SPCE (Virgin Galactic Holdings, Inc.) Stock Financials & Earnings | Market Cap Arena

SPCE (Virgin Galactic Holdings, Inc.) Stock Financials & Earnings | Market Cap Arena

SPCEVirgin Galactic Holdings, Inc.

Mkt Cap$162M

Industrials·Aerospace & Defense·🇺🇸 United States·NYSE

Revenue (TTM)$2M

Net Income (TTM)-$293M

EPS (TTM)-$7.47

Free Cash Flow (TTM)-$460M

Gross Margin-4651.2%

Op. Margin-18308.8%

Net Margin-17615.7%

FCF Margin-27712.4%

P/S Ratio (TTM)97.4x

P/E Ratio (TTM)—

YoY Rev Growth-82.4%

Employees—

Earnings Reports

Next: Q4 2025 · Mar 30

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q4 22	$869K	-$3M	-$153M
Q1 23	$392K	$74K	-$163M
Q2 23	$2M	$2M	-$140M
Q3 23	$2M	-$24M	-$114M
Q4 23	$3M	-$22M	-$114M
Q1 24	$2M	-$24M	-$111M
Q2 24	$4M	-$26M	-$102M
Q3 24	$402K	-$19M	-$82M
Q4 24	$429K	-$20M	-$82M
Q1 25	$461K	-$20M	-$88M
Q2 25	$406K	-$14M	-$70M
Q3 25	$365K	-$23M	-$64M

Valuation

Quarter	P/S	P/E
Q4 22	70.0x	—
Q1 23	67.8x	—
Q2 23	41.5x	—
Q3 23	33.3x	—
Q4 23	23.8x	—
Q1 24	19.3x	—
Q2 24	15.1x	—
Q3 24	17.2x	—
Q4 24	23.0x	—
Q1 25	29.4x	—
Q2 25	95.3x	—
Q3 25	97.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	-$131M	-$135M
Q1 23	-$136M	-$139M
Q2 23	-$125M	-$135M
Q3 23	-$91M	-$105M
Q4 23	-$95M	-$114M
Q1 24	-$113M	-$126M
Q2 24	-$79M	-$114M
Q3 24	-$79M	-$118M
Q4 24	-$81M	-$117M
Q1 25	-$76M	-$122M
Q2 25	-$55M	-$114M
Q3 25	-$56M	-$108M

Capital Expenditures

CapEx

Quarter	CapEx
Q4 22	$4M
Q1 23	$3M
Q2 23	$10M
Q3 23	$13M
Q4 23	$18M
Q1 24	$13M
Q2 24	$34M
Q3 24	$39M
Q4 24	$36M
Q1 25	$46M
Q2 25	$58M
Q3 25	$51M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+516.3%	+89.4%
Q1 23	+22.9%	+78.6%
Q2 23	+424.1%	+28.5%
Q3 23	+125.3%	-20.7%
Q4 23	+223.2%	-24.1%
Q1 24	+406.4%	-30.9%
Q2 24	+125.5%	-25.0%
Q3 24	-76.7%	-29.2%
Q4 24	-84.7%	-29.6%
Q1 25	-76.8%	-21.4%
Q2 25	-90.4%	-33.6%
Q3 25	-9.2%	-21.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$11M	1291.3%
Q1 23	$13M	3310.2%
Q2 23	$12M	633.8%
Q3 23	$11M	622.9%
Q4 23	$9M	308.3%
Q1 24	$8M	415.3%
Q2 24	$8M	195.2%
Q3 24	$8M	1880.6%
Q4 24	$6M	1331.5%
Q1 25	$5M	1034.5%
Q2 25	$5M	1190.1%
Q3 25	$5M	1292.9%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 22	$103M	$47M
Q1 23	$110M	$50M
Q2 23	$87M	$51M
Q3 23	$45M	$42M
Q4 23	$54M	$31M
Q1 24	$59M	$28M
Q2 24	$42M	$34M
Q3 24	$24M	$34M
Q4 24	$28M	$30M
Q1 25	$33M	$31M
Q2 25	$20M	$32M
Q3 25	$15M	$26M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$302M	$607M	$909M
Q1 23	$416M	$418M	$834M
Q2 23	$398M	$582M	$980M
Q3 23	$231M	$766M	$997M
Q4 23	$217M	$657M	$874M
Q1 24	$195M	$570M	$765M
Q2 24	$182M	$593M	$776M
Q3 24	$172M	$479M	$651M
Q4 24	$179M	$385M	$563M
Q1 25	$141M	$349M	$490M
Q2 25	$164M	$306M	$469M
Q3 25	$159M	$265M	$424M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q4 22	14M	+4.2%
Q1 23	14M	+1.3%
Q2 23	15M	+5.3%
Q3 23	19M	+28.2%
Q4 23	20M	+6.4%
Q1 24	21M	+3.7%
Q2 24	21M	+3.6%
Q3 24	28M	+30.2%
Q4 24	30M	+8.2%
Q1 25	35M	+17.1%
Q2 25	46M	+28.8%
Q3 25	59M	+29.8%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 17	$351K	5
FY 18	$570K	5
FY 19	$5K	721
FY 20	$289	823
FY 21	$4K	804
FY 22	$3K	804
FY 23	$8K	805
FY 24	$9K	744