SRFM (Surf Air Mobility) Operating Income: $-74.5 Mil (TTM As of Jun. 2026)

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SRFM Surf Air Mobility Inc SRFM
46 GF Score
Price $0.67
GF Value $0.68
Valuation Fairly Valued
! 8 Warning Signs
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What is Surf Air Mobility Operating Income?

Surf Air Mobility SRFM -0.49% 46 Operating Income is $-74.5 Mil as of Jun. 2026. GuruFocus rates SRFM with a GF Score™ of 46/100 and a GF Value™ of $0.68 (Fairly Valued). The stock has 8 warning signs investors should review.

Surf Air Mobility's Operating Income for the three months ended in Jun. 2026 was $-18.8 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was $-74.5 Mil.

Warning Sign:

Surf Air Mobility Inc had lost money in 92% of the time over the past 12quarters.

Operating Margin % is calculated as Operating Income divided by its Revenue. Surf Air Mobility's Operating Income for the three months ended in Jun. 2026 was $-18.8 Mil. Surf Air Mobility's Revenue for the three months ended in Jun. 2026 was $29.5 Mil. Therefore, Surf Air Mobility's Operating Margin % for the quarter that ended in Jun. 2026 was -63.70%.

Good Sign:

Surf Air Mobility Inc operating margin is expanding. Margin expansion is usually a good sign.

Surf Air Mobility's 5-Year average Growth Rate for Operating Margin % was 29.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Surf Air Mobility's annualized ROC % for the quarter that ended in Jun. 2026 was -40.01%. Surf Air Mobility's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was -169.71%.


Surf Air Mobility  (NYSE:SRFM) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Surf Air Mobility's annualized ROC % for the quarter that ended in Jun. 2026 is calculated as:

ROC % (Q: Jun. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Mar. 2026 ) + Invested Capital (Q: Jun. 2026 ))/ count )
=-75.192 * ( 1 - 0.19% )/( (176.641 + 198.535)/ 2 )
=-75.0491352/187.588
=-40.01 %

where

Note: The Operating Income data used here is four times the quarterly (Jun. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Surf Air Mobility's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Mar. 2026  Q: Jun. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-107.788/( ( (59.486 + max(-62.201, 0)) + (67.543 + max(-70.674, 0)) )/ 2 )
=-107.788/( ( 59.486 + 67.543 )/ 2 )
=-107.788/63.5145
=-169.71 %

where Working Capital is:

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(3.705 + 0 + 13.19) - (56.054 + 18.59 + 4.452)
=-62.201

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(4.777 + 0 + 18.13) - (58.642 + 30.163 + 4.776)
=-70.674

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Jun. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Surf Air Mobility's Operating Margin % for the quarter that ended in Jun. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Jun. 2026 )/Revenue (Q: Jun. 2026 )
=-18.798/29.509
=-63.70 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Surf Air Mobility Operating Income Related Terms


Surf Air Mobility Operating Income Historical Data

* Premium members only.

The historical data trend for Surf Air Mobility's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Surf Air Mobility Operating Income Chart

Surf Air Mobility Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial -33.35 -50.90 -136.72 -60.26 -76.87

Surf Air Mobility Quarterly Data
Dec20 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -15.93 -16.50 -25.88 -13.36 -18.80
SRFM
46GF Score
Surf Air Mobility Inc SRFM
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Surf Air Mobility Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $-74.5 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $-74.5 Mil mean?
Surf Air Mobility (SRFM) has a Operating Income of $-74.5 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Surf Air Mobility and its competitors.
Is Surf Air Mobility's Operating Income too high?
Surf Air Mobility's current Operating Income is $-74.5 Mil. Overall, Surf Air Mobility has a GF Score™ of 46/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Surf Air Mobility's Operating Income compare to FLYX and HRBR?
Surf Air Mobility's Operating Income of $-74.5 Mil can be compared against companies in the Transportation industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Transportation company?
A good Operating Income depends on the Transportation industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Surf Air Mobility and its competitors. Surf Air Mobility's current Operating Income is $-74.5 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Surf Air Mobility stock overvalued right now?
Based on GuruFocus' analysis, Surf Air Mobility (SRFM) is currently considered Fairly Valued. The stock's GF Value™ is $0.68, compared to a current price of $0.67 — trading 1.5% below its estimated fair value. The current Operating Income is $-74.5 Mil. Surf Air Mobility's overall GF Score™ is 46/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Surf Air Mobility (SRFM), the current Operating Income is $-74.5 Mil as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Surf Air Mobility (SRFM) Overvalued in 2026?

Based on GuruFocus' analysis, Surf Air Mobility stock appears to be undervalued. The current stock price of $0.67 is trading 1.5% below its estimated GF Value™ of $0.68. GuruFocus considers Surf Air Mobility to be Fairly Valued.

Key valuation signals for SRFM:

  • Operating Income: $-74.5 Mil
  • GF Value™: $0.68 vs. price of $0.67 (1.5% below fair value)
  • GF Score™: 46/100 with 8 warning signs

No single metric tells the full story. See the SRFM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Surf Air Mobility Business Description

Address 12111 S. Crenshaw Boulevard, Hawthorne, CA, USA, 90250
Surf Air Mobility Inc is a regional air mobility platform operating commuter airlines in the United States and expanding an on-demand charter marketplace for passengers in the U.S. and globally. It is also focused on developing a proprietary aviation software, aircraft electrification powertrain technology and services to enable electrification across the regional air mobility sector. The company operates in a single reportable segment, Air Mobility. The Air Mobility segment derives revenue from operating scheduled commercial air service flights, which are sold to the public mainly on a per-seat basis; through subsidized EAS revenue awards from the Department of Transportation; and by operating on-demand flights for customers on an ad-hoc, by request basis.
46GF Score

Get the complete analysis for SRFM

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$0.67
Price
$0.68
GF Value