Virgin Galactic Holdings, Inc. (SPCE) financials
NYSE · Industrials · Aerospace & Defense · 694 employees · CEO Michael A. Colglazier
- Price
- $2.58 -5.49%
- Market cap
- $332M
- Enterprise value
- $410M
- Last report
- Q2 '26 filed 2026-08-12
- Next report
- 2026-11-12
Revenue (TTM)$1.04M-38.9% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-24,587.8%-5,620.1 pp vs a year agoOperating income -$255M
Net income (TTM)-$248M+18.2% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$386M+17.9% vs a year agoCapex $174M
Diluted EPS (TTM)-$3.38+62.6% vs a year agoSum of the last 4 quarters
Net cash-$10.3M+28.3% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $332M EV $410M
- Revenue
- $1.04M Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- -23,867.4% Net income / revenue, TTM
- P/E
- -0.8×
- P/S
- 319.5× Price / sales, TTM
- EV / EBITDA
- -1.8× TTM
- Free cash flow
- -$386M Trailing 12 months
- Net income
- -$248M Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2026-11-12
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-12): revenue beat by 5.8%, EPS beat by 22.2%Revenue $134K vs $127K expected (+5.8%); EPS -$0.50 vs -$0.64 (+22.2%).
- Revenue growth slowing: -67.0% year on yearQ2 '26 revenue $134K, against an average of -44.4% over the four quarters before.
- Operating margin -24,587.8% (TTM), -5,620.1 pp on a year agoOperating income grew 20.8% while revenue grew -38.9%.
- Capex 16,764.0% of revenue (a year ago 10,528.6%)$174M invested in the last 4 quarters (-2.7% on a year earlier). Free cash flow -$386M.
- Diluted share count up 142.7% in a year111M diluted shares in Q2 '26, 45.6M a year earlier.
- Net debt $10.3MCash + short-term investments $255M, debt incl. leases $265M; a year ago net debt $14.3M.
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 | $134K | $406K | -67.0% |
| Gross margin | -20,931.3% | -4,426.4% | -16,505.0 pp |
| Operating income | -$64.9M | -$69.9M | +7.2% |
| Operating margin | -48,452.2% | -17,227.1% | -31,225.1 pp |
| Net income | -$55.9M | -$67.3M | +16.9% |
| Diluted EPS | -$0.50 | -$1.47 | +66.0% |
| Operating cash flow | -$50.2M | -$55.4M | +9.5% |
| Capex | $40.6M | $58.4M | -30.5% |
| Free cash flow | -$90.7M | -$114M | +20.3% |
| R&D | $4.34M | $20.1M | -78.4% |
| Stock-based compensation | $6.82M | $4.83M | +41.2% |
Reported vs consensus
2026-08-12| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $134K | $127K | +5.8% |
| EPS (as estimated) | -$0.50 | -$0.64 | +22.2% |
From the report of 2026-08-12 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 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$212M
- Capex
- -$174M
- Buybacks
- $0
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- -$118M
- Stock-based compensation
- $15.7M
- Free cash flow
- -$386M
- Returned to shareholders / FCF
- 0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & 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) | -0.8× | – | – |
| EV / EBITDA | -1.8× | – | – |
| EV / Sales | 394.6× | 361.5× | 65.6× – 852.2× |
| Price / FCF | -0.9× | – | – |
| Price / Book | 0.7× | 1.7× | 0.5× – 3.7× |
| FCF yield | -116.5% | -139.9% | -323.4% – -7.1% |
| Return on invested capital | -38.5% | -45.8% | -53.2% – -34.0% |
| Return on equity | -88.5% | -90.5% | -107.6% – -39.5% |
Analysts
Consensus target $2.00 (-22.5%)
range $2.00 – $2.00 · rating Hold
Strong buy0
Buy5
Hold7
Sell5
Strong sell0
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.
