Joby Aviation Inc Financials
Joby Aviation Inc (JOBY) reported $53.4M in revenue for fiscal year 2025, up 39183.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).
Joby’s reported model is still equity-funded development: early revenue exists, but cash burn and R&D still drive the economics.
From FY2023 to FY2025, operating cash burn widened from-$313.8M to-$509.9M even as capital spending stayed comparatively modest, so the business is consuming cash mainly in ongoing development rather than in heavy fixed assets. That is why FY2025’s$1.03B of financing inflow expanded the balance sheet while long-term debt remained at$0 .
FY2025 revenue reached
Even after the larger capital raise, cash on hand of
Financial Health Signals
Scored against operating 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 Joby Aviation 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.
Joby Aviation Inc's reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 11/100.
Joby Aviation Inc's revenue surged 39183.1% year-over-year to $53.4M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Joby Aviation Inc carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 90/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 24.09, Joby Aviation Inc holds $24.09 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 99/100.
Joby Aviation Inc's reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 1/100.
Joby Aviation Inc posts a -66.0% return on equity (ROE), meaning it loses $66 for every $100 of shareholders' equity. This results in a returns score of 37/100. This is up from -66.6% the prior year.
Joby Aviation Inc scores 9.24, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($7.6B) relative to total liabilities ($385.4M). 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.
Joby Aviation Inc passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Joby Aviation Inc reported a net loss of $929.8M while operations used $509.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Joby Aviation Inc generated $53.4M in revenue in fiscal year 2025. This represents an increase of 39183.1% from the prior year.
Joby Aviation Inc's EBITDA was -$679.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 21.1% from the prior year.
Joby Aviation Inc reported -$929.8M in net income in fiscal year 2025. This represents a decrease of 52.9% from the prior year.
Joby Aviation Inc earned -$1.13 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 29.9% from the prior year.
Cash & Balance Sheet
Joby Aviation Inc recorded an outflow of $563.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 18.2% from the prior year.
Joby Aviation Inc held $240.8M in cash against $0 in long-term debt as of fiscal year 2025.
Joby Aviation Inc paid $0.00 per share in dividends in fiscal year 2025.
Margins & Returns
Joby Aviation Inc's ROE was -66.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.7 percentage points from the prior year.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Joby Aviation Inc invested $581.1M in research and development in fiscal year 2025. This represents an increase of 21.8% from the prior year.
Joby Aviation Inc invested $53.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 32.7% from the prior year.
Not reported for fiscal year 2025.
JOBY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | N/A | $53.4M+39183.1% | $136K-86.8% | $1.0M | $0 | $0 | N/A |
| R&D Expenses | N/A | $581.1M+21.8% | $477.2M+30.0% | $367.0M+23.9% | $296.3M+50.0% | $197.6M+81.7% | $108.7M |
| SG&A Expenses | N/A | $162.6M+35.9% | $119.7M+13.0% | $105.9M+10.4% | $95.9M+55.9% | $61.5M+161.8% | $23.5M |
| Operating Income | N/A | -$719.6M-20.6% | -$596.8M-26.4% | -$472.1M-20.4% | -$392.2M-51.4% | -$259.1M-95.9% | -$132.2M |
| Interest Expense | N/A | N/A | N/A | N/A | $118K-95.1% | $2.4M+874.3% | $249K |
| Income Tax | N/A | $1.3M+913.2% | $129K-7.2% | $139K+51.1% | $92K+100.9% | -$10.5M-34090.3% | $31K |
| Net Income | N/A | -$929.8M-52.9% | -$608.0M-18.5% | -$513.0M-98.8% | -$258.0M-43.1% | -$180.3M-58.0% | -$114.2M |
| EPS (Diluted) | — | -$1.13-29.9% | -$0.87-10.1% | -$0.79-79.5% | -$0.44 | -$0.61 | -$1.10 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
JOBY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $1.8B+49.2% | $1.2B-5.2% | $1.3B-1.8% | $1.3B-13.1% | $1.5B+199.3% | $497.3M |
| Current Assets | $1.4B+49.1% | $969.6M-8.2% | $1.1B-2.6% | $1.1B-17.8% | $1.3B+192.2% | $451.2M |
| Cash & Equivalents | $240.8M+20.6% | $199.6M-2.2% | $204.0M+39.6% | $146.1M-84.7% | $955.6M+1135.6% | $77.3M |
| Goodwill | $89.4M+524.4% | $14.3M+2.2% | $14.0M0.0% | $14.0M+30.3% | $10.8M | $0 |
| Total Liabilities | $385.4M+32.4% | $291.1M+23.8% | $235.1M+83.3% | $128.2M-25.3% | $171.6M-78.0% | $780.4M |
| Current Liabilities | $60.0M+24.7% | $48.1M+6.6% | $45.1M+49.4% | $30.2M+118.1% | $13.8M+73.0% | $8.0M |
| Long-Term Debt | $0 | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.4B+54.5% | $912.4M-11.8% | $1.0B-11.2% | $1.2B-11.5% | $1.3B+565.0% | -$283.2M |
| Retained Earnings | -$2.8B-50.1% | -$1.9B-48.7% | -$1.2B-69.8% | -$734.7M-54.1% | -$476.6M-60.9% | -$296.3M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable.
