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Firefly Aerospace (FLY) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 11, 2026 · Firefly Aerospace (FLY) Q2 2026 earnings results →
Q2 2026 Revenue up 657% year over year to $118M · 78¢ of every $1 of revenue lost · operating margin -80.9%
Firefly Aerospace made $118M in Q2 2026 (+657% Y/Y): Spacecraft Solutions Revenue $108M, Launch Revenue $9.4M. Operating margin -80.9%, net loss $92.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.
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What changed this quarter
Revenue was $117.7M in Q2 2026, up 657% year over year and up 46% from the previous quarter. Spacecraft Solutions Revenue was the largest line at 92% of revenue. Spacecraft Solutions Revenue added $99.1M year over year (up 1077%), 97% of the total change.
Gross margin was 20.3%, down 5.4 points from Q2 2025. Operating costs exceeded revenue by $95.2M, an operating margin of -80.9%. Operating expenses grew 104% against revenue growth of 657%. The fastest-growing cost line was SG&A (+278%). The quarter ended with a net loss of $92.3M, narrower than the previous quarter's $96.7M loss.
Operating cash flow was −$81.6M. Non-cash charges added back $14.0M of depreciation and amortization and $17.0M of share-based compensation. Working capital and other items used $20.2M. Capital expenditures of $24.7M exceeded it, leaving free cash flow of −$106.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 11, 2026 | $118M | +657% | -80.9% | −$92.3M | −$81.6M |
| Q1 2026 | 10-Q | May 4, 2026 | $80.9M | +45% | -118.3% | −$96.7M | −$62.5M |
| Q4 2025 | 10-K | Mar 20, 2026 | $57.7M | +538% | -148.4% | −$41.1M | −$67.3M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $30.8M | +38% | -202.1% | −$133M | −$53.0M |
| Q2 2025 | 10-Q | Sep 22, 2025 | $15.5M | -26% | -349.5% | −$63.8M | −$28.1M |
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About Firefly Aerospace
Firefly Aerospace is a space and defense technology company that enables government and commercial customers to launch, land, and operate in space – anywhere, anytime. As the partner of choice for responsive space missions, Firefly is the first commercial company to launch a satellite to orbit with approximately 24-hour notice. Firefly is also the only company to achieve a fully successful landing on the Moon. Established in 2017, Firefly’s engineering, manufacturing, and test facilities are co-located in central Texas to enable rapid innovation. The company’s small- to medium-lift launch vehicles, lunar landers, and orbital vehicles are built with common flight-proven technologies to enable speed, reliability, and cost efficiencies for each mission from low Earth orbit to the Moon and beyond. For more information, visit www.fireflyspace.com .
In its own words, from its 8-K, filed Aug 11, 2026.
Firefly Aerospace against its Guided Missiles & Space Vehicles & Parts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +657% against the peers' median +11%. Operating margin: -80.9% against the peers' median -44.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| FLY Firefly Aerospace | Q2 2026 | $118M | +657% | -80.9% |
| LMT Lockheed Martin | Q3 2026 | $20.7B | +11% | 11.8% |
| KTOS Kratos Defense & Security Solutions | Q3 2026 | $472M | +36% | -1.0% |
| RKLB Rocket Lab | Q2 2026 | $234M | +62% | -24.6% |
| RDW Redwire | Q3 2026 | $109M | +5% | -24.1% |
| YSS York Space Systems | Q2 2026 | $92.5M | +10% | -44.6% |
| VOYG Voyager Technologies | Q3 2026 | $88.7M | +124% | -69.8% |
| HLEO Helio | Q3 FY26 | $591K | -25% | -92.5% |
| MNTS Momentus | Q2 2026 | $25K | -87% | n/m |
Source: Firefly Aerospace 10-Q on SEC EDGAR · CIK 1860160 · Guided Missiles & Space Vehicles & Parts
13F: who owns FLY and who is buying
More on FLY
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results
Compare FLY with
- Firefly Aerospace vs Lockheed Martin (FLY vs LMT)
- Firefly Aerospace vs Kratos Defense & Security Solutions (FLY vs KTOS)
- Firefly Aerospace vs Rocket Lab (FLY vs RKLB)
- Firefly Aerospace vs Redwire (FLY vs RDW)
- Firefly Aerospace vs York Space Systems (FLY vs YSS)
- Firefly Aerospace vs Voyager Technologies (FLY vs VOYG)