SpaceX earnings, Q3 2026 in plain numbers.

SpaceX has reported twice since its June 12, 2026 Nasdaq debut: Q2 2026 on Aug 4, 2026, 35 days after the quarter closed, and Q3 2026 on Oct 20, 2026, after the close and just 20 days after quarter end, with a webcast at 4:30 p.m. ET. The date for Q4 and full-year 2026 results has not been announced as of Nov 4, 2026. SpaceX announces report dates on its investor-relations site and by press release, typically a few weeks ahead — until then, any specific date is a guess.

Each earnings release is filed with the SEC on Form 8-K under Space Exploration Technologies Corp.; the quarterly report itself is filed on Form 10-Q, and the full year on Form 10-K. All of it is on SEC EDGAR. FY2023–FY2025 figures on this page come from the S-1 filed May 20, 2026 and its June 3, 2026 amendment.

Revenue was $14.575 billion, up 161% from $5.576 billion in Q3 2025 and nearly double Q2's $7.814 billion; nine-month revenue reached $27.083 billion. The AI segment — renamed Super Intelligence (SI) in this release — is now the largest segment, at roughly 52% of revenue. Q3 was also the first quarter to include Cursor, whose acquisition closed on Aug 14, 2026 at an implied $60 billion equity value. Segment background is on our xAI and Super Intelligence page.

SI's $431 million of operating income is after $1.217 billion of acquisition-related stock-based compensation, mostly related to Cursor. Connectivity remained the steadiest earner, and Space moved close to break-even at an operating loss of just $(7) million.

What drove net income

The profit was not only operational. Income from operations was $2.791 billion, a swing from a $(273) million loss in Q3 2025. Below the operating line, SpaceX booked $1.025 billion of other income, net, plus interest income of $873 million against $675 million of interest expense, taking pre-tax income to $4.014 billion. An income-tax benefit of $390 million then lifted net income to $4.404 billion, against a $(1.054) billion loss a year earlier.

Q3 2026 operating metrics, capex and cash

• Starlink. 13.6 million consumer subscribers, up 1.6 million in the quarter (Q3 2025: 7.2 million). Consumer ARPU was $69 a month, up from $66 in Q2 (Q3 2025: $83). Consumer revenue $3,121M; enterprise and government $2,127M; more than 3,800 aircraft equipped. More on our Starlink subscribers and revenue page.
• Launch. 35 launches — 12 for customers, 23 internal.
• AI compute. 1.7 GW of nameplate compute at quarter end.
• Capex. $19,593M, of which $16,444M in Super Intelligence.
• Cash and debt. Cash of $51.3B plus marketable securities of $38.6B — $89.9B in total — against debt and finance leases of ~$38.8B. The full balance-sheet snapshot is on our SpaceX financials page.
• Backlog. $63B, of which $42B is expected within 12 months (per the call).
• Starship. Flight 14, in late September 2026, was the first orbital Starship flight and deployed 26 Starlink V3 satellites. Flight 15 is planned next, with a booster-and-ship catch attempt.

Guidance from the call

On the call, Musk also said Tesla and SpaceX had formed special committees to consider a merger, and that the two companies "have not reached agreement on the terms of any transaction."

How the stock took it. Shares rose 7.79% on Oct 21 to $159.31, then fell 9.14% on Oct 22 to $144.75 — a drop that coincided with the large post-Q3 lock-up tranche becoming eligible for sale. Live coverage of the print: CNBC's Q3 live blog. Tranche sizes and dates: SpaceX lock-up expiration schedule.

SpaceX's first report as a public company, on Aug 4, 2026, showed revenue of $7.814 billion, up 92% from $4.071 billion in Q2 2025, and six-month revenue of $12.508 billion. It was still a loss: $(143) million from operations and a net loss of $(541) million (Q2 2025: $(1.008) billion), or $(0.09) per share against a consensus of about $(0.26). Adjusted EBITDA rose 191% to $3.538 billion.

• Starlink. 12.0 million subscribers (Q2 2025: 6.0 million) and ARPU of $66 a month (Q2 2025: $85). Connectivity revenue split: consumer $2,485M, enterprise and government $1,806M.
• Launch. 38 launches (10 customer, 28 internal) and 485 tonnes of mass to orbit.
• Capex. $18,369M, of which $15,828M in AI — the figure that weighed on the stock, which fell as much as ~8% after hours.
• Cash and debt. Cash and equivalents of $93.5B plus $6.5B of marketable securities — about $100B — against debt and finance leases of ~$39.4B. The 8-K put IPO net proceeds, including the greenshoe, at ~$85.7B. Backlog was $47.5B.
• Deals and financing. SpaceX announced the $60B Cursor acquisition and reported $25B of bonds issued in five tranches.

The stock had set its all-time low of $104.83 intraday on Aug 3, the day before the report. On Aug 6 the first lock-up tranche of ~911.5 million shares became eligible for sale; shares rallied ~6% that day and nearly 16% the next (CNBC).

Q1 2026 predates the IPO; this table uses only the Q1 segment revenue and Starlink figures given as comparatives in the Q2 8-K. Nine-month 2026 totals: revenue $27.083 billion, net loss $(413) million. The Q3 release labels its subscriber and ARPU figures as consumer metrics. Line-by-line statements and the balance sheet are on our SpaceX financials page.

