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Adjusted EBITDA by Segment
Segment-level cash profitability after removing one-time items, highlighting which parts of the business produce steady cash flow and which require ongoing investment or subsidies.Connectivity is the cash engine, driving the company’s adjusted EBITDA upside through rapid Starlink subscriber growth and big enterprise/government wins; AI’s dramatic swing to positive EBITDA reflects newly contracted cloud services and fast compute scale but hinges on continued GPU supply and aggressive, front‑loaded CapEx. Space remains a drag as Starship R&D and launch cadence soak up investment. Net: profitable segment mix today, but sustainability depends on execution of V3/Starship rollouts, ARPU trends, and very high ongoing capex.
Date | Space | Connectivity | AI |
|---|---|---|---|
Sep 30, 2026 | $357.00M | $3.50B | $4.95B |
Jun 30, 2026 | -$205.00M | $2.60B | $1.15B |
Mar 31, 2026 | -$351.00M | $2.09B | -$609.00M |
Sep 30, 2025 | $674.00M | $1.92B | -$428.00M |
Jun 30, 2025 | -$93.00M | $1.58B | -$276.00M |
Mar 31, 2025 | $224.00M | $1.62B | -$111.00M |