Butterfly Network (BFLY) financial statements
Butterfly Network reported revenue of $98M in fiscal 2025, up 23.4% a year over 6 years.
Net income was -$77M and the operating margin -88.5%, against -370.9% in 2019.
Free cash flow was -$16M.
The diluted share count rose 4133% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Butterfly Network's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $28M | $46M | $63M | $73M | $66M | $82M | $98M |
| Cost of revenue | $48M | $107M | $46M | $34M | $49M | $33M | $52M |
| Gross profit | -$21M | -$61M | $17M | $39M | $17M | $49M | $46M |
| Research and development | $49M | $50M | $74M | $88M | $56M | $38M | $36M |
| Selling, general and admin | $32M | $51M | $135M | $137M | $89M | $81M | $85M |
| Operating income | -$102M | -$162M | -$193M | -$193M | -$146M | -$74M | -$86M |
| Interest expense | — | $1M | $651,000 | $2,000 | $0 | $1M | $1M |
| Pre-tax income | -$100M | -$163M | -$32M | -$169M | -$134M | -$73M | -$77M |
| Income tax | — | $39,000 | $121,000 | $42,000 | $82,000 | -$32,000 | $110,000 |
| Net income | -$100M | -$163M | -$32M | -$169M | -$134M | -$72M | -$77M |
| EPS (diluted) | -$17.08 | -$26.87 | -$0.19 | -$0.84 | -$0.65 | -$0.34 | -$0.31 |
| Diluted shares | 6M | 6M | 174M | 200M | 205M | 212M | 247M |
| Gross margin | -75.8% | -132.4% | 27.3% | 53.8% | 25.6% | 59.5% | 46.9% |
| Operating margin | -370.9% | -349.4% | -308.0% | -263.0% | -221.0% | -90.7% | -88.5% |
| Net margin | -361.4% | -351.9% | -51.8% | -229.9% | -202.9% | -88.3% | -79.0% |
Balance sheet
Fiscal years, from Butterfly Network's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $90M | $60M | $423M | $238M | $134M | $89M | $150M |
| Receivables | — | $6M | $12M | $15M | $13M | $21M | $27M |
| Inventory | — | $26M | $36M | $60M | $73M | $71M | $61M |
| Total current assets | — | $97M | $512M | $357M | $231M | $193M | $249M |
| Property, plant and equipment | — | $7M | $15M | $31M | $25M | $20M | $17M |
| Total assets | — | $147M | $572M | $418M | $304M | $256M | $297M |
| Total current liabilities | — | $70M | $50M | $51M | $44M | $48M | $65M |
| Total liabilities | — | $148M | $124M | $92M | $84M | $87M | $101M |
| Shareholders' equity | -$212M | -$362M | $448M | $325M | $220M | $169M | $196M |
| Net debt | -$90M | -$60M | -$423M | -$163M | -$134M | -$89M | -$150M |
Cash flow
Fiscal years, from Butterfly Network's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$120M | -$82M | -$189M | -$169M | -$99M | -$42M | -$13M |
| Capital spending | $4M | $2M | $8M | $18M | $6M | $3M | $3M |
| Free cash flow | -$125M | -$84M | -$197M | -$187M | -$105M | -$44M | -$16M |
| Stock-based compensation | $6M | $11M | $48M | $43M | $27M | $21M | $23M |
| Net borrowing | — | — | -$4M | — | — | — | — |
| Free cash flow margin | -452.8% | -181.8% | -315.0% | -255.4% | -158.7% | -54.1% | -16.4% |
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Open BFLY in InvestinglyQuestions
What was Butterfly Network's revenue in 2025?
$98M in fiscal 2025, from its 10-K filing.
How much free cash flow does Butterfly Network generate?
-$16M in fiscal 2025 (operating cash flow minus capital spending).
From Butterfly Network's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.