Intuitive Machines, Inc. (LUNR) financials

NASDAQ · Industrials · Aerospace & Defense · 525 employees · CEO Stephen J. Altemus

Price: $10.67 -8.65%
Market cap: $2.17B
Enterprise value: $2.23B
Last report: Q2 '26 filed 2026-08-13
Next report: 2026-11-12 EPS est. -$0.10

Revenue (TTM)$490M+116.5% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-27.5%+0.1 pp vs a year agoOperating income -$135M

Net income (TTM)-$131M+48.5% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)-$191M-373.6% vs a year agoCapex $61.5M

Diluted EPS (TTM)-$0.94+66.0% vs a year agoSum of the last 4 quarters

Net cash-$62.4M-120.3% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $2.17B
Revenue: $490M
Revenue growth: +341%
Profit margin: -26.7%
P/E: -11.4×
P/S: 4.4×
EV / EBITDA: -16.2×
Free cash flow: -$191M
Net income: -$131M
Revenue estimate: $926M
Earnings: 2026-11-12
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-13): revenue missed by 2.9%, EPS missed by 220.9%Revenue $206M vs $212M expected (-2.9%); EPS -$0.29 vs -$0.09 (-220.9%).
Revenue growth accelerating: 309.8% year on yearQ2 '26 revenue $206M, against an average of 47.8% over the four quarters before.
Operating margin -27.5% (TTM), +0.1 pp on a year agoOperating income grew -115.6% while revenue grew 116.5%.
Capex 12.5% of revenue (a year ago 9.1%)$61.5M invested in the last 4 quarters (+199.9% on a year earlier). Free cash flow -$191M.
Diluted share count up 51.4% in a year162M diluted shares in Q2 '26, 107M a year earlier.
Net debt $62.4MCash + short-term investments $367M, debt incl. leases $430M; a year ago net cash $308M.
Reportable Segment: revenue +309.8%, margin -22.9% (was -56.9%)Fastest-growing reported segment in Q2 '26: operating income -$47.1M on revenue $206M (from the segment note of the filing).

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$206M	$50.3M	+309.8%
Gross margin	17.4%	-23.5%	+40.9 pp
Operating income	-$47.1M	-$28.6M	-64.6%
Operating margin	-22.9%	-56.9%	+34.1 pp
Net income	-$46.4M	-$38.6M	-20.4%
Diluted EPS	-$0.29	-$0.24	-20.8%
Operating cash flow	-$59.8M	-$19.3M	-210.5%
Capex	$24.1M	$8.05M	+198.8%
Free cash flow	-$83.9M	-$27.3M	-207.0%
R&D	$7.73M	$400K	+1,832.3%
Stock-based compensation	$10.5M	$2.52M	+316.3%

Reported vs consensus

2026-08-13

	Actual	Consensus	vs consensus
Revenue	$206M	$212M	-2.9%
EPS (as estimated)	-$0.29	-$0.09	-220.9%

From the report of 2026-08-13 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Product	$167M	–	82.0%	–	–
Reportable Segment	–	–	–	–	–
Service	$36.7M	–	18.0%	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q2 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Reportable Segment	$206M	+309.8%	-$47.1M	-64.6%	-22.9%	-56.9%	-$132M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: -$129M
Capex: -$61.5M
Buybacks: $0
Dividends: $0
Acquisitions: -$447M
Net debt issued: $336M
Stock-based compensation: $22.6M
Free cash flow: -$191M
Returned to shareholders / FCF: 0.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	-11.4×	0.7× 1 of 5 years	0.7× – 0.7×
EV / EBITDA	-16.2×	5.5× 1 of 5 years	5.5× – 5.5×
EV / Sales	4.5×	4.5×	1.2× – 10.6×
Price / FCF	-11.4×	–	–
Price / Book	-6.1×	–	–
FCF yield	-8.8%	-39.1%	-166.4% – -2.9%
Return on invested capital	-8.9%	-1.1%	-325.1% – 306.8%
Return on equity	29.8%	18.5%	-26.9% – 68.8%

