Space Exploration Technologies (SPCX) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Space Exploration Technologies generated $6.79B of operating cash flow and spent $20.74B on capital expenditures. That left free cash flow of −$13.95B. It repurchased $1.13B of its own shares.

Space Exploration Technologies Cash Flow Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Space Exploration Technologies Corp. (SPCX) - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023
Period ending	Dec 2025	Dec 2024	Dec 2023
Operating Activities
Net Income	-4.94	0.79	-4.63
Depreciation & Amortization	6.70	3.82	2.64
Deferred Income Tax	0.63	-0.68	-0.41
Stock Based Compensation	1.95	0.78	0.68
Change in Working Capital	2.09	1.67	2.01
Change in Accounts Receivable	-0.54	-0.35	0.35
Change in Inventory	-0.41	-0.31	-0.07
Change in Accounts Payable	0.71	0.47	0.22
Change in Other Working Capital	2.34	0.20	-0.18
Other Operating Activities	0.36	0.20	3.83
Net Cash from Operating Activities	6.79	5.78	4.52
Investing Activities
Capital Expenditures	-20.74	-11.16	-4.42
Purchases of Investments	-0.61	-3.54	-3.54
Sales/Maturities of Investments	2.01	3.91	3.06
Other Investing Activities	-0.23	0.00	0.02
Net Cash from Investing Activities	-19.58	-10.80	-4.87
Financing Activities
Debt Repayment	8.90	-0.23	-0.11
Common Stock Issued	19.14	13.10	0.92
Common Stock Repurchased	-1.13	-1.02	-0.17
Other Financing Activities	-0.56	-0.24	-0.21
Net Cash from Financing Activities	26.35	11.83	0.42
Summary
Effect of Forex Changes on Cash	0.06	0.00	0.00
Net Change in Cash	13.62	6.81	0.07
Cash at Beginning of Period	11.50	4.69	4.62
Cash at End of Period	25.12	11.50	4.69
Free Cash Flow	-13.95	-5.39	0.11

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Space Exploration Technologies Cash Flow

What is Space Exploration Technologies's free cash flow?

Space Exploration Technologies had negative free cash flow of $13.95B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $6.79B minus $20.74B of capital expenditures.

How much does Space Exploration Technologies spend on capital expenditures?

Space Exploration Technologies spent $20.74B on capital expenditures in fiscal 2025, compared with $11.16B a year earlier. That equals 305.6% of operating cash flow.

Does Space Exploration Technologies pay dividends or buy back shares?

Yes. In fiscal 2025 Space Exploration Technologies returned $1.13B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition