Butterfly Network (BFLY) Financials

$4.16 -0.09 (-2.00%)

Closing price 05/8/2026 03:58 PM Eastern

Extended Trading

$4.17 +0.01 (+0.34%)

As of 05/8/2026 07:58 PM Eastern

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-27	-44	-22	-16	-17	-18	-14	-14	-34	-15	-13
Consolidated Net Income / (Loss)	-27	-44	-22	-16	-17	-18	-14	-14	-34	-15	-13
Net Income / (Loss) Continuing Operations	-27	-44	-22	-16	-17	-18	-14	-14	-34	-15	-13
Total Pre-Tax Income	-27	-44	-22	-16	-17	-18	-14	-14	-34	-15	-13
Total Operating Income	-33	-47	-23	-17	-17	-17	-18	-16	-35	-17	-14
Total Gross Profit	9.38	-13	10	13	12	14	13	15	-3.76	21	18
Total Revenue	15	17	18	21	21	22	21	23	21	32	27
Operating Revenue	15	17	18	21	21	22	21	23	21	32	27
Total Cost of Revenue	6.04	29	7.38	8.90	8.33	8.62	7.85	8.49	25	10	8.25
Operating Cost of Revenue	6.04	29	7.38	8.90	8.33	8.62	7.85	8.49	25	10	8.25
Total Operating Expenses	42	34	33	30	29	31	32	31	31	38	32
Selling, General & Admin Expense	21	13	12	11	11	10	10	11	12	17	11
Marketing Expense	9.01	10	10	9.73	9.61	12	12	12	11	12	11
Research & Development Expense	12	11	11	9.41	8.84	8.83	9.92	8.32	8.70	9.32	9.54
Total Other Income / (Expense), net	5.20	2.61	0.86	1.54	0.38	-0.90	4.51	2.29	1.18	1.49	1.20
Interest Expense	0.00	-	0.30	0.31	0.32	0.33	0.35	0.37	0.39	0.39	0.28
Interest & Investment Income	1.90	1.74	1.51	1.29	1.22	1.00	1.65	1.50	1.44	1.31	1.19
Other Income / (Expense), net	3.29	0.88	-0.35	0.56	-0.52	-1.56	3.20	1.15	0.12	0.56	0.29
Income Tax Expense	0.00	-0.00	0.00	0.02	0.06	-0.11	0.01	0.02	0.02	0.07	0.00
Basic Earnings per Share	($0.13)	($0.21)	($0.10)	($0.07)	($0.08)	($0.09)	($0.06)	($0.06)	($0.13)	($0.06)	($0.05)
Weighted Average Basic Shares Outstanding	206.74M	205.39M	208.87M	211.66M	212.77M	211.68M	234.92M	248.39M	252.09M	247.12M	256.52M
Diluted Earnings per Share	($0.13)	($0.21)	($0.10)	($0.07)	($0.08)	($0.09)	($0.06)	($0.06)	($0.13)	($0.06)	($0.05)
Weighted Average Diluted Shares Outstanding	206.74M	205.39M	208.87M	211.66M	212.77M	211.68M	234.92M	248.39M	252.09M	247.12M	256.52M
Weighted Average Basic & Diluted Shares Outstanding	207.12M	208.13M	210.71M	212.57M	213.06M	216.50M	247.29M	251.74M	252.60M	254.63M	261.27M

