Gogo

GOGO · Nasdaq · Communication Services · Financials, fiscal 2016 to 2025

GOGO · Last close · November 6, 2026

$3.88

Gogo's revenue rose 104.7% to $910 million in fiscal 2025. Its operating margin was 12.5%, up from 11.5% a year earlier. Free cash flow was $65 million, up 133.2%. The diluted share count rose 3.9%.

Gogo Inc. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001193125-26-082487 Updated November 9, 2026

Revenue

$910M

104.7%

Operating margin

12.5%

1.0 pts

Net income

$13M

6.0%

Free cash flow

$65M

133.2%

Return on capital

6.8%

1.1 pts

Market cap

$0M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Gross margin for fiscal 2025 is blank: the 10-K's structured data doesn't include every figure it needs.

Charts show fiscal years, from the 10-K filings.

What Gogo does

Gogo provides in-flight internet and related services for business jets and for military and government aircraft. It describes itself as the only provider offering connections over multiple satellite orbits and bands built for business and military aviation. Its customers are in over 100 countries.

It connects aircraft in two ways: its own air-to-ground network, which uses towers on the ground, and satellite service from low earth orbit and geostationary satellites owned by its network partners. It sells services, plus hardware and software, and a customer support team backs them. It sells equipment through aircraft makers and dealers, and also directly to every maker of business aircraft.

On December 3, 2024, Gogo bought Satcom Direct, a business aviation connectivity company, for cash of about $375,000,000, 5,000,000 shares of its stock, and up to $225,000,000 more in cash or stock if performance goals are met over four years.

Its biggest risks, as it describes them

Not being able to keep earning revenue from its connectivity and other services.
Relying on aircraft makers and dealers for equipment sales.
Single-source third parties that make its equipment components and run parts of its network.
Competition that could force prices down and cost it market position.
Risks that come with U.S. and non-U.S. government contracts and fixed-price development contracts.

From Gogo's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2021 to 2025, earnings per share fell 48.5% a year and net income 46.1% a year, with the share count about the same.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	146	175	139	42	125
Debt incl. finance leases	821	711	595	834	836
Net debt (negative means net cash)	675	536	456	792	711
Net debt to EBITDA	5.0x	3.5x	3.2x	11.3x	4.1x
Debt to equity	—	—	14.6x	12.0x	8.3x
Interest coverage	1.8x	3.7x	3.8x	1.3x	1.7x
Current ratio	1.3x	3.8x	4.4x	1.8x	1.6x
Quick ratio	1.1x	3.3x	3.5x	1.2x	1.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Gogo's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Gogo's projections

What Gogo says to expect

Full year 2026: adjusted EBITDAAdjusted EBITDA 1 in the range of $175 million to $185 million, which includes $18 million of ongoing litigation expense, down from $22 million of litigation expense included in the prior guidance (based on net income (loss) in the range of ($9.0) million to $1.0 million).

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed November 6, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

No officer, director or 10% owner of Gogo reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	6 of 8	5 of 8	5 of 8
Rule of 40	14.2%	18.1%	111.9%
Altman Z''	−1.90	−2.09	−1.47
Accruals ratio	8.7%	−2.8%	−8.8%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Pass
F-score	6 of 8	5 of 8	5 of 8

Companies that report no gross profit are scored on the other eight.

Compare

Put Gogo side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Gogo	FY25	104.7%	12.5%	7.2%	6.8%	4.1x	5
Shenandoah Telecommunications	FY25	9.1%	−6.5%	−72.1%	−1.3%	5.8x	3	Compare
Veon	FY25	9.9%	32.7%	—	36.4%	0.6x	—	Compare
Millicom	FY25	0.3%	28.2%	18.6%	15.2%	1.8x	—	Compare
Spok	FY25	1.5%	14.1%	18.0%	11.8%	−1.1x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	596	699	290	309	270	336	404	398	445	910
Revenue growth	19.1%	17.2%	−58.5%	6.5%	−12.7%	24.5%	20.4%	−1.6%	11.8%	104.7%
Gross profit	—	—	—	—	—	—	—	—	377	—
Research and development	46	78	18	26	25	25	30	37	45	56
Operating income	−27	−64	82	96	76	121	142	124	51	114
Net income	−124	−172	−162	−146	−250	153	92	146	14	13
Diluted EPS (US$)	−1.58	−2.17	−2.02	−1.81	−3.04	1.28	0.71	1.09	0.10	0.09
Diluted shares (millions)	0	0	0	0	0	0	0	0	0	0
Cash flow
Cash from operations	65	60	−82	64	4	67	103	79	41	124
Capital expenditure	148	252	3	2	2	4	44	16	14	59
Free cash flow	−83	−192	−85	63	3	62	59	63	28	65
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	18	5	33	0
Acquisitions	0	0	0	0	0	0	0	0	333	2
Stock-based compensation	18	20	8	9	8	13	19	21	21	24
Balance sheet at fiscal year end
Cash and short-term investments	456	409	224	170	435	146	175	139	42	125
Debt incl. finance leases	817	1,017	1,042	1,127	1,190	821	711	595	834	836
Total assets	1,246	1,403	1,265	1,215	674	648	760	782	1,229	1,304
Total liabilities	1,287	1,595	1,534	1,614	1,315	968	861	741	1,160	1,203
Shareholders' equity	−40	−192	−269	−399	−641	−320	−102	41	69	101
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	84.8%	—
Operating margin	−4.5%	−9.2%	28.4%	31.2%	28.3%	35.9%	35.2%	31.2%	11.5%	12.5%
Net margin	−20.9%	−24.6%	−55.8%	−47.2%	−92.7%	45.5%	22.8%	36.6%	3.1%	1.4%
Free cash flow margin	−14.0%	−27.5%	−29.3%	20.2%	1.0%	18.6%	14.7%	15.8%	6.3%	7.2%
Rule of 40 (growth + FCF margin)	5.1%	−10.3%	−87.8%	26.7%	−11.7%	43.1%	35.1%	14.2%	18.1%	111.9%
Return on capital	−7.1%	−13.8%	13.5%	13.8%	17.9%	40.6%	31.4%	26.7%	5.7%	6.8%
Return on equity	—	—	—	—	—	—	—	—	25.0%	15.2%
Return on assets	−11.1%	−13.0%	−12.2%	−11.8%	−26.5%	23.1%	13.1%	18.9%	1.4%	1.0%
Net debt to EBITDA	4.6x	7.5x	8.5x	8.4x	8.3x	5.0x	3.5x	3.2x	11.3x	4.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Gogo's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Gogo.