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Virgin Galactic Holdings cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$90.7M in Q2 2026 · −$386M over twelve months

Operating cash flow−$50.2M
Capital spending−$40.6M
Free cash flow−$90.7M

Analysis

In Q2 2026, Virgin Galactic Holdings generated −$50.2M of operating cash flow and spent $40.6M on capital projects, leaving free cash flow of −$90.7M. That is $23.1M more than in Q2 2025 (−$114M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$212M; the largest uses were operating cash flow ($212M), capital spending ($174M), taxes on employees’ shares ($1.9M); besides operations, cash came from other investing ($249M), other financing ($163M); the cash balance rose by $24.7M.

Operating cash flow was −$50.2M against net income of −$55.9M. The largest differences: stock-based pay +$6.8M, other liabilities −$6.6M, prepaid and other assets +$5.8M.

Free cash flow

Virgin Galactic Holdings: free cash flow by quarterVirgin Galactic Holdings: free cash flow by quarter−$118MQ3 2024−$117MQ4 2024−$122MQ1 2025−$114MQ2 2025−$108MQ3 2025−$94.6MQ4 2025−$93.3MQ1 2026−$90.7MQ2 2026
Operating cash flow less capital spending.
Virgin Galactic Holdings: operating cash flow against capital spendingVirgin Galactic Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$79.3M$38.7MQ3 2024−$81.0M$35.7MQ4 2024−$75.9M$46.0MQ1 2025−$55.4M$58.4MQ2 2025−$56.3M$51.5MQ3 2025−$52.5M$42.2MQ4 2025−$53.5M$39.8MQ1 2026−$50.2M$40.6MQ2 2026
Latest (Q2 2026): Operating cash flow −$50.2M, Capital spending $40.6M.

Capital allocation, year by year

Virgin Galactic Holdings: where the cash came from (up) and went (down), by fiscal yearVirgin Galactic Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$231MFY2021: Net borrowing −$450KFY2021: Shares issued $520MFY2021: Capital spending −$4.6M$520MFY2021FY2022: Operating cash flow −$380MFY2022: Net borrowing −$544KFY2022: Shares issued $103MFY2022: Capital spending −$16.5M$103MFY2022FY2023: Operating cash flow −$448MFY2023: Net borrowing −$235KFY2023: Shares issued $484MFY2023: Capital spending −$44.3M$484MFY2023FY2024: Operating cash flow −$353MFY2024: Net borrowing −$193KFY2024: Shares issued $138MFY2024: Capital spending −$122M$138MFY2024FY2025: Operating cash flow −$240MFY2025: Net borrowing −$108MFY2025: Shares issued $473KFY2025: Capital spending −$198M$473KFY2025
Over these 5 years operating cash flow totalled −$1.7B; the largest uses were operating cash flow ($1.7B) and capital spending ($385M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$255M
Debt$219M
Net cash$36.0M
Due within a year$30.4M
Cash runway8 months

Virgin Galactic Holdings is burning cash: its operations consume cash, a free cash flow of −$386M a year at the current rate against $255M of cash and investments: a runway of about 8 months; $30.4M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Virgin Galactic Holdings: debt maturities by year (FY2025)Virgin Galactic Holdings: debt maturities by year (FY2025)$30.4MYear 1$80.6MYear 2$172MYear 3
Principal due in each year as disclosed in the annual report, against $255M of cash and investments now.

Where the cash came from and went

Virgin Galactic Holdings: sources (+) and uses (−) of cash, Q2 2026Virgin Galactic Holdings: sources (+) and uses (−) of cash, Q2 2026Other financing$131MCash drawn (+) / kept (−)−$62.9MOperating cash flow−$50.2MCapital spending−$40.6MOther investing$27.8MNet borrowing (+) / repaid (−)−$3.3MTaxes on employees’ shares−$1.8M
Virgin Galactic Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Virgin Galactic Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing$249MOperating cash flow−$212MCapital spending−$174MOther financing$163MCash drawn (+) / kept (−)−$24.7MTaxes on employees’ shares−$1.9MShares issued$949KNet borrowing (+) / repaid (−)−$232K

From profit to cash

Virgin Galactic Holdings: net income to operating cash flow, Q2 2026Virgin Galactic Holdings: net income to operating cash flow, Q2 2026Net income−$55.9MDepreciation & amortization$4.0MStock-based pay$6.8MPayables$2.0MDeferred revenue$2.3MPrepaid and other assets$5.8MOther liabilities−$6.6MOperating cash flow−$50.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$50.2M−$40.6M−$3.3M—−$62.9M−$90.7M
Q1 2026−$53.5M−$39.8M−$5.0M—$20.2M−$93.3M
Q4 2025−$52.5M−$42.2M−$57K—−$16.9M−$94.6M
Q3 2025−$56.3M−$51.5M−$56K$22.8M$34.9M−$108M
Q2 2025−$55.4M−$58.4M−$52K$55.6M−$21.6M−$114M
Q1 2025−$75.9M−$46.0M−$46K$30.7M$38.7M−$122M
Q4 2024−$81.0M−$35.7M−$44K$29.1M−$6.2M−$117M
Q3 2024−$79.3M−$38.7M−$41K$37.1M$10.1M−$118M

Virgin Galactic Holdings: income statement and cash flow

Virgin Galactic Holdings, Q2 2026: revenue $134K (-67% year over year). The chart follows the revenue to costs, profit and cash.

Virgin Galactic Holdings: 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.