Virgin Galactic (SPCE) Financials

$2.96 -0.17 (-5.27%)

Closing price 09/9/2026 03:59 PM Eastern

Extended Trading

$2.97 +0.01 (+0.17%)

As of 07:16 AM Eastern

Annual Income Statements for Virgin Galactic

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

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	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	-138	-138	-215	-645	-353	-500	-502	-347	-279
Consolidated Net Income / (Loss)	-138	-138	-215	-645	-353	-500	-502	-347	-279
Net Income / (Loss) Continuing Operations	-138	-138	-215	-645	-353	-500	-502	-347	-279
Total Pre-Tax Income	-138	-138	-215	-645	-353	-500	-502	-347	-279
Total Revenue	0.67	3.47	6.04	2.48	4.48	2.68	36	36	6.26
Net Interest Income / (Expense)	0.22	0.62	2.26	2.24	1.18	0.37	29	29	6.26
Total Interest Income	0.24	0.63	2.26	2.28	1.21	13	42	42	22
Investment Securities Interest Income	0.24	0.63	2.26	2.28	1.21	13	42	42	22
Total Interest Expense	0.02	0.01	0.00	0.04	0.03	12	13	13	16
Long-Term Debt Interest Expense	0.02	0.01	-	0.04	0.03	12	13	13	16
Total Non-Interest Income	0.45	2.85	3.78	0.24	3.29	2.31	6.80	7.04	0.00
Total Non-Interest Expense	139	170	221	647	357	502	538	384	285
Marketing Expense	93	118	133	154	144	314	295	153	80
Other Operating Expenses	46	52	84	111	167	177	225	216	190
Depreciation Expense	-	-	-	9.78	12	11	13	15	16
Other Special Charges	-	0.00	4.18	372	35	0.00	-	-	-1.54
Nonoperating Income / (Expense), net	-	29	0.13	0.01	0.18	0.06	0.26	0.54	0.23
Income Tax Expense	0.16	0.15	0.06	0.01	0.08	0.60	0.45	0.07	0.05
Basic Earnings per Share	($0.71)	($0.71)	($1.11)	($2.94)	($1.43)	($1.89)	($29.79)	($13.89)	($5.44)
Weighted Average Basic Shares Outstanding	193.66M	193.66M	194.38M	219.11M	247.62M	263.95M	16.86M	24.96M	51.24M
Diluted Earnings per Share	($0.71)	($0.71)	($1.11)	($2.94)	($1.43)	($1.89)	($29.79)	($13.89)	($5.44)
Weighted Average Diluted Shares Outstanding	193.66M	193.66M	194.38M	219.11M	247.62M	263.95M	16.86M	24.96M	51.24M
Weighted Average Basic & Diluted Shares Outstanding	193.66M	193.66M	194.38M	219.11M	258.29M	280.26M	400.04M	35.53M	81.41M

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-104	-102	-94	-75	-76	-84	-67	-64	-63	-65	-56
Consolidated Net Income / (Loss)	-104	-102	-94	-75	-76	-84	-67	-64	-63	-65	-56
Net Income / (Loss) Continuing Operations	-104	-102	-94	-75	-76	-84	-67	-64	-63	-65	-56
Total Pre-Tax Income	-104	-102	-94	-74	-77	-84	-67	-64	-63	-65	-56
Total Revenue	13	9.08	7.88	7.53	-1.27	4.44	2.99	2.08	-3.25	1.10	9.18
Net Interest Income / (Expense)	10	9.08	7.88	7.13	5.34	3.98	2.59	1.72	-2.01	0.87	0.40
Total Interest Income	14	12	11	10	8.57	7.22	5.83	4.97	3.83	2.70	2.40
Investment Securities Interest Income	14	12	11	10	8.57	7.22	5.83	4.97	3.83	2.70	2.40
Total Interest Expense	3.22	3.23	3.23	3.23	3.24	3.24	3.25	3.25	5.84	1.83	1.99
Long-Term Debt Interest Expense	3.22	3.23	3.23	3.23	3.24	3.24	3.25	3.25	5.84	1.83	1.99
Total Non-Interest Income	2.81	0.00	0.00	0.40	-6.61	0.46	0.41	0.37	-1.23	0.23	8.77
Net Realized & Unrealized Capital Gains on Investments	-	-	-	-	-	-	-	-	-	-	8.64
Other Non-Interest Income	2.81	-	-	0.40	-	0.46	0.41	0.37	-	0.23	0.13
Total Non-Interest Expense	117	111	102	82	75	89	70	67	60	66	65
Marketing Expense	54	59	42	24	28	33	20	15	12	6.71	4.34
Other Operating Expenses	55	50	61	54	50	51	46	47	45	55	57
Depreciation Expense	3.65	3.70	3.26	4.34	4.17	4.22	4.17	4.12	3.97	3.92	3.98
Nonoperating Income / (Expense), net	0.10	0.15	0.17	0.16	0.06	0.03	0.04	0.03	0.12	0.03	0.03
Income Tax Expense	0.24	0.08	0.03	0.11	-0.15	0.05	-0.04	0.00	0.04	0.03	0.03
Basic Earnings per Share	($6.17)	($5.10)	($4.36)	($2.66)	($3.06)	($2.38)	($1.47)	($1.09)	($1.22)	($0.81)	($0.50)
Weighted Average Basic Shares Outstanding	16.86M	20.02M	21.48M	27.97M	24.96M	35.44M	45.64M	59.25M	51.24M	79.48M	110.76M
Diluted Earnings per Share	($6.17)	($5.10)	($4.36)	($2.66)	($3.06)	($2.38)	($1.47)	($1.09)	($1.22)	($0.81)	($0.50)
Weighted Average Diluted Shares Outstanding	16.86M	20.02M	21.48M	27.97M	24.96M	35.44M	45.64M	59.25M	51.24M	79.48M	110.76M
Weighted Average Basic & Diluted Shares Outstanding	400.04M	411.36M	28.48M	28.88M	35.53M	41.57M	57.59M	63.20M	81.41M	100.68M	151.60M

