Space Exploration Technologies Corp. (SPCX) financials

NASDAQ · Industrials · Aerospace & Defense · 22,000 employees · CEO Elon Reeve Musk

Price: $134.72 -6.37%
Market cap: $1.9T
Enterprise value: $1.89T
Last report: Q3 '26 filed 2026-10-22
Next report: 2027-02-25 EPS est. $0.40

Revenue (TTM)$32B– vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-2.0%– vs a year agoOperating income -$644M

Net income (TTM)-$2.76B– vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)-$39.3B– vs a year agoCapex $55B

Diluted EPS (TTM)-$1.01– vs a year agoSum of the last 4 quarters

Net cash$51B– vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $1.9T
Revenue: $32B
Revenue growth: +155%
Profit margin: -8.6%
P/E: -136.1×
P/S: 59.4×
EV / EBITDA: 136.9×
Free cash flow: -$39.3B
Net income: -$2.76B
Revenue estimate: $47.7B
Earnings: 2027-02-25
Dividend: –

Key takeaways

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

Last report (2026-10-20): revenue beat by 13.3%, EPS beat by 161.4%Revenue $14.6B vs $12.9B expected (+13.3%); EPS $0.35 vs $0.13 (+161.4%).
Capex 171.7% of revenue$55B invested in the last 4 quarters (– on a year earlier). Free cash flow -$39.3B.
Net cash $51BCash + short-term investments $89.9B, debt incl. leases $38.8B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$14.6B	–	–
Gross margin	62.4%	–	–
Operating income	$2.79B	–	–
Operating margin	19.1%	–	–
Net income	$4.4B	–	–
Diluted EPS	$0.35	–	–
Operating cash flow	$9.63B	–	–
Capex	$19.6B	–	–
Free cash flow	-$9.96B	–	–
R&D	$4.6B	–	–
Stock-based compensation	$2.36B	–	–

Reported vs consensus

2026-10-20

	Actual	Consensus	vs consensus
Revenue	$14.6B	$12.9B	+13.3%
EPS (as estimated)	$0.35	$0.13	+161.4%

From the report of 2026-10-20 for Q3 '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	Q3 '26	y/y	Share	TTM	TTM y/y
Connectivity	$5.25B	–	74.8%	–	–
Consumer	–	–	–	–	–
AI Solutions & Infrastructure	–	–	–	–	–
Enterprise & Government	–	–	–	–	–
Space	$1.77B	–	25.2%	–	–
Launch Services	–	–	–	–	–
Advertising	–	–	–	–	–
Launch & Development	–	–	–	–	–

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 Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
SI	$7.56B	–	$431M	–	5.7%	–	–
Connectivity	$5.25B	–	$2.37B	–	45.1%	–	–
AI	–	–	–	–	–	–	–
Space	$1.77B	–	-$7M	–	-0.4%	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

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: $15.8B
Capex: -$55B
Buybacks: -$5.03B
Dividends: $0
Acquisitions: $428M
Net debt issued: $16.2B
Stock-based compensation: $4.74B
Free cash flow: -$39.3B
Returned to shareholders / FCF: -12.8%

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)	-136.1×	25,547.6× 1 of 3 years	25,547.6× – 25,547.6×
EV / EBITDA	136.9×	213.0× 2 of 3 years	187.7× – 238.3×
EV / Sales	59.0×	49.6× 2 of 3 years	43.1× – 56.2×
Price / FCF	-48.5×	4,229.2× 1 of 3 years	4,229.2× – 4,229.2×
Price / Book	9.1×	14.6× 2 of 3 years	11.4× – 17.8×
FCF yield	-2.1%	-1.4%	-3.0% – 0.0%
Return on invested capital	-0.3%	-0.9%	-3.6% – 1.0%
Return on equity	-2.9%	-3.0%	-11.9% – 3.1%

Analysts

Consensus target $224.89 (+66.9%)
range $75.00 – $450.00 · rating Buy

Strong buy0

Buy17

Hold4

Sell0

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	$47.7B	+155.4%	$0.19	+111.2%	709.1×	24
FY2027	$160B	+236.0%	$4.10	+2,057.9%	32.9×	25
FY2028	$336B	+109.5%	$9.79	+138.7%	13.8×	29