Analysts

Consensus target $31.00 (+190.5%)
range $25.00 – $39.00 · rating Buy

Strong buy0

Buy10

Hold0

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$926M	+340.7%	-$0.65	+7.3%	-16.5×	3
FY2027	$1.14B	+23.3%	-$0.21	+67.5%	-50.7×	4
FY2028	$1.38B	+21.2%	$0.06	+126.6%	190.6×	2
FY2029	$1.81B	+30.9%	$0.56	+892.1%	19.2×	1
FY2030	$2.05B	+13.1%	$0.94	+69.6%	11.3×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 284 figures Intuitive Machines, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Receivable, after Allowance for Credit Loss, Current	$12.2M2025-12-31	$44.8M	-72.8%	$12.2M	$44.8M	-72.8%
Accounts Receivable, Allowance for Credit Loss	$3.3M2025-12-31	$0	–	$3.3M	$0	–
Accounts Receivable, Allowance for Credit Loss, Current	$3.65M	$0	–	$3.3M	$0	–
Accounts Receivable, Allowance for Credit Loss, Writeoff	–	–	–	$136K	$440K	-69.1%
Accounts Receivable, before Allowance for Credit Loss, Current	$79.6M	–	–	–	–	–
Accounts Receivable, Credit Loss Expense (Reversal)	$0	$135K	-100.0%	$3.43M	$440K	+679.8%
Accrued Income Taxes, Current	$143K	$43K	+232.6%	$143K	$43K	+232.6%
Accrued Payroll Taxes, Current	$29.2M	$8.91M	+227.2%	$12.8M	$10.3M	+24.8%
Accrued Professional Fees, Current	$4.83M	$1.18M	+310.6%	$11.5M	$960K	+1,093.5%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$22.7M	$5.67M	+299.6%	$7.56M	$4.51M	+67.5%
Additional Paid in Capital	$0	$0	–	$0	$0	–
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings	$167K	$151K	+10.6%	$616K	$896K	-31.3%
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	–	–	–	$350K2024-12-31	$24.4M	-98.6%
Amortization of Debt Issuance Costs and Discounts	$509K	$0	–	$982K	$0	–
Amortization of Deferred Charges	$7.1M	$7.6M	-6.6%	$29.8M	$10.1M	+195.0%
Amortization of Intangible Assets	$7.1M	$0	–	$332K	–	–
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$10.5M	$2.52M	+316.3%	$8.61M	$8.8M	-2.1%
Assets	$1.89B	$476M	+296.8%	$757M	$355M	+113.0%
Assets, Current	$663M	$397M	+67.1%	$619M	$293M	+111.1%
Business Combination, Acquisition Related Costs	$7.9M	–	–	$10.8M	–	–
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$890K	$0	–	$1.85M	$0	–
Business Combination, Contingent Consideration, Liability	$5.35M2025-12-31	$134M	-96.0%	$5.35M	$134M	-96.0%
Business Combination, Contingent Consideration, Liability, Current	$6.76M	–	–	–	–	–
Capital Expenditures Incurred but Not yet Paid	$1.35M	$3.51M	-61.5%	$6.82M	$1.81M	+277.1%
Cash and Cash Equivalents, at Carrying Value	$367M	$345M	+6.5%	$583M	$208M	+180.6%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$379M	$347M	+9.2%	$585M	$210M	+179.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$136M	-$28.4M	+578.5%	$376M	$205M	+83.2%
Contract with Customer, Asset, after Allowance for Credit Loss	$51M	$8.44M	+504.3%	$12.2M	$34.6M	-64.6%
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$51M	$8.44M	+504.3%	$12.2M	$34.6M	-64.6%
Contract with Customer, Liability	$220M	$71.6M	+206.5%	$63.7M	$79.5M	-19.9%
Contract with Customer, Liability, Current	$216M	$68.4M	+215.0%	$57.4M	$65.2M	-12.0%
Contract with Customer, Liability, Noncurrent	$4.07M	$3.22M	+26.4%	$6.34M	$14.3M	-55.8%
Contract with Customer, Liability, Revenue Recognized	$12.4M2025-12-31	$5.2M	+138.5%	$53.3M	$13.6M	+291.9%
Conversion of Stock, Amount Converted	$02025-12-31	$0	–	$0	$23.1M	-100.0%
Costs and Expenses	$253M	$79M	+220.8%	$297M	$285M	+4.2%
Current Federal Tax Expense (Benefit)	–	–	–	$0	$0	–
Current State and Local Tax Expense (Benefit)	–	–	–	$35K	$41K	-14.6%
Debt Instrument, Unamortized Discount	$7.88M	–	–	$8.8M	–	–
Debt Issuance Costs, Net	$771K	–	–	$862K	$0	–
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$3.93M	$0	–
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$0	-$4K	+100.0%
Deferred Tax Asset, Interest Carryforward	$687K2025-12-31	$0	–	$687K	$0	–
Deferred Tax Assets, Deferred Income	$19K2025-12-31	$25K	-24.0%	$19K	$25K	-24.0%
Deferred Tax Assets, Equity Method Investments	$335M2025-12-31	$335M	-0.1%	$335M	$335M	-0.1%
Deferred Tax Assets, Gross	$354M2025-12-31	$340M	+4.2%	$354M	$340M	+4.2%
Deferred Tax Assets, Net	$02025-12-31	$0	–	$0	$0	–
Deferred Tax Assets, Net of Valuation Allowance	$6K2025-12-31	$13K	-53.8%	$6K	$13K	-53.8%
Deferred Tax Assets, Operating Loss Carryforwards	$17.2M2025-12-31	$3.26M	+426.8%	$17.2M	$3.26M	+426.8%
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	$73.9M2025-12-31	$13.7M	+439.4%	$73.9M	$13.7M	+439.4%
Deferred Tax Assets, Other	$653K2025-12-31	$664K	-1.7%	$653K	$664K	-1.7%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$889K2025-12-31	$629K	+41.3%	$889K	$629K	+41.3%
Deferred Tax Assets, Valuation Allowance	$354M2025-12-31	$340M	+4.2%	$354M	$340M	+4.2%
Deferred Tax Liabilities, Gross	$6K2025-12-31	$13K	-53.8%	$6K	$13K	-53.8%
Defined Benefit Plan, Benefit Obligation	$393M2026-01-13	–	–	–	–	–
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year	$8.4M	–	–	–	–	–
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	$6.47M	–	–	–	–	–
Defined Benefit Plan, Interest Cost	$4.55M	–	–	–	–	–
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	-$1.52M	–	–	–	–	–
Defined Benefit Plan, Plan Assets, Amount	$336M2026-01-13	–	–	–	–	–
Defined Benefit Plan, Service Cost	$400K	–	–	–	–	–

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-02