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

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	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	-4.40	0.30	411	186	-129	-207	-89	-43	-35
Net Cash From Operating Activities	-137	-146	-209	-233	-231	-380	-448	-353	-240
Net Cash From Continuing Operating Activities	-137	-146	-209	-233	-231	-380	-448	-353	-240
Net Income / (Loss) Continuing Operations	-138	-138	-215	-645	-353	-500	-502	-347	-279
Consolidated Net Income / (Loss)	-138	-138	-215	-645	-353	-500	-502	-347	-279
Depreciation Expense	5.15	5.81	7.00	9.78	12	11	13	15	16
Amortization Expense	-	-	-	0.00	0.00	2.00	-13	-14	-3.78
Non-Cash Adjustments to Reconcile Net Income	-1.66	0.03	6.16	402	96	57	46	31	19
Changes in Operating Assets and Liabilities, net	-1.98	-13	-7.16	-0.33	14	50	7.93	-38	7.37
Net Cash From Investing Activities	-5.60	-11	-14	-17	-388	-286	-116	176	91
Net Cash From Continuing Investing Activities	-5.60	-11	-14	-17	-388	-286	-116	176	91
Purchase of Property, Leasehold Improvements and Equipment	-5.60	-11	-14	-17	-4.64	-16	-44	-122	-198
Purchase of Investment Securities	-	-	0.00	0.00	-383	-705	-1,010	-543	-313
Sale and/or Maturity of Investments	-	-	-	0.00	0.00	435	938	840	602
Net Cash From Financing Activities	138	157	634	437	489	459	475	134	114
Net Cash From Continuing Financing Activities	138	157	634	437	489	459	475	134	114
Issuance of Debt	0.09	157	56	0.00	0.00	425	-	0.00	-110
Issuance of Common Equity	0.00	0.00	20	460	500	103	484	138	230
Repayment of Debt	-	0.00	-0.10	-0.43	-0.45	-12	-0.24	-0.19	-0.21
Other Financing Activities, Net	138	0.00	558	-23	-10	-58	-8.48	-3.26	-5.48

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	-15	-23	-16	-10	6.17	-39	22	-35	17	-20	63
Net Cash From Operating Activities	-95	-113	-79	-79	-81	-76	-55	-56	-52	-54	-50
Net Cash From Continuing Operating Activities	-95	-113	-79	-79	-81	-76	-55	-56	-52	-54	-50
Net Income / (Loss) Continuing Operations	-104	-102	-94	-75	-76	-84	-67	-64	-63	-65	-56
Consolidated Net Income / (Loss)	-104	-102	-94	-75	-76	-84	-67	-64	-63	-65	-56
Depreciation Expense	3.65	3.70	3.26	4.34	4.17	4.22	4.17	4.12	3.97	3.92	3.98
Amortization Expense	-15	-4.78	-4.09	-3.43	-16	-1.62	-1.24	-0.80	-0.12	0.11	0.00
Non-Cash Adjustments to Reconcile Net Income	17	8.24	8.93	7.50	21	4.76	4.82	4.72	4.39	4.11	-1.82
Changes in Operating Assets and Liabilities, net	2.90	-18	6.55	-13	-13	1.22	4.08	0.07	2.00	3.08	3.55
Net Cash From Investing Activities	80	83	0.58	33	59	7.48	23	-0.77	61	28	-13
Net Cash From Continuing Investing Activities	80	83	0.58	33	59	7.48	23	-0.77	61	28	-13
Purchase of Property, Leasehold Improvements and Equipment	-18	-13	-34	-39	-36	-46	-58	-51	-42	-40	-41
Purchase of Investment Securities	-137	-161	-187	-179	-16	-105	-116	-86	-6.29	-34	-35
Sale and/or Maturity of Investments	236	257	222	250	111	158	198	137	109	101	62
Net Cash From Financing Activities	-0.43	6.89	63	36	28	30	54	22	8.42	5.48	126
Net Cash From Continuing Financing Activities	-0.43	6.89	63	36	28	30	54	22	8.42	5.48	126
Issuance of Common Equity	-	7.27	64	37	29	31	56	23	121	11	134
Repayment of Debt	-0.06	-0.06	-0.05	-0.04	-0.04	-0.05	-0.05	-0.06	-0.06	-5.03	-3.30
Other Financing Activities, Net	-0.37	-0.32	-1.23	-0.65	-1.06	-0.97	-1.69	-0.64	-2.18	-0.45	-4.86

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

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	694	156	606	804	1,069	1,140	1,180	961	803
Cash and Due from Banks	0.70	74	480	666	524	302	217	179	145
Restricted Cash	-	7.38	12	13	26	40	37	32	31
Trading Account Securities	692	-	-	0.00	381	637	729	446	162
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	-	34	44	53	47	54	94	209	389
Other Assets	0.27	31	69	72	90	107	103	95	76
Total Liabilities & Shareholders' Equity	694	156	606	804	1,069	1,140	1,180	961	803
Total Liabilities	25	114	262	277	175	660	674	639	529
Non-Interest Bearing Deposits	-	-	83	83	91	103	98	84	79
Short-Term Debt	-	7.22	9.39	6.00	9.24	16	32	3.70	63
Other Short-Term Payables	0.36	81	0.77	2.83	2.64	3.23	55	62	68
Long-Term Debt	-	-	0.00	-	0.00	416	418	420	276
Other Long-Term Liabilities	24	8.16	146	162	43	60	70	69	44
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5.00	42	343	527	894	480	505	322	274
Total Preferred & Common Equity	5.00	42	343	527	894	480	505	322	274
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	5.00	42	343	527	894	480	505	322	274
Common Stock	3.67	0.00	469	1,298	2,020	2,111	2,631	2,795	3,026
Retained Earnings	1.33	0.00	-126	-771	-1,124	-1,624	-2,126	-2,473	-2,752
Accumulated Other Comprehensive Income / (Loss)	-	0.08	0.06	0.01	-1.87	-7.33	0.37	0.28	0.13

