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Joby Aviation cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$193M in Q3 2026 · −$784M over twelve months

Operating cash flow−$169M
Capital spending−$24.7M
Free cash flow−$193M

Analysis

In Q3 2026, Joby Aviation generated −$169M of operating cash flow and spent $24.7M on capital projects, leaving free cash flow of −$193M. That is $41.2M less than in Q3 2025 (−$152M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$639M; the largest uses were other investing ($917M), operating cash flow ($639M), capital spending ($145M); besides operations, cash came from other financing ($2.0B), shares issued ($15.2M); the cash balance rose by $314M.

Operating cash flow was −$169M against net income of −$212M. The largest differences: stock-based pay +$54.7M, depreciation & amortization +$12.1M, payables +$10.2M.

Free cash flow

Joby Aviation: free cash flow by quarterJoby Aviation: free cash flow by quarter−$136MQ4 2024−$126MQ1 2025−$119MQ2 2025−$152MQ3 2025−$167MQ4 2025−$222MQ1 2026−$202MQ2 2026−$193MQ3 2026
Operating cash flow less capital spending.
Joby Aviation: operating cash flow against capital spendingJoby Aviation: operating cash flow against capital spendingOperating cash flowCapital spending−$120M$15.4MQ4 2024−$111M$15.0MQ1 2025−$107M$12.1MQ2 2025−$139M$13.0MQ3 2025−$153M$13.8MQ4 2025−$144M$77.9MQ1 2026−$173M$28.6MQ2 2026−$169M$24.7MQ3 2026
Latest (Q3 2026): Operating cash flow −$169M, Capital spending $24.7M.

Capital allocation, year by year

Joby Aviation: where the cash came from (up) and went (down), by fiscal yearJoby Aviation: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$196MFY2021: Net borrowing $73.8MFY2021: Shares issued $1.5MFY2021: Capital spending −$32.3MFY2021: Acquisitions −$6.9M$75.2MFY2021FY2022: Operating cash flow −$236MFY2022: Net borrowing −$1.8MFY2022: Shares issued $1.4MFY2022: Capital spending −$54.9MFY2022: Acquisitions −$5.7M$1.4MFY2022FY2023: Operating cash flow −$314MFY2023: Net borrowing −$1.4MFY2023: Shares issued $13.8MFY2023: Capital spending −$30.6M$13.8MFY2023FY2024: Operating cash flow −$436MFY2024: Net borrowing −$4.6MFY2024: Shares issued $11.2MFY2024: Capital spending −$40.6M$11.2MFY2024FY2025: Operating cash flow −$510MFY2025: Net borrowing −$3.1MFY2025: Shares issued $12.1MFY2025: Capital spending −$53.9MFY2025: Acquisitions $3.5M$15.5MFY2025
Over these 5 years operating cash flow totalled −$1.7B; the largest uses were operating cash flow ($1.7B) and capital spending ($212M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.2B
Debt$703M
Net cash$1.5B
Cash runway2.8 years

Joby Aviation is burning cash: its operations consume cash, a free cash flow of −$784M a year at the current rate against $2.2B of cash and investments: a runway of about 2.8 years before any new financing.

Where the cash came from and went

Joby Aviation: sources (+) and uses (−) of cash, Q3 2026Joby Aviation: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$169MOther financing$129MCash drawn (+) / kept (−)$113MOther investing−$47.5MCapital spending−$24.7MNet borrowing (+) / repaid (−)−$773K
Joby Aviation: sources (+) and uses (−) of cash, TTM to Q3 2026Joby Aviation: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$2.0BOther investing−$917MOperating cash flow−$639MCash drawn (+) / kept (−)−$314MCapital spending−$145MShares issued$15.2MNet borrowing (+) / repaid (−)−$2.3MAcquisitions$1.6M

From profit to cash

Joby Aviation: net income to operating cash flow, Q3 2026Joby Aviation: net income to operating cash flow, Q3 2026Net income−$212MDepreciation & amortization$12.1MStock-based pay$54.7MPayables$10.2MPrepaid and other assets$7.5MOther liabilities$8.1MOperating cash flow−$169M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$169M−$24.7M—−$773K—$113M−$193M
Q2 2026−$173M−$28.6M—−$577K—$239M−$202M
Q1 2026−$144M−$77.9M$39K$689M—−$634M−$222M
Q4 2025−$153M−$13.8M$1.6M−$433K$7.1M−$32.3M−$167M
Q3 2025−$139M−$13.0M$1.9M−$336K$104M$128M−$152M
Q2 2025−$107M−$12.1M—−$366K$42.5M−$214M−$119M
Q1 2025−$111M−$15.0M—−$493K$2.1M$77.3M−$126M
Q4 2024−$120M−$15.4M—−$651K$6.3M−$47.3M−$136M

Joby Aviation: income statement and cash flow

Joby Aviation, Q3 2026: revenue $55.1M (+144% year over year), operating margin -504.8%. The chart follows the revenue to costs, profit and cash.

Joby Aviation: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.