SpaceX earnings, in plain numbers.
SpaceX earnings became a matter of public record on May 20, 2026, when the company filed its S-1 and disclosed audited financials for the first time in its 24-year history. The headline: $18.674 billion of FY2025 revenue, up 33.2% year on year, against a $4.9 billion net loss. Starlink is already a large, profitable business. Starship is not — and that is the whole story of the income statement. This page summarises what SpaceX has actually reported, what the first quarterly earnings report as a public company covers, and which lines matter at each print.
What SpaceX has actually reported.
Three fiscal years of audited results were disclosed in the S-1. Revenue has nearly doubled over that span, while the bottom line moved from profit to a widening loss as Starship spending and the xAI acquisition landed on the same income statement.
| Fiscal year | Revenue | Growth | Result |
|---|---|---|---|
| FY2023 | $10.39B | — | ~$1.6B net income disclosed |
| FY2024 | $14.02B | +35.0% | Not separately disclosed |
| FY2025 | $18.67B | +33.2% | $(4.9)B net loss |
One profitable business, three that spend.
| Segment | FY2025 revenue | YoY growth | Operating income |
|---|---|---|---|
| Connectivity (Starlink) | $11.4B | ~+50% | $4.4B |
| Launch services (Falcon) | ~$4.2B | ~+15% | Not split out |
| Starshield | ~$1.8B | ~+80% | Not disclosed |
| xAI / Other | ~$1.3B | n/a (new) | Operating loss |
| Total consolidated | $18.67B | +33.2% | $(2.6)B |
Starlink is the earnings engine. At $11.4 billion of revenue and $4.4 billion of segment operating income, connectivity is roughly 61% of the top line and the only segment throwing off profit at scale. Margins are supported by rising per-satellite utilisation and flattening ground-station depreciation, with a subscriber base of 10.3 million across 164 countries. The full breakdown is on our Starlink revenue and unit economics page.
Starship is the offset. $3.0 billion of FY2025 R&D — plus $930 million in Q1 2026 alone — is the single largest discretionary line on the statement, and the one that determines when consolidated earnings turn positive. Line-by-line cost structure sits on the SpaceX financials page.
When does SpaceX report earnings?
SpaceX became a reporting company when it listed on Nasdaq on June 12, 2026. Its first quarterly report as a public company covers Q2 2026 and was expected in early August 2026 — the first SEC-filed print, with audited segment detail on a public-company basis. From that point SPCX files a 10-Q after each of the first three fiscal quarters and a 10-K after the fourth, on the standard SEC calendar.
Everything before that first 10-Q comes from the registration statement: the S-1 filed May 20, 2026 and the S-1/A of June 3 that fixed the offer price at $135.00. Those documents are the source for every FY2023–FY2025 figure on this page.
What to watch at each print
- Starlink subscriber adds and ARPU. The S-1 discloses 10.3 million subscribers and monthly adds of 750,000 to 1.5 million through Q1 2026, but no explicit ARPU. A disclosed ARPU figure would be the single most useful new number.
- Starship R&D run rate. $930 million in Q1 2026 annualises to roughly $3.7 billion — above the FY2025 pace. Whether that flattens or keeps climbing sets the timeline to GAAP profitability.
- xAI segment losses. The segment ran at an operating loss in FY2025 as compute capex outpaced model API revenue. Direction of travel matters more than the absolute number.
- Starshield margin. Described in the S-1 only as "consistent with prime defense contractors." Any actual disclosure would firm up roughly $1.8 billion of revenue that analysts currently model blind.
- Launch mix. External launch revenue of roughly $4.2 billion is net of intercompany Starlink launches eliminated in consolidation — the split is worth watching as the constellation matures.
Is SpaceX profitable?
The honest answer has two halves. At segment level, yes: Starlink earned $4.4 billion of operating income on $11.4 billion of revenue in FY2025, a margin near 38.6% — a genuinely profitable infrastructure business. At consolidated level, no: FY2025 operating income was approximately $(2.6) billion and net loss was $4.9 billion, because Starship development and xAI compute are funded out of the same statement.
That distinction is why the trailing price/earnings ratio is not meaningful for SPCX — there are no trailing earnings to divide by. The stock trades on price/sales instead, at roughly 94.8× trailing revenue at the $1.77 trillion IPO valuation. Whether that multiple is defensible is argued in full on our SpaceX valuation analysis.
It also has an index consequence: S&P 500 inclusion requires positive GAAP earnings among other criteria, which is why SPCX joined the Nasdaq-100 on July 7, 2026 but is not yet an S&P 500 constituent.