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Virgin Galactic (SPCE) Financials

Virgin Galactic logo
$3.48 +0.13 (+3.79%)
Closing price 06/17/2026 03:59 PM Eastern
Extended Trading
$3.52 +0.04 (+1.09%)
As of 09:23 AM Eastern
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Annual Income Statements for Virgin Galactic

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

Quarterly Income Statements for Virgin Galactic

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 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		 -105 -104 -102 -94 -75 -76 -84 -67 -64 -63 -65
Consolidated Net Income / (Loss)		 -105 -104 -102 -94 -75 -76 -84 -67 -64 -63 -65
Net Income / (Loss) Continuing Operations		 -105 -104 -102 -94 -75 -76 -84 -67 -64 -63 -65
Total Pre-Tax Income 		-105 -104 -102 -94 -74 -77 -84 -67 -64 -63 -65
Total Revenue		 11 13 9.08 7.88 7.53 -1.27 4.44 2.99 2.08 -3.25 1.10
Net Interest Income / (Expense)		 9.64 10 9.08 7.88 7.13 5.34 3.98 2.59 1.72 -2.01 0.87
Total Interest Income		 13 14 12 11 10 8.57 7.22 5.83 4.97 3.83 2.70
Investment Securities Interest Income		 13 14 12 11 10 8.57 7.22 5.83 4.97 3.83 2.70
Total Interest Expense		 3.22 3.22 3.23 3.23 3.23 3.24 3.24 3.25 3.25 5.84 1.83
Long-Term Debt Interest Expense		 3.22 3.22 3.23 3.23 3.23 3.24 3.24 3.25 3.25 5.84 1.83
Total Non-Interest Income		 1.73 2.81 0.00 0.00 0.40 -6.61 0.46 0.41 0.37 -1.23 0.23
Other Non-Interest Income		 1.73 2.81 - - 0.40 - 0.46 0.41 0.37 - 0.23
Total Non-Interest Expense		 116 117 111 102 82 75 89 70 67 60 66
Marketing Expense		 45 54 59 42 24 28 33 20 15 12 6.71
Other Operating Expenses		 68 55 50 61 54 50 51 46 47 45 55
Depreciation Expense		 3.29 3.65 3.70 3.26 4.34 4.17 4.22 4.17 4.12 3.97 3.92
Nonoperating Income / (Expense), net		 0.09 0.10 0.15 0.17 0.16 0.06 0.03 0.04 0.03 0.12 0.03
Income Tax Expense		 0.05 0.24 0.08 0.03 0.11 -0.15 0.05 -0.04 0.00 0.04 0.03
Basic Earnings per Share		 ($5.57) ($6.17) ($5.10) ($4.36) ($2.66) ($3.06) ($2.38) ($1.47) ($1.09) ($1.22) ($0.81)
Weighted Average Basic Shares Outstanding		 18.79M 16.86M 20.02M 21.48M 27.97M 24.96M 35.44M 45.64M 59.25M 51.24M 79.48M
Diluted Earnings per Share		 ($5.57) ($6.17) ($5.10) ($4.36) ($2.66) ($3.06) ($2.38) ($1.47) ($1.09) ($1.22) ($0.81)
Weighted Average Diluted Shares Outstanding		 18.79M 16.86M 20.02M 21.48M 27.97M 24.96M 35.44M 45.64M 59.25M 51.24M 79.48M
Weighted Average Basic & Diluted Shares Outstanding		 399.72M 400.04M 411.36M 28.48M 28.88M 35.53M 41.57M 57.59M 63.20M 81.41M 100.68M

