Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data Firefly Aerospace 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
FY2023
FY2025
FY2025
Revenue
55.2
60.8
160
Cost of revenue
28.6
72.2
129
Gross profit
26.6
-11.4
30.7
Research and development
118
149
200
Selling, general and administrative
40.6
46.8
91.2
Operating expenses
158
198
291
Operating income
-132
-209
-261
Interest expense
9.15
25.2
15.9
Other non-operating income
-3.58
-21.7
-74.8
Pre-tax income
-135
-231
-335
Income tax
0
0
-37.1
Net income
-135
-231
-298
EBITDA
-127
-197
-238
EPS, basic
-13.05
-20.74
-4.83
EPS, diluted
-13.05
-20.74
-4.83
Shares, basic (weighted)
12
12.8
69.2
Shares, diluted (weighted)
12
12.8
69.2
Balance sheet
FY2023
FY2025
FY2025
Cash and equivalents
81.9
123
793
Short-term investments
0
100
Receivables
1
46.1
Other current assets
3.45
8.22
Total current assets
181
963
Property, plant and equipment
136
164
Lease right-of-use assets
14.6
13.9
Goodwill
17.1
17.1
450
Intangible assets
0
166
Other non-current assets
0.16
4.02
Total assets
407
1,825
Accounts payable
37.6
35.6
Accrued liabilities
14.4
42.8
Deferred revenue
108
116
Short-term debt
6.35
7.1
Total current liabilities
179
214
Long-term debt
124
281
Lease liabilities
16.5
15.8
Other non-current liabilities
26
17.3
Total liabilities
415
635
Total debt
113
Paid-in capital
0
2,210
Retained earnings
-768
-1,020
Total equity
-504
-768
1,190
Total liabilities and equity
407
1,825
Shares outstanding
13.2
159
Cash flow statement
FY2023
FY2025
FY2025
Net income
-135
-231
-298
Depreciation and amortization
4.71
12.5
23.2
Stock-based compensation
1.61
1.84
17.8
Deferred income tax
0
0
-37.2
Change in receivables
-1.04
1.7
0.64
Change in payables
9.75
8.31
-17.4
Cash from operations
-93.4
-158
-205
Capital expenditures
-77.2
-32.7
-32.8
Acquisitions
7.25
0
-277
Cash from investing
-70
-32.7
-402
Stock issued
0
0
944
Cash from financing
241
233
1,262
Net change in cash
77.3
42.4
655
Free cash flow
-171
-190
-238
Interest paid
12.6
21.1
16.5
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 $24.36 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
22.9%
Gross profit / revenue.
Operating margin
-118.0%
Operating income / revenue.
EBITDA margin
-105.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-139.6%
Pre-tax income / revenue.
Net margin
-126.6%
Net income / revenue.
FCF margin
-113.8%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-92.1%
Cash from operations / revenue.
Return on assets (ROA)
-22.2%
Net income / average total assets.
R&D / revenue
85.5%
Research and development expense / revenue.
SG&A / revenue
55.4%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
16.1%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
21.6%
Capital expenditures / revenue.
D&A / revenue
12.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
163.0%
Revenue vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
348.0%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
439.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.73x
Current assets / current liabilities.
Quick ratio
2.37x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.17x
(Cash + short-term investments) / current liabilities.
Liabilities / assets
25.4%
Total liabilities / total assets.
Interest coverage
-41.2x
Operating income / interest expense.
Working capital
$506.2M
Current assets - current liabilities.
Goodwill and intangibles / assets
37.8%
(Goodwill + intangible assets) / total assets.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.18x
Revenue / average total assets.
Fixed asset turnover
1.54x
Revenue / average property, plant and equipment.
Receivables turnover
4.94x
Revenue / average receivables.
Days sales outstanding
74 days
365 x average receivables / revenue.
Days payables
95 days
365 x average accounts payable / cost of revenue.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$2.25
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.
Market cap + total debt - cash - short-term investments.
P/S
14.2x
Market cap / revenue.
EV/Sales
12.0x
Enterprise value / revenue.
FCF yield
-8.0%
Free cash flow / market cap.
Earnings yield
-8.9%
Net income / market cap (the inverse of P/E).
What was Firefly Aerospace Inc.'s revenue in fiscal 2025?
Firefly Aerospace Inc. reported revenue of $159.9M for fiscal 2025, 163% higher than the year before.
Was Firefly Aerospace Inc. profitable in fiscal 2025?
No. It reported a net loss of $298.3M.
How much free cash flow did Firefly Aerospace Inc. generate in fiscal 2025?
Cash from operations of $204.9M minus capital expenditures of $32.8M left free cash flow of -$237.8M.
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.