This table presents Virgin Galactic'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
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
Total Assets	1,147	1,268	1,078	1,062	1,016	904	899	854	750	816
Cash and Due from Banks	358	231	195	182	172	141	164	129	125	187
Restricted Cash	40	38	35	33	32	31	30	30	31	31
Trading Account Securities	582	819	637	606	539	394	314	265	95	68
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	70	74	111	144	181	249	306	350	427	466
Other Assets	97	106	100	97	91	88	85	80	73	64
Total Liabilities & Shareholders' Equity	1,147	1,268	1,078	1,062	1,016	904	899	854	750	816
Total Liabilities	662	669	661	668	650	632	635	628	527	420
Non-Interest Bearing Deposits	100	98	92	88	86	82	81	80	78	80
Short-Term Debt	25	28	33	38	8.08	2.96	10	9.44	134	51
Other Short-Term Payables	4.04	4.34	-	-	-	59	66	70	71	62
Long-Term Debt	417	417	418	419	420	421	421	422	203	189
Other Long-Term Liabilities	57	71	70	69	73	67	57	46	41	39
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	485	599	418	395	366	272	263	226	224	396
Total Preferred & Common Equity	485	599	418	395	366	272	263	226	224	396
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	485	599	418	395	366	272	263	226	224	396
Common Stock	2,404	2,623	2,646	2,717	2,761	2,829	2,888	2,915	3,040	3,268
Retained Earnings	-1,918	-2,022	-2,228	-2,322	-2,396	-2,557	-2,625	-2,689	-2,816	-2,872
Accumulated Other Comprehensive Income / (Loss)	-2.27	-1.31	-0.50	-0.58	1.24	0.10	-0.01	0.22	0.04	0.06

