This page shows Butterfly Network Inc (BFLY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Butterfly’s dominant shift is from heavy cash burn toward a lower-cash-intensity model, even before profits arrive.
From FY2023 to FY2025, operating cash burn improved from-$98.8M to-$12.7M while net loss remained large, so the business has become far less cash-hungry than its earnings line implies. Inventory release and very light capex helped drive that change, which matters because it reduces dependence on constant external funding even before GAAP profitability is fixed.
FY2025 revenue reached
Cash ended FY2025 at
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Butterfly Network Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Butterfly Network Inc scores 8.61, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.1B) relative to total liabilities ($100.6M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Butterfly Network Inc passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Butterfly Network Inc generates $0.16 in operating cash flow (-$12.7M OCF vs -$77.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Butterfly Network Inc earns $-58.0 in operating income for every $1 of interest expense (-$86.4M vs $1.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Butterfly Network Inc generated $97.6M in revenue in fiscal year 2025. This represents an increase of 19.0% from the prior year.
Butterfly Network Inc's EBITDA was -$79.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 21.7% from the prior year.
Butterfly Network Inc reported -$77.1M in net income in fiscal year 2025. This represents a decrease of 6.3% from the prior year.
Butterfly Network Inc earned $-0.31 per diluted share (EPS) in fiscal year 2025. This represents an increase of 8.8% from the prior year.
Cash & Balance Sheet
Butterfly Network Inc generated -$16.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 63.9% from the prior year.
Butterfly Network Inc held $150.5M in cash against $0 in long-term debt as of fiscal year 2025.
Butterfly Network Inc paid $0.00 per share in dividends in fiscal year 2025.
Margins & Returns
Butterfly Network Inc's gross margin was 46.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 12.7 percentage points from the prior year.
Butterfly Network Inc's operating margin was -88.5% in fiscal year 2025, reflecting core business profitability. This is up 2.2 percentage points from the prior year.
Butterfly Network Inc's net profit margin was -79.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 9.4 percentage points from the prior year.
Butterfly Network Inc's ROE was -39.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.6 percentage points from the prior year.
Capital Allocation
Butterfly Network Inc invested $36.3M in research and development in fiscal year 2025. This represents a decrease of 4.1% from the prior year.
Butterfly Network Inc invested $3.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 24.3% from the prior year.
BFLY Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $26.5M-15.8% | $31.5M+46.6% | $21.5M-8.1% | $23.4M+10.2% | $21.2M-5.0% | $22.4M+8.7% | $20.6M-4.3% | $21.5M |
| Cost of Revenue | $8.2M-19.9% | $10.3M-59.2% | $25.2M+197.3% | $8.5M+8.2% | $7.8M-8.9% | $8.6M+3.5% | $8.3M-6.4% | $8.9M |
| Gross Profit | $18.3M-13.8% | $21.2M+664.8% | -$3.8M-125.2% | $14.9M+11.3% | $13.4M-2.6% | $13.7M+12.3% | $12.2M-2.8% | $12.6M |
| R&D Expenses | $9.5M+2.3% | $9.3M+7.1% | $8.7M+4.7% | $8.3M-16.2% | $9.9M+12.5% | $8.8M-0.2% | $8.8M-6.0% | $9.4M |
| SG&A Expenses | $10.8M-3.5% | $11.2M+20.7% | $9.3M+1.7% | $9.1M-4.9% | $9.6M-3.4% | $9.9M+6.3% | $9.4M-7.1% | $10.1M |