Annual Cash Flow Statements for Virgin Galactic

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

Quarterly Cash Flow Statements for Virgin Galactic

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 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		 -129 -15 -23 -16 -10 6.17 -39 22 -35 17 -20
Net Cash From Operating Activities		 -91 -95 -113 -79 -79 -81 -76 -55 -56 -52 -54
Net Cash From Continuing Operating Activities		 -91 -95 -113 -79 -79 -81 -76 -55 -56 -52 -54
Net Income / (Loss) Continuing Operations		 -105 -104 -102 -94 -75 -76 -84 -67 -64 -63 -65
Consolidated Net Income / (Loss)		 -105 -104 -102 -94 -75 -76 -84 -67 -64 -63 -65
Depreciation Expense		 3.29 3.65 3.70 3.26 4.34 4.17 4.22 4.17 4.12 3.97 3.92
Amortization Expense		 0.54 -15 -4.78 -4.09 -3.43 -16 -1.62 -1.24 -0.80 -0.12 0.11
Non-Cash Adjustments to Reconcile Net Income		 6.28 17 8.24 8.93 7.50 21 4.76 4.82 4.72 4.39 4.11
Changes in Operating Assets and Liabilities, net		 3.00 2.90 -18 6.55 -13 -13 1.22 4.08 0.07 2.00 3.08
Net Cash From Investing Activities		 -245 80 83 0.58 33 59 7.48 23 -0.77 61 28
Net Cash From Continuing Investing Activities		 -245 80 83 0.58 33 59 7.48 23 -0.77 61 28
Purchase of Property, Leasehold Improvements and Equipment		 -13 -18 -13 -34 -39 -36 -46 -58 -51 -42 -40
Purchase of Investment Securities		 -463 -137 -161 -187 -179 -16 -105 -116 -86 -6.29 -34
Sale and/or Maturity of Investments		 231 236 257 222 250 111 158 198 137 109 101
Net Cash From Financing Activities		 208 -0.43 6.89 63 36 28 30 54 22 8.42 5.48
Net Cash From Continuing Financing Activities		 208 -0.43 6.89 63 36 28 30 54 22 8.42 5.48
Issuance of Common Equity		 211 - 7.27 64 37 29 31 56 23 121 11
Repayment of Debt		 -0.06 -0.06 -0.06 -0.05 -0.04 -0.04 -0.05 -0.05 -0.06 -0.06 -5.03
Other Financing Activities, Net		 -2.83 -0.37 -0.32 -1.23 -0.65 -1.06 -0.97 -1.69 -0.64 -2.18 -0.45

