Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Volato 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
FY2022
FY2023
FY2024
FY2025
Revenue
96.7
35.6
39.1
78.6
Cost of revenue
94.3
30.8
32.2
63.9
Gross profit
2.43
4.79
6.88
14.7
Selling, general and administrative
11.6
9.24
15.5
10.7
Operating expenses
1.74
Operating income
-9.19
-4.44
-8.62
3.96
Interest income
4.06
Other non-operating income
-0.27
-16.2
-13.1
-2.9
Pre-tax income
-9.46
-20.6
-21.7
1.06
Income tax
-0.06
0
-0.51
0.21
Income from continuing operations
-20.6
-21.2
0.85
Net income to minority interests
-0.03
0
Net income
-9.37
-52.8
-40.6
5.17
EBITDA
-9.02
-4.24
-8.28
4.26
EPS, basic
-20.78
-86.62
-24.42
1.18
EPS, diluted
-20.78
-86.62
-24.42
1.18
Shares, basic (weighted)
0.45
0.61
1.66
4.39
Shares, diluted (weighted)
0.45
0.61
1.66
4.39
Balance sheet
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
7.88
16.7
4
0
Receivables
1.88
0.44
0
0.1
Other current assets
2.21
1.87
1.03
0.57
Total current assets
10.7
46.5
43.3
9.81
Property, plant and equipment
0.35
0.85
0.68
0.32
Lease right-of-use assets
1.57
0
0.17
0.13
Goodwill
0.64
0.64
0.64
Intangible assets
1.62
1.39
1.2
Long-term investments
1.9
Total assets
30.3
71.7
46.3
12
Accounts payable
3.66
4.26
5.45
3.39
Accrued liabilities
0.13
Deferred revenue
2.16
2.83
0.7
2.7
Total current liabilities
30.2
47.6
62.2
13.7
Lease liabilities
1.29
0
0.13
0.09
Total liabilities
35.9
57
62.6
13.8
Paid-in capital
5.19
78.4
88
98.9
Retained earnings
-10.8
-63.7
-104
-101
Shareholders' equity
-5.67
14.8
-16.3
-1.85
Total equity
-5.67
14.8
-16.3
-1.85
Total liabilities and equity
30.3
71.7
46.3
12
Shares outstanding
0.45
1.12
1.84
9.51
Cash flow statement
FY2022
FY2023
FY2024
FY2025
Net income
-9.4
-52.8
-40.6
5.17
Depreciation and amortization
0.16
0.2
0.34
0.3
Stock-based compensation
0.02
0.08
0.21
0.61
Deferred income tax
-0.08
0
Change in receivables
-2.22
0.3
0
-0.2
Change in payables
2.22
2.45
2.85
-0.11
Cash from operations
-21.4
-30.4
-16.9
3.49
Capital expenditures
-0.26
-0.64
-0.15
-0.21
Acquisitions
-1.85
0
Purchases of investments
0
Cash from investing
5.15
1.78
-0.12
-8.08
Stock issued
0
0.02
0.09
0.46
Cash from financing
22.6
37.5
4.31
5.28
Net change in cash
6.27
8.84
-12.7
0.7
Free cash flow
-21.7
-31
-17.1
3.28
Interest paid
0.06
2.27
5.64
0.99
Income taxes paid
0
0
0
0.5
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 $0.35 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
25.8%
Gross profit / revenue.
Operating margin
-14.3%
Operating income / revenue.
EBITDA margin
-13.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-23.2%
Pre-tax income / revenue.
Net margin
-11.8%
Net income / revenue.
FCF margin
-1.5%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
0.3%
Cash from operations / revenue.
Return on equity (ROE)
-103.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-26.4%
Net income / average total assets.
Return on invested capital (ROIC)
-98.2%
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%.
SG&A / revenue
40.1%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
0.1%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.9%
Capital expenditures / revenue.
D&A / revenue
0.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
101.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-6.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
113.4%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
82.3%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-74.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-26.6%
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
163.6%
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
113.6%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.11x
Current assets / current liabilities.
Quick ratio
0.00x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.00x
(Cash + short-term investments) / current liabilities.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.10
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
$0.87
Revenue / diluted weighted shares.
FCF per share
-$0.01
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.00
Cash from operations / diluted weighted shares.
Book value per share
$0.07
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.63x
Market cap / revenue.
P/B
5.45x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
5.45x
Market cap / tangible book value, when positive.
P/OCF
187x
Market cap / cash from operations, when positive.
EV/Sales
0.63x
Enterprise value / revenue.
FCF yield
-2.5%
Free cash flow / market cap.
Earnings yield
-18.9%
Net income / market cap (the inverse of P/E).
What was Volato Group, Inc.'s revenue in fiscal 2025?
Volato Group, Inc. reported revenue of $78.6M for fiscal 2025, 101.1% higher than the year before.
Was Volato Group, Inc. profitable in fiscal 2025?
Yes. Net income was $5.2M, a net margin of 6.6%.
How much free cash flow did Volato Group, Inc. generate in fiscal 2025?
Cash from operations of $3.5M minus capital expenditures of $211.0K left free cash flow of $3.3M.
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.