Firefly Aerospace Inc.
FLY Nasdaq Guided Missiles & Space Vehicles & Parts Financials FY2023–FY2025
Revenue
Total sales reported in the income statement.
$160M
163.0%
vs prior year
Operating margin
Operating income as a share of revenue.
−163.1%
181.5 pts
Net income
Profit after all expenses, interest and tax.
−$298M
Free cash flow
Cash from operations minus capital spending.
−$238M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−67.7%
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $5.15 EPS (TTM)
What Firefly Aerospace Inc. does
No business description yet.
- Legal name
- Firefly Aerospace Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 20, 2026
- Accession · CIK
- 0001193125-26-116309
0001860160
Revenue and margins
Firefly Aerospace Inc. had $160M of revenue in fiscal 2025, up 163.0% on the year before.
FY23
Revenue $55.2M
FY24
Revenue $60.8M
FY25
Revenue $160M
Q1 '24
Revenue —
Q2 '24
Revenue $21.1M
Q3 '24
Revenue $22.4M
Q4 '24
Revenue $9.0M
Q1 '25
Revenue $55.9M
Q2 '25
Revenue $15.5M
Q3 '25
Revenue $30.8M
Q4 '25
Revenue $57.7M
Q1 '26
Revenue $80.9M
Q2 '26
Revenue $118M
FY23
Gross 48.2%
Operating −238.8%
Net −245.2%
FCF −309.0%
FY24
Gross −18.7%
Operating −344.5%
Net −380.2%
FCF −313.1%
FY25
Gross 19.2%
Operating −163.1%
Net −186.6%
FCF −148.7%
Gross
Operating
Net
FCF
Q1 '24
Gross —
Operating —
Net —
FCF —
Q2 '24
Gross 14.0%
Operating −232.1%
Net −253.7%
FCF —
Q3 '24
Gross 34.7%
Operating −152.9%
Net −182.3%
FCF −200.2%
Q4 '24
Gross −223.2%
Operating −854.7%
Net −931.1%
FCF −475.0%
Q1 '25
Gross 4.0%
Operating −104.8%
Net −107.6%
FCF −106.0%
Q2 '25
Gross 25.7%
Operating −349.5%
Net −410.2%
FCF −239.7%
Q3 '25
Gross 27.6%
Operating −202.1%
Net −433.5%
FCF −201.3%
Q4 '25
Gross 27.7%
Operating −148.4%
Net −71.2%
FCF −137.5%
Q1 '26
Gross 21.6%
Operating −118.3%
Net −119.5%
FCF −97.5%
Q2 '26
Gross 20.3%
Operating −80.9%
Net −78.4%
FCF −90.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY23
Net income −$135M
FY24
Net income −$231M
FY25
Net income −$298M
Q1 '24
Net income −$52.8M
Q2 '24
Net income −$53.5M
Q3 '24
Net income −$40.8M
Q4 '24
Net income −$84.1M
Q1 '25
Net income −$60.1M
Q2 '25
Net income −$63.8M
Q3 '25
Net income −$133M
Q4 '25
Net income −$41.1M
Q1 '26
Net income −$96.7M
Q2 '26
Net income −$92.3M
FY23
Diluted EPS −$13.05
FY24
Diluted EPS −$20.74
FY25
Diluted EPS −$4.83
Q1 '24
Diluted EPS —
Q2 '24
Diluted EPS −$4.60
Q3 '24
Diluted EPS −$3.57
Q4 '24
Diluted EPS —
Q1 '25
Diluted EPS −$5.38
Q2 '25
Diluted EPS −$5.78
Q3 '25
Diluted EPS −$1.50
Q4 '25
Diluted EPS $7.83
Q1 '26
Diluted EPS −$0.61
Q2 '26
Diluted EPS −$0.57
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY23
Return on capital —
Return on equity —
Return on assets —
FY24
Return on capital —
Return on equity —
Return on assets −56.7%
FY25
Return on capital −67.7%
Return on equity −141.3%
Return on assets −26.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$238M in fiscal 2025, −148.7% of revenue. Cash from operations minus capital spending.
FY23
Free cash flow −$171M
FY24
Free cash flow −$190M
FY25
Free cash flow −$238M
Q1 '24
Free cash flow —
Q2 '24
Free cash flow —
Q3 '24
Free cash flow −$44.8M
Q4 '24
Free cash flow −$42.9M
Q1 '25
Free cash flow −$59.2M
Q2 '25
Free cash flow −$37.3M
Q3 '25
Free cash flow −$62.0M
Q4 '25
Free cash flow −$79.3M
Q1 '26
Free cash flow −$78.9M
Q2 '26
Free cash flow −$106M
FY23
Cash from operations −$93.4M
Capital spending $77.2M
FY24
Cash from operations −$158M
Capital spending $32.7M
FY25
Cash from operations −$205M
Capital spending $32.8M
Cash from operations
Capital spending
Q1 '24
Cash from operations —
Capital spending —
Q2 '24
Cash from operations —
Capital spending —
Q3 '24
Cash from operations −$36.6M
Capital spending $8.2M
Q4 '24
Cash from operations −$40.3M
Capital spending $2.7M
Q1 '25
Cash from operations −$56.5M
Capital spending $2.7M
Q2 '25
Cash from operations −$28.1M
Capital spending $9.2M
Q3 '25
Cash from operations −$53.0M
Capital spending $8.9M
Q4 '25
Cash from operations −$67.3M
Capital spending $12.1M
Q1 '26
Cash from operations −$62.5M
Capital spending $16.3M
Q2 '26
Cash from operations −$81.6M
Capital spending $24.7M
Cash from operations
Capital spending
Dividends, buybacks and share count
Firefly Aerospace Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 439.9%.
