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Volato vs Surf Air Mobility: revenue, profit, margins and growth compared

Volato brought in $78.6M of revenue in fiscal 2025, Surf Air Mobility $106.6M in fiscal 2025. Revenue changed by +101.1% at Volato and -10.8% at Surf Air Mobility on the year before, so Volato grew faster. Volato kept 6.6% of its revenue as net profit, Surf Air Mobility -103.8%. Free cash flow was $3.3M at Volato and -$70.1M at Surf Air Mobility.

Side by side, latest fiscal year

SOARSRFM
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$78.6M$106.6M
Revenue growth+101.1%-10.8%
Net income$5.2M-$110.6M
Net margin6.6%-103.8%
Free cash flow$3.3M-$70.1M
Free cash flow margin4.2%-65.8%
Earnings per share (diluted)$1.18-$3.15
Cash$0$12.7M
Debtn/a$17.1M
Price to earnings0.3n/a
Market value$18.9M$147.1M
Dividend yieldn/an/a
Rank by revenue in sector#775 of 1065 · Consumer discretionary#746 of 1065 · Consumer discretionary

Over the years

Revenue
SOAR FY2022: $96.7MSOAR FY2023: $35.6MSOAR FY2024: $39.1MSOAR FY2025: $78.6MSRFM FY2023: $20.3MSRFM FY2023: $60.5MSRFM FY2024: $119.4MSRFM FY2025: $106.6MFY22FY23FY24FY25
SOAR $78.6MSRFM $106.6M
Net income
SOAR FY2022: -$9.4MSOAR FY2023: -$52.8MSOAR FY2024: -$40.6MSOAR FY2025: $5.2MSRFM FY2023: -$74.4MSRFM FY2023: -$250.7MSRFM FY2024: -$74.9MSRFM FY2025: -$110.6MFY22FY23FY24FY25
SOAR $5.2MSRFM -$110.6M
Net margin
SOAR FY2022: -9.7%SOAR FY2023: -148.5%SOAR FY2024: -104.0%SOAR FY2025: 6.6%SRFM FY2023: -366.8%SRFM FY2023: -414.3%SRFM FY2024: -62.7%SRFM FY2025: -103.8%FY22FY23FY24FY25
SOAR 6.6%SRFM -103.8%
Revenue growth
SOAR FY2023: -63.2%SOAR FY2024: +9.8%SOAR FY2025: +101.1%SRFM FY2023: +198.4%SRFM FY2024: +97.4%SRFM FY2025: -10.8%FY23FY24FY25
SOAR +101.1%SRFM -10.8%
Free cash flow
SOAR FY2022: -$21.7MSOAR FY2023: -$31MSOAR FY2024: -$17.1MSOAR FY2025: $3.3MSRFM FY2023: -$28.1MSRFM FY2023: -$72MSRFM FY2024: -$66.1MSRFM FY2025: -$70.1MFY22FY23FY24FY25
SOAR $3.3MSRFM -$70.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about Volato and Surf Air Mobility

Which is bigger by revenue, Volato or Surf Air Mobility?

Surf Air Mobility is bigger by revenue: $106.6M in fiscal 2025, against $78.6M for Volato in fiscal 2025.

Which keeps more of its revenue as profit, Volato or Surf Air Mobility?

Volato had a net margin of 6.6% in fiscal 2025; Surf Air Mobility had -103.8% in fiscal 2025.

Which grew revenue faster, Volato or Surf Air Mobility?

In their latest fiscal years revenue changed by +101.1% at Volato and -10.8% at Surf Air Mobility.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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