Gogo Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Gogo 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	597	699	290	309	270	336	404	398	445	910
Cost of revenue									67.6
Gross profit									377
Research and development	45.9	78.1	18.5	26	25.2	24.9	29.6	36.7	44.8	56.1
Selling and marketing	61.2	64	24.4	21.2	15.1	21	25.5	29.8	38	55.8
General and administrative	84.9	93.7	57.9	54.6	54.5	51.6	58.2	57.3	125	117
Operating income	-26.6	-64.3	82.4	96.5	76.4	121	142	124	51.3	114
Interest expense	83.6	112	123	130	126	67.5	38.9	33.1	38.4	68.2
Interest income	1.64	2.96	4.12	4	0.72	0.19	2.39	7.4	8.34	4.68
Other non-operating income	-96.6	-110	-138	-184	-125	-151	-36.6	-26.6	-33.1	-87.3
Pre-tax income	-123	-174	-55.8	-87.9	-48.7	-30.6	106	97.6	18.1	26.8
Income tax	1.31	-2	-3.35	0.56	-0.15	-187	13.7	-48.1	4.39	13.9
Income from continuing operations			-52.5	-88.5	-48.6	157	92.1	146	13.7	12.9
Net income	-125	-172	-162	-146	-250	153	92.1	146	13.7	12.9
EBITDA	79	81.2	96.8	113	90.5	136	155	141	70.2	174
EPS, basic	-1.58	-2.17	-2.02	-1.81	-3.04	1.46	0.75	1.12	0.11	0.10
EPS, diluted	-1.58	-2.17	-2.02	-1.81	-3.04	1.28	0.71	1.09	0.10	0.09
Shares, basic (weighted)	78.9	79.4	80	0.08	0.08	0.1	0.12	0.13	0.13	0.13
Shares, diluted (weighted)	78.9	79.4	80	0.08	0.08	0.13	0.13	0.13	0.13	0.14

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	117	196	184	170	435	41.8	151	139	41.8	125
Short-term investments	338	213	39.3			0	24.8	0
Receivables	73.7	118	134	42.3	39.8	37.7	54.2	48.2	112	113
Inventory	50.3	45.5	193	35.2	28.1	34	49.5	63.2	97.9	98.9
Other current assets	24.9	20.3	34.7	6.81	8.93	32.3	45.1	64.1	55.3	69
Total current assets	605	593	586	425	512	250	324	315	323	432
Property, plant and equipment	520	656	512	69.2	63.5	63.7	105	98.1	119	117
Lease right-of-use assets				35.8	33.7	71	75.3	70.6	68.5	58
Goodwill	0.6	0.6	0.6	0.6	0.6	0.6	0.62	0.62	185	193
Intangible assets	85.2	86.5	82.9	51.2	52.1	48.9	48.9	55	275	249
Other non-current assets	35.9	67.1	84.2	12.1	11.5	28.4	43.4	26	36.9	44.9
Total assets	1,246	1,403	1,265	1,215	674	648	760	782	1,229	1,304
Accounts payable	31.7	27.1	23.9	5.5	11	17.2	13.6	16.1	67.2	92.5
Accrued liabilities	148	202	213	48.1	83	59.9	60.1	47.6	81.9	139
Deferred revenue	32.7	43.4	38.6	2.23	3.11	1.83	3.42	1	30.4	35.2
Short-term debt	2.8				341	110	7.25	7.25	2.5	2.5
Total current liabilities	251	316	300	253	438	189	84.4	72	182	269
Long-term debt	801	1,001	1,025	1,101	828	695	690	588	832	834
Lease liabilities				42	38	77.3	79.2	73	68.2	55.8
Other non-current liabilities	98.9	135	80.2	7.53	10.6	7.24	7.61	8.27	78.1	44.1
Total liabilities	1,287	1,595	1,534	1,614	1,315	968	861	741	1,160	1,203
Total debt	817	1,017	1,042	1,126	1,189	821	711	595	834	836
Paid-in capital	879	899	963	979	1,089	1,258	1,386	1,402	1,460	1,288
Retained earnings	-917	-1,089	-1,229	-1,376	-1,630	-1,452	-1,360	-1,214	-1,200	-1,187
Treasury stock					-98.9	-129	-158	-163	-196	0
Other comprehensive income	-2.16	-0.93	-3.55	-2.26	-1.01	1.79	30.1	15.8	5.57	0.04
Shareholders' equity	-40.4	-192	-269	-399	-641	-320	-102	40.7	69.3	101
Total equity	-40.4	-192	-269	-399	-641	-320	-102	40.7	69.3	101
Total liabilities and equity	1,246	1,403	1,265	1,215	674	648	760	782	1,229	1,304
Shares outstanding	86.3	86.8	87.6	88.2	86	111	128	128	131	135

