Firefly Aerospace (FLY) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FLY SEC filings page.
Firefly Aerospace (FLY) reported $287.0M in revenue over the twelve months to Jun 30, 2026. This page shows its 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).
Revenue scaled sharply, but the business remains an investment-heavy operation whose financing—not operations—funded expansion.
From FY2024 to FY2025, revenue more than doubled while gross margin recovered to19.2% from negative territory. Yet operating costs overwhelmed scale: operating loss reached-$260.7M as research and development plus selling, general, and administrative expenses totaled$291.4M , so growth has not translated into operating leverage.
Cash conversion remains structurally weak: FY2025 operating cash flow was
Equity shifted from negative in FY2024 to
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 held $893.0M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $204.9M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Firefly Aerospace scores 67/100 among other emerging companies.
Firefly Aerospace had 160M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Firefly Aerospace scores 1/100 among other emerging companies.
Firefly Aerospace spent $200.1M on research and development in fiscal year 2025, which was 47.6% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Firefly Aerospace scores 76/100 among other emerging companies.
Firefly Aerospace reported revenue of $159.9M in fiscal year 2025, against $60.8M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Firefly Aerospace scores 83/100 among other emerging companies.
Firefly Aerospace's operations used $204.9M of cash in fiscal year 2025, against $157.7M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Firefly Aerospace scores 16/100 among other emerging companies.
Firefly Aerospace's cash, cash equivalents and investments came to $893.0M at the end of fiscal year 2025, against $635.0M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Firefly Aerospace scores 67/100 among other emerging companies.
Firefly Aerospace scores 2.67, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($3.5B) 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.
Firefly Aerospace reported a net loss of $298.3M while operations used $204.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Firefly Aerospace reported an operating loss of $260.7M against $15.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Firefly Aerospace generated $117.7M in revenue in Q2 2026. This represents an increase of 656.9% from the same quarter a year earlier. Against the prior quarter it is up 45.5%.
Firefly Aerospace's EBITDA was -$80.9M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 61.8% from the same quarter a year earlier. Against the prior quarter it is down 1.4%.
Firefly Aerospace reported -$92.3M in net income in Q2 2026. This represents a decrease of 44.8% from the same quarter a year earlier. Against the prior quarter it is up 4.5%.
Firefly Aerospace earned -$0.57 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 6.6%.
Cash & Balance Sheet
Firefly Aerospace recorded an outflow of $106.3M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 185.3% from the same quarter a year earlier. Against the prior quarter it is down 34.8%.
Firefly Aerospace held $459.8M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Firefly Aerospace's gross margin was 20.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 5.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.3 percentage points.
Firefly Aerospace's operating margin was -80.9% in Q2 2026, reflecting core business profitability. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Firefly Aerospace's net profit margin was -78.5% in Q2 2026, showing the share of revenue converted to profit. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Firefly Aerospace's ROE was -7.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. Against the prior quarter it is up 1.2 percentage points.
Capital Allocation
Firefly Aerospace invested $71.5M in research and development in Q2 2026. This represents an increase of 56.3% from the same quarter a year earlier. Against the prior quarter it is up 6.0%.
Firefly Aerospace invested $24.7M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 169.5% from the same quarter a year earlier. Against the prior quarter it is up 51.4%.
Not reported for Q2 2026.
