Companies /Industrials

Virgin Galactic Holdings Inc - Class A

NYSE: SPCE Aerospace & Defense
$2.94
▼ $0.06 (−1.92%) today
Markets open · 12:06pm ET

Q2 2026 Earnings

Reported Aug 12, 2026, 4:13pm ET · SEC source
$-0.50
Beat +22.68%
EPS · est. $-0.65 GAAP

Includes an $8.639 million gain on extinguishment of debt which reduced the net loss

$134,000
Beat +5.79%
Revenue · est. $126,670
7 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−10%−5%0+5%Aug 12Aug 13report 4:13pm ETearnings+0.7%−1.6%
−10%−5%0+5%Aug 12Aug 13earnings+0.7%−1.6%
SPCE −1.6%S&P 500 +0.7%
−10%−5%0+5%Aug 12Aug 13report 4:13pm ETearnings+1.2%−1.6%
−10%−5%0+5%Aug 12Aug 13earnings+1.2%−1.6%
SPCE −1.6%NASDAQ +1.2%
0+6%+12%+18%Aug 11Aug 20report 4:13pm ETearnings−1.2%+6.6%
0+6%+12%+18%Aug 11Aug 20earnings−1.2%+6.6%
SPCE +6.6%S&P 500 −1.2%
0+6%+12%+18%Aug 11Aug 20report 4:13pm ETearnings−1.6%+6.6%
0+6%+12%+18%Aug 11Aug 20earnings−1.6%+6.6%
SPCE +6.6%NASDAQ −1.6%
−4.85%
Day of report
+5.73%
Next session
−1.91%
One week

Did SPCE Beat Earnings? Q2 2026 Results

Virgin Galactic Holdings posted a beat on both the top and bottom lines in Q2 2026, extending its consensus EPS beat streak to six consecutive quarters as the pre-revenue spaceflight company continues burning through cash ahead of its first commercial flight. On a GAAP basis, the company reported EPS of negative $0.50, beating the negative $0.65 consensus estimate by 22.68%; that figure includes an $8.64 million gain on extinguishment of debt, which meaningfully reduced the net loss. Revenue of $134,000, composed entirely of access fees from future astronauts, edged past the $126.67 thousand consensus by 5.79%, though it fell 67.0% from the year-ago period, reflecting the company's minimal commercial activity. Debt restructuring and disciplined cost management drove the improvement, with net loss narrowing to $55.89 million from $67.28 million a year earlier. Looking ahead, management now targets first commercial spaceflight for February 2027, a delay from Q4 2026, with captive carry flight testing slated for October and positive quarterly cash flow expected within 2027, developments investors had been watching closely given the company's ongoing cash burn.

Key Takeaways
  • Gain on extinguishment of debt of $8.6 million improved net loss year-over-year
  • Lower total operating expenses ($65 million vs $70 million in Q2 2025)
  • Reduced capital expenditures ($41 million vs $58 million in Q2 2025)
  • At-the-market equity offering generated $134 million in gross proceeds

“Our tranche of spaceflight expeditions priced at $750,000 was oversubscribed and booked out ahead of schedule, demonstrating strong demand from a wide range of customers. We expect to release a new tranche of spaceflight expeditions at higher price points this fall. Our first ship is now expected to enter commercial service in February 2027 rather than the fourth quarter of 2026, allowing additional time to complete avionics and systems installations. We expect to commence the flight test phase with this vehicle in October, and with our second spaceship planned to join the fleet in March 2027, we expect to deliver positive quarterly cash flow within 2027.”

Virgin Galactic CEO, on the earnings call

Forward Guidance & Outlook

Virgin Galactic expects Q3 2026 free cash flow in the range of $(95) million to $(100) million and Q4 2026 free cash flow to improve to the range of $(80) million to $(90) million. The first commercial spaceflight has been moved to February 2027 (from Q4 2026) to complete avionics and systems installations. A captive carry flight test is expected in October 2026, rocket production is set to begin in Q4 2026, and a second spaceship is planned to join the fleet in March 2027. The company expects to achieve positive quarterly cash flow within 2027. A new tranche of spaceflight expeditions at higher price points is expected to be released in fall 2026.

SPCE YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$-60,000,000$-40,000,000$-20,000,000$0$406,061$134,000Revenue$-60,582,252$-64,926,000Operating Income$-47,796,973$-55,889,000Net Income
$-60,000,000$-40,000,000$-20,000,000$0RevenueOperating IncomeNet Income

SPCE Revenue by Segment

Spaceline Operations

Figures from SEC filings and company reports. Not investment advice.