STOCK TITAN

Butterfly Network Inc Financials

BFLY
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

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).

Rhea AI BFLY FY2025

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 $97.6M, but gross margin fell to 46.9%, so higher sales did not translate into more gross profit. That means loss containment depended more on keeping SG&A and R&D in check than on cleaner unit economics, a different mechanic than simple scale-driven operating leverage.

Cash ended FY2025 at $150.5M against free cash outflow of -$16.0M, giving the company more room than the income statement alone suggests. Because no long-term debt is reported and the current ratio is 3.8x, near-term pressure looks more about sustaining investor-funded operations than meeting lender demands.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Cash Runway Dilution R&D Intensity Revenue Progress Burn Trend Balance Sheet 64 / 100
Financial Health Score 64/100
Scored as: Emerging companies peer group

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.

Cash Runway
96
R&D Intensity
52
Revenue Progress
72
Burn Trend
83
Balance Sheet
83
Altman Z-Score Safe
8.61

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.

Piotroski F-Score Partial
3/7

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.

Earnings Quality Low Quality
0.16x

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.

Interest Coverage At Risk
-58.0x

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

Export CSV

Earnings & Revenue

Revenue
$97.6M
YoY+19.0%
5Y CAGR+16.1%

Butterfly Network Inc generated $97.6M in revenue in fiscal year 2025. This represents an increase of 19.0% from the prior year.

EBITDA
-$79.7M
YoY-21.7%

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.

Net Income
-$77.1M
YoY-6.3%

Butterfly Network Inc reported -$77.1M in net income in fiscal year 2025. This represents a decrease of 6.3% from the prior year.

EPS (Diluted)
$-0.31
YoY+8.8%

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

Free Cash Flow
-$16.0M
YoY+63.9%

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.

Cash & Debt
$150.5M
YoY+69.5%
5Y CAGR+20.1%

Butterfly Network Inc held $150.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
$0.00

Butterfly Network Inc paid $0.00 per share in dividends in fiscal year 2025.

Shares Outstanding
N/A

Margins & Returns

Gross Margin
46.9%
YoY-12.7pp
5Y CAGR+179.2pp

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.

Operating Margin
-88.5%
YoY+2.2pp
5Y CAGR+260.9pp

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.

Net Margin
-79.0%
YoY+9.4pp
5Y CAGR+272.9pp

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.

Return on Equity
-39.3%
YoY+3.6pp

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

R&D Spending
$36.3M
YoY-4.1%
5Y CAGR-6.1%

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.

Share Buybacks
N/A
Capital Expenditures
$3.3M
YoY+24.3%
5Y CAGR+7.1%

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%

Similar Companies

Frequently Asked Questions

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.

Butterfly Network Inc (BFLY) revenue grew by 19% year-over-year, from $82.1M to $97.6M in fiscal year 2025.

No, Butterfly Network Inc (BFLY) reported a net income of -$77.1M in fiscal year 2025, with a net profit margin of -79.0%.

Butterfly Network Inc (BFLY) reported diluted earnings per share of $-0.31 for fiscal year 2025. This represents a 8.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Butterfly Network Inc (BFLY) had EBITDA of -$79.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

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.

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.

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.

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.

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.

Butterfly Network Inc (BFLY) generated -$12.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Butterfly Network Inc (BFLY) had $296.5M in total assets as of fiscal year 2025, including both current and long-term assets.

Butterfly Network Inc (BFLY) invested $3.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Butterfly Network Inc (BFLY) invested $36.3M in research and development during fiscal year 2025.

Butterfly Network Inc (BFLY) had a current ratio of 3.83 as of fiscal year 2025, which is generally considered healthy.

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.

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.

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.

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.

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.

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.

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.

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.

Back to top