← Space Exploration Technologies Corp. (SpaceX)
Space Exploration Technologies Corp. (SpaceX) — 2026Q4 財報
公布於 2026-10-20
财务桑基图
金额按报表列示；连带宽度在各节点内按比例缩放。负自由现金流表示资金缺口。
查看数据与来源
| 项目 | 金额 |
|---|---|
| 营业收入 | 145.75 |
| 营业利润 | 27.91 |
| 净利润 | 44.04 |
| 经营现金流 | 96.31 |
| 资本开支 | 195.93 |
| 自由现金流 | -99.62 |
| SI | 75.60 |
| Connectivity | 52.48 |
| Space | 17.67 |
| Cost of revenue | 54.78 |
| Research & development | 45.96 |
| Selling & administration | 17.07 |
| Restructuring | 0.03 |
| Interest expense | -6.75 |
| Interest income | 8.73 |
| Other income / expense | 10.25 |
| Income tax benefit / expense | 3.90 |
| Depreciation & amortisation | 36.44 |
| Share-based compensation | 23.63 |
| Other adjustments | -16.75 |
| Working capital changes | 8.95 |
| SI | 164.44 |
| Connectivity | 15.43 |
| Space | 16.06 |
The dollar-denominated release uses USD, verified against the same issuer's preceding inline-XBRL statement.
Quarter-only cash flow = current year-to-date statement minus the preceding year-to-date statement with the same fiscal-year start.
來源
8-K 文件 ↗綜述
SpaceX's profit improvement is supported by expanding Starlink operations and external AI compute contracts. The investment case now depends on sustaining returns through a much larger infrastructure build. Treat management's capacity ambitions and a potential Tesla combination as conditional developments; watch cash conversion, recurring margins and delivered capacity rather than extrapolating the headline beat.
法說會
法說會網路直播 ↗評述
引文為原始文件中的英文原文，未經翻譯；其下一行是 TradingPilot 對它的解讀。
來自財報
Compute contracts and Connectivity support the profit improvement, but acquisition accounting and capital intensity complicate the headline earnings picture.
-
“cloud services agreements, the acquisition of Cursor”
The SI revenue step-up reflects cloud-contract activation and acquisition contribution. Headline growth should not be treated as a clean measure of organic software demand.
來源 ↗ -
“share-based compensation related to equity awards”
Adjusted EBITDA excludes depreciation and acquisition-related equity compensation. GAAP operating profit and the persistence of those costs provide a firmer check on recurring economics.
來源 ↗ -
“Purchases of property, plant, and equipment”
Capital expenditure substantially exceeds operating cash generation in the year-to-date statements. Funding discipline remains central despite the return to quarterly accounting profit.
來源 ↗ -
“enterprise and government adoption”
Connectivity supplies a separate operating-profit engine, supported by enterprise and government demand. That diversification matters while compute expansion absorbs cash.
來源 ↗
來自法說會
Management paired ambitious compute expansion with higher spending needs and a margin-normalisation warning. The potential Tesla transaction remains unresolved.
-
“power and cooling and infrastructure”
Management's compute ambitions depend on energising and cooling infrastructure, not merely securing chips. Capacity targets remain execution milestones, not installed capacity.
來源 ↗ -
“$35 billion to $40 billion”
The CFO expects substantially heavier capital spending next quarter. Financing and the conversion of contracted demand into cash become near-term tests.
來源 ↗ -
“some onetime benefits and customer mix”
The CFO expects gross margins to move closer to the preceding quarter. Avoid annualising the latest margin without accounting for temporary benefits and customer mix.
來源 ↗ -
“not reached agreement on the terms”
A Tesla combination remains under committee discussion with no agreed terms. It is a contingent corporate catalyst, not an announced transaction or certain outcome.
來源 ↗
截至 2026-10-22