Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data QuantumScape Corp 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
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Research and development
45.9
65.1
151
297
348
383
376
General and administrative
9.87
15.9
63.8
123
131
142
97
Operating expenses
55.8
81
215
421
479
525
473
Operating income
-55.8
-81
-215
-421
-479
-525
-473
Interest expense
0.09
20.8
1.42
2.4
2.38
2.22
2.04
Interest income
3.61
1.09
1.88
10.9
36.5
46
38.6
Other non-operating income
4.56
-1,601
169
8.72
34
47.3
2.51
Pre-tax income
-445
-478
-434
Income tax
0
0
0
0
0.02
-0.27
1.54
Net income to minority interests
0.02
-0.01
-0.01
0.01
0.07
-0.09
Net income
-51.3
-1,682
-46
-412
-445
-478
-435
EBITDA
-51.1
-74.2
-204
-392
-437
-467
-407
EPS, basic
-0.21
-6.67
-0.11
-0.95
-0.96
-0.94
-0.76
EPS, diluted
-0.21
-6.67
-0.52
-0.95
-0.96
-0.94
-0.76
Shares, basic (weighted)
240
252
404
433
462
508
576
Shares, diluted (weighted)
240
252
410
433
462
508
576
Balance sheet
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
22.8
113
321
235
143
141
231
Short-term investments
107
884
1,127
826
928
770
740
Other current assets
1.26
11.6
15.8
10.6
12.7
11.5
10.8
Total current assets
131
1,009
1,463
1,072
1,084
922
982
Property, plant and equipment
25.5
43.7
166
296
313
300
251
Lease right-of-use assets
12.9
11.7
36.9
60.8
55.9
51.5
34.1
Other non-current assets
2.77
2.19
18.2
18.4
24.3
26.4
21.6
Total assets
172
1,067
1,716
1,475
1,502
1,322
1,308
Accounts payable
2.85
5.38
14.2
21.4
13
6.47
11.8
Accrued liabilities
1.31
3.36
6.08
7.48
10.2
17.4
14.5
Total current liabilities
7.22
12.4
30.6
46.8
57.1
64.9
61.5
Lease liabilities
12.5
11.2
36.8
62.6
57.6
52.9
34.5
Other non-current liabilities
0.32
8.49
12
14.9
14.9
Total liabilities
22
713
107
156
162
165
139
Paid-in capital
444
2,329
3,635
3,771
4,222
4,516
4,962
Retained earnings
-296
-1,978
-2,024
-2,436
-2,881
-3,359
-3,794
Other comprehensive income
0.09
-0.03
-4.21
-17.9
-2.88
0.43
0.64
Shareholders' equity
149
352
1,607
1,318
1,338
1,158
1,169
Total equity
149
352
1,607
1,318
1,338
1,158
1,169
Total liabilities and equity
172
1,067
1,716
1,475
1,502
1,322
1,308
Cash flow statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-51.3
-1,682
-46
-412
-445
-478
-435
Depreciation and amortization
4.7
6.85
11.2
28.3
42
57.8
65.6
Stock-based compensation
6.81
17
52.2
127
166
145
127
Deferred income tax
0
0
0
0
0
0
0
Change in payables
0.32
2.45
13.2
5.61
-2.9
15
-6.8
Cash from operations
-41.7
-61.3
-128
-218
-240
-275
-242
Capital expenditures
-9.85
-24.1
-127
-159
-84.6
-62.2
-36.3
Purchases of investments
-196
-892
-1,377
-570
-1,111
-1,295
-1,077
Sales and maturities of investments
240
14
225
15.2
1.5
1.2
1,126
Cash from investing
33.3
-803
-386
124
-153
129
14.9
Stock issued
0.39
99.8
463
300
131
269
Cash from financing
0.39
954
737
8.6
300
144
313
Net change in cash
-8.04
89.8
223
-85.3
-92.3
-1.66
85.3
Free cash flow
-51.6
-85.4
-255
-377
-325
-337
-279
Interest paid
0.33
1.61
1.78
2.22
2.04
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 $4.91 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-38.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-34.6%
Net income / average total assets.
Return on invested capital (ROIC)
-38.0%
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%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
1.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-3.9%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
27.1%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-1.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-3.9%
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
4.2%
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
13.4%
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
10.0%
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
18.0%
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
18.4x
Current assets / current liabilities.
Quick ratio
18.2x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
18.2x
(Cash + short-term investments) / current liabilities.
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.
FCF per share
-$0.44
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.38
Cash from operations / diluted weighted shares.
Book value per share
$1.70
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
2.90x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.90x
Market cap / tangible book value, when positive.
FCF yield
-9.0%
Free cash flow / market cap.
Earnings yield
-13.3%
Net income / market cap (the inverse of P/E).
Was QuantumScape Corp profitable in fiscal 2025?
No. It reported a net loss of $435.1M.
How much free cash flow did QuantumScape Corp generate in fiscal 2025?
Cash from operations of $242.5M minus capital expenditures of $36.3M left free cash flow of -$278.8M.
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.