Q2 25 EPS
$-1.47
BEAT +33.66%
Est. $-2.22
Q2 25 Revenue
$406,000
MISS 9.78%
Est. $450,000
vs S&P Since Q2 25
-44.1%
TRAILING MARKET
SPCE -28.2% vs S&P +16.0%
Market Reaction
Did SPCE Beat Earnings? Q2 2025 Results
Virgin Galactic posted a sharper-than-expected loss reduction in Q2 2025, with an EPS loss of $1.47 beating the consensus estimate of $2.22 by 33.66%, even as revenue came in at $406,000, missing the $450,000 estimate by 9.78% and collapsing 90.4% fr… Read more Virgin Galactic posted a sharper-than-expected loss reduction in Q2 2025, with an EPS loss of $1.47 beating the consensus estimate of $2.22 by 33.66%, even as revenue came in at $406,000, missing the $450,000 estimate by 9.78% and collapsing 90.4% from $4.22 million a year ago. The revenue decline was a deliberate consequence of the company's ongoing pause on commercial spaceflights as it redirects resources toward building its next-generation Delta Class SpaceShips, a pivot that simultaneously drove meaningful cost discipline, with the net loss narrowing to $67.28 million from $93.78 million in Q2 2024. With $508 million in cash and marketable securities backing its runway, Virgin Galactic is targeting commercial spaceflight service in 2026, including both research and private astronaut flights expected in the fall, while wing and fuselage assemblies are on track for completion by early Q1 2026. Free cash flow guidance for Q3 2025 points to a range of negative $100 million to negative $110 million as SpaceShip production spending remains elevated.
Key Takeaways
- • Pause in commercial spaceflights drove revenue decline while company focuses on Delta Class SpaceShip production
- • Lower operating expenses across spaceline operations, R&D, and SG&A drove reduced net loss
- • Disciplined approach to reducing quarterly cash spending and operating expenses
SPCE YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
SPCE Revenue by Segment
With YoY comparisons, source: SEC Filings
“Progress on our SpaceShips continues across all systems and structures, and our strong balance sheet, with over $500 million in cash, cash equivalents and marketable securities, provides the foundation to execute our business model as we bring our SpaceShips into commercial service. We have continued to reduce our quarterly cash spending and operating expense as part of our disciplined approach. Commercial service remains planned for 2026, with both research and private astronaut flights expected in the fall next year.”
— Michael Colglazier, Q2 2025 Earnings Press Release
SPCE Earnings Trends
SPCE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SPCE EPS Trend
Earnings per share: estimate vs actual
SPCE Revenue Trend
Quarterly revenue: estimate vs actual
SPCE Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $-0.94 | $-0.81 | +13.83% | $227,000 | -5.42% |
| Q4 25 BEAT FY | $-1.07 | $-0.98 | +8.13% | $312,000 | -24.36% |
| FY Full Year | — | $-5.44 | — | $1.5M | — |
| Q3 25 BEAT FY | $-1.48 | $-1.09 | +26.23% | $365,000 | +15.87% |
| FY Full Year | $-4.82 | — | — | — | — |
| Q2 25 BEAT | $-2.22 | $-1.47 | +33.66% | $406,000 | -9.78% |
| Q1 25 BEAT | $-2.55 | $-2.38 | +6.79% | $461,000 | +61.35% |
| Q4 24 BEAT FY | $-3.00 | $-2.53 | +15.62% | $429,000 | +14.40% |
| FY Full Year | $-14.82 | $-13.89 | +6.28% | $7.0M | +2.01% |