Short answer
Joby Aviation, Inc. (JOBY) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $53M (+39183.1% year over year) and net income of −$930M.
- Top risk flagged: FAA certification delays due to staffing shortages, government shutdowns, or failure to pass FAA reauthorization impacting commercial launch timing
FY2025 key financial metrics · XBRL
- Revenue
- $53M
- +39183.1% YoY
- Net income
- −$930M
- −52.9% YoY
- Operating margin
- -1346.9%
- +437442.8 pp YoY
- EPS (diluted)
- −$1.13
- −29.9% YoY
- ROE
- -66.0%
- +0.7 pp YoY
- Operating cash flow
- −$510M
- −16.9% YoY
Source: XBRL data from the Joby Aviation, Inc. (JOBY) FY2025 10-K on SEC EDGAR. USD.
Joby Aviation, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: vertically integrated design, manufacture, and operation of all-electric eVTOL air taxis for urban aerial ridesharing
- New emphasis on aerial ridesharing service launch targeting first passengers in 2026 with proprietary Elevate OS and consumer app development
- Strategic acquisition of Blade Urban Air Mobility in August 2025 to access established customer base and infrastructure in NYC and Southern Europe
- Expanded manufacturing capacity with new 226,000 sq ft California facility completed in 2025 and large 728,000 sq ft high-rate production facility in Dayton, Ohio acquired in Jan 2026
- FAA type certification in advanced implementation stages, with 2025 Executive Order enabling early eVTOL operations before full certification
Management Discussion & Analysis
- Revenue $53.4M in 2025 vs $0.1M in 2024, driven by Blade acquisition and DOD services
- Operating margin negative; operating loss $(719.6)M in 2025 vs $(596.8)M in 2024, loss worsened by 21%
- Best segment: Passenger service via Blade generating majority of new revenue; Worst: R&D with $581.1M expense up 22% YoY
- Cash, equivalents, securities $1.41B; raised $576M equity (Oct 2025), $250M Toyota investment (May 2025), plus convertible notes $670M (Feb 2026)
- Management targets first passenger flights in 2026; certification progress ongoing; key risks include FAA delays, competition, market adoption
Risk Factors
- FAA certification delays due to staffing shortages, government shutdowns, or failure to pass FAA reauthorization impacting commercial launch timing
- Supply chain risk from reliance on global third-party suppliers for batteries and raw materials amid rising tariffs and trade restrictions since 2025
- Lack of infrastructure and vertiport access, with uncertain landing fees and potential permitting challenges limiting service rollout and customer utility
- Competitive pressure from better-resourced rivals who may launch first or leverage strategic partnerships, threatening Joby’s first-mover advantages
- Dependence on FAA and DOT regulatory approvals, including Part 135, with risks of costly revised safety, security, and export controls increasing operating expenses
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