01—Abstract
Summary
Summary of the 10-K filed November 24, 2025. Cited figures are marked; the original filing is the authoritative source.
Symbotic Inc. (Nasdaq: SYM) reported fiscal 2025 (year ended September 27, 2025) total revenue of $2,246,922 thousanda, up 26% from $1,788,179 thousand, with Systems revenue of $2,118,868 thousand.
Gross profit rose to $422,610 thousandb (19% of revenue, versus 14% a year earlier), but the company still posted an operating loss of $115,006 thousand and a net loss of $91,032 thousand, compared with a net loss of $84,672 thousand in fiscal 2024. Adjusted EBITDA, a non-GAAP measure, was $147,457 thousand versus $61,692 thousand. Walmart accounted for approximately 85% of total revenue, and the company reported a backlog of approximately $22.5 billion as of September 27, 2025, of which approximately 12% is expected to be recognized as revenue in fiscal 2026.
Cash and cash equivalents increased to $1,244,993 thousandc from $727,310 thousand, driven by net cash provided by operating activities of $866,939 thousand, largely from a $606,406 thousand increase in deferred revenue. Free cash flow was $787,909 thousand. Total deferred revenue reached $1,367,244 thousand in contract liabilities.
The company disclosed a material weakness in internal control over financial reporting related to the timing of recognition of cost of revenue, and Grant Thornton LLP issued an adverse opinion on internal control. Management stated the material weakness was not expected to cause a material misstatement of the financial statements for the year. The filing also describes pending securities class actions (Decker/Traina) and shareholder derivative actions, with a motion to dismiss hearing scheduled for December 16, 2025, and states that the company cannot estimate the possible loss.
The Class A founder-controlled voting structure gives Richard B. Cohen and affiliates 69.3% of voting power, and the GreenBox joint venture, in which the company holds a 35% stake, carries an $11.6 billiond portion of backlog.
02—Key points
Key Highlights
- Revenue of $2,246,922 thousand for fiscal 2025, up 26% from $1,788,179 thousand; Systems revenue was $2,118,868 thousand.
- Gross profit of $422,610 thousand (19% of revenue) versus $245,666 thousand (14%) in fiscal 2024; operating loss narrowed to $115,006 thousand from $116,725 thousand.
- Net loss of $91,032 thousand compared with $84,672 thousand in fiscal 2024; accumulated deficit stood at $1,340,862 thousand.
- Adjusted EBITDA of $147,457 thousand versus $61,692 thousand a year earlier; free cash flow of $787,909 thousand, driven by $866,939 thousand of operating cash flow.
- Backlog of approximately $22.5 billion as of September 27, 2025, with about 12% expected to be recognized in fiscal 2026; Walmart represented about 85% of total revenue.
- Management concluded internal control over financial reporting was not effective due to a material weakness in the timing of cost of revenue recognition; the auditor issued an adverse opinion.
- Pending securities class actions and shareholder derivative suits; the company does not believe the outcome will have a material adverse effect on financial condition but cannot estimate the loss.
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2025, Symbotic lost $0.01.
- Revenue$2.25B100.0%
- Cost of revenue−$1.82B81.2%
- Gross profit$422.6M18.8%
- Operating costs−$537.6M23.9%
- Operating income−$115.0M5.1%
- Interest, other & tax$98.1M4.4%
- Net income−$16.9M0.8%
04—Financials
Financial Highlights
Figures from 10-KFY2025filed November 24, 2025Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $2.25B$1.79B | +25.7% |
| Cost of Revenue | $1.82B$1.54B | +18.3% |
| Gross Profit | $422.61M$245.67M | +72.0% |
| R&D Expenses | $216.01M$173.46M | +24.5% |
| SG&A Expenses | $298.73M$188.93M | +58.1% |
| Operating Expenses | $537.62M$362.39M | +48.4% |
| Operating Income | -$115.01M-$116.72M | +1.5% |
| Net Income | -$16.94M-$13.49M | −25.6% |
| EPS (Basic) | $-0.16$-0.14 | −14.3% |
| EPS (Diluted) | $-0.16$-0.14 | −14.3% |
| Shares Outstanding (Basic) | 108.67M95.70M | +13.6% |
| Shares Outstanding (Diluted) | 108.67M95.70M | +13.6% |
05—Questions
Frequently Asked Questions
How much did Symbotic's revenue grow in fiscal 2025 and what drove it?
Total revenue rose to $2,246,922 thousand from $1,788,179 thousand, an increase of 26%. The filing attributes the Systems revenue increase to 50 Systems in Deployment versus 44 in the prior year, plus revenue from the 2025 Walmart MAA for the ASR business. Software maintenance and support revenue increased 109% and operation services revenue increased 44%.
Is Symbotic profitable?
No. The company reported an operating loss of $115,006 thousand and a net loss of $91,032 thousand for fiscal 2025. Net loss attributable to common stockholders was $16,937 thousand, after a large portion of the loss was allocated to noncontrolling interests of $74,095 thousand. The company states it has not been profitable historically.
What is the material weakness and what is its impact?
Management identified a material weakness because the company did not effectively design controls over the timing of recognition of cost of revenue, which also affected timing of revenue recognized under the cost-to-cost method. Management views the resulting timing discrepancies as immaterial and states the weakness did not result in a material misstatement of the fiscal 2025 financial statements. Remediation is ongoing, with an ERP-based vendor solution planned for fiscal 2027.
How concentrated is Symbotic's customer base?
Walmart accounted for approximately 85% of total revenue in fiscal 2025 and a significant majority of the $22.5 billion backlog. The filing also notes that C&S Wholesale Grocers, an affiliate, and other larger customers together accounted for approximately 13% of revenue. Walmart may terminate its agreement if the company fails to meet certain performance standards or undergoes certain change-of-control transactions.
What are the main legal and governance risks for investors?
The company faces Decker/Traina securities class actions alleging misleading statements about revenue recognition, deployment times and internal controls, with a motion to dismiss hearing scheduled for December 16, 2025. Shareholder derivative suits seek damages and governance changes. Richard B. Cohen and affiliates hold 69.3% of voting power through Class V-3 shares, limiting other shareholders' influence over corporate matters.
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