Space Exploration Technologies Corp filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $32.04 billion, which rose 33.2% on the year before. That growth rate was down 1.7 percentage points on the rate a quarter earlier.
What stands out
Capital spending rose 85.8%, faster than operating cash flow’s 17.5%, so less of the cash generated was left over. Alongside that, revenue grew 33.2% but the operating margin fell 17.2 percentage points: sales are rising faster than profit.
Profitability
The company is still loss-making. The trailing operating margin was negative, at −2.1%, down 17.2 percentage points from a year earlier. Over the same period, the trailing net margin was negative, at −8.6%. The company made a net loss of $2.76 billion over the twelve months.
The cash picture
Less cash came in than a year earlier. Operating cash flow over the twelve months was $15.76 billion, up 17.5% on the year before. Over the same period, capital spending was $54.96 billion, or 171.5% of revenue. Free cash flow, operating cash flow less capital spending, was −$39.20 billion. Free cash flow was −122.3% of revenue (the free-cash-flow margin), down 36.3 percentage points from a year earlier.
The share base
The average diluted share count fell 70.6% over the year.
What comes next
The next filing will show whether the trends above continue, slow or reverse.