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	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
Net Change in Cash & Equivalents	-17	-16	-22	-11	-8.33	-5.02	66	-7.08	-3.90	6.26	-13
Net Cash From Operating Activities	-16	-13	-21	-10	-7.92	-3.12	-12	-7.17	-2.89	9.03	-14
Net Cash From Continuing Operating Activities	-16	-13	-21	-10	-7.94	-3.12	-12	-7.17	-2.89	9.03	-14
Net Income / (Loss) Continuing Operations	-27	-44	-22	-16	-17	-18	-14	-14	-34	-15	-13
Consolidated Net Income / (Loss)	-27	-44	-22	-16	-17	-18	-14	-14	-34	-15	-13
Depreciation Expense	4.03	2.24	2.58	2.63	2.62	2.51	2.36	2.08	1.89	1.75	1.81
Non-Cash Adjustments To Reconcile Net Income	9.20	28	4.89	5.21	8.39	3.16	5.89	6.84	25	9.14	4.60
Changes in Operating Assets and Liabilities, net	-1.84	0.31	-6.38	-2.14	-2.02	9.32	-5.96	-2.26	4.64	13	-7.63
Net Cash From Investing Activities	-1.05	-2.51	-1.14	-0.70	-0.41	-0.41	-0.35	-0.90	-1.02	-1.08	-0.95
Net Cash From Continuing Investing Activities	-1.05	-2.51	-1.14	-0.70	-0.41	-0.41	-0.35	-0.90	-1.02	-1.08	-0.95
Purchase of Property, Plant & Equipment	-1.05	-2.51	-1.14	-0.73	-0.41	-0.41	-0.35	-0.90	-1.02	-1.08	-0.95
Net Cash From Financing Activities	0.09	-	0.00	-	-	-1.50	78	0.99	-	-1.69	2.31
Net Cash From Continuing Financing Activities	0.09	-	0.00	-	-	-1.50	78	0.99	-	-1.69	2.31
Issuance of Common Equity	-	-	0.00	-	-	-	81	0.85	-	0.47	0.00
Other Financing Activities, net	0.09	-	0.00	-	-	-1.99	-2.64	0.14	-	-2.16	2.31

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	0.54
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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	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
Total Assets	443	382	365	334	284	273	265	318	313	290	286
Total Current Assets	372	323	292	269	213	204	199	257	254	241	240
Cash & Equivalents	193	194	167	150	113	102	94	155	148	144	138
Accounts Receivable	12	13	18	14	14	16	21	20	25	24	25
Inventories, net	58	69	87	94	78	78	78	75	73	65	62
Prepaid Expenses	14	13	10	8.19	8.23	7.84	7.49	7.31	7.62	7.86	14
Plant, Property, & Equipment, net	31	30	29	26	24	23	21	18	17	17	16
Total Noncurrent Assets	39	29	44	39	47	46	45	43	42	32	30
Intangible Assets	-	-	-	-	9.97	9.62	9.27	8.57	8.22	7.87	7.17
Other Noncurrent Operating Assets	39	29	44	39	37	36	35	34	34	24	23
Total Liabilities & Shareholders' Equity	443	382	365	334	284	273	265	318	313	290	286
Total Liabilities	100	86	87	77	80	79	83	79	80	86	95
Total Current Liabilities	46	45	46	45	42	41	43	42	45	50	60
Accounts Payable	2.68	5.43	8.39	8.10	5.81	4.51	3.65	2.28	3.32	3.31	2.82
Accrued Expenses	25	24	23	22	21	21	23	23	24	30	34
Current Deferred Revenue	14	15	14	15	14	15	16	15	16	16	23
Other Current Liabilities	3.95	0.53	0.53	0.21	0.13	0.13	0.13	1.86	1.37	1.03	0.00
Total Noncurrent Liabilities	54	41	41	31	39	38	41	36	36	36	35
Noncurrent Deferred Revenue	5.59	4.34	6.03	5.27	7.22	7.36	7.04	7.60	7.23	7.91	9.63
Other Noncurrent Operating Liabilities	48	36	35	26	32	31	34	29	29	28	25
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	344	296	278	257	204	194	182	240	233	204	191
Total Preferred & Common Equity	344	296	278	257	204	194	182	240	233	204	191
Total Common Equity	344	296	278	257	204	194	182	240	233	204	191
Common Stock	906	926	936	943	955	961	966	1,056	1,063	1,068	1,083
Retained Earnings	-562	-629	-658	-686	-751	-767	-784	-816	-830	-864	-892

