Q3 25 EPS
$-1.09
BEAT +26.23%
Est. $-1.48
Q3 25 Revenue
$365,000
BEAT +15.87%
Est. $315,000
vs S&P Since Q3 25
-29.5%
TRAILING MARKET
SPCE -20.4% vs S&P +9.1%
Market Reaction
Did SPCE Beat Earnings? Q3 2025 Results
Virgin Galactic delivered a stronger-than-feared third quarter, posting a loss of $1.09 per share against a consensus estimate of $1.48, a beat of 26.23%, as the company's aggressive cost-cutting more than offset its still-minimal revenue base. The s… Read more Virgin Galactic delivered a stronger-than-feared third quarter, posting a loss of $1.09 per share against a consensus estimate of $1.48, a beat of 26.23%, as the company's aggressive cost-cutting more than offset its still-minimal revenue base. The space tourism pioneer reported quarterly revenue of $365,000, beating estimates by 15.87% though down 9.2% year over year, with the figure consisting entirely of access fees from future astronauts awaiting the company's next-generation SpaceShip fleet. The primary driver of the earnings beat was a meaningful pullback in operating expenses, with GAAP total operating expenses falling to $66.53 million from $82.13 million a year earlier, led by sharp reductions in research and development and general administrative costs. Cash remains the critical variable for investors, with liquidity declining to $424 million as free cash flow ran negative $107.79 million in the quarter. Management reaffirmed that flight testing is on track for Q3 2026, commercial spaceflights are targeted for Q4 2026, and new ticket sales are expected to open in Q1 2026, though guidance calls for continued heavy cash burn of $90 million to $100 million in Q4.
Key Takeaways
- • Lower operating expenses across spaceline operations, R&D, and SG&A drove narrower net loss
- • Reduced stock-based compensation expense year-over-year
- • Interest income declined due to lower cash and marketable securities balances
SPCE YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
SPCE Revenue by Segment
With YoY comparisons, source: SEC Filings
“We've reached an exciting stage in our SpaceShip program, with our production checklist growing shorter by the week and our first commercial spaceflight continuing to track for Q4 2026. As we continue to achieve program milestones, it's great to see our teams planning for the start of commercial operations next year. We expect most of our current customers will take their space journey during 2027, as our launch vehicle's bolstered flight rate capability, combined with the quick turn time expected from our first two SpaceShips, should allow us to ramp spaceflight capacity fairly quickly.”
— Michael Colglazier, Q3 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% |