Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Archer Aviation Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
0
0.3
Cost of revenue
0
0
0.2
Gross profit
0
0
0.1
Research and development
21.1
64.3
172
276
358
494
General and administrative
3.5
177
165
168
Operating expenses
24.6
358
347
447
510
Operating income
-24.6
-358
-347
-447
-510
-729
Interest expense
0.2
1
Other non-operating income
0
10.6
27.8
-26.9
-48.8
58.6
Pre-tax income
-24.8
-348
-317
-457
-537
-618
Income tax
0
0
0.5
0.2
0.3
Net income
-24.8
-348
-317
-458
-537
-618
EBITDA
-24.5
-357
-344
-440
-498
-709
EPS, basic
-0.49
-3.14
-1.32
-1.69
-1.42
-0.99
EPS, diluted
-0.49
-3.14
-1.32
-1.69
-1.42
-0.99
Shares, basic (weighted)
50.2
111
240
270
377
624
Shares, diluted (weighted)
50.2
111
240
270
377
624
Balance sheet
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
36.6
747
69.4
465
835
1,022
Short-term investments
0
462
0
0
943
Other current assets
0
0.3
1.6
0.8
4.6
56.8
Total current assets
37.4
755
546
480
858
2,076
Property, plant and equipment
1.6
5.9
11.5
57.6
127
254
Lease right-of-use assets
2.3
4.5
11.9
8.9
8.1
40.8
Goodwill
0
0.1
Intangible assets
0.5
0.5
0.4
0.4
0.3
80.2
Other non-current assets
0
2.7
4.5
7.2
7.6
15.1
Total assets
41.8
768
574
554
1,001
2,466
Accounts payable
2.1
3.4
3.6
14.3
14.6
30.2
Accrued liabilities
0.05
2.6
7.8
16.7
22.2
29.7
Deferred revenue
0
0.9
1.3
Short-term debt
0.6
9.5
9.3
0
0
0.8
Total current liabilities
3.8
28.3
53.3
114
71.1
104
Long-term debt
0.3
9.3
0
7.2
64
79.5
Lease liabilities
1.5
1.2
9.2
13.2
11.3
36.3
Other non-current liabilities
0.3
0.4
11
12.9
12.8
13
Total liabilities
5.9
69.5
80.5
187
249
263
Total debt
0.9
18.8
9.3
7.2
64
80.3
Paid-in capital
61.7
1,073
1,185
1,516
2,438
4,508
Retained earnings
-25.8
-374
-691
-1,149
-1,686
-2,304
Other comprehensive income
0
-0.8
0
-0.3
-1.4
Shareholders' equity
35.9
699
493
367
753
2,203
Minority interests
0
Total equity
35.9
699
493
367
753
2,203
Total liabilities and equity
41.8
768
574
554
1,001
2,466
Shares outstanding
504
744
Cash flow statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-24.8
-348
-317
-458
-537
-618
Depreciation and amortization
0.1
1.3
3.1
6.5
11.7
20
Stock-based compensation
0.2
124
103
45.2
109
224
Deferred income tax
0
0
0
0
0
0
Change in payables
1.6
-0.8
-0.1
9.2
-0.1
8.8
Cash from operations
-22.8
-108
-200
-272
-369
-433
Capital expenditures
-1.4
-3.5
-6.9
-44.3
-82
-78.8
Acquisitions
0
0
-126
Purchases of investments
0
-487
0
0
-1,048
Cash from investing
-1.9
-3.5
-464
421
-82
-1,176
Debt issued
0.9
20
0
7.5
57.5
0
Debt repaid
0
-10
-10
0
0
Stock issued
0
0
0
95
55
1,802
Cash from financing
51.2
822
-9.9
250
820
1,796
Net change in cash
26.5
710
-675
399
370
188
Free cash flow
-24.2
-112
-207
-316
-451
-512
Interest paid
0
0.7
1.5
0.8
2.5
4.1
Income taxes paid
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.61 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-42.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-36.1%
Net income / average total assets.
Return on invested capital (ROIC)
-66.5%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
192.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
64.7%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
127.8%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
146.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
62.6%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
126.0%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
65.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
37.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
65.6%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
10.2x
Current assets / current liabilities.
Quick ratio
9.68x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
9.68x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.04x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
3.6%
Total debt / total assets.
Liabilities / assets
13.5%
Total liabilities / total assets.
Net debt
-$1.48B
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$0.84
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.69
Cash from operations / diluted weighted shares.
Book value per share
$2.46
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
2.28x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.52x
Market cap / tangible book value, when positive.
FCF yield
-15.3%
Free cash flow / market cap.
Earnings yield
-18.5%
Net income / market cap (the inverse of P/E).
What was Archer Aviation Inc.'s revenue in fiscal 2025?
Archer Aviation Inc. reported revenue of $300.0K for fiscal 2025.
Was Archer Aviation Inc. profitable in fiscal 2025?
No. It reported a net loss of $618.2M.
How much free cash flow did Archer Aviation Inc. generate in fiscal 2025?
Cash from operations of $432.9M minus capital expenditures of $78.8M left free cash flow of -$511.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.