This table displays calculated financial ratios and metrics derived from Virgin Galactic's official financial filings.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	86,250,000.00	86,250,000.00	82,478,822.00	234,342,464.00	258,011,211.00	274,559,169.00	399,715,289.00	-	63,200,245.00
DEI Adjusted Shares Outstanding	4,312,500.00	4,312,500.00	4,123,941.00	11,717,123.00	12,900,561.00	13,727,958.00	19,985,764.00	-	63,200,245.00
DEI Earnings Per Adjusted Shares Outstanding	-32.04	-32.03	-52.16	-55.04	-27.36	-36.43	-25.13	-	-4.41
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	415.90%	74.02%	-58.97%	80.52%	-40.02%	1,247.32%	-18.63%	-82.83%
EBITDA Growth	0.00%	-20.97%	-29.50%	-205.08%	46.23%	-42.47%	-3.12%	31.01%	23.04%
EBIT Growth	0.00%	-20.67%	-29.19%	-199.70%	45.26%	-41.53%	-0.51%	30.86%	19.62%
NOPAT Growth	0.00%	-20.67%	-29.19%	-199.70%	45.26%	-41.53%	-0.51%	30.86%	19.62%
Net Income Growth	0.00%	0.03%	-55.72%	-199.79%	45.28%	-41.73%	-0.44%	30.97%	19.56%
EPS Growth	0.00%	0.00%	-56.34%	-164.86%	51.36%	-32.17%	-0.44%	53.37%	60.84%
Operating Cash Flow Growth	0.00%	-6.61%	-43.52%	-11.50%	1.03%	-64.78%	-17.87%	21.31%	31.91%
Free Cash Flow Firm Growth	0.00%	0.00%	-190.24%	-39.03%	2.26%	41.95%	-10.19%	91.55%	-87.58%
Invested Capital Growth	0.00%	-92.70%	622.21%	51.15%	69.49%	0.97%	4.77%	-21.94%	-17.80%
Revenue Q/Q Growth	0.00%	0.00%	801.43%	-18.02%	-6.30%	802.62%	35.08%	-33.01%	-56.64%
EBITDA Q/Q Growth	0.00%	0.00%	33.25%	-4.32%	6.39%	-16.39%	5.95%	3.12%	5.53%
EBIT Q/Q Growth	0.00%	0.00%	31.01%	-4.37%	6.17%	-16.10%	8.44%	7.27%	4.72%
NOPAT Q/Q Growth	0.00%	0.00%	24.03%	-4.37%	6.17%	-16.17%	8.44%	7.27%	4.72%
Net Income Q/Q Growth	0.00%	0.00%	24.12%	-4.38%	6.18%	-16.28%	8.53%	7.37%	4.68%
EPS Q/Q Growth	0.00%	0.00%	20.14%	2.00%	3.38%	-15.95%	8.53%	-3.81%	-10.12%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	23.46%	4.40%	2.11%	-21.05%	7.42%	3.89%	10.63%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-21.20%	-21.91%	3.56%	-3.96%	-202.07%	8.75%
Invested Capital Q/Q Growth	0.00%	0.00%	-45.40%	-27.45%	-7.61%	-13.00%	-8.51%	-5.99%	-6.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-
EBITDA Margin	-19,745.02%	-4,630.07%	-3,445.58%	-25,619.77%	-7,630.93%	-18,126.53%	-1,387.36%	-1,176.34%	-4,253.83%
EBIT Margin	-20,509.96%	-4,797.32%	-3,561.42%	-26,014.32%	-7,888.31%	-18,614.46%	-1,388.60%	-1,179.96%	-4,456.74%
Profit (Net Income) Margin	-20,532.99%	-3,978.66%	-3,560.33%	-26,014.00%	-7,886.01%	-18,634.58%	-1,389.13%	-1,178.39%	-4,453.96%
Tax Burden Percent	100.11%	100.11%	100.03%	100.00%	100.02%	100.12%	100.09%	100.02%	100.02%
Interest Burden Percent	100.00%	82.85%	99.94%	100.00%	99.95%	99.99%	99.95%	99.85%	99.92%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-14.44%	-32.48%	-75.03%	-101.93%	-34.40%	-38.52%	-37.63%	-28.56%	-28.74%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-624.94%	-846.79%	-2,608.38%	-1,423.28%	-106.70%	-71.82%	-52.29%	-50.64%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-6.40%	-36.78%	-46.27%	-15.26%	-34.26%	-64.29%	-55.22%	-64.81%
Return on Equity (ROE)	0.00%	-38.88%	-111.81%	-148.20%	-49.66%	-72.78%	-101.93%	-83.78%	-93.55%
Cash Return on Invested Capital (CROIC)	0.00%	140.31%	-226.38%	-142.67%	-85.97%	-39.49%	-42.29%	-3.92%	-9.21%
Operating Return on Assets (OROA)	-19.90%	-39.21%	-56.51%	-91.50%	-37.70%	-45.24%	-43.30%	-32.44%	-31.63%
Return on Assets (ROA)	-19.92%	-32.52%	-56.49%	-91.50%	-37.69%	-45.29%	-43.32%	-32.39%	-31.61%
Return on Common Equity (ROCE)	0.00%	-2.55%	-111.81%	-148.20%	-49.66%	-72.78%	-101.93%	-83.78%	-93.55%
Return on Equity Simple (ROE_SIMPLE)	-2,763.74%	-332.39%	-62.67%	-122.35%	-39.46%	-104.15%	-99.38%	-107.59%	-101.80%
Net Operating Profit after Tax (NOPAT)	-97	-117	-151	-451	-247	-350	-352	-243	-195
NOPAT Margin	-14,356.97%	-3,358.13%	-2,492.99%	-18,210.02%	-5,521.82%	-13,030.12%	-972.02%	-825.97%	-3,119.72%
Net Nonoperating Expense Percent (NNEP)	0.00%	592.46%	771.76%	2,506.45%	1,388.88%	68.18%	34.19%	23.73%	21.90%
SG&A Expenses to Revenue	13,831.35%	3,396.66%	2,199.16%	6,226.91%	3,222.86%	11,705.44%	816.16%	518.87%	1,284.99%
Operating Expenses to Revenue	20,609.96%	4,897.32%	3,661.42%	26,114.32%	7,988.31%	18,714.46%	1,488.60%	1,279.96%	4,556.74%
Earnings before Interest and Taxes (EBIT)	-138	-167	-215	-645	-353	-500	-502	-347	-279
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-133	-161	-208	-635	-341	-487	-502	-346	-266
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	174.12	20.75	2.78	10.55	3.86	1.99	1.94	0.53	0.74
Price to Tangible Book Value (P/TBV)	174.12	20.75	2.78	10.55	3.86	1.99	1.94	0.53	0.74
Price to Revenue (P/Rev)	1,293.11	248.42	157.67	2,243.22	771.44	355.99	27.08	5.77	32.40
Price to Earnings (P/E)	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%
Earnings Yield	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)	2.29	16.15	1.33	9.17	3.22	1.15	1.23	0.51	0.60
