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Aerospace & defence · Industrials · Fiscal year ends Dec 31
Archer Aviation reported revenue of $300,000 in the fiscal year ended Dec 2025. Operating income was −$729M, an operating margin of −243100.0%, and net income was −$618M. Operating cash flow of −$433M less capital expenditure of $79M left free cash flow of −$512M. It held more cash than debt (net cash $941M).
Ranks among the 30 aerospace & defence companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | – | – | 0.0 | 0.0 | 0.3 |
| Cost of revenue | – | – | 0.0 | 0.0 | 0.2 |
| Gross profit | – | – | 0.0 | 0.0 | 0.1 |
| Research & development | 64.3 | 172 | 276 | 358 | 494 |
| Operating income | −358 | −347 | −447 | −510 | −729 |
| Interest expense | 1.0 | – | – | – | – |
| Pre-tax income | −348 | −317 | −457 | −537 | −618 |
| Income tax | 0.0 | 0.0 | 0.5 | 0.2 | 0.3 |
| Net income | −348 | −317 | −458 | −537 | −618 |
| Diluted EPS | −3.14 | −1.32 | −1.69 | −1.42 | −0.99 |
| Diluted shares | 111 | 240 | 270 | 377 | 624 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 747 | 69.4 | 465 | 835 | 1,022 |
| Current assets | 755 | 546 | 480 | 858 | 2,076 |
| Net PP&E | 5.9 | 11.5 | 57.6 | 127 | 254 |
| Goodwill | – | – | – | 0.0 | 0.1 |
| Total assets | 768 | 574 | 554 | 1,001 | 2,466 |
| Payables | 3.4 | 3.6 | 14.3 | 14.6 | 30.2 |
| Deferred revenue | – | 10.0 | 0.0 | 0.9 | 1.3 |
| Current liabilities | 28.3 | 53.3 | 114 | 71.1 | 104 |
| Short-term debt | 9.5 | 9.3 | 0.0 | 0.0 | 0.8 |
| Long-term debt | 9.3 | 0.0 | 7.2 | 64.0 | 79.5 |
| Total liabilities | 69.5 | 80.5 | 187 | 249 | 263 |
| Shareholders' equity | 699 | 493 | 367 | 753 | 2,203 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −108 | −200 | −272 | −369 | −433 |
| Capital expenditure | 3.5 | 6.9 | 44.3 | 82.0 | 78.8 |
| Free cash flow | −112 | −207 | −316 | −451 | −512 |
| Depreciation & amortisation | 1.3 | 3.1 | 6.5 | 11.7 | 20.0 |
| Stock-based compensation | 124 | 103 | 45.2 | 109 | 224 |
| Acquisitions | – | – | 0.0 | 0.0 | 126 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Gross margin | – | – | – | – | 33.3% |
| Operating margin | – | – | – | – | −243100.0% |
| Net margin | – | – | – | – | −206066.7% |
| Return on equityBlank when equity is negative | −49.8% | −64.3% | −124.7% | −71.3% | −28.1% |
| ROCEEBIT ÷ (assets − current liabilities) | −48.4% | −66.7% | −101.5% | −54.8% | −30.9% |
| Free cash flow margin | – | – | – | – | −170566.7% |
| Cash conversion (CFO ÷ net income) | 0.31x | 0.63x | 0.59x | 0.69x | 0.70x |
| Payable days | – | – | – | – | 55115 |
| Interest cover | −358x | – | – | – | – |
| Debt ÷ equity | 0.03x | 0.02x | 0.02x | 0.09x | 0.04x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −728 | −60.1 | −457 | −771 | −941 |
| Current ratio | 26.7x | 10.2x | 4.21x | 12.1x | 19.9x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.