Annual Balance Sheets for Virgin Galactic

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

Quarterly Balance Sheets for Virgin Galactic

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

Annual Metrics And Ratios for Virgin Galactic

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%

Quarterly Metrics And Ratios for Virgin Galactic

This table displays calculated financial ratios and metrics derived from Virgin Galactic'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		 367,136,598.00 399,715,289.00 399,715,289.00 411,361,910.00 28,483,577.00 - 35,528,350.00 41,574,845.00 57,590,965.00 63,200,245.00 81,408,715.00
DEI Adjusted Shares Outstanding		 18,356,830.00 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
DEI Earnings Per Adjusted Shares Outstanding		 -5.70 -5.20 -5.10 -4.56 -2.62 - -2.38 -1.62 -1.12 -0.99 -0.79
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 1,038.58% 244.68% 101.31% 11.60% -33.71% -109.61% -51.15% -62.03% -72.37% -127.12% -75.20%
EBITDA Growth		 29.35% 21.68% 33.67% 27.48% 26.91% 22.85% 20.63% 32.00% 17.04% 20.93% 25.86%
EBIT Growth		 28.10% 30.83% 35.92% 30.11% 28.71% 26.22% 17.25% 28.28% 13.60% 18.03% 23.39%
NOPAT Growth		 28.10% 30.90% 35.92% 30.11% 28.71% 26.22% 17.25% 28.28% 13.60% 18.03% 23.39%
Net Income Growth		 28.13% 31.05% 36.00% 30.21% 28.74% 26.51% 17.18% 28.25% 13.58% 17.92% 23.40%
EPS Growth		 28.13% 31.05% 36.00% 52.40% 52.24% 50.41% 53.33% 66.28% 59.02% 60.13% 65.97%
Operating Cash Flow Growth		 4.73% 27.38% 16.79% 36.86% 13.32% 14.98% 32.95% 29.93% 29.01% 35.24% 29.53%
Free Cash Flow Firm Growth		 59.82% -1.95% 85.68% 100.86% 386.82% 234.29% 186.51% 1,143.28% -54.07% -43.08% -21.02%
Invested Capital Growth		 -0.37% 4.77% 7.45% -8.05% -24.03% -21.94% -19.92% -18.38% -17.19% -17.80% -19.45%
Revenue Q/Q Growth		 60.97% 16.42% -31.36% -13.25% -4.39% -116.87% -62.94% -32.57% -30.42% -255.98% 133.89%
EBITDA Q/Q Growth		 22.84% -13.82% 10.09% 8.15% 22.23% -27.00% -9.82% 21.31% 5.12% 3.57% -2.97%
EBIT Q/Q Growth		 22.13% 0.76% 1.70% 8.00% 20.57% -2.71% -10.25% 20.26% 4.32% 2.56% -3.05%
NOPAT Q/Q Growth		 22.13% 0.76% 1.70% 8.00% 20.57% -2.71% -10.25% 20.26% 4.32% 2.56% -3.05%
Net Income Q/Q Growth		 22.15% 0.59% 1.90% 8.07% 20.51% -2.51% -10.57% 20.37% 4.26% 2.63% -3.18%
EPS Q/Q Growth		 22.15% 0.59% 1.90% 14.51% 38.99% -15.04% 22.22% 38.24% 25.85% -11.93% 33.61%
Operating Cash Flow Q/Q Growth		 26.99% -4.17% -18.80% 30.11% -0.22% -2.18% 6.31% 26.97% -1.55% 6.80% -1.96%
Free Cash Flow Firm Q/Q Growth		 93.20% -67.61% -13.36% 106.68% 2,159.90% -21.52% -26.97% -4.01% -16.51% -2.75% 1.34%
Invested Capital Q/Q Growth		 12.81% -8.51% -9.09% -2.00% -6.80% -5.99% -6.74% -0.12% -5.44% -6.67% -8.61%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 -887.16% -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%
EBIT Margin		 -920.86% -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%
Profit (Net Income) Margin		 -920.57% -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%
Tax Burden Percent		 100.05% 100.23% 100.08% 100.04% 100.14% 99.81% 100.06% 99.95% 100.00% 100.07% 100.05%
Interest Burden Percent		 99.92% 99.90% 99.86% 99.82% 99.78% 99.92% 99.96% 99.94% 99.95% 99.81% 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)		 -16.49% -21.27% -38.21% -39.01% -28.45% 0.00% -54.21% -40.55% -43.16% 0.00% -19.18%
ROIC Less NNEP Spread (ROIC-NNEP)		 -23.61% -28.37% -45.05% -45.25% -33.57% 0.00% -60.00% -45.09% -47.66% 0.00% -24.29%
Return on Net Nonoperating Assets (RNNOA)		 -17.14% -25.39% -51.30% -46.22% -30.35% 0.00% -76.12% -60.85% -69.16% 0.00% -37.25%