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	216,496,214.00	247,288,930.00	251,741,090.00	252,602,112.00	254,632,867.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	216,496,214.00	247,288,930.00	251,741,090.00	252,602,112.00	254,632,867.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-0.06	-0.06	-0.13	-0.06	-0.05
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-21.39%	-13.00%	14.09%	16.23%	33.33%	35.34%	20.21%	8.82%	4.51%	40.99%	24.99%
EBITDA Growth	53.38%	-29.54%	38.46%	50.76%	39.98%	62.47%	36.70%	8.34%	-118.67%	12.05%	8.76%
EBIT Growth	47.75%	-29.04%	34.82%	45.70%	39.29%	58.84%	33.55%	10.33%	-97.06%	14.44%	11.01%
NOPAT Growth	29.26%	4.62%	35.46%	44.88%	47.04%	62.96%	18.36%	6.57%	-103.72%	3.46%	24.88%
Net Income Growth	50.01%	-30.91%	35.12%	45.22%	38.16%	58.97%	35.82%	11.92%	-100.73%	15.52%	9.24%
EPS Growth	51.85%	-23.53%	41.18%	50.00%	38.46%	57.14%	40.00%	14.29%	-62.50%	33.33%	16.67%
Operating Cash Flow Growth	61.97%	54.60%	52.22%	62.24%	50.44%	76.19%	43.50%	28.33%	63.55%	389.46%	-18.99%
Free Cash Flow Firm Growth	56.51%	68.27%	93.46%	111.61%	113.35%	78.69%	-25.00%	-156.16%	-46.56%	448.63%	454.89%
Invested Capital Growth	41.75%	-2.21%	-10.74%	-16.84%	-18.00%	-6.49%	-7.52%	-8.20%	-32.33%	-43.18%	-36.95%
Revenue Q/Q Growth	-16.58%	7.10%	6.90%	21.70%	-4.31%	8.71%	-5.04%	10.17%	-8.10%	46.65%	-15.81%
EBITDA Q/Q Growth	11.46%	-72.79%	53.26%	31.14%	-7.92%	-8.04%	21.16%	0.29%	-157.46%	56.55%	18.21%
EBIT Q/Q Growth	4.67%	-56.68%	49.91%	27.42%	-6.58%	-6.23%	19.13%	2.06%	-134.22%	53.88%	15.88%
NOPAT Q/Q Growth	-4.15%	-43.52%	51.60%	23.82%	-0.08%	-0.38%	-6.68%	12.82%	-118.22%	52.43%	16.99%
Net Income Q/Q Growth	4.54%	-61.21%	50.68%	27.83%	-7.76%	-6.95%	22.84%	0.95%	-145.56%	54.99%	17.10%
EPS Q/Q Growth	7.14%	-61.54%	52.38%	30.00%	-14.29%	-12.50%	33.33%	0.00%	-116.67%	53.85%	16.67%
Operating Cash Flow Q/Q Growth	39.66%	18.02%	-57.75%	51.61%	20.80%	60.61%	-274.26%	38.62%	59.72%	412.82%	-253.85%
Free Cash Flow Firm Q/Q Growth	4.34%	43.45%	84.25%	236.30%	9.98%	-190.27%	7.62%	38.76%	204.64%	488.89%	-5.96%
Invested Capital Q/Q Growth	-3.14%	-20.29%	6.70%	0.96%	-4.51%	-9.10%	5.53%	0.22%	-29.61%	-23.67%	17.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.84%	-75.91%	58.20%	58.58%	59.50%	61.45%	63.04%	63.68%	-17.48%	67.34%	68.92%
EBITDA Margin	-163.69%	-264.08%	-115.46%	-65.33%	-73.68%	-73.23%	-60.80%	-55.03%	-154.16%	-45.68%	-44.38%
Operating Margin	-211.16%	-282.97%	-128.12%	-80.20%	-83.88%	-77.45%	-87.01%	-68.85%	-163.50%	-53.04%	-52.29%
EBIT Margin	-189.80%	-277.66%	-130.09%	-77.59%	-86.42%	-84.44%	-71.92%	-63.93%	-162.93%	-51.25%	-51.20%
Profit (Net Income) Margin	-177.47%	-267.14%	-123.25%	-73.10%	-82.31%	-80.98%	-65.80%	-59.16%	-158.09%	-48.53%	-47.78%
Tax Burden Percent	100.01%	100.00%	100.01%	100.11%	100.34%	99.40%	100.05%	100.14%	100.05%	100.44%	100.00%
Interest Burden Percent	93.50%	96.21%	94.73%	94.11%	94.92%	96.48%	91.46%	92.41%	96.98%	94.28%	93.32%
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)	-110.33%	-150.76%	-63.05%	-39.29%	-45.79%	-53.71%	-59.32%	-47.69%	-137.10%	-57.73%	-54.69%
ROIC Less NNEP Spread (ROIC-NNEP)	-108.14%	-144.64%	-59.18%	-36.58%	-41.80%	-48.34%	-58.54%	-45.64%	-129.22%	-54.72%	-52.67%
Return on Net Nonoperating Assets (RNNOA)	75.18%	98.72%	36.26%	20.84%	23.20%	27.75%	35.34%	26.74%	79.74%	35.89%	35.83%
Return on Equity (ROE)	-35.15%	-52.05%	-26.79%	-18.45%	-22.59%	-25.96%	-23.98%	-20.95%	-57.36%	-21.84%	-18.86%
Cash Return on Invested Capital (CROIC)	-147.55%	-115.49%	-84.92%	-63.74%	-54.58%	-56.17%	-48.13%	-46.16%	-43.93%	-41.30%	-37.83%