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 172 figures Space Exploration Technologies Corp. 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
	$661M	–	–	–	–	–
	$1.57B	–	–	–	–	–
	$1.57B	–	–	–	–	–
	18,712 unit	–	–	–	–	–
	$475M	$137M	+246.7%	–	–	–
	$675M	$514M	+31.3%	–	–	–
Accounts Payable, Current	$13.3B	–	–	–	–	–
Accounts Receivable, after Allowance for Credit Loss, Current	$4.77B	–	–	–	–	–
Accounts Receivable, Allowance for Credit Loss, Current	$67M	–	–	–	–	–
Accrued Liabilities, Current	$6B	–	–	–	–	–
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$20.5B	–	–	–	–	–
Accumulated Other Comprehensive Income (Loss), Net of Tax	$1.66B	–	–	–	–	–
Additional Paid in Capital	$213B	–	–	–	–	–
Amortization of Intangible Assets	$293M	$219M	+33.8%	–	–	–
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$2.42B	$382M	+533.8%	–	–	–
Assets	$254B	–	–	–	–	–
Assets, Current	$101B	–	–	–	–	–
Capital Expenditures Incurred but Not yet Paid	$6.31B	-$687M	+1,019.1%	–	–	–
Cash and Cash Equivalents, at Carrying Value	$51.3B	–	–	–	–	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$53.4B	$12.1B	+340.0%	–	–	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$41B	-$2.96B	-1,283.5%	–	–	–
Common Stock, Shares Authorized	52.3B	–	–	–	–	–
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$4.35B	-$1.06B	+511.4%	–	–	–
Contract with Customer, Liability	$17.5B	–	–	–	–	–
Contract with Customer, Liability, Current	$10.8B	–	–	–	–	–
Contract with Customer, Liability, Noncurrent	$6.74B	–	–	–	–	–
Contract with Customer, Liability, Revenue Recognized	$1.29B	–	–	–	–	–
Cost of Revenue	$5.48B	$2.71B	+102.5%	–	–	–
Costs and Expenses	$11.8B	$5.85B	+101.5%	–	–	–
Debt Issuance Costs, Net	$145M	–	–	–	–	–
Deferred Income Tax Assets, Net	$388M	–	–	–	–	–
Deferred Income Taxes and Tax Credits	-$446M	$503M	-188.7%	–	–	–
Depreciation	$3.35B	$1.6B	+110.1%	–	–	–
Depreciation, Depletion and Amortization	$3.64B	$1.81B	+100.9%	–	–	–
Earnings Per Share, Basic	$0.37	-$0.36	+202.8%	–	–	–
Earnings Per Share, Diluted	$0.35	-$0.36	+197.2%	–	–	–
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	-$1M	-$6M	+83.3%	–	–	–
Effective Income Tax Rate Reconciliation, Percent	-9.7%	-114.2%	+91.5%	–	–	–
Employee-related Liabilities, Current	$518M	–	–	–	–	–
Equity Method Investments	$653M	–	–	–	–	–
Equity Securities without Readily Determinable Fair Value, Amount	$237M2026-06-30	–	–	–	–	–
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Annual Amount	$70M2026-06-30	–	–	–	–	–
Estimated Litigation Liability	$350M	–	–	–	–	–
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$561M	–	–	–	–	–
Finance Lease, Interest Expense	$58M	$77M	-24.7%	–	–	–
Finance Lease, Liability	$983M	–	–	–	–	–
Finance Lease, Principal Payments	$97M	$76M	+27.6%	–	–	–
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$1.04B	–	–	–	–	–
Finance Lease, Right-of-Use Asset, Amortization	$79M	$82M	-3.7%	–	–	–
Finite-Lived Intangible Assets, Accumulated Amortization	$1.78B	–	–	–	–	–
Finite-Lived Intangible Assets, Gross	$8.11B	–	–	–	–	–
Finite-Lived Intangible Assets, Net	$6.33B	–	–	–	–	–
Gain (Loss) on Extinguishment of Debt	$0	$0	–	–	–	–
Goodwill	$48.4B	–	–	–	–	–
Goodwill, Acquired During Period	$36.8B	–	–	–	–	–
Goodwill, Foreign Currency Translation Gain (Loss)	-$26M	–	–	–	–	–
Impairment of Long-Lived Assets Held-for-use	$0	$0	–	–	–	–
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$4.01B	-$492M	+915.9%	–	–	–
Income Tax Expense (Benefit)	-$390M	$562M	-169.4%	–	–	–
Income Taxes Paid, Net	$31M	$26M	+19.2%	–	–	–

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, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30

Data as of 2026-11-01