Short answer: in Q3 2026, yes — on a GAAP basis. SpaceX reported net income of $4.404 billion and operating income of $2.791 billion for the quarter ended Sept 30, 2026, its first profitable quarter as a public company. Over longer periods, not yet: the first nine months of 2026 still show a net loss of $(413) million, Q2 2026 lost $(541) million, and FY2025 ended with a net loss of about $(4.94) billion on a $(2.589) billion operating loss.

Two things qualify the Q3 profit. First, part of it came from outside the operating business — $1.025 billion of other income, net, and a $390 million tax benefit. Second, the AI segment's turn to a $431 million operating profit came in the quarter Cursor joined, and is stated after $1.217 billion of acquisition-related stock compensation. Connectivity remains the steady earner: $2.367 billion of Q3 operating income, and $4.423 billion in FY2025.

One profitable quarter does not yet make a meaningful earnings multiple, so SPCX is still valued mostly on revenue — roughly 60× trailing-twelve-month revenue at the Nov 3 close of $141.31 (derived). Whether that is defensible is argued on our SpaceX valuation analysis.

It also has an index consequence. SPCX joined the Nasdaq-100 on July 7, 2026 under the fast-entry rule but is not in the S&P 500 as of Nov 4, 2026: S&P declined to fast-track the stock, and CNBC reported it was ineligible under S&P's profitability and seasoning rules.

The S-1 disclosed three fiscal years of audited results. Revenue nearly doubled over that span, while the bottom line moved to a widening loss as AI spending landed on the same income statement.

Starshield is not a reported segment. SpaceX reports three segments — Connectivity, Space and AI — and the filings do not break out Starshield revenue. Correction, Nov 4, 2026: earlier versions of this page showed a four-way FY2025 split with separate Launch, Starshield and xAI/Other lines; that split does not appear in the filings, and the table above uses the three reported segments. Full statements are on our SpaceX financials page, and Starlink unit economics on the Starlink page.

Q4 and full-year 2026 results will be SpaceX's first annual report as a public company. No date had been set as of Nov 4, 2026. The lines that matter:

• Capex against the $35–40B guide. Capex was $18.4B in Q2 and $19.6B in Q3, and cash plus marketable securities fell from about $100B at June 30 to $89.9B at Sept 30. A quarter at the guided level would be the largest yet — and how it is funded matters as much as the number.
• Revenue against the run-rate target and the Q1 2027 guide. Management targeted a ~$100B annualized revenue run-rate by December 2026 and guided Q1 2027 revenue to $33–37B. Q4 is where that ramp either starts to show up or does not.
• Super Intelligence margins. SI earned $431M in Q3 after $1.217B of acquisition-related stock compensation; compute is guided from 1.7 GW of nameplate capacity to 2.5–3 GW by the end of Q4.
• Starlink subscribers and ARPU. 13.6 million consumer subscribers and $69 ARPU in Q3 — whether ARPU keeps rising as the base grows.
• Starship. After Flight 14 reached orbit, Flight 15 is planned with a booster-and-ship catch attempt.
• Lock-up overhang. The remaining standard 180-day lock-up ends in early December 2026 — the 180th day after the June 11 pricing is Dec 8 — and IFR estimates more than $500B of stock becomes eligible between August and year-end. Musk and other insiders are locked up for 366 days, to roughly mid-June 2027. Eligible for sale is not the same as sold. Dates and tranche sizes: SPCX lock-up schedule; background from IFR.
• Tesla. Any update on the special committees Musk said Tesla and SpaceX formed to consider a merger.

When does SpaceX report earnings?

SpaceX reported Q2 2026 results on Aug 4, 2026 and Q3 2026 results on Oct 20, 2026, after the market close. The date for Q4 and full-year 2026 results had not been announced as of Nov 4, 2026. SpaceX announces report dates on its investor-relations site and by press release, typically a few weeks ahead.

What were SpaceX's Q3 2026 earnings?

Revenue of $14.575 billion, up 161% year on year; income from operations of $2.791 billion; net income of $4.404 billion; GAAP diluted EPS of $0.35; adjusted EBITDA of $8.809 billion. Super Intelligence was the largest segment at $7.560 billion of revenue, ahead of Connectivity at $5.248 billion and Space at $1.767 billion.

Is SpaceX profitable?

In Q3 2026, yes, on a GAAP basis — net income of $4.404 billion, helped by $1.025 billion of other income, net, and a $390 million tax benefit on top of $2.791 billion of operating income. The first nine months of 2026 were still a net loss of $(413) million, and FY2025 was a net loss of about $(4.94) billion.

What was SpaceX revenue in 2025?

$18.674 billion, up from $14.02 billion in FY2024 and $10.39 billion in FY2023. Connectivity (Starlink) contributed $11.387 billion, Space $4.086 billion and AI $3.201 billion. Starshield is not reported as a separate segment.

Where can I find SpaceX earnings reports?

Earnings releases are filed on Form 8-K under Space Exploration Technologies Corp. on SEC EDGAR, with quarterly reports on Form 10-Q and annual reports on Form 10-K. FY2023–FY2025 audited figures were first disclosed in the S-1 filed May 20, 2026. Filing coverage is indexed on our SpaceX stock news page.