01—Abstract
Summary
Summary of the 10-Q filed May 6, 2026. Cited figures are marked; the original filing is the authoritative source.
Symbotic Inc. reported results for the three and six months ended March 28, 2026.
Total revenue was $676.5 milliona for the quarter, up from $549.7 million a year earlier, and $1.31 billion for the six months, up from $1.04 billion. Systems revenue was $634.5 million for the quarter. Gross profit rose to $150.0 million for the quarter, and operating income was $6.1 million, compared with an operating loss of $20.5 million in the prior-year quarter.
Net income attributable to common stockholders was $2.0 millionb for the quarter, versus a loss of $1.8 million a year earlier. Adjusted EBITDA was $77.8 million for the quarter and $144.7 million for the six months, both non-GAAP measures defined by the company. The balance sheet strengthened considerably.
Cash and cash equivalents rose to $2.01 billionc from $1.24 billion at September 27, 2025, and deferred revenue (current plus long-term) reached $1.86 billion. The company stated that its backlog, measured as remaining performance obligations, was $22.7 billion, with a substantial majority tied to the Walmart Master Automation Agreement and the Exol commercial agreement. Net cash from operating activities was $452.9 million for the six months, and free cash flow was $407.5 million, after a $424.3 million net equity issuance completed in December 2025.
The filing also flags risks. Management concluded that disclosure controls were not effective because of a previously reported material weakness related to the timing of cost of revenue recognition, and it does not expect remediation until an ERP solution is implemented in fiscal 2027. The company recorded a $34.3 milliond liability for a targeted component replacement program and recall, and warranty reserves rose to $81.6 million.
Customer A accounted for 85.0% of six-month revenue and 68.7% of receivables. Securities class actions and shareholder derivative actions remain pending, and the company does not expect them to have a material adverse effect on its financial condition.
02—Key points
Key Highlights
- Total revenue was $676.5 million for the quarter, up from $549.7 million, and $1.31 billion for the six months, up from $1.04 billion.
- Operating income was $6.1 million for the quarter, compared with an operating loss of $20.5 million a year earlier; gross profit was $150.0 million.
- Net income attributable to common stockholders was $2.0 million for the quarter, versus a loss of $1.8 million in the prior-year quarter.
- Cash and cash equivalents were $2.01 billion at March 28, 2026, up from $1.24 billion at September 27, 2025, after $424.3 million of net proceeds from a Class A common stock issuance.
- Backlog (remaining performance obligations) was $22.7 billion, with the substantial majority tied to the Walmart MAA and the Exol commercial agreement.
- A material weakness in internal control over the timing of cost of revenue recognition remains unremediated; disclosure controls were concluded to be not effective.
- A $34.3 million liability was recorded for a targeted component replacement program and recall, and warranty reserves increased to $81.6 million.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q2 FY2026, Symbotic kept $0.00.
- Revenue$676.5M100.0%
- Cost of revenue−$526.5M77.8%
- Gross profit$150.0M22.2%
- Operating costs−$143.9M21.3%
- Operating income$6.1M0.9%
- Interest, other & tax−$4.1M0.6%
- Net income$2.0M0.3%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed May 6, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $676.48M$549.65M | +23.1% |
| Cost of Revenue | $526.53M$438.86M | +20.0% |
| Gross Profit | $149.95M$110.79M | +35.3% |
| R&D Expenses | $51.28M$57.96M | −11.5% |
| SG&A Expenses | $92.57M$73.31M | +26.3% |
| Operating Expenses | $143.86M$131.26M | +9.6% |
| Operating Income | $6.09M-$20.47M | +129.8% |
| Net Income | $1.97M-$1.80M | +209.1% |
| EPS (Basic) | $0.02$-0.02 | +200.0% |
| EPS (Diluted) | $0.01$-0.02 | +150.0% |
| Shares Outstanding (Basic) | 125.54M107.73M | +16.5% |
| Shares Outstanding (Diluted) | 134.36M107.73M | +24.7% |
05—Questions
Frequently Asked Questions
How did Symbotic's revenue and profitability change in the quarter ended March 28, 2026?
Total revenue rose to $676.5 million from $549.7 million, driven by Systems revenue of $634.5 million versus $513.4 million. Gross profit increased to $150.0 million from $110.8 million, and the company reported operating income of $6.1 million compared with an operating loss of $20.5 million in the prior-year quarter. Net income attributable to common stockholders was $2.0 million.
What is the company's cash position and how was it funded?
Cash and cash equivalents were $2.01 billion at March 28, 2026, compared with $1.24 billion at September 27, 2025. The increase reflects $452.9 million of operating cash flow for the six months and $424.3 million of net proceeds from a Class A common stock issuance completed in December 2025, partly offset by $115.4 million used in investing activities.
What are the main risks flagged in the filing?
The filing discloses a material weakness related to the timing of cost of revenue recognition, which management does not expect to fully remediate until an ERP solution is implemented in fiscal 2027. Customer concentration is significant, with Customer A at 85.0% of six-month revenue and 68.7% of receivables. A $34.3 million recall-related liability was recorded, and securities class actions and shareholder derivative actions remain pending.
How concentrated is the company's backlog?
Remaining performance obligations were $22.7 billion at March 28, 2026. The filing states that a substantial majority relates to the Master Automation Agreement with Walmart, covering all 42 of Walmart's regional distribution centers, and to the Commercial Agreement with Exol. The company expects to recognize approximately 14% of this backlog as revenue in the next 12 months.
Are there any notable subsequent events?
On April 7, 2026, Symbotic LLC invested approximately $50.0 million in Nyobolt Limited for Series C Shares and entered into warrant agreements with Nyobolt that vest upon commercial milestones.
06—Continue