Space Exploration Technologies Corp. Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

SpaceX Q2 2026 Earnings Summary

Financial Highlights (vs. Prior-Year Quarter)

  • Revenue: $7.8 billion, +92% from $4.1 billion.
  • Net Loss: $541 million (improved by $467 million from ~$1.008 billion loss).
  • Adjusted EBITDA: $3.5 billion, +191% from $1.2 billion.
  • Balance Sheet: $100 billion in cash, cash equivalents, and marketable securities after IPO (~$85.7B net proceeds) and $25B investment-grade bond offering (avg. 5.855% rate, 11.7-year maturity). Backlog: $47.5 billion.
  • CapEx: $18.4 billion (primarily $15.8B for AI compute); spectrum payment of $856 million.

Segment Performance

  • Space Segment: Revenue $962 million (+29% YoY, +55% sequentially). Adjusted EBITDA loss of $205 million due to Starship R&D acceleration. 78 launches and 1,041 tons to orbit in H1 2026.
  • Connectivity (Starlink) Segment: Revenue $4.3 billion (+66% YoY, +32% sequentially). +1.7 million net subscribers (vs. +1.4 million in Q1); ARPU stable at $66/month. Enterprise & Government revenue +108% YoY. Operating income $1.7 billion (+79% YoY); Adjusted EBITDA $2.6 billion (+64% YoY). 10,200 operational satellites; 800 Tbps capacity.

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Andrea Williams: Good afternoon, everyone. Thank you for joining us today for SpaceX's Second Quarter 2026 Earnings Conference Call. I'm Andrea Williams, Head of Investor Relations. Joining me today are Elon, Gwynne and Bret and we are speaking to you from our facility in Bastrop, Texas. Our second quarter financial results were announced just after 3:00 p.m. Central Time, and all relevant materials have been published to our Investor Relations website at ir.spacex.com. For this webcast, our prepared remarks will be followed by a question-and-answer session. We will take live Q&A from equity analysts and then move to questions directly from our investors that were polled on our dedicated earnings Q&A platform. Thank you to everyone who submitted your questions in advance. During this webcast, we will discuss our business outlook and make forward-looking statements. These statements are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC, including our final prospectus and today's published Form 10-Q. Additionally, during this call, we may discuss certain non-GAAP measures. In our press release and our filings with the SEC, you can find additional disclosures, including all reconciliations with comparable GAAP measures. For the second quarter of 2026, we announced the following financial results as compared to the pri

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