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Aerospace & defence · Industrials · Fiscal year ends Dec 31
Intuitive Machines reported revenue of $207M in the fiscal year ended Dec 2025, down 9.2% from the year before. Operating income was −$87M, an operating margin of −42.1%, and net income was −$83M. Operating cash flow of −$14M less capital expenditure of $42M left free cash flow of −$56M. It held more cash than debt (net cash $247M).
Ranks among the 31 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 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 85.9 | 79.6 | 228 | 207 |
| Cost of revenue | 75.5 | 100 | – | – |
| Gross profit | 10.4 | −20.9 | – | – |
| Operating income | −5.5 | −61.1 | −57.4 | −87.2 |
| Interest expense | – | – | 0.1 | 4.2 |
| Pre-tax income | −6.4 | 10.2 | −347 | −103 |
| Income tax | −0.0 | 0.0 | 0.0 | 4.0 |
| Net income | −0.2 | 61.8 | −283 | −83.3 |
| Diluted EPS | – | 2.42 | −4.63 | −0.73 |
| Diluted shares | – | 25.6 | 61.4 | 115 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 25.8 | 4.5 | 208 | 583 |
| Receivables | 1.3 | 16.9 | 44.8 | 12.2 |
| Inventory | – | – | – | 0.0 |
| Current assets | 41.0 | 31.6 | 293 | 619 |
| Net PP&E | 21.2 | 18.3 | 23.4 | 68.6 |
| Goodwill | – | – | 0.0 | 18.7 |
| Total assets | 67.0 | 85.9 | 355 | 757 |
| Deferred revenue | 46.6 | 41.4 | 65.2 | 57.4 |
| Current liabilities | 86.1 | 81.5 | 98.8 | 125 |
| Short-term debt | 16.1 | 8.0 | 0.0 | – |
| Long-term debt | 3.9 | 0.0 | 0.0 | 335 |
| Total liabilities | 118 | 137 | 351 | 553 |
| Shareholders' equity | −50.9 | −261 | −1,009 | −755 |
| Backlog (remaining obligations) | – | 57.2 | 169 | 103 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | 0.8 | −45.3 | −57.6 | −14.3 |
| Capital expenditure | 16.4 | 29.9 | 10.1 | 41.6 |
| Free cash flow | −15.6 | −75.2 | −67.7 | −56.0 |
| Depreciation & amortisation | 1.1 | 1.4 | 1.9 | 3.6 |
| Stock-based compensation | 0.6 | 4.3 | 8.8 | 8.6 |
| Acquisitions | – | – | 0.0 | 14.9 |
| Share buybacks | – | – | 0.0 | 20.7 |
| Dividends paid | 0.0 | 8.0 | 0.0 | – |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | −7.4% | 186.6% | −9.2% |
| EPS growth (YoY) | – | – | −291.3% | – |
| Gross margin | 12.1% | −26.3% | – | – |
| Operating margin | −6.4% | −76.8% | −25.2% | −42.1% |
| Net margin | −0.2% | 77.6% | −124.3% | −40.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 28.9% | −1397.0% | −22.4% | −13.8% |
| Free cash flow margin | −18.2% | −94.5% | −29.7% | −27.0% |
| Cash conversion (CFO ÷ net income) | −4.12x | −0.73x | 0.20x | 0.17x |
| Receivable days | 6 | 77 | 72 | 21 |
| Interest cover | – | – | −624x | −20.9x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −5.8 | 3.5 | −208 | −247 |
| Current ratio | 0.48x | 0.39x | 2.97x | 4.96x |
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.