SPCX Nasdaq NASDAQ-100Russell 1000 Earnings call
SpaceX
Results Q2 2026 vs Q2 2025 · first report since listing
Net loss narrowed year on year. First earnings call since the listing. Management sounded about as positive as a typical company call.
1 · Numbers
Loss narrowed
Net income vs Q2 2025
Outlook given
Net income -541.0M vs -1.01B
Revenue +91.9%
2 · How management spoke
Typical
More upbeat than 60% of company calls
Answers to analysts: restrained, in line with the script.
3 · What stood out
SpaceX won more than $6 billion in U.S. government contracts during the quarter.
Read between the lines
-
Guidance
The company anticipates continued subscriber momentum to deliver strong revenue growth despite geographic expansion potentially lowering blended ARPU over time.
“While our geographic expansion may drive down blended ARPU over time, we anticipate continued subscriber momentum to deliver strong revenue growth.”
-
Guidance
The company expects to reach a $100 billion-plus ARR in December of this year.
“we are expecting to reach a $100 billion-plus ARR in December of this year.”
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: not yet — it needs a full fiscal year of cash flow, and only quarters since the listing are filed so far.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth..
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“The increase was driven by higher spend to support our revenue growth, including growth in our satellite constellation, increased R&D investment for our next-gen Version 3 satellites and incremental marketing...”
“While our geographic expansion may drive down blended ARPU over time, we anticipate continued subscriber momentum to deliver strong revenue growth.”
“Growth was driven by record net additions of Starlink subscribers and a sharp increase in enterprise and government revenue.”
Numbers
USD · ROIC.AI fundamentals (USD)
| Metric | Q2 2026period end 2026-06-30 | Q2 2025period end 2025-06-30 | Change |
|---|---|---|---|
| Revenue | 7.81B | 4.07B | +91.9% |
| Gross profit | 4.32B | 1.79B | +141.4% |
| Operating income | -143.0M | -970.0M | Loss narrowed |
| Net income | -541.0M | -1.01B | Loss narrowed |
Topics
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