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Aerospace & defence · Industrials · Fiscal year ends Dec 31
Firefly Aerospace reported revenue of $160M in the fiscal year ended Dec 2025, up 163.0% from the year before. Operating income was −$261M, an operating margin of −163.1%, and net income was −$298M. Operating cash flow of −$205M less capital expenditure of $33M left free cash flow of −$238M. It held more cash than debt (net cash $504M).
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 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 55.2 | 60.8 | 160 |
| Cost of revenue | 28.6 | 72.2 | 129 |
| Gross profit | 26.6 | −11.4 | 30.7 |
| Research & development | 118 | 149 | 200 |
| Selling, general & admin | 40.6 | 46.8 | 91.2 |
| Operating income | −132 | −209 | −261 |
| Interest expense | 9.2 | 25.2 | 15.9 |
| Pre-tax income | −135 | −231 | −335 |
| Income tax | 0.0 | 0.0 | −37.1 |
| Net income | −135 | −231 | −298 |
| Diluted EPS | −13.05 | −20.74 | −4.83 |
| Diluted shares | 12.0 | 12.8 | 69.2 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 81.9 | 123 | 793 |
| Receivables | – | 1.0 | 46.1 |
| Current assets | – | 181 | 963 |
| Net PP&E | – | 136 | 164 |
| Goodwill | 17.1 | 17.1 | 450 |
| Total assets | – | 407 | 1,825 |
| Payables | – | 37.6 | 35.6 |
| Deferred revenue | – | 108 | 116 |
| Current liabilities | – | 179 | 214 |
| Short-term debt | – | 6.3 | 7.1 |
| Long-term debt | – | 113 | 281 |
| Total liabilities | – | 415 | 635 |
| Shareholders' equity | −504 | −768 | 1,190 |
| Backlog (remaining obligations) | – | – | 685 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | −93.4 | −158 | −205 |
| Capital expenditure | 77.2 | 32.7 | 32.8 |
| Free cash flow | −171 | −190 | −238 |
| Depreciation & amortisation | 4.7 | 12.5 | 23.2 |
| Stock-based compensation | 1.6 | 1.8 | 17.8 |
| Acquisitions | −7.3 | 0.0 | 277 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 10.1% | 163.0% |
| Gross margin | 48.2% | −18.7% | 19.2% |
| Operating margin | −238.8% | −344.5% | −163.1% |
| Net margin | −245.2% | −380.2% | −186.6% |
| Return on equityBlank when equity is negative | – | – | −25.1% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −91.9% | −16.2% |
| Free cash flow margin | −309.0% | −313.1% | −148.7% |
| Cash conversion (CFO ÷ net income) | 0.69x | 0.68x | 0.69x |
| Receivable days | – | 6 | 105 |
| Payable days | – | 190 | 101 |
| Interest cover | −14.4x | −8.30x | −16.4x |
| Debt ÷ equity | – | – | 0.24x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −4.1 | −504 |
| Current ratio | – | 1.01x | 4.51x |
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.