EARNINGS RESULTS · Q2 2026

SpaceX Q2 2026: Revenue Up 91.94%, Operating Margin -1.83%

Results for the quarter ended 2026-06-30 bring the business drivers and cash after investment into focus. The dated assessment on 2026-10-08 was wait at a reference price of $167.6.

SpaceX · SPCXPublished October 8, 2026Quarter ended June 30, 2026

Q2 2026: What the Quarter Delivered

Revenue: $7.81 bn
Revenue growth YoY: 91.9%
Operating income: -$0.14 bn
Operating margin: -1.8%
Diluted EPS, GAAP: -$0.09

SpaceX reported $7.81 bn of revenue in Q2 2026. Revenue rose 91.94% from the comparable prior-year quarter. Operating loss was $0.14 bn, with an operating margin of -1.83%. Reported diluted EPS was -$0.09.

How Revenue Reached Operating Profit

The quarter's revenue and operating result imply an operating margin of -1.83%: $1.83 of operating loss for every $100 of revenue, before interest and tax.

The improvement in consolidated operating margin is encouraging, not proof that the group has reached durable profitability.

What the Reported Earnings Include

Other non-operating income: -$0.09 bn
GAAP net income: -$0.54 bn
Diluted weighted-average shares: 5.86 bn shares

Q2 2026 GAAP net income was -$0.54 bn. Other non-operating income was -$0.09 bn.

The net result was weaker than the operating result, and other non-operating items were negative.

Cash Left After Investment

Operating cash flow: $9.9 bn
Cash capital purchases: $42.25 bn
Cash after capital purchases: -$32.35 bn

Quarterly cash generation and cash investment figures are not both available for Q2 2026. Each available cash metric should be read over its stated period.

The investment burden increased in the latest quarter even as operating cash generation improved.

The business becomes more attractive when operating cash can carry more of its investment needs without relying on fresh borrowing or new shares.

The Verdict Recorded on 2026-10-08

Verdict Invest recorded wait on 2026-10-08, using a reference price of $167.6 dated 2026-10-07. This assessment relates to the Q2 2026 results, with a 12-month horizon and stated validity through 2026-11-07.

Confirmation to watch: Starlink customer growth continues while operating profitability holds up despite lower revenue per subscriber.
Confirmation to watch: AI cloud capacity becomes available to customers and produces recognized revenue with improving operating results.
Confirmation to watch: Space losses narrow as launch revenue develops.
Confirmation to watch: Cash purchases of property, plant and equipment moderate relative to operating cash generation.
Risk to this assessment: AI revenue expands without improving operating results or easing the funding burden.
Risk to this assessment: Lower-priced Starlink plans weaken the profitability of Connectivity.
Risk to this assessment: Infrastructure delays prevent reserved compute capacity from becoming available to customers.
Risk to this assessment: Further borrowing or share-funded acquisitions weaken the outcome for existing shareholders.

Companies to explore

Verdict: Invest