Space Exploration Technologies (XSWX:SPCX) Operating Income: CHF Mil (TTM As of Dec. 2025)


XSWX:SPCX Space Exploration Technologies Corp XSWX:SPCX
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Price CHF125.13
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What is Space Exploration Technologies Operating Income?

Space Exploration Technologies XSWX:SPCX -2.23% 5 Operating Income is CHF Mil as of Dec. 2025. GuruFocus rates XSWX:SPCX with a GF Score™ of 5/100. The stock has 2 warning signs investors should review.

Space Exploration Technologies's Operating Income for the three months ended in Dec. 2025 was CHF-2,064 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Space Exploration Technologies's Operating Income for the three months ended in Dec. 2025 was CHF-2,064 Mil. Space Exploration Technologies's Revenue for the three months ended in Dec. 2025 was CHF18,674 Mil. Therefore, Space Exploration Technologies's Operating Margin % for the quarter that ended in Dec. 2025 was -11.05%.

Space Exploration Technologies's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Space Exploration Technologies's annualized ROC % for the quarter that ended in Dec. 2025 was -14.09%. Space Exploration Technologies's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -27.28%.

Space Exploration Technologies  (XSWX:SPCX) Operating Income Explanation

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

Space Exploration Technologies's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2024 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=-8256 * ( 1 - 0% )/( (47736 + 69434)/ 2 )
=-8256/58585
=-14.09 %

where

Invested Capital(Q: Dec. 2024 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=57062 - 5009 - ( 12185 - max(0, 11791 - 16108+12185))
=47736

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=92079 - 13093 - ( 24747 - max(0, 21400 - 30952+24747))
=69434

Note: The Operating Income data used here is four times the quarterly (Dec. 2025) data.

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

Space Exploration Technologies's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2024  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-9096/( ( (22833 + max(-7588, 0)) + (43862 + max(-14686, 0)) )/ 2 )
=-9096/( ( 22833 + 43862 )/ 2 )
=-9096/33347.5
=-27.28 %

where Working Capital is:

Working Capital(Q: Dec. 2024 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1052 + 2003 + 394) - (5009 + 5498 + 530)
=-7588

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1579 + 2416 + 1369) - (13093 + 6111 + 846)
=-14686

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2025) EBIT data.

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

Space Exploration Technologies's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %=Operating Income (Q: Dec. 2025 )/Revenue (Q: Dec. 2025 )
=-2064/18674
=-11.05 %

* 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.

Space Exploration Technologies Operating Income Related Terms

Space Exploration Technologies Operating Income Historical Data

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The historical data trend for Space Exploration Technologies'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.

Space Exploration Technologies Operating Income Chart

Space Exploration Technologies Annual Data
Trend Dec23 Dec24 Dec25
Operating Income
507.00 742.00 -2,064.00

Space Exploration Technologies Quarterly Data
Dec23 Dec24 Dec25
Operating Income 507.00 742.00 -2,064.00
XSWX:SPCX
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Space Exploration Technologies Corp XSWX:SPCX
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Space Exploration Technologies 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 Dec. 2025 adds up the quarterly data reported by the company within the most recent 12 months, which was CHF 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 CHF Mil mean?
Space Exploration Technologies (XSWX:SPCX) has a Operating Income of CHF Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Space Exploration Technologies and its competitors.
Is Space Exploration Technologies' Operating Income too high?
Space Exploration Technologies' current Operating Income is CHF Mil. Overall, Space Exploration Technologies has a GF Score™ of 5/100, reflecting its overall financial health beyond just this single metric.
How does Space Exploration Technologies' Operating Income compare to ?
Space Exploration Technologies' Operating Income of CHF Mil can be compared against companies in the Aerospace & Defense 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 an Aerospace & Defense company?
A good Operating Income depends on the Aerospace & Defense 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 Space Exploration Technologies and its competitors. Space Exploration Technologies's current Operating Income is CHF Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Space Exploration Technologies stock overvalued right now?
Space Exploration Technologies (XSWX:SPCX) has a current Operating Income of CHF Mil. The current Operating Income is CHF Mil. Space Exploration Technologies' overall GF Score™ is 5/100 with 2 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 Space Exploration Technologies (XSWX:SPCX), the current Operating Income is CHF Mil as of Dec. 2025. 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.

Space Exploration Technologies Business Description

Comparable Companies
Address 1 Rocket Road, Starbase, TX, USA, 78521
Founded in 2002 and commonly known as SpaceX, the Space Exploration Technologies Corporation designs, manufactures, and operates a family of reusable rockets to launch various payloads into Earth orbit for government and commercial customers. Starting in 2019, the company began launching a constellation of its own communication satellites to provide mobile broadband and wireless services under the Starlink brand. In early 2026, the company acquired xAI from its founder, Elon Musk, which operates a large language artificial intelligence model named Grok, a gigawatt-scale data center called Colossus, and the social media network X.
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