JOBY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$609.9M | -$509.9M-16.9% | -$436.3M-39.0% | -$313.8M-33.0% | -$235.9M-20.5% | -$195.7M-84.8% | -$105.9M |
| Capital Expenditures | $133.4M | $53.9M+32.7% | $40.6M+32.7% | $30.6M-44.3% | $54.9M+69.7% | $32.3M+36.4% | $23.7M |
| Free Cash Flow | -$743.3M | -$563.8M-18.2% | -$476.9M-38.5% | -$344.4M-18.4% | -$290.8M-27.5% | -$228.1M-76.0% | -$129.6M |
| Investing Cash Flow | -$1.1B | -$475.4M-771.8% | $70.8M-11.9% | $80.3M+112.7% | -$630.8M-3266.7% | -$18.7M+95.2% | -$393.2M |
| Financing Cash Flow | $2.0B | $1.0B+184.3% | $361.1M+25.3% | $288.2M+376.8% | $60.5M-94.5% | $1.1B+1478.7% | $69.2M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
JOBY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Operating Margin | -1346.9% | -438789.7% | -45745.5% | N/A | N/A | N/A |
| Net Margin | -1740.5% | -447083.8% | -49714.2% | N/A | N/A | N/A |
| Return on Equity | -66.0%+0.7pp | -66.6%-17.0pp | -49.6%-27.4pp | -22.1%-8.5pp | -13.7% | N/A |
| Return on Assets | -51.8%-1.3pp | -50.5%-10.1pp | -40.4%-20.5pp | -20.0%-7.8pp | -12.1%+10.8pp | -23.0% |
| Current Ratio | 24.09+3.9x | 20.14-3.2x | 23.39-12.5x | 35.90-59.3x | 95.22+38.9x | 56.36 |
| Debt-to-Equity | 0.00-0.3x | 0.32+0.1x | 0.23+0.1x | 0.110.0x | 0.13 | N/A |
| FCF Margin | -1055.3% | -350650.0% | -33374.8% | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
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.
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Where Joby Aviation Inc Ranks
Frequently Asked Questions
What is Joby Aviation Inc's annual revenue?
Joby Aviation Inc (JOBY) reported $53.4M in total revenue for fiscal year 2025. This represents a 39183.1% 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 Joby Aviation Inc's revenue growing?
Joby Aviation Inc (JOBY) revenue grew by 39183.1% year-over-year, from $136K to $53.4M in fiscal year 2025.
Is Joby Aviation Inc profitable?
No, Joby Aviation Inc (JOBY) reported a net income of -$929.8M in fiscal year 2025.
What is Joby Aviation Inc's EBITDA?
Joby Aviation Inc (JOBY) had EBITDA of -$679.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Joby Aviation Inc have?
As of fiscal year 2025, Joby Aviation Inc (JOBY) had $240.8M in cash and equivalents against $0 in long-term debt.
What is Joby Aviation Inc's return on equity (ROE)?
Joby Aviation Inc (JOBY) has a return on equity of -66.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Joby Aviation Inc's free cash flow?
Joby Aviation Inc (JOBY) recorded an outflow of $563.8M in free cash flow during fiscal year 2025. This represents a -18.2% 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 Joby Aviation Inc's operating cash flow?
Joby Aviation Inc (JOBY) recorded an outflow of $509.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Joby Aviation Inc's total assets?
Joby Aviation Inc (JOBY) had $1.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Joby Aviation Inc's capital expenditures?
Joby Aviation Inc (JOBY) invested $53.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Joby Aviation Inc spend on research and development?
Joby Aviation Inc (JOBY) invested $581.1M in research and development during fiscal year 2025.
What is Joby Aviation Inc's current ratio?
Joby Aviation Inc (JOBY) had a current ratio of 24.09 as of fiscal year 2025, which is generally considered healthy.
What is Joby Aviation Inc's debt-to-equity ratio?
Joby Aviation Inc (JOBY) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Joby Aviation Inc's return on assets (ROA)?
Joby Aviation Inc (JOBY) had a return on assets of -51.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Joby Aviation Inc's cash runway?
Based on fiscal year 2025 data, Joby Aviation Inc (JOBY) had $240.8M in cash against an annual operating cash burn of $509.9M. This gives an estimated cash runway of approximately 6 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 Joby Aviation Inc's Altman Z-Score?
Joby Aviation Inc (JOBY) has an Altman Z-Score of 9.24, 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 Joby Aviation Inc's Piotroski F-Score?
Joby Aviation Inc (JOBY) 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 Joby Aviation Inc's earnings high quality?
Joby Aviation Inc (JOBY) reported a net loss of $929.8M while operations used $509.9M 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.
How financially healthy is Joby Aviation Inc?
Joby Aviation Inc (JOBY) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), 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.