Enterprise Value to Revenue (EV/Rev)	2,278.79	227.08	77.68	1,971.76	650.59	389.30	32.52	13.01	58.53
Enterprise Value to EBITDA (EV/EBITDA)	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
Enterprise Value to NOPAT (EV/NOPAT)	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
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	1.57	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.18	0.03	0.01	0.01	0.90	0.89	1.32	1.24
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.87	0.83	1.30	1.01
Financial Leverage	0.00	0.01	0.04	0.02	0.01	0.32	0.90	1.06	1.28
Leverage Ratio	1.04	1.20	1.98	1.62	1.32	1.61	2.35	2.59	2.96
Compound Leverage Factor	1.04	0.99	1.98	1.62	1.32	1.61	2.35	2.58	2.96
Debt to Total Capital	0.00%	14.89%	2.68%	1.13%	1.02%	47.36%	47.11%	56.80%	55.33%
Short-Term Debt to Total Capital	0.00%	14.78%	2.66%	1.13%	1.02%	1.79%	3.39%	0.50%	10.27%
Long-Term Debt to Total Capital	0.00%	0.11%	0.01%	0.00%	0.00%	45.57%	43.72%	56.31%	45.06%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	99.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.75%	85.11%	97.32%	98.87%	98.98%	52.64%	52.89%	43.20%	44.67%
Debt to EBITDA	0.00	-0.05	-0.05	-0.01	-0.03	-0.89	-0.90	-1.22	-1.27
Net Debt to EBITDA	0.00	0.46	2.32	1.06	1.58	-0.18	-0.39	-0.62	-0.61
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.85	-0.83	-1.21	-1.04
Debt to NOPAT	0.00	-0.06	-0.06	-0.01	-0.04	-1.24	-1.28	-1.74	-1.74
Net Debt to NOPAT	0.00	0.64	3.21	1.49	2.19	-0.26	-0.56	-0.88	-0.84
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-1.19	-1.19	-1.73	-1.41
Noncontrolling Interest Sharing Ratio	99.25%	93.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	504	-454	-632	-618	-358	-395	-33	-63
Operating Cash Flow to CapEx	-2,441.93%	-1,375.85%	-1,509.17%	-1,355.50%	-4,978.71%	-2,306.03%	-1,011.52%	-289.44%	-121.26%
Free Cash Flow to Firm to Interest Expense	0.00	50,363.45	0.00	-17,550.93	-24,701.06	-29.55	-30.69	-2.58	-4.02
Operating Cash Flow to Interest Expense	-6,508.33	-14,570.30	0.00	-6,476.64	-9,230.52	-31.35	-34.82	-27.28	-15.41
Operating Cash Flow Less CapEx to Interest Expense	-6,774.86	-15,629.30	0.00	-6,954.44	-9,415.92	-32.71	-38.26	-36.71	-28.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.01	0.02	0.00	0.00	0.00	0.03	0.03	0.01
Fixed Asset Turnover	0.00	0.00	0.15	0.05	0.09	0.05	0.49	0.19	0.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	669	49	353	533	904	912	956	746	613
Invested Capital Turnover	0.00	0.01	0.03	0.01	0.01	0.00	0.04	0.03	0.01
Increase / (Decrease) in Invested Capital	0.00	-620	304	180	370	8.77	44	-210	-133
Enterprise Value (EV)	1,534	788	469	4,888	2,911	1,045	1,176	383	367
Market Capitalization	870	863	953	5,561	3,452	955	979	170	203
Book Value per Share	$0.06	$0.48	$4.16	$2.25	$3.47	$1.75	$1.26	$11.16	$4.33
Tangible Book Value per Share	$0.06	$0.48	$4.16	$2.25	$3.47	$1.75	$1.26	$11.16	$4.33
Total Capital	669	49	353	533	904	912	956	746	613
Total Debt	0.00	7.27	9.44	6.00	9.24	432	450	424	339
Total Long-Term Debt	0.00	0.06	0.05	0.00	0.00	416	418	420	276
Net Debt	-0.70	-74	-483	-673	-541	89	197	213	164
Capital Expenditures (CapEx)	5.60	11	14	17	4.64	16	44	122	198
Net Nonoperating Expense (NNE)	42	22	64	193	106	150	151	104	84
Net Nonoperating Obligations (NNO)	0.00	7.27	9.44	6.00	9.24	432	450	424	339
Total Depreciation and Amortization (D&A)	5.15	5.81	7.00	9.78	12	13	0.45	1.07	13
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($14.20)	($0.80)	($21.80)	$0.00	($28.60)	($37.80)	($29.80)	($13.89)	($5.44)
Adjusted Weighted Average Basic Shares Outstanding	9.68M	4.31M	19.58M	0.00	12.38M	13.20M	16.86M	24.96M	51.24M
Adjusted Diluted Earnings per Share	($14.20)	($0.80)	($21.80)	$0.00	($28.60)	($37.80)	($29.80)	($13.89)	($5.44)
Adjusted Weighted Average Diluted Shares Outstanding	9.68M	4.31M	19.58M	0.00	12.38M	13.20M	16.86M	24.96M	51.24M
Adjusted Basic & Diluted Earnings per Share	($14.20)	($0.80)	($21.80)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	9.68M	1.00M	9.72M	0.00	12.91M	14.01M	20.00M	35.53M	81.41M
Normalized Net Operating Profit after Tax (NOPAT)	-97	-117	-148	-191	-223	-350	-348	-248	-196
Normalized NOPAT Margin	-14,356.97%	-3,358.13%	-2,444.57%	-7,709.97%	-4,979.81%	-13,030.12%	-963.51%	-842.71%	-3,136.98%
Pre Tax Income Margin	-20,509.96%	-3,974.42%	-3,559.30%	-26,013.76%	-7,884.25%	-18,612.30%	-1,387.88%	-1,178.13%	-4,453.13%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-6,572.95	-16,656.30	0.00	-17,913.75	-14,120.08	-41.19	-39.01	-26.86	-17.91
NOPAT to Interest Expense	-4,601.07	-11,659.41	0.00	-12,539.63	-9,884.06	-28.83	-27.31	-18.80	-12.54
EBIT Less CapEx to Interest Expense	-6,839.48	-17,715.30	0.00	-18,391.56	-14,305.48	-42.55	-42.45	-36.29	-30.62
NOPAT Less CapEx to Interest Expense	-4,867.59	-12,718.41	0.00	-13,017.43	-10,069.46	-30.19	-30.75	-28.23	-25.25
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	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%