Return on Equity (ROE)		 -33.63% -46.67% -89.51% -85.23% -58.80% 0.00% -130.32% -101.40% -112.32% 0.00% -56.43%
Cash Return on Invested Capital (CROIC)		 -36.30% -42.29% -44.32% -23.47% -1.20% -3.92% -7.37% -7.19% -9.45% -9.21% -7.36%
Operating Return on Assets (OROA)		 -19.51% -24.48% -43.36% -44.84% -32.71% 0.00% -61.13% -45.68% -47.84% 0.00% -20.81%
Return on Assets (ROA)		 -19.50% -24.51% -43.33% -44.78% -32.68% 0.00% -61.14% -45.63% -47.82% 0.00% -20.81%
Return on Common Equity (ROCE)		 -33.63% -46.67% -89.51% -85.23% -58.80% 0.00% -130.32% -101.40% -112.32% 0.00% -56.43%
Return on Equity Simple (ROE_SIMPLE)		 -91.63% 0.00% -106.56% -102.42% -102.27% 0.00% -120.96% -114.94% -129.53% 0.00% -115.83%
Net Operating Profit after Tax (NOPAT)		 -73 -73 -71 -66 -52 -54 -59 -47 -45 -44 -45
NOPAT Margin		 -644.60% -549.49% -786.85% -834.46% -693.29% 0.00% -1,332.98% -1,576.39% -2,167.95% 0.00% -4,118.48%
Net Nonoperating Expense Percent (NNEP)		 7.12% 7.09% 6.84% 6.24% 5.11% 5.21% 5.80% 4.53% 4.49% 4.92% 5.11%
SG&A Expenses to Revenue		 394.68% 407.05% 649.37% 527.23% 317.80% 0.00% 750.90% 672.72% 718.50% 0.00% 610.18%
Operating Expenses to Revenue		 1,020.86% 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%
Earnings before Interest and Taxes (EBIT)		 -105 -104 -102 -94 -75 -77 -84 -67 -64 -63 -65
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -101 -115 -103 -95 -74 -89 -82 -64 -61 -59 -61
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.10 1.94 1.42 0.44 0.47 0.53 0.40 0.43 0.98 0.74 0.88
Price to Tangible Book Value (P/TBV)		 1.10 1.94 1.42 0.44 0.47 0.53 0.40 0.43 0.98 0.74 0.88
Price to Revenue (P/Rev)		 24.69 27.08 14.52 4.17 4.61 5.77 3.38 5.71 15.39 32.40 67.61
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)		 0.80 1.23 0.94 0.49 0.50 0.51 0.52 0.51 0.75 0.60 0.68
Enterprise Value to Revenue (EV/Rev)		 31.27 32.52 19.95 9.99 10.52 13.01 11.29 17.66 34.26 58.53 129.57
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		 0.74 0.89 1.08 1.16 1.17 1.32 1.56 1.64 1.91 1.24 1.51
Long-Term Debt to Equity		 0.70 0.83 1.00 1.06 1.15 1.30 1.55 1.60 1.87 1.01 0.91
Financial Leverage		 0.73 0.90 1.14 1.02 0.90 1.06 1.27 1.35 1.45 1.28 1.53
Leverage Ratio		 2.08 2.35 2.69 2.51 2.37 2.59 2.87 2.98 3.16 2.96 3.34
Compound Leverage Factor		 2.08 2.35 2.69 2.51 2.36 2.58 2.87 2.98 3.16 2.95 3.33
Debt to Total Capital		 42.63% 47.11% 51.94% 53.63% 53.88% 56.80% 60.88% 62.10% 65.63% 55.33% 60.08%
Short-Term Debt to Total Capital		 2.68% 3.39% 3.78% 4.43% 1.02% 0.50% 0.42% 1.49% 1.44% 10.27% 23.92%
Long-Term Debt to Total Capital		 39.95% 43.72% 48.16% 49.21% 52.87% 56.31% 60.46% 60.61% 64.19% 45.06% 36.16%
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		 57.37% 52.89% 48.06% 46.37% 46.12% 43.20% 39.12% 37.90% 34.37% 44.67% 39.92%
Debt to EBITDA		 -0.83 -0.90 -1.00 -1.10 -1.11 -1.22 -1.30 -1.47 -1.53 -1.27 -1.37
Net Debt to EBITDA		 -0.33 -0.39 -0.49 -0.59 -0.58 -0.62 -0.77 -0.81 -0.97 -0.61 -0.74
Long-Term Debt to EBITDA		 -0.78 -0.83 -0.93 -1.01 -1.09 -1.21 -1.30 -1.43 -1.50 -1.04 -0.83
Debt to NOPAT		 -1.16 -1.28 -1.45 -1.61 -1.63 -1.74 -1.84 -2.03 -2.10 -1.74 -1.86
Net Debt to NOPAT		 -0.46 -0.56 -0.71 -0.85 -0.85 -0.88 -1.09 -1.12 -1.33 -0.84 -1.00
Long-Term Debt to NOPAT		 -1.09 -1.19 -1.34 -1.48 -1.60 -1.73 -1.82 -1.99 -2.06 -1.41 -1.12
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)		 -69 -116 -132 8.80 199 156 114 109 91 89 90
Operating Cash Flow to CapEx		 -686.66% -518.89% -866.19% -229.93% -205.15% -226.93% -164.87% -95.01% -109.36% -124.49% -134.40%
Free Cash Flow to Firm to Interest Expense		 -21.52 -36.04 -40.82 2.72 61.50 48.21 35.17 33.69 28.10 15.20 49.24
