Joby Aviation, Inc. (JOBY) Earnings
Joby Aviation, Inc. is expected to report next earnings on November 4, 2026 (in NaN days), with a consensus EPS estimate of $-0.26. JOBY has beaten EPS estimates in 4 of its last 12 reported quarters (average surprise -3.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $-0.23 | $-0.25 | -7.0% | $39M | +28.0% |
| May 5, 2026 | $-0.21 | $-0.21 | +0.0% | $24M | +20.2% |
| Feb 25, 2026 | $-0.20 | $-0.14 | +30.0% | $31M | +82.7% |
| Nov 5, 2025 | $-0.19 | $-0.26 | -35.6% | $23M | +563.7% |
| Aug 6, 2025 | $-0.18 | $-0.24 | -33.3% | $15000 | -91.7% |
| Feb 26, 2025 | $-0.19 | $-0.19 | +0.0% | $55000 | +22.9% |
| Feb 21, 2024 | $-0.19 | $-0.17 | +10.5% | $1M | +82.1% |
| Nov 1, 2023 | $-0.18 | $-0.13 | +27.8% | — | — |
| Aug 2, 2023 | $-0.14 | $-0.17 | -21.4% | — | — |
| May 3, 2023 | $-0.15 | $-0.16 | -6.7% | — | — |
| Feb 22, 2023 | $-0.18 | $-0.14 | +22.2% | — | — |
| Nov 2, 2022 | $-0.16 | $-0.16 | +0.0% | — | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Vertiport Infrastructure Progress - Vertiport development is advancing across multiple global markets: Orlando is developing a vertiport at a major US commercial airport; the second of four partner-built vertiports in Dubai Marina is nearly complete, with meaningful progress also in Japan, UAE, Korea, and Australia. ### Aircraft Development and Manufacturing Progress - Five Joby electric air taxis are currently flying, including the first FAA-conforming aircraft, with 12 additional aircraft in production; two aircraft are targeted for delivery in the back half of 2026. Over the first six months of 2026, manufacturing non-conformance rates were reduced by nearly 40% as the company transitions from R&D builds to low-rate production. - A new joint venture with long-time partner Toyota was formed to lay the groundwork for high-volume commercial production, reducing production scaling risk. A senior Toyota manufacturing leader will join Joby's Marina team to support collaboration, and Toyota's $250 million direct investment in Joby is expected to close late 2026 or early 2027. The joint venture creates a more capital-efficient scaling path that leverages Toyota's automotive manufacturing expertise. - The company reported its strongest ever quarterly progress on the fifth and final stage of FAA type certification. ### Commercialization and Partnerships - The EIPP (Electric Advanced Air Mobility Infrastructure Program) is a key priority to accelerate commercialization, with a focus on safe integration into the US national airspace. Partner ASI was selected by the FAA to build the central airspace traffic management software, and Joby will collaborate with ASI on integration for EIPP. - The Blade acquisition is viewed as a strategic success, providing pre-built operational infrastructure, a growing loyal customer base, and a decade of operational expertise in urban vertical lift, with accelerating growth in 2026. - Joby has been developing hydrogen propulsion technology for over six years, which management views as a potential game-changing disruption for long-haul aviation.
Guidance
- Full-year 2026 total revenue guidance was raised to $115-$125 million, from the prior range of $105-$115 million, driven by stronger-than-expected performance from Blade. $63 million in revenue has already been recognized in the first half of 2026, with Blade revenue typically peaking in Q3. - First half 2026 cash usage was $365 million, which is within the prior guided range of $340-$370 million (excluding the one-time Ohio facility purchase). - For the second half of 2026, Joby guides total cash usage of $385-$415 million, with the sequential increase driven by deliberate investment in commercial readiness for EIPP and production ramp. Management retains flexibility to stage spending based on milestone progress to maintain capital discipline. - Capital expenditures for the first half of 2026 totaled $107 million, including $62 million for the Ohio facility and $15 million for expanded flight test capabilities in Hollister. Capital spending is expected to run below the first half pace in the second half, though it will remain elevated relative to prior years as the company invests in manufacturing and commercial infrastructure.
Segment performance
There are two main operating segments for Joby: 1. Blade Passenger Business: Q2 2026 revenue hit $39 million, a $14 million increase from the prior quarter. This segment contributed 100% of total company revenue in Q2 2026. Blade saw record seat sales in Q2, with the highest number of new flights from New York City since 2023. 2. Joby eVTOL Development: No revenue generated from this segment in the quarter, as it remains in the pre-commercial certification and manufacturing ramp phase. Total company Q2 operating expenses were $300 million, with a GAAP net loss of $245 million and an adjusted EBITDA loss of $197 million.
Risks & headwinds
- Building conforming, commercial-ready aircraft at scale represents a significant step change in manufacturing complexity, which introduces execution risk as the company ramps low-rate production. - The EIPP program adds additional short-term workload to the team, which could create temporary delays to certification or manufacturing milestones, even though it may accelerate certification in the long run. - Production capacity is currently a constraint, with demand for early aircraft outstripping the company's ability to deliver in the near term.
Analyst Q&A
Q: How does Joby plan to deploy its existing and in-production aircraft across EIPP and other projects, and what revenue opportunities does EIPP offer? /
A: Joby will launch EIPP in Texas using its existing fleet, and will add new aircraft as they come off the production line through 2027. EIPP markets including Texas, Florida, New York, and California could absorb all near-term production, with additional Dubai passenger operations coming on top of that demand, so EIPP creates an opportunity to monetize every early aircraft produced.
Q: What is the strategic importance of Joby's hydrogen propulsion development work? /
A: Hydrogen has three times the specific energy of jet fuel, and fuel cell systems convert it to propulsion twice as efficiently as small turbines. This enables game-changing design improvements for long-haul aircraft, eliminating the weight penalty of heavy jet fuel that increases aircraft cost and weight per passenger. Management views hydrogen as the biggest aviation disruption since the turbine engine, and expects significant long-term upside from Joby's early leadership in this area.
Q: How is Blade performing amid rising fuel costs, and what is the demand outlook for the business? /
A: Blade is a home run acquisition for Joby, with Q2 2026 posting the highest seat sales in company history and the highest NYC flight volume since 2023, demonstrating sustained strong demand for vertical lift. Blade's flight margins have improved, the business is cash-flow neutral and currently contributes to growth rather than consuming cash, and the management team has done a strong job matching available capacity to high demand.
Q: What is the priority of defense opportunities relative to the commercial EIPP ramp? /
A: Joby has been developing hybrid VTOL technology for defense customers for two years, and has already demonstrated improved range and capability on flying test aircraft. The company sees exciting opportunities across multiple mission types including strike, ISR, and infill/exfill, and its early capability demonstration puts it in a strong position to shape future customer requirements and win defense contracts alongside commercial progress.