This table displays calculated financial ratios and metrics derived from Virgin Galactic's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	399,715,289.00	399,715,289.00	411,361,910.00	28,483,577.00	-	35,528,350.00	41,574,845.00	57,590,965.00	63,200,245.00	81,408,715.00	100,683,438.00
DEI Adjusted Shares Outstanding	19,985,764.00	19,985,764.00	20,568,096.00	28,483,577.00	-	35,528,350.00	41,574,845.00	57,590,965.00	63,200,245.00	81,408,715.00	100,683,438.00
DEI Earnings Per Adjusted Shares Outstanding	-5.20	-5.10	-4.56	-2.62	-	-2.38	-1.62	-1.12	-0.99	-0.79	-0.56
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	244.68%	101.31%	11.60%	-33.71%	-109.61%	-51.15%	-62.03%	-72.37%	-127.12%	-75.20%	206.75%
EBITDA Growth	21.68%	33.67%	27.48%	26.91%	22.85%	20.63%	32.00%	17.04%	20.93%	25.86%	19.44%
EBIT Growth	30.83%	35.92%	30.11%	28.71%	26.22%	17.25%	28.28%	13.60%	18.03%	23.39%	17.03%
NOPAT Growth	30.90%	35.92%	30.11%	28.71%	26.22%	17.25%	28.28%	13.60%	18.03%	23.39%	17.03%
Net Income Growth	31.05%	36.00%	30.21%	28.74%	26.51%	17.18%	28.25%	13.58%	17.92%	23.40%	16.93%
EPS Growth	31.05%	36.00%	52.40%	52.24%	50.41%	53.33%	66.28%	59.02%	60.13%	65.97%	65.99%
Operating Cash Flow Growth	27.38%	16.79%	36.86%	13.32%	14.98%	32.95%	29.93%	29.01%	35.24%	29.53%	9.51%
Free Cash Flow Firm Growth	-1.95%	85.68%	100.86%	386.82%	234.29%	186.51%	1,143.28%	-54.07%	-43.08%	-21.02%	-81.76%
Invested Capital Growth	4.77%	7.45%	-8.05%	-24.03%	-21.94%	-19.92%	-18.38%	-17.19%	-17.80%	-19.45%	-8.50%
Revenue Q/Q Growth	16.42%	-31.36%	-13.25%	-4.39%	-116.87%	-62.94%	-32.57%	-30.42%	-255.98%	133.89%	734.09%
EBITDA Q/Q Growth	-13.82%	10.09%	8.15%	22.23%	-27.00%	-9.82%	21.31%	5.12%	3.57%	-2.97%	14.50%
EBIT Q/Q Growth	0.76%	1.70%	8.00%	20.57%	-2.71%	-10.25%	20.26%	4.32%	2.56%	-3.05%	13.65%
NOPAT Q/Q Growth	0.76%	1.70%	8.00%	20.57%	-2.71%	-10.25%	20.26%	4.32%	2.56%	-3.05%	13.65%
Net Income Q/Q Growth	0.59%	1.90%	8.07%	20.51%	-2.51%	-10.57%	20.37%	4.26%	2.63%	-3.18%	13.64%
EPS Q/Q Growth	0.59%	1.90%	14.51%	38.99%	-15.04%	22.22%	38.24%	25.85%	-11.93%	33.61%	38.27%
Operating Cash Flow Q/Q Growth	-4.17%	-18.80%	30.11%	-0.22%	-2.18%	6.31%	26.97%	-1.55%	6.80%	-1.96%	6.22%
Free Cash Flow Firm Q/Q Growth	-67.61%	-13.36%	106.68%	2,159.90%	-21.52%	-26.97%	-4.01%	-16.51%	-2.75%	1.34%	-77.83%
Invested Capital Q/Q Growth	-8.51%	-9.09%	-2.00%	-6.80%	-5.99%	-6.74%	-0.12%	-5.44%	-6.67%	-8.61%	13.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	-867.31%	-1,135.93%	-1,202.67%	-978.28%	0.00%	-1,845.67%	-2,154.00%	-2,937.43%	0.00%	-5,518.00%	-565.66%
EBIT Margin	-784.98%	-1,124.07%	-1,192.08%	-990.41%	0.00%	-1,904.26%	-2,251.99%	-3,097.07%	0.00%	-5,883.55%	-609.10%
Profit (Net Income) Margin	-786.03%	-1,123.36%	-1,190.34%	-989.64%	0.00%	-1,904.58%	-2,249.41%	-3,095.48%	0.00%	-5,883.18%	-609.14%
Tax Burden Percent	100.23%	100.08%	100.04%	100.14%	99.81%	100.06%	99.95%	100.00%	100.07%	100.05%	100.05%
Interest Burden Percent	99.90%	99.86%	99.82%	99.78%	99.92%	99.96%	99.94%	99.95%	99.81%	99.95%	99.95%
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)	-21.27%	-38.21%	-39.01%	-28.45%	0.00%	-54.21%	-40.55%	-43.16%	0.00%	-19.18%	-5.84%
ROIC Less NNEP Spread (ROIC-NNEP)	-28.37%	-45.05%	-45.25%	-33.57%	0.00%	-60.00%	-45.09%	-47.66%	0.00%	-24.29%	-10.83%
Return on Net Nonoperating Assets (RNNOA)	-25.39%	-51.30%	-46.22%	-30.35%	0.00%	-76.12%	-60.85%	-69.16%	0.00%	-37.25%	-11.03%
Return on Equity (ROE)	-46.67%	-89.51%	-85.23%	-58.80%	0.00%	-130.32%	-101.40%	-112.32%	0.00%	-56.43%	-16.87%
Cash Return on Invested Capital (CROIC)	-42.29%	-44.32%	-23.47%	-1.20%	-3.92%	-7.37%	-7.19%	-9.45%	-9.21%	-7.36%	-17.19%
Operating Return on Assets (OROA)	-24.48%	-43.36%	-44.84%	-32.71%	0.00%	-61.13%	-45.68%	-47.84%	0.00%	-20.81%	-6.47%
Return on Assets (ROA)	-24.51%	-43.33%	-44.78%	-32.68%	0.00%	-61.14%	-45.63%	-47.82%	0.00%	-20.81%	-6.47%
Return on Common Equity (ROCE)	-46.67%	-89.51%	-85.23%	-58.80%	0.00%	-130.32%	-101.40%	-112.32%	0.00%	-56.43%	-16.87%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-106.56%	-102.42%	-102.27%	0.00%	-120.96%	-114.94%	-129.53%	0.00%	-115.83%	-62.54%
Net Operating Profit after Tax (NOPAT)	-73	-71	-66	-52	-54	-59	-47	-45	-44	-45	-39
NOPAT Margin	-549.49%	-786.85%	-834.46%	-693.29%	0.00%	-1,332.98%	-1,576.39%	-2,167.95%	0.00%	-4,118.48%	-426.37%
Net Nonoperating Expense Percent (NNEP)	7.09%	6.84%	6.24%	5.11%	5.21%	5.80%	4.53%	4.49%	4.92%	5.11%	5.00%
SG&A Expenses to Revenue	407.05%	649.37%	527.23%	317.80%	0.00%	750.90%	672.72%	718.50%	0.00%	610.18%	47.29%
Operating Expenses to Revenue	884.98%	1,224.07%	1,292.08%	1,090.41%	0.00%	2,004.26%	2,351.99%	3,197.07%	0.00%	5,983.55%	709.10%
Earnings before Interest and Taxes (EBIT)	-104	-102	-94	-75	-77	-84	-67	-64	-63	-65	-56
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-115	-103	-95	-74	-89	-82	-64	-61	-59	-61	-52
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.94	1.42	0.44	0.47	0.53	0.40	0.43	0.98	0.74	0.88	0.73
Price to Tangible Book Value (P/TBV)	1.94	1.42	0.44	0.47	0.53	0.40	0.43	0.98	0.74	0.88	0.73
Price to Revenue (P/Rev)	27.08	14.52	4.17	4.61	5.77	3.38	5.71	15.39	32.40	67.61	31.94