Operating Cash Flow to Interest Expense		 -28.41 -29.56 -35.09 -24.50 -24.53 -25.03 -23.43 -17.08 -17.32 -8.98 -29.27
Operating Cash Flow Less CapEx to Interest Expense		 -32.54 -35.26 -39.14 -35.15 -36.49 -36.07 -37.64 -35.05 -33.17 -16.20 -51.04
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.02 0.03 0.04 0.04 0.03 0.03 0.03 0.02 0.02 0.01 0.00
Fixed Asset Turnover		 0.44 0.49 0.48 0.39 0.30 0.19 0.18 0.09 0.05 0.02 0.01
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,045 956 869 852 794 746 696 695 657 613 561
Invested Capital Turnover		 0.03 0.04 0.05 0.05 0.04 0.03 0.04 0.03 0.02 0.01 0.00
Increase / (Decrease) in Invested Capital		 -3.92 44 60 -75 -251 -210 -173 -157 -136 -133 -135
Enterprise Value (EV)		 837 1,176 813 415 397 383 359 351 495 367 379
Market Capitalization		 661 979 592 173 174 170 108 113 222 203 198
Book Value per Share		 $1.63 $1.26 $20.86 $0.96 $12.85 $11.16 $7.66 $6.33 $3.92 $4.33 $2.75
Tangible Book Value per Share		 $1.63 $1.26 $20.86 $0.96 $12.85 $11.16 $7.66 $6.33 $3.92 $4.33 $2.75
Total Capital		 1,045 956 869 852 794 746 696 695 657 613 561
Total Debt		 445 450 451 457 428 424 424 432 431 339 337
Total Long-Term Debt		 417 418 418 419 420 420 421 421 422 276 203
Net Debt		 176 197 221 242 223 213 251 238 272 164 181
Capital Expenditures (CapEx)		 13 18 13 34 39 36 46 58 51 42 40
Net Nonoperating Expense (NNE)		 31 31 31 28 22 23 25 20 19 19 19
Net Nonoperating Obligations (NNO)		 445 450 451 457 428 424 424 432 431 339 337
Total Depreciation and Amortization (D&A)		 3.83 -11 -1.08 -0.83 0.91 -12 2.60 2.93 3.32 3.85 4.02
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($5.60) ($123.40) ($5.00) ($4.36) ($2.66) ($3.06) ($2.38) ($1.47) ($1.09) ($1.22) ($0.81)
Adjusted Weighted Average Basic Shares Outstanding		 18.79M 843.15K 20.02M 21.48M 27.97M 24.96M 35.44M 45.64M 59.25M 51.24M 79.48M
Adjusted Diluted Earnings per Share		 ($5.60) ($123.40) ($5.00) ($4.36) ($2.66) ($3.06) ($2.38) ($1.47) ($1.09) ($1.22) ($0.81)
Adjusted Weighted Average Diluted Shares Outstanding		 18.79M 843.15K 20.02M 21.48M 27.97M 24.96M 35.44M 45.64M 59.25M 51.24M 79.48M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($123.40) $0.00 $0.00 $0.00 ($3.06) $0.00 $0.00 $0.00 ($1.22) $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 19.99M 20.00M 20.57M 28.48M 28.88M 35.53M 41.57M 57.59M 63.20M 81.41M 100.68M
Normalized Net Operating Profit after Tax (NOPAT)		 -73 -73 -73 -69 -52 -54 -59 -47 -45 -44 -45
Normalized NOPAT Margin		 -644.60% -549.49% -802.15% -871.95% -693.29% 0.00% -1,332.98% -1,576.39% -2,167.95% 0.00% -4,118.48%
Pre Tax Income Margin		 -920.10% -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%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -32.49 -32.21 -31.63 -29.07 -23.07 -23.67 -26.07 -20.74 -19.83 -10.75 -35.40
NOPAT to Interest Expense		 -22.74 -22.55 -22.14 -20.35 -16.15 -16.57 -18.25 -14.52 -13.88 -7.52 -24.78
EBIT Less CapEx to Interest Expense		 -36.62 -37.91 -35.68 -39.73 -35.03 -34.70 -40.28 -38.72 -35.67 -17.96 -57.18
NOPAT Less CapEx to Interest Expense		 -26.88 -28.24 -26.19 -31.01 -28.11 -27.60 -32.46 -32.49 -29.72 -14.74 -46.56
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 quarter shows a business still under heavy financial pressure, but with a noticeably stronger cash position than it had a year ago. In Q1 2026, the company posted $1.1 million in revenue against $65.8 million in operating expenses, resulting in a net loss of $64.7 million. That loss was a little better than the $62.7 million loss in Q4 2025 and improved meaningfully from the $84.5 million loss in Q1 2025.