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.07B
Balance sheet
Cash, debt and the ratios that show how comfortably Firefly Aerospace Inc. can carry it.
FY23
Cash $81.9M
Debt —
FY24
Cash $123M
Debt $119M
FY25
Cash $893M
Debt $10.2M
Cash
Debt
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $81.9M | $123M | $893M |
| Debt incl. finance leases | — | $119M | $10.2M |
| Debt / equity | — | — | 0.0x |
| Interest coverage | −14.4x | −8.3x | −16.4x |
| Current ratio | — | 1.0x | 4.5x |
| Quick ratio | — | 1.0x | 4.5x |
| Total assets | — | $407M | $1.8B |
| Total liabilities | — | $415M | $635M |
| Shareholders' equity | −$504M | −$768M | $1.2B |
| Net debt (− = net cash) | — | −$4.1M | −$883M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ |
| Current ratio rose | — | — | ✓ |
| Share count didn't rise | — | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✓ |
| Revenue rose relative to assets | — | — | ✕ |
| F-score | — / 3 | — / 5 | 5 / 9 |
| Accruals ratio | — | −18.0% | −8.4% |
| Altman Z'' | — | −11.52 | 1.88 |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $55.2M | $60.8M | $160M |
| Gross profit | $26.6M | −$11.4M | $30.7M |
| Research and development | $118M | $149M | $200M |
| Operating income | −$132M | −$209M | −$261M |
| Interest expense | $9.2M | $25.2M | $15.9M |
| Pretax income | −$135M | −$231M | −$335M |
| Income tax | $0.0M | $0.0M | −$37.1M |
| Net income | −$135M | −$231M | −$298M |
| Net income to common | −$156M | −$266M | −$334M |
| Diluted EPS | −$13.05 | −$20.74 | −$4.83 |
| Diluted shares | 0.01B | 0.01B | 0.07B |
| Cash flow | |||
| Cash from operations | −$93.4M | −$158M | −$205M |
| Capital expenditure | $77.2M | $32.7M | $32.8M |
| Free cash flow | −$171M | −$190M | −$238M |
| Depreciation and amortization | $4.7M | $12.5M | $23.2M |
| Stock-based compensation | $1.6M | $1.8M | $17.8M |
| Acquisitions | −$7.3M | $0.0M | $277M |
| Balance sheet | |||
| Cash and short-term investments | $81.9M | $123M | $893M |
| Total debt | — | $119M | $7.1M |
| Finance lease liabilities | — | — | $3.1M |
| Current assets | — | $181M | $963M |
| Current liabilities | — | $179M | $214M |
| Property and equipment, net | — | $136M | $164M |
| Goodwill | $17.1M | $17.1M | $450M |
| Intangible assets | — | $0.0M | $166M |
| Total assets | — | $407M | $1.8B |
| Total liabilities | — | $415M | $635M |
| Shareholders' equity | −$504M | −$768M | $1.2B |
| Margins | |||
| Gross margin | 48.2% | −18.7% | 19.2% |
| Operating margin | −238.8% | −344.5% | −163.1% |
| EBITDA margin | −230.2% | −323.9% | −148.6% |
| Net margin | −245.2% | −380.2% | −186.6% |
| FCF margin | −309.0% | −313.1% | −148.7% |
| Returns | |||
| Return on capital | — | — | −67.7% |
| Return on capital employed | — | −91.9% | −16.2% |
| Return on equity | — | — | −141.3% |
| Return on assets | — | −56.7% | −26.7% |
| Return on tangible equity | — | — | −58.2% |
| Growth | |||
| Revenue growth | — | 10.1% | 163.0% |
| Share count change | — | 7.0% | 439.9% |
| Financial health | |||
| Debt / equity | — | — | 0.0x |
| Interest coverage | −14.4x | −8.3x | −16.4x |
| Current ratio | — | 1.0x | 4.5x |
| Quick ratio | — | 1.0x | 4.5x |
| Capital allocation | |||
| Capex / revenue | 139.9% | 53.8% | 20.5% |
| Stock comp / revenue | 2.9% | 3.0% | 11.2% |
| Quality scores | |||
| Piotroski F-score | — | — | 5.0 |
| Altman Z'' | — | −11.5 | 1.9 |
| Accruals ratio | — | −18.0% | −8.4% |
Source: SEC EDGAR XBRL filings (CIK 0001860160). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.