Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Intuitive Machines, 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
FY2022
FY2023
FY2024
FY2025
Revenue
85.9
79.6
228
210
Cost of revenue
75.5
100
Gross profit
10.4
-20.9
General and administrative
14.9
34.3
53.3
92.6
Operating income
-5.51
-61.1
-57.4
-87.2
Interest expense
0.09
4.18
Interest income
4.83
0.27
15.3
Other non-operating income
-0.92
71.3
-289
-15.7
Pre-tax income
-6.43
10.2
-347
-103
Income tax
-0.02
0.04
0.04
3.96
Net income to minority interests
0
-42
Net income
-0.19
61.8
-283
-83.3
EBITDA
-4.44
-59.7
-55.5
-83.6
EPS, basic
3.37
-4.63
-0.73
EPS, diluted
2.42
-4.63
-0.73
Shares, basic (weighted)
17.6
61.4
115
Shares, diluted (weighted)
25.6
61.4
115
Balance sheet
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
25.8
4.5
208
583
Receivables
1.3
16.9
44.8
12.2
Inventory
0
Other current assets
6.89
3.04
4.16
5.69
Total current assets
41
31.6
293
619
Property, plant and equipment
21.2
18.3
23.4
68.6
Lease right-of-use assets
4.83
35.9
38.8
36.8
Goodwill
0
18.7
Intangible assets
0
13
Total assets
67
85.9
355
757
Deferred revenue
46.6
41.4
65.2
57.4
Short-term debt
16.1
8
0
Total current liabilities
86.1
81.5
98.8
125
Long-term debt
3.86
0
0
335
Lease liabilities
5.08
30.6
35.3
26.3
Other non-current liabilities
0
0
0.06
0.24
Total liabilities
118
137
351
553
Total debt
20
8
0
335
Paid-in capital
15
0
0
0
Retained earnings
-65.9
-249
-996
-721
Treasury stock
0
-12.8
-12.8
-33.5
Shareholders' equity
-50.9
-261
-1,009
-755
Minority interests
0
1.23
0.52
Total equity
-50.9
-261
-1,008
-754
Total liabilities and equity
67
85.9
355
757
Cash flow statement
FY2022
FY2023
FY2024
FY2025
Net income
-6.41
10.1
-347
-107
Depreciation and amortization
1.07
1.38
1.86
3.6
Stock-based compensation
0.62
4.27
8.8
8.61
Change in receivables
1.25
-14.7
-28.3
30.3
Change in payables
3.42
14.1
-1.23
-2.1
Cash from operations
0.78
-45.3
-57.6
-14.3
Capital expenditures
-16.4
-29.9
-10.1
-41.6
Acquisitions
0
-14.9
Cash from investing
-16.4
-29.9
-10.1
-56.6
Debt issued
7.95
0
10
0
Debt repaid
-0.11
-12
-18
0
Stock issued
0.01
20
233
0
Share buybacks
0
-20.7
Dividends paid
0
-7.95
0
Cash from financing
12.1
53.9
273
447
Net change in cash
-3.53
-21.3
205
376
Free cash flow
-15.6
-75.2
-67.7
-56
Interest paid
1.01
1.92
0.41
0
Income taxes paid
0
0.04
0.61
0.04
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 $15.61 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-27.5%
Operating income / revenue.
EBITDA margin
-21.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-36.9%
Pre-tax income / revenue.
Net margin
-26.6%
Net income / revenue.
FCF margin
-38.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-25.8%
Cash from operations / revenue.
Return on assets (ROA)
-6.9%
Net income / average total assets.
Stock-based pay / revenue
4.6%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
12.5%
Capital expenditures / revenue.
D&A / revenue
6.2%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-7.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
34.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
113.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
124.4%
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
88.0%
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
1.66x
Current assets / current liabilities.
Quick ratio
1.22x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.92x
(Cash + short-term investments) / current liabilities.
Debt / assets
17.8%
Total debt / total assets.
Liabilities / assets
51.7%
Total liabilities / total assets.
Net debt
-$31.0M
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
$3.02
Revenue / diluted weighted shares.
FCF per share
-$1.16
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.78
Cash from operations / diluted weighted shares.
Book value per share
-$1.79
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
7.29x
Market cap / revenue.
EV/Sales
7.23x
Enterprise value / revenue.
FCF yield
-5.3%
Free cash flow / market cap.
Earnings yield
-3.7%
Net income / market cap (the inverse of P/E).
Shareholder yield
0.0%
(Dividends paid + share buybacks) / market cap.
What was Intuitive Machines, Inc.'s revenue in fiscal 2025?
Intuitive Machines, Inc. reported revenue of $210.1M for fiscal 2025, 7.9% lower than the year before.
Was Intuitive Machines, Inc. profitable in fiscal 2025?
No. It reported a net loss of $83.3M.
How much free cash flow did Intuitive Machines, Inc. generate in fiscal 2025?
Cash from operations of $14.3M minus capital expenditures of $41.6M left free cash flow of -$56.0M.
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.