| Operating Income | -$13.9M+17.0% | -$16.7M+52.4% | -$35.1M-118.2% | -$16.1M+12.8% | -$18.5M-6.7% | -$17.3M-0.4% | -$17.2M-0.1% | -$17.2M |
| Interest Expense | $279K-28.5% | $390K+1.3% | $385K+4.6% | $368K+6.1% | $347K+4.2% | $333K+4.4% | $319K+3.2% | $309K |
| Income Tax | $0-100.0% | $67K+318.8% | $16K-20.0% | $20K+185.7% | $7K+106.4% | -$110K-289.7% | $58K+241.2% | $17K |
| Net Income | -$12.7M+17.3% | -$15.3M+54.9% | -$34.0M-145.6% | -$13.8M+1.0% | -$14.0M+22.9% | -$18.1M-7.0% | -$16.9M-7.8% | -$15.7M |
| EPS (Diluted) | $-0.05 | N/A | $-0.13-116.7% | $-0.060.0% | $-0.06 | N/A | $-0.08-14.3% | $-0.07 |
BFLY Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $285.9M-3.6% | $296.5M+2.3% | $290.0M-7.4% | $313.3M-1.6% | $318.4M+24.3% | $256.1M-3.5% | $265.3M-2.9% | $273.1M |
| Current Assets | $239.8M-3.7% | $249.1M+3.2% | $241.4M-4.9% | $253.7M-1.4% | $257.4M+33.6% | $192.6M-3.4% | $199.5M-2.4% | $204.5M |
| Cash & Equivalents | $138.0M-8.3% | $150.5M+4.3% | $144.2M-2.6% | $148.1M-4.6% | $155.2M+74.8% | $88.8M-5.3% | $93.8M-8.1% | $102.1M |
| Inventory | $59.3M-3.4% | $61.4M-1.4% | $62.2M-9.7% | $68.9M-0.6% | $69.3M-2.1% | $70.8M-3.4% | $73.3M-1.2% | $74.2M |
| Accounts Receivable | $25.2M-5.7% | $26.7M+9.5% | $24.4M-0.4% | $24.5M+23.4% | $19.9M-4.4% | $20.8M+0.8% | $20.6M+28.0% | $16.1M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $94.7M-5.8% | $100.6M+16.7% | $86.2M+7.1% | $80.5M+2.2% | $78.7M-9.8% | $87.3M+4.6% | $83.4M+5.9% | $78.8M |
| Current Liabilities | $59.6M-8.5% | $65.1M+29.4% | $50.3M+12.7% | $44.7M+5.2% | $42.5M-11.9% | $48.2M+12.7% | $42.8M+4.9% | $40.8M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $191.2M-2.4% | $196.0M-3.9% | $203.8M-12.4% | $232.8M-2.9% | $239.7M+42.0% | $168.8M-7.1% | $181.8M-6.4% | $194.3M |
| Retained Earnings | -$891.9M-1.4% | -$879.2M-1.8% | -$863.9M-4.1% | -$829.9M-1.7% | -$816.1M-1.7% | -$802.1M-2.3% | -$784.0M-2.2% | -$767.1M |
BFLY Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.9M-253.8% | $9.0M+412.8% | -$2.9M+59.7% | -$7.2M+38.6% | -$11.7M-274.3% | -$3.1M+60.6% | -$7.9M+20.8% | -$10.0M |
| Capital Expenditures | $950K-12.3% | $1.1M+6.6% | $1.0M+13.4% | $896K+153.8% | $353K-13.5% | $408K-1.4% | $414K-43.6% | $734K |
| Free Cash Flow | -$14.8M-286.8% | $7.9M+303.6% | -$3.9M+51.6% | -$8.1M+33.0% | -$12.0M-241.0% | -$3.5M+57.7% | -$8.3M+22.4% | -$10.7M |
| Investing Cash Flow | -$950K+12.3% | -$1.1M-6.6% | -$1.0M-13.4% | -$896K-153.8% | -$353K+13.5% | -$408K+1.2% | -$413K+40.9% | -$699K |
| Financing Cash Flow | $2.3M+236.5% | -$1.7M | $0-100.0% | $987K-98.7% | $78.5M+5348.6% | -$1.5M | $0 | $0 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BFLY Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.9%+1.6pp | 67.3%+84.8pp | -17.5%-81.2pp | 63.7%+0.6pp | 63.0%+1.6pp | 61.5%+2.0pp | 59.5%+0.9pp | 58.6% |
| Operating Margin | -52.3%+0.7pp | -53.0%+110.5pp | -163.5%-94.7pp | -68.8%+18.2pp | -87.0%-9.6pp | -77.5%+6.4pp | -83.9%-3.7pp | -80.2% |
| Net Margin | -47.8%+0.9pp | -48.6%+109.5pp | -158.1%-98.9pp | -59.2%+6.6pp | -65.8%+15.2pp | -81.0%+1.3pp | -82.3%-9.2pp | -73.1% |
| Return on Equity | -6.6%+1.2pp | -7.8%+8.8pp | -16.7%-10.7pp | -5.9%-0.1pp | -5.8%+4.9pp | -10.7%-1.4pp | -9.3%-1.2pp | -8.1% |
| Return on Assets | -4.4%+0.7pp | -5.2%+6.5pp | -11.7%-7.3pp | -4.4%-0.0pp | -4.4%+2.7pp | -7.1%-0.7pp | -6.4%-0.6pp | -5.8% |
| Current Ratio | 4.02+0.2 | 3.83-1.0 | 4.80-0.9 | 5.68-0.4 | 6.06+2.1 | 3.99-0.7 | 4.66-0.4 | 5.01 |
| Debt-to-Equity | 0.50-0.0 | 0.51+0.1 | 0.42+0.1 | 0.35+0.0 | 0.33-0.2 | 0.52+0.1 | 0.46+0.1 | 0.41 |
| FCF Margin | -56.0%-81.2pp | 25.2%+43.4pp | -18.2%+16.3pp | -34.5%+22.2pp | -56.7%-40.9pp | -15.8%+24.8pp | -40.5%+9.4pp | -50.0% |
