How JOBY (Joby Aviation) Makes Money in 2026: A Deep-Dive With Income Statement

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Understanding how a eVTOL developer like JOBY makes money is essential for investors and anyone interested in the business of urban air mobility. In this post, we break down JOBY's quarterly income statement (Q3 2025) using a Sankey chart to visualize the financial flows — what comes in, where it goes, and what's left as profit.

Quick JOBY Overview

JOBY operates as a leader in electric vertical takeoff and landing (eVTOL) aircraft development, focusing on air taxi services for urban air mobility. Revenue comes primarily from early-stage contracts, partnerships, and government incentives as the company advances toward commercial certification and operations. As a pre-revenue scaling business in the aerospace sector, JOBY emphasizes R&D for its piloted eVTOL vehicles, with no detailed segment breakdowns reported yet.

Revenue Breakdown

• Total Revenue (Q3 2025): $22.6M (+80,521.4% YoY)
  • No detailed segment breakdowns available; revenue primarily from development milestones, contracts, and other sources.
  • Growth is powered by initial commercialization progress, including partnerships with airlines and defense contracts, marking a massive ramp from near-zero prior-year levels.

Gross Profit and Margins

• Gross Profit: $12.5M (55.4% gross margin)
  • Cost of Revenue: $10.1M (+66,966.7% YoY)
  • JOBY maintains robust margins due to low-volume, high-margin early contracts and scalable eVTOL technology with minimal production scaling costs at this stage.
• Most costs come from direct manufacturing and testing expenses tied to prototype development.

Operating Income and Expenses

• Operating Income: -$181.7M (calculated as gross profit minus operating expenses; operating margin not directly provided)
• Operating Expenses: $194.2M (+23.9% YoY)
  • R&D: $149.2M (+18.3% YoY, 660.8% of revenue) — focused on eVTOL certification, flight testing, and vertical integration of battery and autonomy tech
  • SG&A: $45.0M (+47.3% YoY, 199.4% of revenue) — covers administrative scaling, regulatory compliance, and partnership development
  • JOBY continues to prioritize innovation while expanding operations for FAA certification and global market entry.

Net Income

• Pre-Tax Income: Not directly provided (inferred negative from operations offset by other items)
• Income Tax: Not provided
• Net Income: $401.2M (+178.9% YoY, 1777.4% net margin)
• JOBY converts a significant portion of sales into profit due to non-operating other income (e.g., $401.2M from "Other" items like investment gains or incentives), masking heavy operational losses.

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What Drives JOBY's Money Machine?

• Development Contracts: Primary revenue source at $22.6M total, exploding +80,521% YoY as milestones hit
• R&D Intensity: Key metric at 660.8% of revenue $149.2M, signaling aggressive investment in piloted air taxi tech
• Strategic Partnerships: Investments in collaborations with Toyota, Delta, and defense firms to fund scaling
• Future Growth Areas: Commercial eVTOL launches in 2026+, though currently unprofitable due to certification costs

Visualizing JOBY's Financial Flows

The Sankey chart below visualizes how each dollar flows from gross revenue, through costs and expenses, down to net income. This helps investors spot where value is created, what areas weigh on profits, and how efficiently the company operates.

• Most revenue flows into gross profit, with operating expenses (especially R&D) taking the largest chunk.
• Even after large investments, 1777.4% of revenue drops to the bottom line due to substantial other income.

Key Takeaways

• JOBY's money comes overwhelmingly from development contracts and milestones
• High gross and net margins illustrate the power of JOBY's pre-commercial, incentive-driven model
• Heavy investment in R&D, balanced by efficiency in early gross margins
• Ongoing growth is driven by certification progress and partnerships

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FAQ About JOBY's Income Statement

1. What is the main source of JOBY's revenue in 2025?

JOBY generates over 100% of its revenue from development contracts and milestones ($22.6M in Q3 2025). No other significant sources detailed yet as the company scales toward commercial ops.

2. How profitable is JOBY in Q3 2025?

JOBY reported net income of $401.2M in Q3 2025, with a net margin of approximately 1777.4%, reflecting strong profitability driven by non-operating other income despite operational losses.

3. What are the largest expense categories for JOBY?

The biggest expenses on JOBY's income statement are operating expenses, particularly Research & Development (R&D) and Sales, General & Administrative (SG&A) costs. R&D investment reached $149.2M in Q3 2025, as JOBY prioritizes eVTOL certification and testing.

4. Why does the core business operate at a loss?

The core operations, despite generating $22.6M in revenue, posted an operating loss of over $181.7M in Q3 2025. This is because JOBY aggressively invests in R&D and scaling infrastructure, believing these will drive long-term growth—even if unprofitable today.

5. How does JOBY's effective tax rate compare to previous years?

JOBY's effective tax rate in Q3 2025 was not provided. This lack of detail is common for development-stage firms with volatile non-operating income.