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-125	-172	-52.5	-88.5	-48.6	157	92.1	146	13.7	12.9
Depreciation and amortization	106	145	14.4	16.7	14.2	15.5	12.6	16.7	19	60.3
Stock-based compensation	17.6	19.8	8.54	8.65	7.81	13.3	19.1	21.3	20.8	24.1
Deferred income tax	0.84	-2.28	-3.82	0.18	-0.23	-187	13.2	-49.2	3.25	9.96
Change in receivables	-4.27	-43.8	0.96	-9.02	1.32	1.93	-17.5	4.83	2.97	-4.95
Change in inventory	-29.3	4.72	-1.33	11.7	7.09	-5.86	-15.5	-13.7	-16.2	-1.08
Change in payables	-3.12	3.4	-2.81	-0.26	4.96	3.81	-2.54	3.66	-11.3	10.6
Cash from operations	65	60.3	-82.3	64.1	4.51	66.7	103	79	41.4	124
Capital expenditures	-148	-252	-2.73	-1.49	-1.82	-4.26	-43.9	-16.3	-13.5	-59.4
Acquisitions							0	0	-333	-1.61
Purchases of investments	-363	-317	-39.3						-5
Cash from investing	-296	-157	41.8	-73.7	-8.99	-16.3	-70.4	29.9	-337	-39.9
Debt repaid						-48.1	-48.1	-48.1
Share buybacks					0	0	-18.4	-4.82	-33.2	0
Cash from financing	201	175	27.3	-3.54	44.5	-331	-28.4	-120	199	-1.35
Exchange rate effect	-0.52	0.74	0.58	-0.25	-1.95	0.04	0.01	0.09	0.03	0.17
Net change in cash	-30.3	78.5	-12.6	-13.4	258	-290	4.61	-11.5	-97.1	83.4
Free cash flow	-83.3	-192	-85	62.6	2.7	62.4	59.5	62.7	27.9	65.1
Interest paid	27.5	86.4	101	141	106	71.1	41.2	68.1	56.2	77.8
Income taxes paid	0.31	0.1	0.4	0.49	0.4	0.38	0.38	1	3.1	3.4

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 $2.30 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	11.5%	Operating income / revenue.
EBITDA margin	18.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.1%	Pre-tax income / revenue.
Net margin	-0.1%	Net income / revenue.
FCF margin	-0.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.9%	Cash from operations / revenue.
Effective tax rate	104.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-0.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.1%	Net income / average total assets.
Return on invested capital (ROIC)	9.4%	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	5.1%	Research and development expense / revenue.
Stock-based pay / revenue	2.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	9.8%	Capital expenditures / revenue.
D&A / revenue	7.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	104.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	31.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	27.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	122.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-7.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	8.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	148.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-6.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-48.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-10.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-49.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	200.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	94.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	133.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	3.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	89.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	45.9%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	6.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	19.7%	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	14.1%	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	3.9%	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	0.7%	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	10.7%	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	1.73x	Current assets / current liabilities.
Quick ratio	0.75x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.27x	(Cash + short-term investments) / current liabilities.
Debt / equity	6.77x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	65.6%	Total debt / total assets.
Liabilities / assets	90.3%	Total liabilities / total assets.
Net debt	$753.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.50x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.50x	Operating income / interest expense.
Working capital	$174.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	33.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$297.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.73x	Revenue / average total assets.
Fixed asset turnover	8.02x	Revenue / average property, plant and equipment.
Receivables turnover	7.81x	Revenue / average receivables.
Days sales outstanding	47 days	365 x average receivables / revenue.
Capex / operating cash flow	110.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.01	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	$6.63	Revenue / diluted weighted shares.
FCF per share	-$0.06	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.59	Cash from operations / diluted weighted shares.
Book value per share	$0.89	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.20	Tangible book value / shares outstanding.
Cash per share	$0.47	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$311.7M	Share price x shares outstanding.
Enterprise value	$1.07B	Market cap + total debt - cash - short-term investments.
P/S	0.35x	Market cap / revenue.
P/B	2.58x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	3.88x	Market cap / cash from operations, when positive.
EV/Sales	1.18x	Enterprise value / revenue.
EV/EBIT	10.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.36x	Enterprise value / EBITDA, when both are positive.
FCF yield	-2.7%	Free cash flow / market cap.
Earnings yield	-0.3%	Net income / market cap (the inverse of P/E).

What was Gogo Inc.'s revenue in fiscal 2025?

Gogo Inc. reported revenue of $910.5M for fiscal 2025, 104.7% higher than the year before.

Was Gogo Inc. profitable in fiscal 2025?

Yes. Net income was $12.9M, a net margin of 1.4%.

How much free cash flow did Gogo Inc. generate in fiscal 2025?

Cash from operations of $124.5M minus capital expenditures of $59.4M left free cash flow of $65.1M.

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.

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