Q4 25 EPS
$-0.98
BEAT +8.13%
Est. $-1.07
Q4 25 Revenue
$312,000
MISS 24.36%
Est. $412,500
vs S&P Since Q4 25
+2.8%
BEATING MARKET
SPCE +15.6% vs S&P +12.7%
Full Year 2025 Results
FY 25 EPS
$-5.44
FY 25 Revenue
$1.5M
Market Reaction
Did SPCE Beat Earnings? Q4 2025 Results
Virgin Galactic delivered a mixed fourth quarter for fiscal 2025, beating on the bottom line while falling short on revenue as the company presses forward with its next-generation spacecraft program. The space tourism firm posted a loss of $0.98 per … Read more Virgin Galactic delivered a mixed fourth quarter for fiscal 2025, beating on the bottom line while falling short on revenue as the company presses forward with its next-generation spacecraft program. The space tourism firm posted a loss of $0.98 per share, ahead of the consensus estimate of $1.07, marking the fourth consecutive quarter of EPS beats. Revenue, however, came in at just $312,000, missing the $412,500 consensus by 24.36% and declining 27.3% year-over-year, with the modest figure consisting entirely of access fees from future astronauts as commercial flights remain paused. The narrower loss was driven primarily by disciplined cost reduction, with GAAP total operating expenses falling to $61.10 million from $82.38 million a year ago. Analysts continue to hold a cautious stance on the stock, with bearish sentiment tied closely to the company's cash burn and execution risk. Looking ahead, Virgin Galactic guided Q1 2026 free cash flow to between negative $90 million and negative $95 million, with sequential improvement expected thereafter as its first new SpaceShip targets ground testing in April 2026 and commercial operations in Q4 2026.
Key Takeaways
- • Lower operating expenses across spaceline operations, R&D, and SG&A drove narrower net loss
- • Capital realignment transactions reduced contractual debt obligations by $142 million
- • Revenue decrease driven by pause in commercial spaceflights to focus on new SpaceShip production
SPCE YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
SPCE Revenue by Segment
With YoY comparisons, source: SEC Filings
“We completed pivotal milestones during the first quarter of 2026, and with assembly of our first SpaceShip nearly complete and ground testing set to begin in April, we have released a limited number of Virgin Galactic Spaceflight Expeditions, each priced at $750,000. Fabrication efforts are pivoting to support testing and production of our second SpaceShip, which we expect will enter service between late Q4 2026 and early Q1 2027 in line with our planned ramp in spaceflight cadence. With production of SpaceShips well underway, we are gearing up for rocket motor assembly at our Phoenix factory, with manufacturing planned to begin in Q4 2026. We continue to strategically manage our capital to support our planned ramp in cash flow from commercial spaceline operations.”
— Michael Colglazier, Q4 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% |