Operating Return on Assets (OROA)	-33.38%	-50.70%	-26.60%	-17.30%	-21.97%	-24.73%	-20.43%	-19.09%	-51.91%	-18.10%	-17.44%
Return on Assets (ROA)	-31.21%	-48.78%	-25.20%	-16.30%	-20.93%	-23.72%	-18.70%	-17.66%	-50.36%	-17.14%	-16.27%
Return on Common Equity (ROCE)	-35.15%	-52.05%	-26.79%	-18.45%	-22.59%	-25.96%	-23.98%	-20.95%	-57.36%	-21.84%	-18.86%
Return on Equity Simple (ROE_SIMPLE)	-47.89%	0.00%	-59.76%	-56.08%	-54.18%	0.00%	-26.99%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-23	-33	-16	-12	-12	-12	-13	-11	-25	-12	-9.71
NOPAT Margin	-147.81%	-198.08%	-89.68%	-56.14%	-58.71%	-54.22%	-60.91%	-48.20%	-114.45%	-37.12%	-36.60%
Net Nonoperating Expense Percent (NNEP)	-2.19%	-6.13%	-3.87%	-2.71%	-3.98%	-5.36%	-0.78%	-2.05%	-7.88%	-3.00%	-2.02%
Return On Investment Capital (ROIC_SIMPLE)	-	-14.87%	-	-	-	-7.18%	-5.39%	-4.84%	-12.07%	-5.97%	-5.08%
Cost of Revenue to Revenue	39.16%	175.91%	41.80%	41.43%	40.50%	38.55%	36.96%	36.32%	117.48%	32.66%	31.08%
SG&A Expenses to Revenue	134.90%	76.84%	66.83%	49.70%	53.64%	46.39%	48.55%	47.54%	56.07%	52.49%	42.23%
R&D to Revenue	78.66%	67.87%	60.72%	43.80%	43.01%	39.48%	46.76%	35.56%	40.50%	29.58%	35.95%
Operating Expenses to Revenue	272.00%	207.07%	186.32%	138.77%	143.37%	138.90%	150.05%	132.54%	146.01%	120.37%	121.21%
Earnings before Interest and Taxes (EBIT)	-29	-46	-23	-17	-18	-19	-15	-15	-35	-16	-14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-25	-44	-20	-14	-15	-16	-13	-13	-33	-14	-12
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.95	1.02	1.10	0.91	2.07	3.94	2.31	2.12	2.38	4.90	5.38
Price to Tangible Book Value (P/TBV)	0.95	1.07	1.16	0.96	2.18	4.16	2.40	2.20	2.48	5.09	5.59
Price to Revenue (P/Rev)	3.57	3.39	3.30	2.49	4.94	8.10	6.47	5.65	5.49	9.83	10.00
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)	0.87	1.04	1.23	0.81	3.21	7.19	4.72	4.09	5.73	17.79	16.72
Enterprise Value to Revenue (EV/Rev)	1.37	1.35	1.65	1.06	3.71	7.02	4.66	3.96	3.86	8.29	8.66
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	-0.70	-0.68	-0.61	-0.57	-0.56	-0.57	-0.60	-0.59	-0.62	-0.66	-0.68
Leverage Ratio	1.29	1.32	1.33	1.35	1.36	1.44	1.36	1.37	1.44	1.51	1.40
Compound Leverage Factor	1.21	1.27	1.26	1.27	1.30	1.39	1.24	1.27	1.40	1.43	1.31
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	-0.25	-1.31	-1.32	-1.81	-0.66	0.94	1.55	0.90	-0.09	2.47	3.11
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	5.92	5.22	5.13	5.01	4.66	3.99	6.06	5.68	4.80	3.83	4.02
Quick Ratio	3.61	3.34	3.05	2.90	2.67	2.27	4.12	3.87	3.35	2.72	2.74
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-54	-31	-4.85	6.61	7.27	-6.56	-6.06	-3.71	3.88	23	22
Operating Cash Flow to CapEx	-1,524.90%	-521.54%	-1,816.08%	-1,430.62%	-1,917.68%	-764.71%	-3,307.93%	-799.89%	-284.15%	833.89%	-1,462.53%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-16.16	21.38	22.78	-19.70	-17.46	-10.08	10.09	58.64	77.08
Operating Cash Flow to Interest Expense	0.00	0.00	-68.89	-32.36	-24.83	-9.37	-33.65	-19.48	-7.50	23.16	-49.80
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-72.68	-34.62	-26.12	-10.59	-34.67	-21.91	-10.14	20.38	-53.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.18	0.18	0.20	0.22	0.25	0.29	0.28	0.30	0.32	0.35	0.34
Accounts Receivable Turnover	5.37	4.69	4.97	4.19	4.45	4.80	5.07	4.31	3.93	4.11	4.56
Inventory Turnover	0.39	0.57	0.68	0.62	0.63	0.44	0.44	0.44	0.70	0.74	0.76
Fixed Asset Turnover	2.37	2.33	2.48	2.72	3.21	3.66	4.04	4.34	4.65	5.41	6.04
Accounts Payable Turnover	5.46	7.97	8.91	7.96	9.14	7.11	8.33	8.50	14.43	10.70	20.52
Days Sales Outstanding (DSO)	67.94	77.83	73.42	87.02	82.05	76.09	72.03	84.74	92.93	88.88	79.96
