Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Virgin Galactic Holdings, 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
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
1.75
2.85
3.78
0.24
3.29
2.31
6.8
7.04
1.54
Cost of revenue
0.49
1.2
2
0.17
0.27
1.91
50.5
90
72.8
Gross profit
1.27
1.65
1.78
0.07
3.02
0.41
-43.7
-83
-71.2
Research and development
93.1
118
133
154
144
314
295
153
80.5
Selling, general and administrative
46.9
50.9
82.2
111
167
175
175
125
117
Operating expenses
1.34
Operating income
-139
-167
-213
-275
-320
-500
-532
-377
-285
Interest expense
0.02
0.01
0.04
0.04
0.03
12.1
12.9
12.9
12.8
Interest income
0.24
0.63
2.26
2.28
1.21
12.5
42.2
42.4
21.8
Other non-operating income
28.6
0.13
0.01
0.18
0.06
0.26
0.54
0.23
Pre-tax income
-138
-138
-215
-645
-353
-500
-502
-347
-279
Income tax
0.16
0.15
0.06
0.01
0.08
0.6
0.45
0.07
0.05
Net income
-138
-138
-215
-645
-353
-500
-502
-347
-279
EBITDA
-134
-161
-206
-266
-308
-489
-518
-361
-269
EPS, basic
-14.20
-14.20
-22.19
-58.78
-28.59
-37.79
-29.79
-13.89
-5.44
EPS, diluted
-14.20
-14.20
-22.19
-58.78
-28.59
-37.79
-29.79
-13.89
-5.44
Shares, basic (weighted)
9.69
9.69
9.72
11
12.4
13.2
16.9
25
51.2
Shares, diluted (weighted)
9.69
9.69
9.72
11
12.4
13.2
16.9
25
51.2
Balance sheet
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
75.4
74
480
666
524
302
217
179
145
Short-term investments
692
704
0
79.4
607
657
385
162
Receivables
1.28
0.46
0.47
Inventory
23.3
31.9
30.5
29.7
24
16.3
Other current assets
0.27
4.2
0
0.07
19.5
28.2
40
32.4
34.9
Total current assets
1.63
119
542
728
679
1,002
951
628
373
Property, plant and equipment
34.2
44.3
53.1
47.5
53.7
93.8
209
389
Lease right-of-use assets
16.6
19.6
35.5
48.5
58.5
58
36.9
Long-term investments
704
0
301
30.4
71.6
61.3
0
Other non-current assets
2.73
2.62
22.9
41.3
54.3
63.3
62.9
41.6
Total assets
694
156
606
804
1,069
1,140
1,180
961
803
Accounts payable
0.23
7.22
7.04
6
9.24
16.3
32.4
3.7
15.2
Accrued liabilities
18.2
22.3
23
28.8
61.8
55.4
61.8
67.8
Deferred revenue
80.9
83.4
83.2
90.9
103
97.8
84.5
78.5
Short-term debt
0
0.31
0.31
0
47.8
Total current liabilities
0.36
106
116
115
132
184
186
150
209
Long-term debt
0
0.31
0
420
276
Lease liabilities
21.9
24.1
40
Other non-current liabilities
0
26.5
43
59.9
70.5
68.8
43.5
Total liabilities
24.5
114
262
277
175
660
674
639
529
Total debt
0
0.62
0.31
420
324
Paid-in capital
3.67
0
469
1,298
2,020
2,111
2,631
2,795
3,026
Retained earnings
1.33
0
-126
-771
-1,124
-1,624
-2,126
-2,473
-2,752
Other comprehensive income
0.08
0.06
0.01
-1.87
-7.33
0.37
0.28
0.13
Shareholders' equity
23.1
41.6
343
527
894
480
505
322
274
Total equity
23.1
41.6
343
527
894
480
505
322
274
Total liabilities and equity
694
156
606
804
1,069
1,140
1,180
961
803
Shares outstanding
0
9.8
11.8
12.9
13.8
20
33
73.3
Cash flow statement
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-138
-138
-215
-645
-353
-500
-502
-347
-279
Depreciation and amortization
5.15
5.81
7
9.78
11.5
11.1
13.4
15.5
16.5
Stock-based compensation
0
0
2.54
30.3
61.8
45.7
44.3
29.8
18.7
Deferred income tax
0.02
0
-0.02
0.12
-0.02
0.09
0.09
-0.07
-0.06
Change in receivables
0.14
-0.42
0.82
-0.11
Change in inventory
-1.19
-13.1
-8.57
1.37
0.82
5.63
4.76
Change in payables
0.06
3.69
-0.32
-1.01
7.94
35.2
8.63
-29.2
11.2
Cash from operations
-137
-146
-209
-233
-231
-380
-448
-353
-240
Capital expenditures
-5.6
-10.6
-13.9
-17.2
-4.64
-16.5
-44.3
-122
-198
Purchases of investments
0
0
-383
-705
-1,010
-543
-313
Sales and maturities of investments
0
0
435
938
840
602
Cash from investing
-5.6
-10.6
-13.9
-17.2
-388
-286
-116
176
90.8
Debt issued
0
212
Stock issued
0
0
20
460
500
103
484
138
Cash from financing
138
157
634
437
489
459
475
134
114
Net change in cash
-4.4
0.3
411
186
-129
-207
-89
-42.7
-35.2
Free cash flow
-142
-156
-223
-250
-235
-397
-493
-475
-438
Interest paid
0
0
5.67
15.9
10.6
8.69
Income taxes paid
0.35
0.18
0.23
0.1
0.11
0.08
0.66
0.33
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 $3.19 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
-9,106.0%
Gross profit / revenue.
Operating margin
-24,805.0%
Operating income / revenue.
EBITDA margin
-23,264.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-23,858.0%
Pre-tax income / revenue.
Net margin
-23,867.0%
Net income / revenue.
FCF margin
-37,231.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-20,467.0%
Cash from operations / revenue.
Return on equity (ROE)
-62.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-30.4%
Net income / average total assets.
Return on invested capital (ROIC)
-47.5%
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
3,669.0%
Research and development expense / revenue.
SG&A / revenue
10,489.0%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
1,931.0%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
16,764.0%
Capital expenditures / revenue.
D&A / revenue
1,540.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-78.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-12.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
45.3%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-15.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-17.1%
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
-12.3%
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
-16.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-11.0%
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
-0.0%
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
105.3%
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
57.2%
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
36.1%
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
1.62x
Current assets / current liabilities.
Quick ratio
1.32x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.32x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.55x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
26.8%
Total debt / total assets.
Liabilities / assets
51.5%
Total liabilities / total assets.
Net debt
-$36.0M
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
$0.01
Revenue / diluted weighted shares.
FCF per share
-$3.49
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.92
Cash from operations / diluted weighted shares.
Book value per share
$2.80
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
466x
Market cap / revenue.
P/B
1.22x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.22x
Market cap / tangible book value, when positive.
EV/Sales
431x
Enterprise value / revenue.
FCF yield
-79.9%
Free cash flow / market cap.
Earnings yield
-51.2%
Net income / market cap (the inverse of P/E).
What was Virgin Galactic Holdings, Inc's revenue in fiscal 2025?
Virgin Galactic Holdings, Inc reported revenue of $1.5M for fiscal 2025, 78.1% lower than the year before.
Was Virgin Galactic Holdings, Inc profitable in fiscal 2025?
No. It reported a net loss of $278.9M.
How much free cash flow did Virgin Galactic Holdings, Inc generate in fiscal 2025?
Cash from operations of $240.1M minus capital expenditures of $198.0M left free cash flow of -$438.2M.
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.