Firefly Aerospace Financials
This page shows Firefly Aerospace (FLY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 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).
Firefly’s business is still funded like a build-out, with outside capital carrying liquidity while operations absorb cash.
From FY2024 to FY2025, revenue nearly tripled and gross margin swung from-18.7% to19.2% . Yet operating cash burn still reached-$204.9M while R&D climbed to$200.1M , showing that the main constraint is not winning gross profit on delivered work but supporting a development effort still larger than the sales base.
The balance sheet reset in FY2025 came from financing, not internally generated cash: cash rose to
FY2025 free cash flow of
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 Firefly Aerospace'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.
Firefly Aerospace scores 2.41, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($3.3B) relative to total liabilities ($635.0M). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Firefly Aerospace passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Firefly Aerospace generates $0.69 in operating cash flow (-$204.9M OCF vs -$298.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Firefly Aerospace earns $-16.4 in operating income for every $1 of interest expense (-$260.7M vs $15.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Firefly Aerospace generated $159.9M in revenue in fiscal year 2025. This represents an increase of 163.0% from the prior year.
Firefly Aerospace's EBITDA was -$237.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 20.6% from the prior year.
Firefly Aerospace reported -$298.3M in net income in fiscal year 2025. This represents a decrease of 29.1% from the prior year.
Cash & Balance Sheet
Firefly Aerospace generated -$237.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 24.9% from the prior year.
Firefly Aerospace held $793.0M in cash against $0 in long-term debt as of fiscal year 2025.
Firefly Aerospace had 159M shares outstanding in fiscal year 2025.
Margins & Returns
Firefly Aerospace's gross margin was 19.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 37.9 percentage points from the prior year.
Firefly Aerospace's operating margin was -163.1% in fiscal year 2025, reflecting core business profitability. This is up 181.5 percentage points from the prior year.
Firefly Aerospace's net profit margin was -186.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 193.6 percentage points from the prior year.
Firefly Aerospace's ROE was -25.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Firefly Aerospace invested $200.1M in research and development in fiscal year 2025. This represents an increase of 33.9% from the prior year.
Firefly Aerospace invested $32.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 0.4% from the prior year.
FLY Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $80.9M+40.2% | $57.7M+87.4% | $30.8M+97.9% | $15.5M-72.2% | $55.9M | N/A | $22.4M+6.2% | $21.1M |
| Cost of Revenue | $63.4M+52.0% | $41.7M+87.2% | $22.3M+92.9% | $11.6M-78.5% | $53.6M | N/A | $14.6M-19.4% | $18.1M |
| Gross Profit | $17.5M+9.4% | $16.0M+88.0% | $8.5M+112.5% | $4.0M+80.0% | $2.2M | N/A | $7.8M+163.3% | $3.0M |
| R&D Expenses | $67.5M+17.3% | $57.6M+18.1% | $48.8M+6.5% | $45.8M-4.7% | $48.0M | N/A | $29.9M-24.5% | $39.5M |
| SG&A Expenses | $45.6M+3.7% | $44.0M+100.7% | $21.9M+74.4% | $12.6M-1.4% | $12.8M | N/A | $10.3M-16.1% | $12.3M |
| Operating Income | -$95.7M-11.8% | -$85.6M-37.6% | -$62.2M-14.4% | -$54.4M+7.2% | -$58.5M | N/A | -$34.2M+30.1% | -$48.9M |
| Interest Expense | $3.6M | $0-100.0% | $2.8M-59.4% | $6.9M+12.4% | $6.2M | N/A | $6.5M+9.4% | $5.9M |
| Income Tax | $67K+100.2% | -$37.1M | $0 | $0 | $0 | N/A | $0 | $0 |
| Net Income | -$96.7M-135.5% | -$41.1M+69.2% | -$133.4M-109.2% | -$63.8M-6.1% | -$60.1M | N/A | -$40.8M+23.7% | -$53.5M |
| EPS (Diluted) | $-0.61 | N/A | $-1.50 | $-5.78-7.4% | $-5.38 | N/A | $-3.57+22.4% | $-4.60 |
FLY Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.5B-18.2% | $1.8B+45.3% | $1.3B+169.1% | $466.8M | N/A | $407.3M | N/A | N/A |
| Current Assets | $673.5M-30.1% | $963.2M-5.8% | $1.0B+336.9% | $234.1M | N/A | $180.7M | N/A | N/A |
| Cash & Equivalents | $326.2M-58.9% | $793.0M-20.3% | $995.2M+384.8% | $205.3M+16.1% | $176.9M+43.3% | $123.4M+368.3% | $26.4M+20.6% | $21.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $44.8M-2.9% | $46.1M+799.7% | $5.1M-9.1% | $5.6M | N/A | $1.0M | N/A | N/A |
| Goodwill | $453.4M+0.7% | $450.1M+2532.7% | $17.1M0.0% | $17.1M | N/A | $17.1M | N/A | N/A |
| Total Liabilities | $387.1M-39.0% | $635.0M+106.6% | $307.4M-77.8% | $1.4B | N/A | $1.2B | N/A | N/A |
| Current Liabilities | $266.2M+24.7% | $213.6M+29.5% | $164.9M+11.9% | $147.4M | N/A | $179.4M | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | $136.1M | N/A | $113.0M | N/A | N/A |
| Total Equity | $1.1B-7.1% | $1.2B+25.4% | $948.8M+203.4% | -$918.0M-9.5% | -$838.7M-9.3% | -$767.6M-15.4% | -$665.5M-207.3% | $620.0M |
| Retained Earnings | -$1.1B-9.5% | -$1.0B-4.2% | -$979.2M-6.7% | -$918.0M | N/A | -$767.6M | N/A | N/A |