Every reported line
All 198 figures Virgin Galactic Holdings, 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 Payable, Current | $20.8M | $10.4M | +100.6% | $15.2M | $3.7M | +310.3% |
| Accretion (Amortization) of Discounts and Premiums, Investments | $404K | $1.81M | -77.7% | $6.07M | $16.6M | -63.5% |
| Accrued Liabilities, Current | $61.5M | $66.2M | -7.1% | $67.8M | $61.8M | +9.7% |
| Accrued Salaries, Current | $36.6M | $22.7M | +61.0% | $32M | $30.7M | +4.1% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $112M | $98.7M | +13.9% | $105M | $90.4M | +15.8% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $56K | -$14K | +500.0% | $132K | $278K | -52.5% |
| Additional Paid in Capital | $3.27B | $2.89B | +13.2% | $3.03B | $2.79B | +8.3% |
| Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $3.6M | $1.69M | +112.5% | $6.02M | $2.06M | +192.4% |
| Adjustments to Additional Paid in Capital, Stock Split | – | – | – | $2K2024-12-31 | – | – |
| Amortization of Debt Issuance Costs | $407K | $574K | -29.1% | $2.29M | $2.23M | +2.6% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | – | – | – | 5.69M | 2.5M | +127.4% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $6.86M | $4.74M | +44.7% | $18.4M | $29.1M | -36.7% |
| Assets | $816M | $899M | -9.2% | $803M | $961M | -16.4% |
| Assets, Current | $313M | $533M | -41.3% | $373M | $628M | -40.6% |
| Assets, Fair Value Disclosure | $286M | $508M | -43.6% | $338M | $657M | -48.5% |
| Capital Expenditures Incurred but Not yet Paid | $56K | $2.41M | -97.7% | $8.35M | $11.1M | -24.5% |
| Cash and Cash Equivalents, at Carrying Value | $187M | $164M | +14.5% | $145M | $179M | -19.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $218M | $194M | +12.7% | $176M | $211M | -16.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $62.9M | $21.6M | +191.8% | -$35.2M | -$42.7M | +17.6% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 700M | 700M | 0.0% | 700M | 700M | 0.0% |
| Common Stock, Shares, Issued | 141M | 55.8M | +153.2% | 73.3M | 33M | +122.2% |
| Common Stock, Shares, Outstanding | 141M | 55.8M | +153.2% | 73.3M | 33M | +122.2% |
| Common Stock, Value, Issued | $14K | $6K | +133.3% | $7K | $3K | +133.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$55.9M | -$67.4M | +17.1% | -$279M | -$347M | +19.5% |
| Contract with Customer, Liability, Current | $80.3M | $80.9M | -0.7% | $78.5M | $84.5M | -7.1% |
| Convertible Debt, Noncurrent | $422M2025-09-30 | $420M | +0.5% | $420M2024-12-31 | $418M | +0.5% |
| Cost of Revenue | $28.2M | $14.2M | +98.4% | $72.8M | $90M | -19.2% |
| Costs and Expenses | $65.1M | $70.3M | -7.5% | $287M | $384M | -25.2% |
| Current Federal Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Current Foreign Tax Expense (Benefit) | – | – | – | $105K | $132K | -20.5% |
| Current Income Tax Expense (Benefit) | – | – | – | $112K | $142K | -21.1% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $7K | $10K | -30.0% |
| Debt Instrument, Unamortized Premium | $29.5M | – | – | $45.7M | $0 | – |
| Debt Securities, Available-for-sale | – | – | – | $446M2024-12-31 | $729M | -38.8% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain (Loss), before Tax | -$10K | -$100K | +90.0% | $57K | $209K | -72.7% |
| Debt Securities, Available-for-sale, Amortized Cost | – | – | – | $446M2024-12-31 | $729M | -38.8% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | – | – | – | $384M2024-12-31 | $657M | -41.5% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | – | – | – | $385M2024-12-31 | $657M | -41.5% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$60K | -$68K | +11.8% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$60K | -$68K | +11.8% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Tax Assets, Goodwill and Intangible Assets | $171M2025-12-31 | $189M | -9.8% | $171M | $189M | -9.8% |
| Deferred Tax Assets, Gross | $960M2025-12-31 | $887M | +8.3% | $960M | $887M | +8.3% |
| Deferred Tax Assets, Net | $10K2025-12-31 | – | – | $10K | – | – |
| Deferred Tax Assets, Net of Valuation Allowance | $9.69M2025-12-31 | $16.3M | -40.6% | $9.69M | $16.3M | -40.6% |
| Deferred Tax Assets, Operating Loss Carryforwards | $511M2025-12-31 | $448M | +14.1% | $511M | $448M | +14.1% |
| Deferred Tax Assets, Other | $31.4M2025-12-31 | $37.5M | -16.2% | $31.4M | $37.5M | -16.2% |
| Deferred Tax Assets, Tax Credit Carryforwards, Research | $125M2025-12-31 | $82.4M | +51.8% | $125M | $82.4M | +51.8% |
| Deferred Tax Assets, Valuation Allowance | $950M2025-12-31 | $870M | +9.2% | $950M | $870M | +9.2% |
| Deferred Tax Liabilities, Gross | $9.68M2025-12-31 | $16.4M | -40.9% | $9.68M | $16.4M | -40.9% |
| Deferred Tax Liabilities, Leasing Arrangements | $9.56M2025-12-31 | $15M | -36.2% | $9.56M | $15M | -36.2% |
| Deferred Tax Liabilities, Net | – | – | – | $50K2024-12-31 | $115K | -56.5% |
| Deferred Tax Liabilities, Other | $115K2025-12-31 | $1.38M | -91.6% | $115K | $1.38M | -91.6% |
| Defined Contribution Plan, Cost | – | – | – | $5.6M | $6.3M | -11.1% |
| Depreciation, Depletion and Amortization | $3.98M | $4.17M | -4.5% | $16.5M | $15.5M | +6.6% |
| Earnings Per Share, Basic | -$0.50 | -$1.47 | +66.0% | -$5.44 | -$13.89 | +60.8% |
| Earnings Per Share, Diluted | -$0.50 | -$1.47 | +66.0% | -$5.44 | -$13.89 | +60.8% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | -$58.6M | -$72.8M | +19.6% |
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