Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Butterfly Network, 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
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
27.6
46.3
62.6
73.4
65.9
82.1
97.6
Cost of revenue
48.5
107
45.5
33.9
49
33.2
51.9
Gross profit
-20.9
-61.2
17.1
39.5
16.9
48.8
45.7
Research and development
48.9
49.7
74.5
88
55.6
37.8
36.3
Selling and marketing
14.3
26.3
49.6
59.5
39.1
41.6
45.9
General and administrative
18.2
24.4
85.7
77.6
49.6
39.8
39.2
Operating expenses
81.4
100
210
232
162
123
132
Operating income
-102
-162
-193
-193
-146
-74.4
-86.4
Interest expense
1.14
0.65
0
0
1.26
1.49
Interest income
2.7
0.29
2.57
3.38
7.45
5.02
5.91
Other non-operating income
-0.1
-0.23
-2.58
0.1
-0
-0.01
2.77
Pre-tax income
-99.7
-163
-32.3
-169
-134
-72.5
-77
Income tax
0.04
0.12
0.04
0.08
-0.03
0.11
Net income
-99.7
-163
-32.4
-169
-134
-72.5
-77.1
EBITDA
-102
-160
-191
-187
-137
-65.5
-79.7
EPS, basic
-17.08
-26.87
-0.19
-0.84
-0.65
-0.34
-0.31
EPS, diluted
-17.08
-26.87
-0.19
-0.84
-0.65
-0.34
-0.31
Shares, basic (weighted)
5.84
6.06
174
200
205
212
247
Shares, diluted (weighted)
5.84
6.06
174
200
205
212
247
Dividend per share
0.00
0.00
0.00
0.00
0.00
Balance sheet
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
90
60.2
423
163
134
88.8
150
Short-term investments
75.3
Receivables
5.75
11.9
14.7
13.4
20.8
26.7
Inventory
25.8
36.2
60
73
70.8
61.4
Other current assets
3
13.4
9.49
7.57
6.71
8.42
Total current assets
97.3
512
357
231
193
249
Property, plant and equipment
6.87
14.7
31.3
25.3
19.5
16.6
Lease right-of-use assets
24.1
21.6
15.7
14.2
12.7
Intangible assets
10.3
8.92
7.52
Other non-current assets
5.6
8.49
7.54
6.42
5.76
5.67
Total assets
147
572
418
304
256
297
Accounts payable
16.4
5.8
7.21
5.09
4.25
5.44
Accrued liabilities
5.97
12.7
12.2
9.44
11.2
11.1
Deferred revenue
8.44
13.1
15.9
15.6
16.1
26.9
Total current liabilities
69.7
49.8
51.3
44.3
48.2
65.1
Lease liabilities
27.7
30
22.8
20.4
17.7
Other non-current liabilities
2.15
0.85
0.59
8.9
8.64
8.33
Total liabilities
148
124
92.2
84.2
87.3
101
Paid-in capital
32.9
875
921
950
971
1,075
Retained earnings
-395
-427
-596
-730
-802
-879
Shareholders' equity
-212
-362
448
325
220
169
196
Total equity
-212
-362
448
325
220
169
196
Total liabilities and equity
147
572
418
304
256
297
Cash flow statement
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-99.7
-163
-32.4
-169
-134
-72.5
-77.1
Depreciation and amortization
0.76
1.32
2.1
5.9
8.7
8.9
6.7
Stock-based compensation
6.04
11
47.8
42.5
27.5
21
23.4
Deferred income tax
-0.16
-0.32
0
Change in receivables
-1.2
-4.38
-6.13
-3.06
-0.16
-8.5
-6.75
Change in inventory
-1.39
-23.5
-11.3
-24.5
-34.1
2.22
1.43
Cash from operations
-120
-81.7
-189
-169
-98.8
-41.7
-12.7
Capital expenditures
-4.47
-2.38
-7.88
-18.3
-5.78
-2.69
-3.35
Purchases of investments
-1,019
-75.5
-0.3
0
0
Sales and maturities of investments
1,017
0
76.5
0
0
Cash from investing
-4.47
-2.38
-9.87
-93.8
70.4
-2.66
-3.35
Debt repaid
-4.37
Stock issued
0.3
2
21.7
3
0
0
81
Cash from financing
0.32
54.3
566
2.88
0.23
-1.5
77.8
Net change in cash
-125
-29.8
367
-260
-28.2
-45.9
61.7
Free cash flow
-125
-84.1
-197
-187
-105
-44.4
-16
Interest paid
0
0.19
0.81
Income taxes paid
0.1
0.1
0.1
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 $9.39 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
52.6%
Gross profit / revenue.
Operating margin
-70.8%
Operating income / revenue.
Pre-tax margin
-66.7%
Pre-tax income / revenue.
Net margin
-66.7%
Net income / revenue.
FCF margin
-25.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-21.4%
Cash from operations / revenue.
Return on equity (ROE)
-39.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-26.4%
Net income / average total assets.
Return on invested capital (ROIC)
-96.9%
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%.
R&D / revenue
34.0%
Research and development expense / revenue.
Stock-based pay / revenue
21.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
3.6%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
19.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
10.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
16.1%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-6.3%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
5.0%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
16.1%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-15.5%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
15.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-10.8%
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
15.0%
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
16.7%
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
7.3%
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
110.0%
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
4.06x
Current assets / current liabilities.
Quick ratio
2.72x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.13x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.29
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.
Revenue per share
$0.43
Revenue / diluted weighted shares.
FCF per share
-$0.11
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.09
Cash from operations / diluted weighted shares.
Book value per share
$0.72
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
22.3x
Market cap / revenue.
P/B
13.2x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
13.7x
Market cap / tangible book value, when positive.
EV/Sales
21.2x
Enterprise value / revenue.
FCF yield
-1.1%
Free cash flow / market cap.
Earnings yield
-3.0%
Net income / market cap (the inverse of P/E).
What was Butterfly Network, Inc.'s revenue in fiscal 2025?
Butterfly Network, Inc. reported revenue of $97.6M for fiscal 2025, 19% higher than the year before.
Was Butterfly Network, Inc. profitable in fiscal 2025?
No. It reported a net loss of $77.1M.
How much free cash flow did Butterfly Network, Inc. generate in fiscal 2025?
Cash from operations of $12.7M minus capital expenditures of $3.3M left free cash flow of -$16.0M.
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.