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Aerospace & defence · Industrials · Fiscal year ends Dec 31
Joby Aviation reported revenue of $53M in the fiscal year ended Dec 2025, up 39183.1% from the year before. Operating income was −$720M, an operating margin of −1346.9%, and net income was −$930M. Operating cash flow of −$510M less capital expenditure of $54M left free cash flow of −$564M. It held more cash than debt (net cash $241M).
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 | 1.0 | 0.1 | 53.4 |
| Research & development | 198 | 296 | 367 | 477 | 581 |
| Selling, general & admin | 61.5 | 95.9 | 106 | 120 | 163 |
| Operating income | −259 | −392 | −472 | −597 | −720 |
| Interest expense | 2.4 | 0.1 | – | – | – |
| Pre-tax income | −191 | −258 | −513 | −608 | −929 |
| Income tax | −10.5 | 0.1 | 0.1 | 0.1 | 1.3 |
| Net income | −180 | −258 | −513 | −608 | −930 |
| Diluted EPS | −0.61 | −0.44 | −0.79 | −0.87 | −1.13 |
| Diluted shares | 295 | 586 | 648 | 700 | 826 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 956 | 146 | 204 | 200 | 241 |
| Receivables | – | – | – | 16.0 | 7.1 |
| Current assets | 1,319 | 1,084 | 1,056 | 970 | 1,446 |
| Net PP&E | 53.2 | 92.1 | 103 | 121 | 147 |
| Goodwill | 10.8 | 14.0 | 14.0 | 14.3 | 89.4 |
| Total assets | 1,488 | 1,293 | 1,269 | 1,203 | 1,795 |
| Payables | 3.6 | 7.7 | 3.0 | 4.3 | 3.6 |
| Deferred revenue | – | 0.0 | 2.5 | 5.2 | 7.0 |
| Current liabilities | 13.8 | 30.2 | 45.1 | 48.1 | 60.0 |
| Long-term debt | – | – | – | – | 0.0 |
| Total liabilities | 172 | 128 | 235 | 291 | 385 |
| Shareholders' equity | 1,317 | 1,165 | 1,034 | 912 | 1,410 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −196 | −236 | −314 | −436 | −510 |
| Capital expenditure | 32.3 | 54.9 | 30.6 | 40.6 | 53.9 |
| Free cash flow | −228 | −291 | −344 | −477 | −564 |
| Depreciation & amortisation | 15.9 | 24.0 | 30.5 | 35.6 | 40.2 |
| Stock-based compensation | 26.9 | 69.1 | 93.6 | 104 | 128 |
| Acquisitions | 6.9 | 5.7 | 0.0 | 0.0 | −3.5 |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | – | – | −86.8% | 39183.1% |
| Operating margin | – | – | −45745.5% | −438789.7% | −1346.9% |
| Net margin | – | – | −49714.1% | −447083.8% | −1740.5% |
| Return on equityBlank when equity is negative | −13.7% | −22.2% | −49.6% | −66.6% | −66.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −17.6% | −31.1% | −38.6% | −51.7% | −41.5% |
| Free cash flow margin | – | – | −33374.8% | −350650.0% | −1055.3% |
| Cash conversion (CFO ÷ net income) | 1.09x | 0.91x | 0.61x | 0.72x | 0.55x |
| Receivable days | – | – | – | 43059 | 49 |
| Interest cover | −107x | −3324x | – | – | – |
| Debt ÷ equity | – | – | – | – | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | – | −241 |
| Current ratio | 95.2x | 35.9x | 23.4x | 20.1x | 24.1x |
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.