Virgin Galactic (SPCE) Q4 2025 Earnings
How Did SPCE Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: +10.81%.
Did SPCE Beat Earnings? Q4 2025 Results
Yes. Virgin Galactic reported Q4 2025 earnings of $-0.98 a share on Mar 30, 2026, beating the $-1.07 consensus estimate by 8.1%. Revenue was $312,000 against a $412,500 estimate.
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.
- 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
“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.”
Virgin Galactic CEO, on the earnings call
What Was Virgin Galactic's Outlook in Q4 2025?
Free cash flow for Q1 2026 is expected to be in the range of $(90) million to $(95) million. For the remainder of 2026, free cash flow is expected to show sequential improvement from Q1. The first new SpaceShip is progressing to ground test phase in April 2026, with flight testing beginning Q3 2026 and commercial operations on track for Q4 2026. A second SpaceShip is expected to enter service between late Q4 2026 and early Q1 2027. Rocket motor manufacturing at the Phoenix factory is planned to begin in Q4 2026.
SPCE YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $312,000 | $428,984 | −27.3% |
| Operating Income | −$60.8M | −$48.3M | +25.8% |
| Net Income | −$62.7M | −$53.2M | +17.9% |
SPCE Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.