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	0.94	0.49	0.50	0.51	0.52	0.51	0.75	0.60	0.68	0.49
Enterprise Value to Revenue (EV/Rev)	32.52	19.95	9.99	10.52	13.01	11.29	17.66	34.26	58.53	129.57	34.29
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	0.89	1.08	1.16	1.17	1.32	1.56	1.64	1.91	1.24	1.51	0.61
Long-Term Debt to Equity	0.83	1.00	1.06	1.15	1.30	1.55	1.60	1.87	1.01	0.91	0.48
Financial Leverage	0.90	1.14	1.02	0.90	1.06	1.27	1.35	1.45	1.28	1.53	1.02
Leverage Ratio	2.35	2.69	2.51	2.37	2.59	2.87	2.98	3.16	2.96	3.34	2.60
Compound Leverage Factor	2.35	2.69	2.51	2.36	2.58	2.87	2.98	3.16	2.95	3.33	2.60
Debt to Total Capital	47.11%	51.94%	53.63%	53.88%	56.80%	60.88%	62.10%	65.63%	55.33%	60.08%	37.71%
Short-Term Debt to Total Capital	3.39%	3.78%	4.43%	1.02%	0.50%	0.42%	1.49%	1.44%	10.27%	23.92%	7.98%
Long-Term Debt to Total Capital	43.72%	48.16%	49.21%	52.87%	56.31%	60.46%	60.61%	64.19%	45.06%	36.16%	29.73%
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	52.89%	48.06%	46.37%	46.12%	43.20%	39.12%	37.90%	34.37%	44.67%	39.92%	62.29%
Debt to EBITDA	-0.90	-1.00	-1.10	-1.11	-1.22	-1.30	-1.47	-1.53	-1.27	-1.37	-1.03
Net Debt to EBITDA	-0.39	-0.49	-0.59	-0.58	-0.62	-0.77	-0.81	-0.97	-0.61	-0.74	-0.09
Long-Term Debt to EBITDA	-0.83	-0.93	-1.01	-1.09	-1.21	-1.30	-1.43	-1.50	-1.04	-0.83	-0.81
Debt to NOPAT	-1.28	-1.45	-1.61	-1.63	-1.74	-1.84	-2.03	-2.10	-1.74	-1.86	-1.38
Net Debt to NOPAT	-0.56	-0.71	-0.85	-0.85	-0.88	-1.09	-1.12	-1.33	-0.84	-1.00	-0.12
Long-Term Debt to NOPAT	-1.19	-1.34	-1.48	-1.60	-1.73	-1.82	-1.99	-2.06	-1.41	-1.12	-1.09
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	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-116	-132	8.80	199	156	114	109	91	89	90	20
Operating Cash Flow to CapEx	-518.89%	-866.19%	-229.93%	-205.15%	-226.93%	-164.87%	-95.01%	-109.36%	-124.49%	-134.40%	-123.68%
Free Cash Flow to Firm to Interest Expense	-36.04	-40.82	2.72	61.50	48.21	35.17	33.69	28.10	15.20	49.24	10.01
Operating Cash Flow to Interest Expense	-29.56	-35.09	-24.50	-24.53	-25.03	-23.43	-17.08	-17.32	-8.98	-29.27	-25.16
Operating Cash Flow Less CapEx to Interest Expense	-35.26	-39.14	-35.15	-36.49	-36.07	-37.64	-35.05	-33.17	-16.20	-51.04	-45.51
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.03	0.04	0.04	0.03	0.03	0.03	0.02	0.02	0.01	0.00	0.01
Fixed Asset Turnover	0.49	0.48	0.39	0.30	0.19	0.18	0.09	0.05	0.02	0.01	0.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	956	869	852	794	746	696	695	657	613	561	636
Invested Capital Turnover	0.04	0.05	0.05	0.04	0.03	0.04	0.03	0.02	0.01	0.00	0.01
Increase / (Decrease) in Invested Capital	44	60	-75	-251	-210	-173	-157	-136	-133	-135	-59
Enterprise Value (EV)	1,176	813	415	397	383	359	351	495	367	379	312
Market Capitalization	979	592	173	174	170	108	113	222	203	198	291
Book Value per Share	$1.26	$20.86	$0.96	$12.85	$11.16	$7.66	$6.33	$3.92	$4.33	$2.75	$3.93
Tangible Book Value per Share	$1.26	$20.86	$0.96	$12.85	$11.16	$7.66	$6.33	$3.92	$4.33	$2.75	$3.93
Total Capital	956	869	852	794	746	696	695	657	613	561	636
Total Debt	450	451	457	428	424	424	432	431	339	337	240
Total Long-Term Debt	418	418	419	420	420	421	421	422	276	203	189
Net Debt	197	221	242	223	213	251	238	272	164	181	21
Capital Expenditures (CapEx)	18	13	34	39	36	46	58	51	42	40	41
Net Nonoperating Expense (NNE)	31	31	28	22	23	25	20	19	19	19	17
Net Nonoperating Obligations (NNO)	450	451	457	428	424	424	432	431	339	337	240
Total Depreciation and Amortization (D&A)	-11	-1.08	-0.83	0.91	-12	2.60	2.93	3.32	3.85	4.02	3.99
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($123.40)	($5.00)	($4.36)	($2.66)	($3.06)	($2.38)	($1.47)	($1.09)	($1.22)	($0.81)	($0.50)
Adjusted Weighted Average Basic Shares Outstanding	843.15K	20.02M	21.48M	27.97M	24.96M	35.44M	45.64M	59.25M	51.24M	79.48M	110.76M
Adjusted Diluted Earnings per Share	($123.40)	($5.00)	($4.36)	($2.66)	($3.06)	($2.38)	($1.47)	($1.09)	($1.22)	($0.81)	($0.50)
Adjusted Weighted Average Diluted Shares Outstanding	843.15K	20.02M	21.48M	27.97M	24.96M	35.44M	45.64M	59.25M	51.24M	79.48M	110.76M
Adjusted Basic & Diluted Earnings per Share	($123.40)	$0.00	$0.00	$0.00	($3.06)	$0.00	$0.00	$0.00	($1.22)	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	20.00M	20.57M	28.48M	28.88M	35.53M	41.57M	57.59M	63.20M	81.41M	100.68M	151.60M
Normalized Net Operating Profit after Tax (NOPAT)	-73	-73	-69	-52	-54	-59	-47	-45	-44	-45	-39
Normalized NOPAT Margin	-549.49%	-802.15%	-871.95%	-693.29%	0.00%	-1,332.98%	-1,576.39%	-2,167.95%	0.00%	-4,118.48%	-426.37%
Pre Tax Income Margin	-784.23%	-1,122.48%	-1,189.91%	-988.25%	0.00%	-1,903.49%	-2,250.65%	-3,095.48%	0.00%	-5,880.45%	-608.82%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-32.21	-31.63	-29.07	-23.07	-23.67	-26.07	-20.74	-19.83	-10.75	-35.40	-28.03
NOPAT to Interest Expense	-22.55	-22.14	-20.35	-16.15	-16.57	-18.25	-14.52	-13.88	-7.52	-24.78	-19.62
EBIT Less CapEx to Interest Expense	-37.91	-35.68	-39.73	-35.03	-34.70	-40.28	-38.72	-35.67	-17.96	-57.18	-48.37
NOPAT Less CapEx to Interest Expense	-28.24	-26.19	-31.01	-28.11	-27.60	-32.46	-32.49	-29.72	-14.74	-46.56	-39.96
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

