Filing Flows › Space Exploration Technologies (SPCX) › Q3 2026 › vs Q3 2025
Space Exploration Technologies (SPCX) Q3 2026 vs Q3 2025 (year over year)
Space Exploration Technologies's revenue rose $9.0B (+161%) from $5.6B in Q3 2025 to $14.6B in Q3 2026. The biggest changes: SI +$6.7B (+830%); Connectivity +$2.2B (+69%); Space +$101M (+6%). Operating margin 19.1% against -4.9% (+24.0 pts).
Space Exploration Technologies, Q3 2026: revenue $14.6B (+161% year over year), operating margin 19.1%, net earnings $4.4B, operating cash flow $9.6B. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 19.1% | -4.9% | +24.0 pts |
| Net margin | 30.2% | -18.9% | +49.1 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| SI | $7.6B | $813M | $6.7B | +830% |
| Connectivity | $5.2B | $3.1B | $2.2B | +69% |
| Space | $1.8B | $1.7B | $101M | +6% |
| Revenue | $14.6B | $5.6B | $9.0B | +161% |
| Other income, net | $1.2B | −$219M | $1.4B | — |
| Operating profit | $2.8B | −$273M | $3.1B | — |
| Costs & expenses | $11.8B | $5.8B | $5.9B | +101% |
| Pre-tax earnings | $4.0B | −$492M | $4.5B | — |
| Cost of revenue | $5.5B | $2.7B | $2.8B | +103% |
| Research & development | $4.6B | $2.3B | $2.3B | +101% |
| SG&A | $1.7B | $575M | $1.1B | +197% |
| Income tax benefit | $390M | −$562M | $952M | — |
| Net earnings | $4.4B | −$1.1B | $5.5B | — |
| Depreciation & amortization | $3.6B | $1.8B | $1.8B | +101% |
| Share-based compensation | $2.4B | $350M | $2.0B | +575% |
| Working capital & other | $780M | −$2.7B | $3.4B | — |
| Operating cash flow | $9.6B | $3.8B | $5.9B | +156% |
| Capital expenditures | $19.6B | $6.9B | $12.7B | +185% |
| Negative free cash flow (OCF − capex) | $10.0B | $3.1B | $6.8B | +220% |
Questions
How much did Space Exploration Technologies's revenue grow year over year in Q3 2026?
Space Exploration Technologies's revenue rose $9.0B (+161%) from $5.6B in Q3 2025 to $14.6B in Q3 2026.
What drove Space Exploration Technologies's revenue change in Q3 2026?
SI +$6.7B (+830%); Connectivity +$2.2B (+69%); Space +$101M (+6%).