FLY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $117.7M+656.9% | $80.9M+44.8% | $57.7M | $30.8M+37.6% | $15.5M-26.2% | $55.9M | N/A | $22.4M |
| Cost of Revenue | $93.8M+711.9% | $63.4M+18.2% | $41.7M | $22.3M+52.7% | $11.6M-36.2% | $53.6M | N/A | $14.6M |
| Gross Profit | $23.9M+497.6% | $17.5M+686.5% | $16.0M | $8.5M+9.3% | $4.0M+35.4% | $2.2M | N/A | $7.8M |
| R&D Expenses | $71.5M+56.3% | $67.5M+40.6% | $57.6M | $48.8M+63.3% | $45.8M+15.8% | $48.0M | N/A | $29.9M |
| SG&A Expenses | $47.5M+278.2% | $45.6M+257.7% | $44.0M | $21.9M+112.7% | $12.6M+2.3% | $12.8M | N/A | $10.3M |
| Operating Income | -$95.2M-75.2% | -$95.7M-63.4% | -$85.6M | -$62.2M-81.9% | -$54.4M-11.1% | -$58.5M | N/A | -$34.2M |
| EBITDA | -$80.9M-61.8% | -$79.7M-46.2% | -$75.8M | -$57.2M-87.5% | -$50.0M-6.0% | -$54.5M | N/A | -$30.5M |
| Interest Expense | $1.8M-74.1% | $3.6M-41.6% | $0 | $2.8M-56.7% | $6.9M+16.8% | $6.2M | N/A | $6.5M |
| Income Tax | -$35K | $67K | -$37.1M | $0 | $0 | $0 | N/A | $0 |
| Net Income | -$92.3M-44.8% | -$96.7M-60.9% | -$41.1M | -$133.4M-227.1% | -$63.8M-19.3% | -$60.1M-13.9% | N/A | -$40.8M |
| EPS (Basic) | -$0.57+90.1% | -$0.61+88.7% | $2.42+130.5% | -$1.50+58.0% | -$5.78-25.7% | -$5.38 | -$7.94 | -$3.57 |
| EPS (Diluted) | -$0.57 | -$0.61 | $2.42 | -$1.50 | -$5.78-25.7% | -$5.38 | -$7.94 | -$3.57 |
| Diluted Shares (Avg) | 162M | 160M | N/A | 94M | 14M+8.7% | 13M | N/A | 13M |
FLY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.6B+251.2% | $1.5B | $1.8B+348.0% | $1.3B | $466.8M | N/A | $407.3M | N/A |
| Current Assets | $799.3M+241.4% | $673.5M | $963.2M+433.0% | $1.0B | $234.1M | N/A | $180.7M | N/A |
| Cash & Equivalents | $459.8M+124.0% | $326.2M+84.4% | $793.0M+542.4% | $995.2M+3675.4% | $205.3M+838.9% | $176.9M | $123.4M | $26.4M |
| Short-Term Investments | $175.4M | $225.4M | $100.0M | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $58.1M+930.8% | $44.8M | $46.1M+4494.5% | $5.1M | $5.6M | N/A | $1.0M | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $467.0M+2631.4% | $453.4M | $450.1M+2532.7% | $17.1M | $17.1M | N/A | $17.1M | N/A |
| Total Liabilities | $416.3M-69.9% | $387.1M | $635.0M-46.0% | $307.4M | $1.4B | N/A | $1.2B | N/A |
| Current Liabilities | $293.1M+98.8% | $266.2M | $213.6M+19.1% | $164.9M | $147.4M | N/A | $179.4M | N/A |
| Non-Current Liabilities | $123.2M-90.0% | $120.9M | $421.4M-57.7% | $142.4M | $1.2B | N/A | $995.6M | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | $136.1M | N/A | $113.0M | N/A |
| Total Equity | $1.2B+233.2% | $1.1B+231.7% | $1.2B+255.0% | $948.8M+242.6% | -$918.0M-248.1% | -$838.7M-49.3% | -$767.6M | -$665.5M |
| Retained Earnings | -$1.2B-31.7% | -$1.1B | -$1.0B-32.9% | -$979.2M | -$918.0M | N/A | -$767.6M | N/A |
Not reported in any period shown, so not listed: Inventory.
