Gogo (GOGO) financial statements
Gogo reported revenue of $910M in fiscal 2025, up 4.8% a year over 9 years.
Net income was $13M and the operating margin 12.5%, against -4.5% in 2016.
Free cash flow was $65M.
The diluted share count rose 73% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Gogo's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $597M | $699M | $290M | $309M | $270M | $336M | $404M | $398M | $445M | $910M |
| Cost of revenue | — | — | — | — | — | — | — | — | $68M | — |
| Research and development | $46M | $78M | $18M | $26M | $25M | $25M | $30M | $37M | $45M | $56M |
| Selling, general and admin | $146M | $158M | $82M | $76M | $70M | $73M | $84M | $87M | $163M | $173M |
| Operating income | -$27M | -$64M | $82M | $97M | $76M | $121M | $142M | $124M | $51M | $114M |
| Interest expense | $84M | $112M | $123M | $130M | $126M | $67M | $39M | $33M | $38M | $68M |
| Pre-tax income | -$123M | -$174M | -$56M | -$88M | -$49M | -$31M | $106M | $98M | $18M | $27M |
| Income tax | $1M | -$2M | -$3M | $563,000 | -$146,000 | -$187M | $14M | -$48M | $4M | $14M |
| Net income | -$125M | -$172M | -$162M | -$146M | -$250M | $153M | $92M | $146M | $14M | $13M |
| EPS (diluted) | -$1.58 | -$2.17 | -$2.02 | -$1.81 | -$3.04 | $1.28 | $0.71 | $1.09 | $0.10 | $0.09 |
| Diluted shares | 79M | 79M | 80M | 81M | 82M | 127M | 134M | 133M | 131M | 137M |
| Operating margin | -4.5% | -9.2% | 28.4% | 31.2% | 28.3% | 35.9% | 35.2% | 31.2% | 11.5% | 12.5% |
| Net margin | -20.9% | -24.6% | -55.8% | -47.3% | -92.7% | 45.5% | 22.8% | 36.6% | 3.1% | 1.4% |
Balance sheet
Fiscal years, from Gogo's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $456M | $409M | $223M | $170M | $435M | $146M | $175M | $139M | $42M | $125M |
| Receivables | $74M | $118M | $134M | $42M | $40M | $38M | $54M | $48M | $112M | $113M |
| Inventory | $50M | $46M | $193M | $35M | $28M | $34M | $49M | $63M | $98M | $99M |
| Total current assets | $605M | $593M | $586M | $425M | $512M | $250M | $324M | $315M | $323M | $432M |
| Property, plant and equipment | $520M | $656M | $512M | $69M | $63M | $64M | $105M | $98M | $119M | $117M |
| Goodwill | $620,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $620,000 | $620,000 | $185M | $193M |
| Total assets | $1.2B | $1.4B | $1.3B | $1.2B | $674M | $648M | $760M | $782M | $1.2B | $1.3B |
| Total current liabilities | $251M | $316M | $300M | $253M | $438M | $189M | $84M | $72M | $182M | $269M |
| Long-term debt | $801M | $1.0B | $1.0B | $1.1B | $828M | $695M | $690M | $588M | $832M | $834M |
| Total liabilities | $1.3B | $1.6B | $1.5B | $1.6B | $1.3B | $968M | $861M | $741M | $1.2B | $1.2B |
| Shareholders' equity | -$40M | -$192M | -$269M | -$399M | -$641M | -$320M | -$102M | $41M | $69M | $101M |
| Net debt | $683M | $805M | $841M | $931M | $734M | $763M | $547M | $456M | $792M | $711M |
Cash flow
Fiscal years, from Gogo's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $65M | $60M | -$82M | $64M | $5M | $67M | $103M | $79M | $41M | $124M |
| Capital spending | $148M | $252M | $3M | $1M | $2M | $4M | $44M | $16M | $14M | $59M |
| Free cash flow | -$83M | -$192M | -$85M | $63M | $3M | $62M | $59M | $63M | $28M | $65M |
| Stock-based compensation | $18M | $20M | $9M | $9M | $8M | $13M | $19M | $21M | $21M | $24M |
| Share buybacks (net) | — | — | — | — | $0 | $0 | -$18M | -$5M | -$33M | $0 |
| Free cash flow margin | -14.0% | -27.5% | -29.3% | 20.3% | 1.0% | 18.6% | 14.7% | 15.8% | 6.3% | 7.2% |
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Open GOGO in InvestinglyQuestions
What was Gogo's revenue in 2025?
$910M in fiscal 2025, from its 10-K filing.
How much free cash flow does Gogo generate?
$65M in fiscal 2025 (operating cash flow minus capital spending).
From Gogo's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.