Virgin Galactic Nears Completion of First SpaceShip, Reports Q4 Earnings

Stock rises after company beats earnings expectations despite missing revenue estimates.

Mar. 30, 2026 at 8:24pm

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Virgin Galactic Holdings reported its fourth-quarter financial results, with the aerospace and space travel company missing revenue estimates but beating earnings expectations. The company also announced that assembly of its first SpaceShip is nearly complete, with ground testing set to begin in April. Virgin Galactic expects negative free cash flow in Q1 2026 but says it will show sequential improvement throughout the year.

Why it matters

Virgin Galactic's progress on its first operational SpaceShip is a key milestone as the company works to make commercial space tourism a reality. The company's financial performance and cash flow projections will be closely watched by investors as it ramps up its operations.

The details

Virgin Galactic reported Q4 revenue of $312,000, missing estimates of $495,000, but posted a loss of 98 cents per share, beating estimates for a $1.05 loss. The company used $52 million in operating cash and generated negative free cash flow of $95 million in the quarter. Virgin Galactic ended the period with $338 million in total cash, cash equivalents and marketable securities. The company expects negative free cash flow of $90 million to $95 million in Q1 2026, with improvement throughout the year. Virgin Galactic also announced that assembly of its first SpaceShip is nearly complete, with ground testing set to begin in April.

  • Virgin Galactic reported Q4 2025 financial results on March 30, 2026.
  • Ground testing of Virgin Galactic's first SpaceShip is set to begin in April 2026.
  • Virgin Galactic expects to enter its second SpaceShip into service in late Q4 2026 or early Q1 2027.

The players

Virgin Galactic Holdings

An aerospace and space travel company that is working to make commercial space tourism a reality.

Michael Colglazier

The CEO of Virgin Galactic.

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What they’re saying

“We completed pivotal milestones during the first quarter of 2026, and with assembly of our first SpaceShip nearly complete and ground testing set to begin in April, we have released a limited number of Virgin Galactic Spaceflight Expeditions, each priced at $750,000.”

— Michael Colglazier, CEO, Virgin Galactic

“With production of SpaceShips well underway, we are gearing up for rocket motor assembly at our Phoenix factory, with manufacturing planned to begin in Q4 2026. We continue to strategically manage our capital to support our planned ramp in cash flow from commercial spaceline operations.”

— Michael Colglazier, CEO, Virgin Galactic

What’s next

Virgin Galactic executives will further discuss the company's Q4 results and outlook on an earnings call at 5 p.m. ET on March 30, 2026.

The takeaway

Virgin Galactic's progress on its first operational SpaceShip and its plans to ramp up commercial spaceline operations are key steps in the company's efforts to make space tourism a reality. However, the company's near-term financial performance and cash flow will continue to be closely watched by investors as it works to achieve profitability.