Filing Flows › Joby Aviation (JOBY) › Q4 2025
Joby Aviation (JOBY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Joby Aviation (JOBY) reported revenue of $30.8M for the fourth quarter 2025 (Q4 2025), up 561-fold from a year earlier and +37% from the quarter before. Operating margin was -670.6%, net loss $122M (394.1% of revenue).
Joby Aviation, Q4 2025: revenue $30.8M (561× year over year), operating margin -670.6%, net loss $122M, operating cash flow −$153M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $30.8M | +37% | 561× |
| Operating profit | −$207M | — | — |
| Net earnings | −$122M | — | — |
| Operating cash flow | −$153M | — | — |
What changed
Revenue was $30.8M in Q4 2025, up 55965% year over year and up 37% from the previous quarter. Passenger was the largest line at 69% of revenue.
Operating costs exceeded revenue by $206.8M, an operating margin of -670.6%. Total costs grew 58% against revenue growth of 55965%. The fastest-growing cost line was SG&A (+107%). The quarter ended with a net loss of $121.5M, narrower than the previous quarter's $401.2M loss. Non-operating items added $86.3M, -72% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$153.2M. Non-cash charges added back $11.1M of depreciation and amortization and $41.4M of share-based compensation. Working capital and other items used $84.1M. Capital expenditures of $13.8M exceeded it, leaving free cash flow of −$167.0M.
Questions
What was Joby Aviation's revenue in the fourth quarter 2025?
Joby Aviation (JOBY) reported revenue of $30.8M for the fourth quarter 2025 (Q4 2025), up 561-fold from a year earlier and +37% from the quarter before.
Was Joby Aviation profitable in the fourth quarter 2025?
Operating loss was $207M (-670.6% of revenue) and net loss $122M.
Source: Joby Aviation 10-K on SEC EDGAR.