Virgin Galactic’s latest financial statements show some improvement in quarterly losses and debt levels, but the company remains heavily dependent on external financing while it continues to burn cash and generate limited operating revenue.

Q2 2026 highlights: Revenue increased to $9.2 million, compared with $1.1 million in Q1 2026 and $3.0 million in the restated Q2 2025 results. However, most of the latest quarter’s revenue came from $8.6 million of realized and unrealized investment gains, rather than core space-tourism operations. Virgin Galactic reported a net loss of $55.9 million, an improvement from losses of $64.7 million in Q1 2026 and $67.3 million in Q2 2025.

The balance sheet benefited from a large equity raise. Virgin Galactic issued approximately $134.1 million of common equity during Q2 2026, which helped increase cash and equivalents to $187.3 million from $124.8 million in Q1. Including restricted cash and trading securities, the company held approximately $286.1 million in liquid assets at quarter-end. That is still substantially below the roughly $820.5 million held in these categories at the end of Q2 2024 and approximately $979.9 million at the end of Q2 2023.

Operating cash flow remains the central concern. Virgin Galactic used $50.2 million in operating cash during Q2 2026, following outflows of $53.5 million in Q1 2026, $55.4 million in Q2 2025 and $79.3 million in Q2 2024. Capital expenditures were another $40.6 million in the latest quarter, indicating that total cash needs remain significant even though the operating burn rate has improved from 2024 levels.

Quarterly net losses are narrowing: The Q2 2026 loss of $55.9 million was the smallest among the reported 2026 and 2025 comparison quarters, improving from $64.7 million in Q1 2026 and $67.3 million in restated Q2 2025.
Operating cash burn has improved: Cash used in operations declined to $50.2 million in Q2 2026 from $79.1 million in Q2 2024, although the company is still not generating positive operating cash flow.
Debt declined materially during Q2: Short-term and long-term debt fell to a combined $239.8 million from $336.8 million at the end of Q1 2026. Total liabilities also decreased to $420.2 million from $526.5 million.
Liquidity increased sequentially: Cash and equivalents rose by $62.5 million during Q2, supported primarily by $134.1 million of common-equity issuance and proceeds from investment maturities and sales.
Investment income is supporting results: Q2 revenue included $2.4 million of investment interest income and $8.6 million of investment gains. These gains improve reported revenue, but they are not a dependable substitute for recurring commercial revenue.
Asset composition is changing: Trading account securities declined to $67.7 million in Q2 2026 from $314.0 million in Q2 2025, while net premises and equipment increased to $465.8 million from $305.9 million. This suggests the company is converting financial assets into funding for operations and infrastructure.
Core operations remain deeply unprofitable: Q2 2026 non-interest expenses totaled $65.1 million against $9.2 million of revenue. Other operating expenses alone were $56.7 million, leaving the company with a pretax loss of $55.9 million.
Virgin Galactic continues to consume cash: Operating cash flow has been negative in every reported quarter provided, including $50.2 million of use in Q2 2026. The company also spent $40.6 million on property and equipment during the quarter.
Equity financing is causing dilution: Weighted average basic shares outstanding increased to 110.8 million in Q2 2026 from 79.5 million in Q1 and 45.6 million in restated Q2 2025. Further capital raises could dilute existing shareholders again.
Accumulated losses remain substantial: Retained earnings were negative $2.9 billion at June 30, 2026, compared with negative $2.3 billion at June 30, 2024. The company’s total equity is positive, but that position has been supported heavily by repeated stock issuance rather than sustained profitability.

Overall, the financial trend is mixed. Cost reductions, lower debt and a smaller quarterly loss are constructive developments, but the improvement is not yet supported by a self-sustaining business model. With recurring operating cash outflows, substantial capital expenditures and growing share counts, investors should focus on whether Virgin Galactic can eventually generate meaningful commercial revenue without relying on continued equity financing.

09/10/26 05:31 AM ETAI Generated. May Contain Errors.

Virgin Galactic Financials - Frequently Asked Questions

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

Virgin Galactic's net income appears to be on an upward trend, with a most recent value of -$278.91 million in 2025, rising from -$138.19 million in 2017. The previous period was -$346.74 million in 2024. See Virgin Galactic's forecast for analyst expectations on what's next for the company.

Over the last 8 years, Virgin Galactic's total revenue changed from $673 thousand in 2017 to $6.26 million in 2025, a change of 830.5%.

Virgin Galactic's total liabilities were at $529.22 million at the end of 2025, a 17.2% decrease from 2024, and a 2,059.5% increase since 2017.

In the past 8 years, Virgin Galactic's cash and equivalents has ranged from $696.38 thousand in 2017 to $665.92 million in 2020, and is currently $144.73 million as of their latest financial filing in 2025.

Over the last 8 years, Virgin Galactic's book value per share changed from 0.06 in 2017 to 4.33 in 2025, a change of 7,386.9%.

Related Companies

Financial statements for NYSE:SPCE last updated on 8/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Virgin Galactic (SPCE) Financials

Financials Breakdown Chart

Key Financial Trends

Virgin Galactic Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Virgin Galactic (SPCE) Financials

Annual Income Statements for Virgin Galactic

Quarterly Income Statements for Virgin Galactic

Annual Cash Flow Statements for Virgin Galactic

Quarterly Cash Flow Statements for Virgin Galactic

Annual Balance Sheets for Virgin Galactic

Quarterly Balance Sheets for Virgin Galactic

Annual Metrics And Ratios for Virgin Galactic

Quarterly Metrics And Ratios for Virgin Galactic

Financials Breakdown Chart

Key Financial Trends

Virgin Galactic Financials - Frequently Asked Questions

When does Virgin Galactic's fiscal year end?

How has Virgin Galactic's net income changed over the last 8 years?

How has Virgin Galactic's revenue changed over the last 8 years?

How much debt does Virgin Galactic have?

How much cash does Virgin Galactic have?

How has Virgin Galactic's book value per share changed over the last 8 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools