Q1 26 EPS
$-0.81
BEAT +13.83%
Est. $-0.94
Q1 26 Revenue
$227,000
MISS 5.42%
Est. $240,000
vs S&P Since Q1 26
-5.1%
TRAILING MARKET
SPCE -5.9% vs S&P -0.8%
Market Reaction
Did SPCE Beat Earnings? Q1 2026 Results
Virgin Galactic delivered a mixed but broadly encouraging set of Q1 2026 results, posting a loss per share of $0.81 that cleared the $0.94 consensus estimate by 13.83%, extending the company's streak of beating EPS expectations to four consecutive qu… Read more Virgin Galactic delivered a mixed but broadly encouraging set of Q1 2026 results, posting a loss per share of $0.81 that cleared the $0.94 consensus estimate by 13.83%, extending the company's streak of beating EPS expectations to four consecutive quarters. Revenue came in at $227,000, a 5.42% miss against the $240,000 estimate and a sharp 50.8% decline from a year earlier, with the modest figure consisting entirely of access fees from future astronauts. The real story behind the narrower-than-expected loss was a significant pullback in operating costs, as total operating expenses fell to $65.82 million from $88.91 million a year ago, with R&D spending dropping to $6.71 million from $33.31 million as the program transitions from development into operational ground testing. The company's first next-generation SpaceShip has moved from the Assembly hangar into the Test-and-Launch hangar, keeping flight testing on track for Q3 2026 and a first commercial spaceflight for Q4 2026, a timeline that has drawn renewed analyst confidence. Free cash flow guidance for Q2 2026 sits at negative $87 million to negative $92 million, with sequential improvement expected through year-end.
Key Takeaways
- • Lower total operating expenses drove improved net loss and Adjusted EBITDA
- • Research and development expenses declined significantly from $33.3 million to $6.7 million year-over-year
- • Spaceline operations costs increased from $20.8 million to $29.6 million as vehicle development shifts to testing phase
- • Cash burn reduction with free cash flow improving from $(122) million to $(93) million
SPCE Forward Guidance & Outlook
Free cash flow for Q2 2026 is expected in the range of $(87) million to $(92) million. For the remainder of 2026, quarterly free cash flow is expected to show sequential improvement from Q2. Flight testing remains on track for Q3 2026 and the first spaceflight for Q4 2026. Post-quarter, the company raised approximately $52 million through its at-the-market offering program and announced an offer to redeem $10 million of debt due September 2026 by issuing common stock, which upon completion would leave $202 million outstanding on first lien notes due December 2028.
SPCE YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
SPCE Revenue by Segment
With YoY comparisons, source: SEC Filings
“We've delivered the first of our new SpaceShips from our Assembly hangar to our Test-and-Launch hangar, ground testing of that SpaceShip is underway, and we remain on track to commence flight testing in Q3 and spaceflight in Q4 of this year. Spending continues to decline quarter by quarter, debt retirements are being made on or ahead of schedule, and cash balances are being maintained at appropriate levels as we work through the final quarters of our pre-revenue phase and prepare for the launch of commercial spaceflight operations.”
— Michael Colglazier, Q1 2026 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% |