01—Abstract
Summary
Summary of the 10-Q filed February 4, 2026. Cited figures are marked; the original filing is the authoritative source.
Symbotic Inc. (SYM) reported revenue of $629,985 thousanda ($630.0 million) for the three months ended December 27, 2025, up from $486,693 thousand in the prior-year quarter, with Systems revenue of $590,292 thousand and Software maintenance and support revenue of $10,885 thousand.
Gross profit rose to $133,424 thousandb from $81,016 thousand, and operating income was $6,526 thousand compared with an operating loss of $22,968 thousand a year earlier. Net income was $13,358 thousand, of which $2,602 thousand was attributable to common stockholders, or $0.02 per Class A share on a basic and diluted basis. Stock-based compensation was $45,941 thousand in operating cash flow, and the company reported Adjusted EBITDA of $66,903 thousand versus $17,905 thousand in the prior-year quarter.
The balance sheet strengthened substantially during the quarter. Cash and cash equivalents rose to $1,819,102 thousandc from $1,244,993 thousand at September 27, 2025, following net proceeds of $424,368 thousand from the issuance of Class A common stock in an equity offering in December 2025. Deferred revenue, both current and long-term, increased, and the company reported remaining performance obligations of $22.3 billion, with a substantial majority tied to the 2025 Walmart Master Automation Agreement and the Exol Commercial Agreement.
Customer A accounted for 85.6%d of total revenue in the quarter. The filing also discloses that disclosure controls were not effective due to a previously reported material weakness related to the timing of cost of revenue recognition, which management is remediating. Two securities class actions and two shareholder derivative actions remain pending, and management does not believe they will have a material adverse effect on financial condition, though outcomes could be material to results for a given period.
02—Key points
Key Highlights
- Total revenue of $629,985 thousand, up from $486,693 thousand in the prior-year quarter; Systems revenue was $590,292 thousand.
- Gross profit of $133,424 thousand compared with $81,016 thousand; Adjusted gross profit margin was 23.4% versus 17.7% in the prior-year quarter.
- Operating income of $6,526 thousand, compared with an operating loss of $22,968 thousand in the prior-year quarter.
- Net proceeds of $424,368 thousand from a Class A common stock issuance lifted cash and cash equivalents to $1,819,102 thousand.
- Remaining performance obligations of $22.3 billion, with 13% expected to be recognized as revenue in the next 12 months.
- Customer A represented 85.6% of total revenue, and the company reported a material weakness in internal control over financial reporting related to cost of revenue recognition timing.
- Tax Receivable Agreement payments are expected to total $464.7 million, with no TRA liability recorded for periods after fiscal year 2026.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q1 FY2026, Symbotic kept $0.00.
- Revenue$630.0M100.0%
- Cost of revenue−$496.6M78.8%
- Gross profit$133.4M21.2%
- Operating costs−$126.9M20.1%
- Operating income$6.5M1.0%
- Interest, other & tax−$3.9M0.6%
- Net income$2.6M0.4%
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed February 4, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $629.99M$486.69M | +29.4% |
| Cost of Revenue | $496.56M$405.68M | +22.4% |
| Gross Profit | $133.42M$81.02M | +64.7% |
| R&D Expenses | $43.01M$43.28M | −0.6% |
| SG&A Expenses | $81.22M$60.70M | +33.8% |
| Operating Expenses | $126.90M$103.98M | +22.0% |
| Operating Income | $6.53M-$22.97M | +128.4% |
| Net Income | $2.60M-$3.17M | +182.0% |
| EPS (Basic) | $0.02$-0.03 | +166.7% |
| EPS (Diluted) | $0.02$-0.03 | +166.7% |
| Shares Outstanding (Basic) | 115.47M106.10M | +8.8% |
| Shares Outstanding (Diluted) | 127.87M106.10M | +20.5% |
05—Questions
Frequently Asked Questions
How did Symbotic's profitability change in the quarter ended December 27, 2025?
The company swung to operating income of $6,526 thousand from an operating loss of $22,968 thousand a year earlier. Net income was $13,358 thousand, with $2,602 thousand attributable to common stockholders, or $0.02 per Class A share. Stock-based compensation was $43,087 thousand in expense for the quarter.
What drove the increase in cash and cash equivalents?
Cash and cash equivalents increased to $1,819,102 thousand from $1,244,993 thousand at September 27, 2025. The filing attributes the increase largely to net proceeds of $424.4 million from the December 2025 Class A common stock issuance, along with $191,540 thousand of net cash provided by operating activities.
How concentrated is Symbotic's customer base?
Customer A accounted for 85.6% of total revenue in the quarter, compared with 86.1% in the prior-year quarter. At December 27, 2025, three customers each represented over 10% of accounts receivable, and the filing notes that loss of these relationships could materially affect results.
What backlog does Symbotic report and what drives it?
Remaining performance obligations were $22.3 billion at December 27, 2025, with a substantial majority tied to the 2025 Walmart MAA and the Exol Commercial Agreement. The company expects to recognize about 13% of these obligations as revenue in the next 12 months and about 62% within the following 13 to 60 months.
What legal and control risks does the filing disclose?
Two securities class actions (Decker and Traina) and two shareholder derivative actions are pending in the U.S. District Court for the District of Massachusetts. Management says it does not believe these will have a material adverse effect on financial condition, though outcomes could be material to operating results for a period. Disclosure controls were concluded to be not effective due to a material weakness in controls over the timing of cost of revenue recognition, which management is remediating.
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