Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Lucid Group, 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
4.59
3.98
27.1
608
595
808
1,354
Cost of revenue
3.93
3.07
155
1,646
1,936
1,731
2,610
Gross profit
0.66
0.91
-128
-1,038
-1,341
-923
-1,256
Research and development
220
511
750
822
937
1,176
1,211
Selling, general and administrative
38.4
89
652
735
797
901
1,034
Operating income
-258
-599
-1,530
-2,594
-3,100
-3,021
-3,502
Interest expense
8.55
0.06
1.37
30.6
24.9
32.9
95.1
Interest income
0
0
56.8
204
213
156
Other non-operating income
-19.4
-120
-1,049
1,290
272
308
801
Pre-tax income
-277
-720
-2,580
-1,304
-2,827
-2,713
-2,700
Income tax
0.02
-0.19
0.05
0.38
1.03
1.2
-2.33
Net income
-277
-719
-2,580
-1,304
-2,828
-2,714
-2,698
EBITDA
-2,407
-2,866
-2,726
-3,051
EPS, basic
-130.70
-283.99
-64.05
-7.79
-13.59
-12.52
-11.81
EPS, diluted
-130.70
-283.99
-64.05
-15.09
-13.59
-12.52
-12.09
Shares, basic (weighted)
2.06
2.48
74.1
168
208
245
312
Shares, diluted (weighted)
2.06
2.48
74.1
169
208
245
313
Balance sheet
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
380
614
6,263
1,736
1,370
1,607
998
Short-term investments
0.51
0
2,177
2,490
2,424
631
Receivables
0.26
3.15
19.5
51.8
112
177
Inventory
1.04
127
834
696
408
1,110
Other current assets
24.5
43.3
81.5
79.7
270
324
Total current assets
663
6,507
4,912
4,757
4,874
3,300
Property, plant and equipment
713
1,182
2,167
2,811
3,263
3,978
Lease right-of-use assets
0
162
215
222
212
242
Long-term investments
0
530
461
1,050
512
Other non-current assets
26.9
30.6
55.3
181
249
355
Total assets
1,403
7,882
7,879
8,513
9,648
8,387
Accounts payable
17.3
41.3
229
109
134
488
Accrued liabilities
16.2
32.4
63.3
92.5
202
156
Deferred revenue
7.71
18.5
30
Short-term debt
0.98
0
9.6
72.5
126
672
Total current liabilities
185
396
938
1,008
1,165
2,636
Long-term debt
0
1,987
1,992
1,997
2,002
2,047
Lease liabilities
0
185
244
244
230
225
Other non-current liabilities
39.1
189
378
524
592
583
Total liabilities
227
3,972
3,530
3,661
4,475
5,386
Total debt
0
1,987
1,992
1,997
2,129
2,718
Paid-in capital
38.1
9,996
11,752
15,066
16,808
16,337
Retained earnings
-1,357
-6,066
-7,370
-10,199
-12,913
-15,611
Treasury stock
0
-20.7
-20.7
-20.7
-20.7
-20.7
Other comprehensive income
0
-11.6
4.85
-2.1
11.7
Shareholders' equity
-621
-1,319
3,909
4,350
4,852
3,873
717
Total equity
-621
-1,319
3,909
4,350
4,852
3,873
717
Total liabilities and equity
1,403
7,882
7,879
8,513
9,648
8,387
Shares outstanding
2.88
165
183
2,299
303
327
Cash flow statement
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-277
-719
-2,580
-1,304
-2,828
-2,714
-2,698
Depreciation and amortization
187
234
295
451
Stock-based compensation
7.72
4.61
517
424
257
286
271
Deferred income tax
0
0
0
0
0
-0.14
-5.23
Change in receivables
0.98
0.15
-2.89
-16.5
-32.5
-61.3
-65.7
Change in inventory
-0.19
-0.36
-175
-1,256
-658
-334
-1,449
Change in payables
5.84
-69.9
4.35
180
-140
34.8
318
Cash from operations
-235
-570
-1,058
-2,226
-2,490
-2,020
-2,932
Capital expenditures
-104
-460
-421
-1,075
-911
-884
-868
Purchases of investments
0
0
-3,854
-3,998
-4,623
-310
Sales and maturities of investments
0
0
1,150
3,721
4,112
2,654
Cash from investing
-104
-460
-421
-3,682
-947
-1,294
1,478
Stock issued
0.48
3.29
8.13
17.8
10.3
4.88
2.34
Share buybacks
0
0
-20.7
0
0
Cash from financing
621
1,291
7,136
1,347
3,071
3,550
887
Net change in cash
282
261
5,658
-4,561
-366
236
-566
Free cash flow
-340
-1,030
-1,479
-3,301
-3,400
-2,904
-3,800
Interest paid
0.03
0.05
0.63
23.2
18.2
25.5
55.8
Income taxes paid
0
0
0.48
0.04
0.09
4.51
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 $4.07 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
-96.6%
Gross profit / revenue.
Operating margin
-263.6%
Operating income / revenue.
EBITDA margin
-232.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-249.0%
Pre-tax income / revenue.
Net margin
-249.2%
Net income / revenue.
FCF margin
-330.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-263.8%
Cash from operations / revenue.
Return on assets (ROA)
-50.1%
Net income / average total assets.
Return on invested capital (ROIC)
-220.2%
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
86.8%
Research and development expense / revenue.
SG&A / revenue
75.6%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
19.1%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
66.7%
Capital expenditures / revenue.
D&A / revenue
31.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
67.6%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
30.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
220.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-81.5%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-45.2%
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
-13.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
2.1%
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
43.0%
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
28.2%
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
22.7%
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
163.1%
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
1.14x
Current assets / current liabilities.
Quick ratio
0.40x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.31x
(Cash + short-term investments) / current liabilities.
Debt / assets
42.3%
Total debt / total assets.
Liabilities / assets
76.0%
Total liabilities / total assets.
Net debt
$2.49B
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$10.09
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
$4.05
Revenue / diluted weighted shares.
FCF per share
-$13.38
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$10.68
Cash from operations / diluted weighted shares.
Book value per share
-$2.68
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
1.04x
Market cap / revenue.
EV/Sales
2.65x
Enterprise value / revenue.
FCF yield
-318.7%
Free cash flow / market cap.
Earnings yield
-240.4%
Net income / market cap (the inverse of P/E).
What was Lucid Group, Inc.'s revenue in fiscal 2025?
Lucid Group, Inc. reported revenue of $1.35B for fiscal 2025, 67.6% higher than the year before.
Was Lucid Group, Inc. profitable in fiscal 2025?
No. It reported a net loss of $2.70B.
How much free cash flow did Lucid Group, Inc. generate in fiscal 2025?
Cash from operations of $2.93B minus capital expenditures of $868.2M left free cash flow of -$3.80B.
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.