FLY Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$62.5M+7.0% | -$67.3M-26.8% | -$53.0M-88.9% | -$28.1M+50.3% | -$56.5M-40.4% | -$40.3M-10.1% | -$36.6M | N/A |
| Capital Expenditures | $16.3M+35.4% | $12.1M+35.3% | $8.9M-2.9% | $9.2M+246.0% | $2.7M-0.1% | $2.7M-67.6% | $8.2M | N/A |
| Free Cash Flow | -$78.9M+0.6% | -$79.3M-28.0% | -$62.0M-66.3% | -$37.3M+37.0% | -$59.2M-37.9% | -$42.9M+4.2% | -$44.8M | N/A |
| Investing Cash Flow | -$141.3M+62.9% | -$380.8M-4169.1% | -$8.9M+2.9% | -$9.2M-246.0% | -$2.7M+0.1% | -$2.7M+67.6% | -$8.2M | N/A |
| Financing Cash Flow | -$262.9M-207.3% | $245.0M-70.7% | $836.4M+1157.1% | $66.5M-41.6% | $113.9M-19.2% | $141.0M+194.5% | $47.9M | N/A |
| 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 |
FLY Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.6%-6.1pp | 27.7%+0.1pp | 27.6%+1.9pp | 25.7%+21.7pp | 4.0% | N/A | 34.7%+20.7pp | 14.0% |
| Operating Margin | -118.3%+30.1pp | -148.4%+53.7pp | -202.1%+147.5pp | -349.5%-244.7pp | -104.8% | N/A | -152.9%+79.2pp | -232.1% |
| Net Margin | -119.5%-48.3pp | -71.2%+362.3pp | -433.5%-23.3pp | -410.2%-302.6pp | -107.6% | N/A | -182.3%+71.3pp | -253.7% |
| Return on Equity | -8.8%-5.3pp | -3.5%+10.6pp | -14.1% | N/A | N/A | N/A | N/A | -8.6% |
| Return on Assets | -6.5%-4.2pp | -2.3%+8.4pp | -10.6%+3.0pp | -13.7% | N/A | N/A | N/A | N/A |
| Current Ratio | 2.53-2.0 | 4.51-1.7 | 6.20+4.6 | 1.59 | N/A | 1.01 | N/A | N/A |
| Debt-to-Equity | 0.35-0.2 | 0.53+0.2 | 0.32 | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | -97.5%+40.0pp | -137.5%+63.8pp | -201.3%+38.3pp | -239.7%-133.7pp | -106.0% | N/A | -200.2% | N/A |
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Frequently Asked Questions
What is Firefly Aerospace's annual revenue?
Firefly Aerospace (FLY) reported $159.9M in total revenue for fiscal year 2025. This represents a 163.0% 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 Firefly Aerospace's revenue growing?
Firefly Aerospace (FLY) revenue grew by 163% year-over-year, from $60.8M to $159.9M in fiscal year 2025.
Is Firefly Aerospace profitable?
No, Firefly Aerospace (FLY) reported a net income of -$298.3M in fiscal year 2025, with a net profit margin of -186.6%.
What is Firefly Aerospace's EBITDA?
Firefly Aerospace (FLY) had EBITDA of -$237.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Firefly Aerospace's gross margin?
Firefly Aerospace (FLY) had a gross margin of 19.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Firefly Aerospace's operating margin?
Firefly Aerospace (FLY) had an operating margin of -163.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Firefly Aerospace's net profit margin?
Firefly Aerospace (FLY) had a net profit margin of -186.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Firefly Aerospace's return on equity (ROE)?
Firefly Aerospace (FLY) has a return on equity of -25.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Firefly Aerospace's free cash flow?
Firefly Aerospace (FLY) generated -$237.8M in free cash flow during fiscal year 2025. This represents a -24.9% 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 Firefly Aerospace's operating cash flow?
Firefly Aerospace (FLY) generated -$204.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Firefly Aerospace's total assets?
Firefly Aerospace (FLY) had $1.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Firefly Aerospace's capital expenditures?
Firefly Aerospace (FLY) invested $32.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Firefly Aerospace spend on research and development?
Firefly Aerospace (FLY) invested $200.1M in research and development during fiscal year 2025.
What is Firefly Aerospace's current ratio?
Firefly Aerospace (FLY) had a current ratio of 4.51 as of fiscal year 2025, which is generally considered healthy.
What is Firefly Aerospace's debt-to-equity ratio?
Firefly Aerospace (FLY) had a debt-to-equity ratio of 0.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Firefly Aerospace's return on assets (ROA)?
Firefly Aerospace (FLY) had a return on assets of -16.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Firefly Aerospace's cash runway?
Based on fiscal year 2025 data, Firefly Aerospace (FLY) had $793.0M in cash against an annual operating cash burn of $204.9M. This gives an estimated cash runway of approximately 46 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 Firefly Aerospace's Altman Z-Score?
Firefly Aerospace (FLY) has an Altman Z-Score of 2.41, placing it in the Grey Zone (moderate 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 Firefly Aerospace's Piotroski F-Score?
Firefly Aerospace (FLY) has a Piotroski F-Score of 4 out of 8 computable signals; 1 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 Firefly Aerospace's earnings high quality?
Firefly Aerospace (FLY) has an earnings quality ratio of 0.69x, 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 Firefly Aerospace cover its interest payments?
Firefly Aerospace (FLY) has an interest coverage ratio of -16.4x, 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 Firefly Aerospace?
Firefly Aerospace (FLY) scores 56 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.