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Frequently Asked Questions
What is Butterfly Network Inc's annual revenue?
Butterfly Network Inc (BFLY) reported $97.6M in total revenue for fiscal year 2025. This represents a 19.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Butterfly Network Inc's revenue growing?
Butterfly Network Inc (BFLY) revenue grew by 19% year-over-year, from $82.1M to $97.6M in fiscal year 2025.
Is Butterfly Network Inc profitable?
No, Butterfly Network Inc (BFLY) reported a net income of -$77.1M in fiscal year 2025, with a net profit margin of -79.0%.
What is Butterfly Network Inc's EBITDA?
Butterfly Network Inc (BFLY) had EBITDA of -$79.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Butterfly Network Inc's gross margin?
Butterfly Network Inc (BFLY) had a gross margin of 46.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Butterfly Network Inc's operating margin?
Butterfly Network Inc (BFLY) had an operating margin of -88.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Butterfly Network Inc's net profit margin?
Butterfly Network Inc (BFLY) had a net profit margin of -79.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Butterfly Network Inc's return on equity (ROE)?
Butterfly Network Inc (BFLY) has a return on equity of -39.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Butterfly Network Inc's free cash flow?
Butterfly Network Inc (BFLY) generated -$16.0M in free cash flow during fiscal year 2025. This represents a 63.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Butterfly Network Inc's operating cash flow?
Butterfly Network Inc (BFLY) generated -$12.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Butterfly Network Inc's total assets?
Butterfly Network Inc (BFLY) had $296.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Butterfly Network Inc's capital expenditures?
Butterfly Network Inc (BFLY) invested $3.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Butterfly Network Inc spend on research and development?
Butterfly Network Inc (BFLY) invested $36.3M in research and development during fiscal year 2025.
What is Butterfly Network Inc's current ratio?
Butterfly Network Inc (BFLY) had a current ratio of 3.83 as of fiscal year 2025, which is generally considered healthy.
What is Butterfly Network Inc's debt-to-equity ratio?
Butterfly Network Inc (BFLY) had a debt-to-equity ratio of 0.51 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Butterfly Network Inc's return on assets (ROA)?
Butterfly Network Inc (BFLY) had a return on assets of -26.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Butterfly Network Inc's cash runway?
Based on fiscal year 2025 data, Butterfly Network Inc (BFLY) had $150.5M in cash against an annual operating cash burn of $12.7M. This gives an estimated cash runway of approximately 142 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Butterfly Network Inc's Altman Z-Score?
Butterfly Network Inc (BFLY) has an Altman Z-Score of 8.61, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Butterfly Network Inc's Piotroski F-Score?
Butterfly Network Inc (BFLY) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Butterfly Network Inc's earnings high quality?
Butterfly Network Inc (BFLY) has an earnings quality ratio of 0.16x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Butterfly Network Inc cover its interest payments?
Butterfly Network Inc (BFLY) has an interest coverage ratio of -58.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Butterfly Network Inc?
Butterfly Network Inc (BFLY) scores 64 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.