Days Inventory Outstanding (DIO)	941.01	636.28	539.36	587.23	583.73	835.86	831.28	833.17	518.06	491.77	478.96
Days Payable Outstanding (DPO)	66.83	45.77	40.98	45.83	39.95	51.30	43.80	42.96	25.30	34.10	17.78
Cash Conversion Cycle (CCC)	942.12	668.33	571.80	628.42	625.82	860.65	859.52	874.96	585.69	546.56	541.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	107	86	91	92	88	80	84	85	60	45	53
Invested Capital Turnover	0.75	0.76	0.70	0.70	0.78	0.99	0.97	0.99	1.20	1.56	1.49
Increase / (Decrease) in Invested Capital	32	-1.93	-11	-19	-19	-5.56	-6.87	-7.56	-28	-35	-31
Enterprise Value (EV)	94	89	112	75	282	576	399	346	342	809	891
Market Capitalization	244	224	225	177	376	665	554	495	486	960	1,029
Book Value per Share	$1.25	$1.06	$0.98	$0.92	$0.86	$0.79	$0.99	$0.94	$0.81	$0.78	$0.75
Tangible Book Value per Share	$1.25	$1.01	$0.93	$0.88	$0.81	$0.75	$0.95	$0.91	$0.78	$0.75	$0.72
Total Capital	257	220	204	194	182	169	240	233	204	196	191
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	-150	-134	-113	-102	-94	-89	-155	-148	-144	-150	-138
Capital Expenditures (CapEx)	1.05	2.51	1.14	0.70	0.41	0.41	0.35	0.90	1.02	1.08	0.95
Debt-free, Cash-free Net Working Capital (DFCFNWC)	73	53	59	62	63	56	60	61	47	33	42
Debt-free Net Working Capital (DFNWC)	223	187	172	164	157	144	215	209	191	184	180
Net Working Capital (NWC)	223	187	172	164	157	144	215	209	191	184	180
Net Nonoperating Expense (NNE)	4.57	11	5.93	3.64	4.85	5.98	1.04	2.56	9.38	3.59	2.97
Net Nonoperating Obligations (NNO)	-150	-134	-113	-102	-94	-89	-155	-148	-144	-150	-138
Total Depreciation and Amortization (D&A)	4.03	2.24	2.58	2.63	2.62	2.51	2.36	2.08	1.89	1.75	1.81
Debt-free, Cash-free Net Working Capital to Revenue	107.10%	79.75%	86.78%	86.72%	82.58%	67.79%	69.72%	69.63%	52.94%	34.32%	41.06%
Debt-free Net Working Capital to Revenue	326.51%	283.75%	252.25%	230.30%	205.59%	175.97%	250.99%	238.89%	216.01%	188.49%	175.10%
Net Working Capital to Revenue	326.51%	283.75%	252.25%	230.30%	205.59%	175.97%	250.99%	238.89%	216.01%	188.49%	175.10%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.13)	($0.21)	($0.10)	($0.07)	($0.08)	($0.09)	($0.06)	($0.06)	($0.13)	($0.06)	($0.05)
Adjusted Weighted Average Basic Shares Outstanding	206.74M	205.39M	208.87M	211.66M	212.77M	211.68M	234.92M	248.39M	252.09M	247.12M	256.52M
Adjusted Diluted Earnings per Share	($0.13)	($0.21)	($0.10)	($0.07)	($0.08)	($0.09)	($0.06)	($0.06)	($0.13)	($0.06)	($0.05)
Adjusted Weighted Average Diluted Shares Outstanding	206.74M	205.39M	208.87M	211.66M	212.77M	211.68M	234.92M	248.39M	252.09M	247.12M	256.52M
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	207.12M	208.13M	210.71M	212.57M	213.06M	216.50M	247.29M	251.74M	252.60M	254.63M	261.27M
Normalized Net Operating Profit after Tax (NOPAT)	-23	-33	-16	-12	-12	-12	-13	-11	-25	-12	-9.71
Normalized NOPAT Margin	-147.81%	-198.08%	-89.68%	-56.14%	-58.71%	-54.22%	-60.91%	-48.20%	-114.45%	-37.12%	-36.60%
Pre Tax Income Margin	-177.46%	-267.15%	-123.23%	-73.02%	-82.03%	-81.47%	-65.77%	-59.08%	-158.01%	-48.31%	-47.78%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-76.56	-53.95	-55.70	-56.68	-43.99	-40.62	-90.94	-41.41	-48.69
NOPAT to Interest Expense	0.00	0.00	-52.78	-39.04	-37.84	-36.39	-37.26	-30.63	-63.88	-30.00	-34.81
EBIT Less CapEx to Interest Expense	0.00	0.00	-80.36	-56.21	-56.99	-57.91	-45.01	-43.06	-93.58	-44.18	-52.09
NOPAT Less CapEx to Interest Expense	0.00	0.00	-56.58	-41.30	-39.14	-37.62	-38.27	-33.06	-66.52	-32.77	-38.21
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