Balance sheet trends are mixed. Virgin Galactic ended Q1 2026 with $124.8 million in cash and $30.6 million in restricted cash, down from $163.5 million and $30.2 million at the end of Q2 2025. Total assets fell to $750.2 million from $898.8 million in the prior quarter, while total liabilities declined to $526.5 million from $635.4 million. Equity also declined to $223.7 million from $263.4 million.

From a liquidity standpoint, the company is still dependent on financing and investment activity. Operating cash flow remained negative at -$53.5 million in Q1 2026, though that was slightly better than -$52.5 million in Q4 2025 and improved from -$75.9 million in Q1 2025. Virgin Galactic offset part of that burn with $27.8 million of investing inflow and $5.5 million of financing inflow, mainly helped by equity issuance.

  • Cash remains substantial: Virgin Galactic held $124.8 million in cash plus $30.6 million in restricted cash at the end of Q1 2026.
  • Net loss improved year over year: Q1 2026 net loss of $64.7 million was narrower than the $84.5 million loss in Q1 2025.
  • Operating cash burn was lower than last year: Operating cash outflow of $53.5 million improved from $75.9 million in Q1 2025.
  • Liabilities declined quarter over quarter: Total liabilities fell to $526.5 million from $635.4 million in Q2 2025.
  • Cash generation from investments helped offset burn: The company recorded $27.8 million of investing cash inflow in Q1 2026, supported by sales/maturities of securities.
  • Revenue remains minimal: Q1 2026 total revenue was only $1.1 million, so the core business is still not contributing much top-line growth.
  • Interest income still supports results: Most revenue came from investment securities interest income, not product or service sales.
  • Operating expenses remain far above revenue: $65.8 million of non-interest expense versus $1.1 million of revenue highlights a large ongoing loss structure.
  • Equity dilution remains a risk: The company issued $11.0 million of common equity in Q1 2026 and relied on equity issuance in prior quarters as well.
  • Debt load is still meaningful: Virgin Galactic carried $336.8 million of short-term and long-term debt combined at quarter-end, which adds pressure to a still-unprofitable business.

The longer-term trend is still one of survival mode rather than sustained profitability. Over the past four years, Virgin Galactic has consistently posted large quarterly losses and negative operating cash flow, while leaning on investment income, asset sales, and periodic equity issuance to fund operations. The good news is that losses and cash burn have improved from the worst levels seen in 2023 and early 2024, but the company still has a long way to go before its financials look self-sustaining.

For retail investors, the key takeaway is that SPCE has improved liquidity and somewhat better loss trends, but it remains a high-risk, cash-consuming company. Any investment thesis still depends heavily on future demand, execution, and the company’s ability to narrow losses without excessive dilution.

06/18/26 08:53 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. View Virgin Galactic's forecast to see where analysts expect Virgin Galactic to go next.

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%.


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Financial statements for NYSE:SPCE last updated on 6/1/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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