SPCX · Q2 FY2026
SPACE EXPLORATION TECHNOLOGIES CORP Q2 FY2026 earnings analysis
By SageNoodle ResearchBearish
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $7.814B | yr ago: not disclosed | Miss |
| EPS | -$0.09 | yr ago: not disclosed | Miss |
| Free Cash Flow | Not meaningful; CFO $3.466B, capex $28.476B | yr ago: not disclosed | Miss |
| Gross Margin | Not disclosed; not meaningful for the supplied classification | yr ago: not disclosed | Miss |
| Operating Margin | Pre-tax margin not disclosed; operating loss was $143M | yr ago: not disclosed | Miss |
What changed
Space Exploration Technologies reported Q2 FY2026 revenue of $7.814B, a $143M operating loss, a $541M net loss and EPS of -$0.09. Operating cash flow remained positive at $3.466B, but capital spending reached $28.476B; no year-ago quarterly figures or prior guidance were supplied, so the beat flags indicate unavailable comparisons rather than confirmed misses.
Impact on the investment thesis
There is no prior fair value to move. We establish fair value at $108.50 per share using a 5.0 times book-value multiple; the loss, capital intensity and limited comparative disclosure prevent the quarter from supporting an earnings-based valuation.