Filing Flows › Firefly Aerospace (FLY) › Q4 2025
Firefly Aerospace (FLY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 20, 2026
Firefly Aerospace (FLY) reported revenue of $57.7M for the fourth quarter 2025 (Q4 2025), +538% from a year earlier and +87% from the quarter before. Operating margin was -148.4%, net loss $41.1M (71.2% of revenue).
Firefly Aerospace, Q4 2025: revenue $57.7M (+538% year over year), operating margin -148.4%, net loss $41.1M, operating cash flow −$67.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $57.7M | +87% | +538% |
| Operating profit | −$85.6M | — | — |
| Net earnings | −$41.1M | — | — |
| Operating cash flow | −$67.3M | — | — |
What changed
Revenue was $57.7M in Q4 2025, up 538% year over year and up 87% from the previous quarter. Spacecraft Solutions Revenue was the largest line at 87% of revenue.
Gross margin was 27.7%. Operating costs exceeded revenue by $85.6M, an operating margin of -148.4%. The fastest-growing cost line was SG&A (+200%). The quarter ended with a net loss of $41.1M, narrower than the previous quarter's $133.4M loss.
Operating cash flow was −$67.3M. Non-cash charges added back $9.6M of depreciation and amortization and $12.6M of share-based compensation. Working capital and other items used $48.5M. Capital expenditures of $12.1M exceeded it, leaving free cash flow of −$79.3M.
Questions
What was Firefly Aerospace's revenue in the fourth quarter 2025?
Firefly Aerospace (FLY) reported revenue of $57.7M for the fourth quarter 2025 (Q4 2025), +538% from a year earlier and +87% from the quarter before.
Was Firefly Aerospace profitable in the fourth quarter 2025?
Operating loss was $85.6M (-148.4% of revenue) and net loss $41.1M.
Source: Firefly Aerospace 10-K on SEC EDGAR.