Here are key trends from Butterfly Network, Inc. (BFLY) quarterly statements over the last four years, focused on cash flow, profitability, and balance sheet dynamics. The items below are intended to help retail investors gauge direction and liquidity, not exact forecasts.

Q4 2025 revenue and gross profit bounced meaningfully: Operating Revenue and Total Revenue rose to 31.51M, with Total Gross Profit of 21.22M (a swing back to positive gross margin after a negative quarter in Q3 2025).
Q4 2025 operating cash flow turned positive: Net Cash From Continuing Operating Activities was about 9.03M, supporting stronger near-term liquidity and a more favorable free-cash-flow signal for the quarter when paired with modest investing.
Solid cash balance by late 2025: Cash & Equivalents stood at 144.23M in Q3 2025, highlighting a sizable liquidity cushion as the company progresses through its transition period.
Strong short-term liquidity in key 2025 quarters: With Total Current Assets around 241–257M and Total Current Liabilities around 42–50M, the current ratio was comfortably above 4x in recent quarters (example: ~4.8x in Q3 2025).
Q1 2025 financing helped liquidity: Issuance of Common Equity in Q1 2025 totaled about 81.11M, providing a cash runway to support ongoing operations and investments.
Q4 2025 net cash change was positive: Net Change in Cash & Equivalents for the quarter was about 6.26M, signaling cash generation alongside ongoing financing activity.
Net income remains negative across quarters: For Q4 2025, Net Income Attributable to Common Shareholders was -15.29M, reflecting ongoing profitability challenges despite the quarterly improvement in revenue and gross margin.
Equity and deficits persist: Retained Earnings were deeply negative (e.g., -863.9M in Q3 2025), and Total Equity declined year-over-year, signaling a continued deficit despite improved operating cash flow in some quarters.
Balance-sheet volatility with liquidity strength: While cash rose in 2025, total assets declined from late-2024 levels and liabilities remained elevated, indicating a mix of strengthening liquidity but ongoing balance-sheet stress from prior losses.
Cash burn persists in earlier 2025 quarters: Net cash from operating activities was negative in Q1–Q3 2025, underscoring ongoing operating cash burn and reliance on external financing to fund activities before the Q4 improvement.

