Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Kodiak AI, 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
FY2023
FY2024
FY2025
Revenue
16.9
14.9
3.8
Research and development
39.5
43.4
50.2
Selling and marketing
3.36
3.2
4.75
General and administrative
0
20.3
21
36.7
Operating expenses
70.8
76.7
116
Operating income
-0
-53.8
-61.7
-113
Interest expense
5.41
4.95
4.1
Interest income
2.2
0.9
1.9
Other non-operating income
0
-3.09
-7.74
-473
Pre-tax income
-56.9
-69.5
-586
Income tax
0.01
0
0
Net income
-0
-56.9
-69.5
-586
EBITDA
-49.7
-57.1
-109
EPS, basic
-0.98
-1.19
-6.42
EPS, diluted
-0.98
-1.19
-6.42
Shares, basic (weighted)
57.9
58.4
91.2
Shares, diluted (weighted)
57.9
58.4
91.2
Balance sheet
FY2023
FY2023
FY2024
FY2025
Cash and equivalents
0
27.8
16.7
50.8
Short-term investments
0
69.9
Receivables
1.28
0.88
Other current assets
0
0.51
2.26
4.46
Total current assets
0
2.42
20.2
126
Property, plant and equipment
6.72
26.6
Lease right-of-use assets
7.12
5.26
Other non-current assets
0.02
0.13
Total assets
0.51
525
35.6
159
Accounts payable
1.37
1.46
Accrued liabilities
0.27
0.27
11.4
11.4
Deferred revenue
0
0.18
Short-term debt
16.8
11.9
Total current liabilities
0.5
0.28
31.2
26.7
Long-term debt
0
5
17.6
29.9
Lease liabilities
5.72
3.58
Other non-current liabilities
0.31
0.8
Total liabilities
0.5
22.8
116
219
Total debt
0
5
34.4
41.8
Paid-in capital
0.02
0
17.3
571
Retained earnings
-0.02
-20.3
-268
-854
Other comprehensive income
0
0.02
Shareholders' equity
-135
-187
-251
-283
Total equity
-135
-187
-251
-283
Total liabilities and equity
0.51
525
35.6
159
Shares outstanding
58.1
175
Cash flow statement
FY2023
FY2023
FY2024
FY2025
Net income
-0
-56.9
-69.5
-586
Depreciation and amortization
4.11
4.62
3.25
Stock-based compensation
5.4
5.55
19.1
Deferred income tax
0
0
0
Change in receivables
0.01
-1.04
0.4
Change in payables
0.56
-0.81
-0.72
Cash from operations
0
-43.8
-51
-94.4
Capital expenditures
-3.27
-3.19
-22
Purchases of investments
-30.5
0
-69.4
Sales and maturities of investments
51
0
0
Cash from investing
0
17.3
-3.21
-91.4
Debt issued
0
5
0
Debt repaid
-1.93
-2.24
-33.4
Stock issued
0.29
0.17
1.42
Cash from financing
0
12
43.1
220
Net change in cash
0
1.91
-0.93
34.1
Free cash flow
-47.1
-54.2
-116
Interest paid
4.61
4.56
3.3
Income taxes paid
0.01
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.29 on November 10, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-1,825.0%
Operating income / revenue.
EBITDA margin
-1,760.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-78.0%
Pre-tax income / revenue.
Net margin
-78.0%
Net income / revenue.
FCF margin
-1,556.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-1,316.0%
Cash from operations / revenue.
Return on assets (ROA)
-4.6%
Net income / average total assets.
R&D / revenue
855.8%
Research and development expense / revenue.
Stock-based pay / revenue
322.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
239.5%
Capital expenditures / revenue.
D&A / revenue
64.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-74.6%
Revenue vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
348.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
577.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
56.2%
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
3.55x
Current assets / current liabilities.
Quick ratio
3.38x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
3.37x
(Cash + short-term investments) / current liabilities.
Debt / assets
26.9%
Total debt / total assets.
Liabilities / assets
54.7%
Total liabilities / total assets.
Net debt
-$70.9M
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.
Revenue per share
$0.04
Revenue / diluted weighted shares.
FCF per share
-$0.64
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.54
Cash from operations / diluted weighted shares.
Book value per share
-$0.77
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
27.7x
Market cap / revenue.
EV/Sales
20.1x
Enterprise value / revenue.
FCF yield
-56.2%
Free cash flow / market cap.
Earnings yield
-2.8%
Net income / market cap (the inverse of P/E).
What was Kodiak AI, Inc.'s revenue in fiscal 2025?
Kodiak AI, Inc. reported revenue of $3.8M for fiscal 2025, 74.6% lower than the year before.
Was Kodiak AI, Inc. profitable in fiscal 2025?
No. It reported a net loss of $585.5M.
How much free cash flow did Kodiak AI, Inc. generate in fiscal 2025?
Cash from operations of $94.4M minus capital expenditures of $22.0M left free cash flow of -$116.5M.
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.