Virgin Galactic Holdings, Inc., an aerospace and space travel company, focuses on the development, manufacture, and operation of spaceships and related technologies. ...
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Operator: Good afternoon. My name is Desiree and I will be your conference operator today. At this time, I would like to welcome everyone to Virgin Galactic's second quarter 2026 earnings conference call. [Operator Instructions] I will now turn the call over to Ken Michaels, Vice President, Finance. Please go ahead. Ken Michaels: Thank you. Good afternoon, everyone. Welcome to Virgin Galactic's second quarter 2026 earnings conference call. On the call with me today are Michael Colglazier, Chief Executive Officer, and Doug Ahrens, Chief Financial Officer. Following our prepared remarks, we will open the call for questions. Our press release and slide presentation that will accompany today's remarks are available on our Investor Relations website. Please refer to slide 2 of the presentation for our safe harbor disclaimer. During today's call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions and as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements made on this call. For more information about these risks and uncertainties, please refer to the risk factors in the company's SEC filings made from time to time. You are cautioned not to put undue reliance on forward-looking statements, and the company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call, whether as a result of new information, future events, or otherwise. Please also note that we will refer to certain non-GAAP financial information on today's call. Please refer to our earnings release for a reconciliation of these non-GAAP financial metrics. I would now like to turn the call over to our CEO, Michael Colglazier, who will begin our discussion on slide 3. Michael Colglazier: I'm pleased to share our recent tranche of spaceflight expeditions has booked out ahead of schedule, demonstrating strong demand from a wide range of customer segments. The allotment we had held at the $750,000 price point was oversubscribed, and we have added over $50 million to our expected future spaceflight revenue. We've moved our first commercial spaceflight to this coming February to allow additional time to complete avionics and systems installations. No single issue is driving the schedule push. Rather, we have experienced modest time duration extensions across hundreds of relatively small but important installation tasks involved in the first build of our new spaceship. Our teams bring disciplined urgency to their efforts, and they have made outstanding progress on both our first ship and the ship sets that are following. This progress required more time than we expected ahead of our integrated vehicle ground testing. But it was needed to complete the work with the thoroughness and precision we demand. This work is wrapping up in the next couple of weeks, and we expect to begin …
Est. EPS $-0.47 · Revenue $333333.00 · 2 analysts
Est. EPS $-0.54 · Revenue $1.61M · 2 analysts
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| The total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). |
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Michael A. Colglazier | Chief Executive Officer, President & Director | USD 7,222,828 | Male | 1967 | Active |
Douglas T. Ahrens | Executive Vice President, Chief Financial Officer & Treasurer |
| USD 2,035,834 |
| Male |
| 1967 |
| Active |
Aparna Chitale | Chief People Officer, Head of Customer Operations & Executive VP of Astronaut Operations | USD 1,219,816 | Female | 1977 | Active |
Sarah E. Kim | Executive Vice President, Chief Legal Officer & Corporate Secretary | USD 1,031,348 | Female | 1978 | Active |
Michael Patrick Moses | President of Spaceline Missions & Safety | USD 804,194 | Male | 1968 | Active |
Natalie Beth Moses | Chief Astronaut Instructor | — | Female | — | Active |
Sir Richard Charles Nicholas Branson | Founder | — | — | 1950 | Active |
Aleanna Crane | Vice President of Communications | — | Female | — | Active |
Eric Cerny | Vice President of Investor Relations | — | Male | — | Active |
Sturckow | Chief Pilot | — | Male | — | Active |
Est. EPS $-2.27 · Revenue $2.25M · 4 analysts
Est. EPS $-0.40 · Revenue $18.75M · 1 analysts
EPS $-2.38 · Revenue $461000.00
| $1.5M |
| -78.1% |
| -41.0% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $-278.9M | +19.6% | +13.6% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | -5680.7% | -381.6% | -42.6% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | -18335.0% | -242.5% | -67.7% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | -18063.9% | -266.6% | -46.3% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $-438.2M | +7.7% | +2.8% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | -28380.0% | -320.8% | -64.7% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 136.9% | -10.6% | -59.3% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 1.78x | -57.4% | +61.9% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $803.2M | -16.4% | +8.8% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | -5.44 vs -5.18 | -4.9% | -0.50 vs -0.64 | +22.2% |
| Revenue Surprise | $1.5M vs $1.8M | -16.5% | $134000 vs $126667 | +5.8% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Jun 29, 2026 | Ahrens Douglas T | officer: Chief Financial Officer | Common Stock | A | 1,377 | — |
| Jun 29, 2026 | Ahrens Douglas T | officer: Chief Financial Officer | Common Stock | D | 743 | $2.95 |
| Jun 29, 2026 | Ahrens Douglas T | officer: Chief Financial Officer | Restricted Stock Units | D | 1,377 | — |
| Jun 29, 2026 | Chitale Aparna | officer: CPO & EVP Astronaut Operations | Common Stock | A | 525 | — |
| Jun 29, 2026 | Chitale Aparna | officer: CPO & EVP Astronaut Operations | Common Stock | D | 284 | $2.95 |
