negative. Revenue rose to $32.6 million, up from $23.4 million in Q2 2025 and $21.5 million in Q2 2024. Gross profit increased to $23.3 million, with gross margin expanding to approximately 71.4% from 63.7% a year earlier. The operating loss narrowed to $13.7 million from $16.1 million, while the net loss improved modestly to $12.9 million, or $0.05 per share.

Liquidity remains adequate in the near term, with $124.7 million of cash and equivalents and a current ratio of roughly 4.1. However, cash declined by $13.3 million during Q2, and operating activities consumed $16.3 million. The balance sheet also shows ongoing pressure from accumulated losses, while the weighted-average share count increased to 262.1 million from 248.4 million in Q2 2025.

Revenue growth remains strong: Q2 revenue increased approximately 39% year over year and has risen from $18.5 million in Q2 2023 to $32.6 million in Q2 2026.
Gross margins improved substantially: Gross margin reached approximately 71.4% in Q2 2026, compared with 63.7% in Q2 2025 and 58.6% in Q2 2024.
Operating losses are narrowing: The Q2 operating loss improved to $13.7 million from $16.1 million a year earlier and $17.2 million in Q2 2024.
Liquidity is still substantial: Butterfly held $124.7 million in cash and equivalents at June 30, 2026, against $58.6 million of current liabilities and no separately reported debt balance in the provided statements.
Deferred revenue provides some future revenue visibility: Current and noncurrent deferred revenue totaled approximately $25.7 million at the end of Q2 2026.
Working capital requires monitoring: Accounts receivable rose to $34.6 million in Q2 2026 from $25.2 million in Q1, while inventory remained elevated at $60.7 million.
Investment income is supporting results: Interest and investment income contributed $1.1 million in Q2, partially offsetting operating losses, but this benefit may vary with cash balances and interest rates.
Operating cash flow remains deeply negative: The company used $16.3 million in operating cash during Q2 2026, compared with $13.9 million in Q1 and $7.2 million in Q2 2025.
Cash reserves are declining: Cash fell from $148.1 million in Q2 2025 to $124.7 million in Q2 2026, despite $3.9 million of net financing inflows in the latest quarter.
Shareholder dilution and accumulated losses remain concerns: Weighted-average shares increased about 5.5% year over year to 262.1 million, while retained earnings were negative $904.8 million and total equity declined to $189.4 million from $232.8 million a year earlier.

11/14/26 08:18 PM ETAI Generated. May Contain Errors.

Butterfly Network Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Butterfly Network's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Butterfly Network's net income appears to be on an upward trend, with a most recent value of -$77.06 million in 2025, rising from -$99.70 million in 2019. The previous period was -$72.49 million in 2024. Find out what analysts predict for Butterfly Network in the coming months.

Butterfly Network's total operating income in 2025 was -$86.42 million, based on the following breakdown:

Total Gross Profit: $45.73 million
Total Operating Expenses: $132.15 million

Over the last 6 years, Butterfly Network's total revenue changed from $27.58 million in 2019 to $97.61 million in 2025, a change of 253.9%.

In the past 13 quarters, Butterfly Network's cash and equivalents has ranged from $93.76 million in Q3 2024 to $166.81 million in Q2 2023, and is currently $122.30 million as of their latest financial filing in Q3 2026.

Butterfly Network had total debt of $0.00 at the end of 2025, compared with none in 2024, and none in 2019.

Over the last 6 years, Butterfly Network's book value per share changed from 0.00 in 2019 to 0.78 in 2025, a change of 77.6%.

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Financial statements for NYSE:BFLY last updated on 10/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Butterfly Network (BFLY) Financials

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Butterfly Network (BFLY) Financials

Annual Income Statements for Butterfly Network

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Financials Breakdown Chart

Key Financial Trends

Butterfly Network Financials - Frequently Asked Questions

When does Butterfly Network's fiscal year end?

How has Butterfly Network's net income changed over the last 6 years?

What is Butterfly Network's operating income?

How has Butterfly Network's revenue changed over the last 6 years?

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