Space Exploration Technologies Corp cash flow statement

In fiscal 2025, Space Exploration Technologies Corp's operations generated $6.79bn of cash; it spent $20.74bn on capital projects, leaving free cash flow of −$13.95bn.

Cash flow statement

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Space Exploration Technologies Corp: cash flow statement, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash from operations	4.5	5.8	6.8	15.8
Stock-based pay	0.7	0.8	1.9	4.7
Capital spending	4.4	11.2	20.7	55.0
Free cash flow	0.1	−5.4	−14.0	−39.2
Free cash flow after stock pay	−0.6	−6.2	−15.9	−43.9

US$ billions unless shown otherwise. Fiscal quarters.

Space Exploration Technologies Corp: cash flow statement, quarterly
Quarter	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Cash from operations	0.7	−0.4	3.8	2.7	1.0	2.4	9.6
Depreciation and amortisation	—	1.3	1.6	—	—	2.7	3.4
Stock-based pay	0.2	0.5	0.4	0.9	0.6	0.8	2.4
Capital spending	4.1	2.8	6.9	6.9	10.1	18.4	19.6
Free cash flow	−3.4	−3.2	−3.1	−4.2	−9.1	−16.0	−10.0
Free cash flow after stock pay	−3.6	−3.7	−3.5	−5.1	−9.7	−16.8	−12.3

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Space Exploration Technologies Corp's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Space Exploration Technologies Corp.