FLY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$81.6M-190.5% | -$62.5M-10.6% | -$67.3M-67.1% | -$53.0M-45.0% | -$28.1M | -$56.5M | -$40.3M | -$36.6M |
| Depreciation & Amortization | $14.3M+229.4% | $15.9M+298.7% | $9.6M+59.4% | $5.0M+35.6% | $4.3M+151.3% | $4.0M | $6.0M | $3.7M |
| Stock-Based Compensation | $17.0M+2140.4% | $12.5M+2803.0% | N/A | N/A | $760K | $431K | N/A | N/A |
| Capital Expenditures | $24.7M+169.5% | $16.3M+515.9% | $12.1M+354.4% | $8.9M+8.7% | $9.2M | $2.7M | $2.7M | $8.2M |
| Free Cash Flow | -$106.3M-185.3% | -$78.9M-33.3% | -$79.3M-84.9% | -$62.0M-38.4% | -$37.3M | -$59.2M | -$42.9M | -$44.8M |
| Investing Cash Flow | $21.6M+334.7% | -$141.3M-5225.4% | -$380.8M-14237.4% | -$8.9M-8.7% | -$9.2M | -$2.7M | -$2.7M | -$8.2M |
| Financing Cash Flow | $193.6M+191.0% | -$262.9M-330.8% | $245.0M+73.7% | $836.4M+1646.3% | $66.5M | $113.9M | $141.0M | $47.9M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
FLY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.3%-5.4pp | 21.6%+17.6pp | 27.7% | 27.6%-7.2pp | 25.7%+11.7pp | 4.0% | N/A | 34.7% |
| Operating Margin | -80.9% | -118.3% | -148.4% | -202.1% | -349.5% | -104.8% | N/A | -152.9% |
| Net Margin | -78.5% | -119.5% | -71.2% | -433.5% | -410.2% | -107.6% | N/A | -182.3% |
| Return on Equity | -7.5% | -8.8% | -3.5% | -14.1% | N/A | N/A | N/A | N/A |
| Return on Assets | -5.6%+8.0pp | -6.5% | -2.3% | -10.6% | -13.7% | N/A | N/A | N/A |
| Current Ratio | 2.73+1.1x | 2.53 | 4.51+3.5x | 6.20 | 1.59 | N/A | 1.01 | N/A |
| Debt-to-Equity | 0.34 | 0.35 | 0.53 | 0.32 | N/A | N/A | N/A | N/A |
| Asset Turnover | 0.070.0x | 0.05 | 0.03 | 0.02 | 0.03 | N/A | N/A | N/A |
| FCF Margin | -90.3% | -97.5% | -137.5% | -201.3% | -239.7% | -106.0% | N/A | -200.2% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Firefly Aerospace FLY | FY2025 | $159.9M | -$298.3M | N/A | $3.5B | 52/100 |
| Archer Aviation Inc. ACHR | FY2025 | $300K | -$618.2M | N/A | $4.3B | — |
| Loar Holdings Inc. LOAR | FY2025 | $496.3M | $72K | 0.0% | $6.2B | 58/100 |
| Hexcel Corporation HXL | FY2025 | $1.9B | $109.4M | 5.8% | $7.0B | 53/100 |
| Karman Holdings Inc. KRMN | FY2025 | $471.5M | $17.4M | 3.7% | $4.7B | 62/100 |
Where Firefly Aerospace Ranks
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 163.0% 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.
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 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) recorded an outflow of $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) recorded an outflow of $204.9M in operating cash flow during fiscal year 2025, representing cash used by 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 P/E ratio?
Firefly Aerospace (FLY) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $3.5B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Firefly Aerospace's price-to-sales ratio?
Firefly Aerospace (FLY) trades at 12.3x sales, its market capitalization divided by revenue of $287.0M revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.5B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Firefly Aerospace's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Firefly Aerospace (FLY) held $893.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $204.9M over that year. Dividing the one by the other, the reported balance equals about 52 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Firefly Aerospace's Altman Z-Score?
Firefly Aerospace (FLY) has an Altman Z-Score of 2.67, 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) reported a net loss of $298.3M while operations used $204.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $260.7M against $15.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 52 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.