05/09/26 09:40 AM 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 fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Butterfly Network's net income appears to be on a downward trend, with a most recent value of -$77.06 million in 2025, falling from -$99.70 million in 2019. The previous period was -$72.49 million in 2024. Check out Butterfly Network's forecast to explore projected trends and price targets.

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%.

Butterfly Network's total liabilities were at $100.55 million at the end of 2025, a 15.2% increase from 2024, and a 32.1% decrease since 2020.

In the past 5 years, Butterfly Network's cash and equivalents has ranged from $60.21 million in 2020 to $422.84 million in 2021, and is currently $150.49 million as of their latest financial filing in 2025.

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 5/4/2026 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

Quarterly Income Statements for Butterfly Network

Annual Cash Flow Statements for Butterfly Network

Quarterly Cash Flow Statements for Butterfly Network

Annual Balance Sheets for Butterfly Network

Quarterly Balance Sheets for Butterfly Network

Annual Metrics And Ratios for Butterfly Network

Quarterly Metrics And Ratios for Butterfly Network

Financials Breakdown Chart

Key Financial Trends

Butterfly Network Financials - Frequently Asked Questions

When does Butterfly Network's financial 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?

How much debt does Butterfly Network have?

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How has Butterfly Network's book value per share changed over the last 6 years?

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