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Surf Air Mobility (SRFM) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Surf Air Mobility (SRFM) Q3 2026 earnings results →
Q3 2026 Revenue up 25% year over year to $36.5M · 56¢ of every $1 of revenue lost · operating margin -43.8%
Surf Air Mobility made $36.5M in Q3 2026 (+25% Y/Y): On Demand $19.0M, Scheduled $17.4M. Operating margin -43.8%, net loss $20.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $36.5M in Q3 2026, up 25% year over year and up 24% from the previous quarter. On Demand was the largest line at 52% of revenue. On Demand added $10.4M year over year (up 121%), 143% of the total change. Scheduled declined 15%.
Operating costs exceeded revenue by $16.0M, an operating margin of -43.8%. Total costs grew 15% against revenue growth of 25%. The fastest-growing cost line was Cost of revenue (+21%). The quarter ended with a net loss of $20.4M, narrower than the previous quarter's $28.1M loss.
Operating cash flow was −$21.2M. Non-cash charges added back $2.9M of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items used $5.4M. Capital expenditures of $599K exceeded it, leaving free cash flow of −$21.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $36.5M | +25% | -43.8% | −$20.4M | −$21.2M |
| Q2 2026 | 10-Q | Aug 10, 2026 | $29.5M | +8% | -63.7% | −$28.1M | −$1.2M |
| Q1 2026 | 10-Q | May 11, 2026 | $25.6M | +9% | -52.1% | −$20.3M | −$12.3M |
| Q4 2025 | 10-K | Mar 12, 2026 | $26.4M | -6% | -97.8% | −$36.9M | −$18.4M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $29.2M | +3% | -56.6% | −$27.2M | −$19.3M |
| Q2 2025 | 10-Q | Aug 12, 2025 | $27.4M | -15% | -58.1% | −$28.0M | −$10.6M |
| Q1 2025 | 10-Q | May 13, 2025 | $23.5M | -23% | -79.0% | −$18.5M | −$15.8M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Surf Air Mobility
Surf Air Mobility Inc. (the “Company”), a Delaware corporation, is a regional air mobility platform that aims to transform regional flying. The Company currently operates one of the largest commuter airlines in the United States by scheduled departures as well as an expanding on-demand charter marketplace for passengers in the U.S. and globally. The Company’s operations provide scale, distribution and real-world operating data to validate and, eventually, deploy the software and technology offerings it is currently developing to support the modernization of air operations and the adoption of next-generation aircraft.
In its own words, from its 10-K, filed Mar 12, 2026.
Surf Air Mobility against its Air Transportation, Nonscheduled peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +25% against the peers' median +13%. Operating margin: -43.8% against the peers' median -43.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SRFM Surf Air Mobility | Q3 2026 | $36.5M | +25% | -43.8% |
| VTOL Bristow Group | Q3 2026 | $438M | +13% | 10.9% |
| UP Wheels Up Experience | Q3 2026 | $165M | -11% | -30.5% |
| FLYX Flyexclusive | Q2 2026 | $111M | +22% | -5.2% |
| JTAI Jet.AI | Q2 2026 | $5.3M | +139% | -50.4% |
| SOAR Volato Group | Q2 2026 | $965K | -96% | -261.1% |
| CRTD Creatd | Q2 2026 | $174K | -12% | n/m |
Source: Surf Air Mobility 10-Q on SEC EDGAR · CIK 1936224 · Air Transportation, Nonscheduled
Guidance and outlook
13F: who owns SRFM and who is buying
More on SRFM
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results