York Space Systems (YSS) FY2025 results: revenue $386 million, up 52.3% on the year
York Space Systems Inc. (YSS) reported revenue of $386 million for fiscal 2025, the year ended 31 December 2025, up 52.3% on the year before. Net income was -$85 million, and diluted earnings per share $-0.89. The figures are the company's own, from the 10-K it filed with the SEC on 20 March 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
- Revenue rose 52% to $386 million: Full-year revenue was $386.2 million, up $133 million or 52%, mainly from increased completion on two Transport Layer Tranche 2 contracts. Gross profit reached $75.5 million.
- Backlog converted $319 million to revenue: Backlog ended 2025 at $543 million, down from $861.7 million a year earlier, after $319 million was converted to revenue during the year.
- Tranche 1 satellites delivered on orbit: York delivered 21 Tranche 1 Transport Layer satellites to orbit for the Proliferated Warfighter Space Architecture, becoming the first prime to execute an on-orbit delivery under that contract.
- Gross margin up 6.8 points to 19.5%: Gross margin rose 6.8 percentage points to 19.5%. The company attributed this to reduced negative EAC adjustments and improved program mix compared with 2024.
- Year-end cash and revolver availability: Cash and cash equivalents were $162.6 million at December 31, 2025, with $150 million available under the Revolving Facility, for total liquidity of $312.6 million.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 386 | 254 | 238 | +52.3% | |
| Cost of revenue | 311 | 221 | 183 | +40.5% | |
| Gross profit | 75.5 | 32.4 | 54.9 | +132.8% | |
| Gross margin | 19.5% | 12.8% | 23.1% | ||
| Research and development | 18.4 | 20.4 | 7.0 | -10.2% | |
| Selling, general and administrative | 116 | 104 | 90.8 | +11.4% | |
| Operating income | -70.7 | -92.0 | -46.1 | ||
| Operating margin | -18.3% | -36.3% | -19.4% | ||
| Pre-tax income | -95.2 | -124 | -68.8 | ||
| Net income | -84.5 | -98.9 | -29.7 | ||
| Net margin | -21.9% | -39.0% | -12.5% | ||
| Diluted EPS | -$0.89 | -$1.04 | -$0.31 |
$ million except per share.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | n/a | 31.6 | 15.7 | ||
| Capital expenditure | n/a | 18.0 | 18.5 | ||
| Free cash flow | n/a | 13.6 | -2.8 | ||
| Free cash flow margin | n/a | 5.4% | -1.2% | ||
| Depreciation and amortisation | 50.3 | 48.1 | 44.4 | +4.7% | |
| Diluted shares, weighted | n/a | 1,078,929m | 1,075,272m | ||
| Shares outstanding at period end | 0 | n/a | n/a |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Redeemable equity | 143 | n/a | n/a | ||
| Debt | 149 | n/a | n/a | ||
| Operating lease liabilities | 23.2 | n/a | n/a | ||
| Total liabilities and equity | 1,475 | n/a | n/a | ||
| Fixed assets | 46.3 | n/a | n/a | ||
| Goodwill | 674 | n/a | n/a | ||
| Intangible assets | 408 | n/a | n/a | ||
| Cash and equivalents | 163 | 105 | 81.1 | +55.3% | |
| Receivables | 11.5 | n/a | n/a | ||
| Inventory | 18.7 | n/a | n/a | ||
| Other assets | 154 | n/a | n/a | ||
| Total assets | 1,475 | 1,320 | 1,366 | +11.7% |
10-K for the year ended 31 December 2025, filed 20 March 2026: the filing.