Symbotic Inc 10-Q for FY2026 Q2

Symbotic Inc. (SYM)

10-Q 2026-05-06 For: 2026-03-28

Added on May 06, 2026

About this 10-Q

Symbotic Inc filed this 10-Q on May 6, 2026, covering the quarter ended March 28, 2026 (FY2026 Q2).

Headline figures

Quarter ended March 28, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $676.48M; up 23.1% from $549.65M a year earlier
Net income: $1.97M; compared with a net loss of $1.8M a year earlier
Diluted EPS: $0.01; compared with -$0.02 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐


	TABLE OF CONTENTS
		Page
	Part I - Financial Information
Item 1.	Financial Statements	1
	Unaudited Condensed Consolidated Financial Statements	1
	Unaudited Condensed Consolidated Balance Sheets as of March 28, 2026 and September 27, 2025	1
	Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended March 28, 2026 and March 2 9, 2025	3
	Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended March 28, 202 6 and March 29, 2025	4
	Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended March 28, 2026 and March 29, 2025	5
	Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 28, 2026 and March 29, 2025	8
	Notes to Unaudited Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	48
Item 4.	Controls and Procedures	49
	Part II - Other Information
Item 1.	Legal Proceedings	51
Item 1A.	Risk Factors	52
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3.	Defaults Upon Senior Securities	52
Item 4.	Mine Safety Disclosures	52
Item 5.	Other Information	52
Item 6.	Exhibits	53
	Signatures	54


	March 28, 2026		September 27, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	2,009,435	$	1,244,993
Accounts receivable	132,623		186,705
Unbilled accounts receivable	452,995		181,658
Inventories	201,243		164,390
Deferred expenses	43,538		20,532
Prepaid expenses and other current assets	82,433		86,582
Total current assets	2,922,267		1,884,860
Property and equipment, net	146,458		117,649
Intangible assets, net	87,209		79,149
Goodwill	59,871		59,871
Equity method investment	135,675		123,034
Other assets	143,975		131,166
Total assets	$	3,495,455	$	2,395,729
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	293,675	$	286,669
Accrued expenses and other current liabilities	251,481		200,442
Deferred revenue	1,476,382		1,242,312
Total current liabilities	2,021,538		1,729,423
Deferred revenue	384,025		124,932
Other liabilities	62,227		63,629
Total liabilities	2,467,790		1,917,984

Commitments and contingencies (Note 15)	—		—

Equity:
Class A Common Stock, 3,000,000,000 shares authorized, 127,015,993 and 112,635,932 shares issued and outstanding at March 28, 2026 and September 27, 2025, respectively	14		13
Class V-1 Common Stock, 1,000,000,000 shares authorized, 71,940,208 and 74,693,311 shares issued and outstanding at March 28, 2026 and September 27, 2025, respectively	7		7


Class V-3 Common Stock, 450,000,000 shares authorized, 403,559,196 and 403,559,196 shares issued and outstanding at March 28, 2026 and September 27, 2025, respectively	40		40
Additional paid-in capital	2,018,008		1,556,611
Accumulated deficit	(1,329,212)		(1,333,783)
Accumulated other comprehensive loss	(2,713)		(2,695)
Total stockholders’ equity	686,144		220,193
Noncontrolling interest	341,521		257,552
Total equity	1,027,665		477,745
Total liabilities and equity	$	3,495,455	$	2,395,729


	For the Three Months Ended				For the Six Months Ended
	March 28, 2026		March 29, 2025		March 28, 2026		March 29, 2025
Revenue:
Systems	$	634,496	$	513,372	$	1,224,788	$	977,431
Software maintenance and support	12,924		6,685		23,809		12,210
Operation services	29,060		29,594		57,868		46,703
Total revenue	676,480		549,651		1,306,465		1,036,344
Cost of revenue:
Systems	495,551		411,788		965,424		792,778
Software maintenance and support	3,368		2,030		6,322		3,888
Operation services	27,609		25,041		51,343		47,870
Total cost of revenue	526,528		438,859		1,023,089		844,536
Gross profit	149,952		110,792		283,376		191,808
Operating expenses:
Research and development expenses	51,283		57,960		94,289		101,239
Selling, general, and administrative expenses	92,566		73,305		173,785		134,010
Restructuring charges	12		—		2,685		—
Total operating expenses	143,861		131,265		270,759		235,249
Operating income (loss)	6,091		(20,473)		12,617		(43,441)
Other income, net	10,855		11,714		24,101		19,537
Income (loss) before income tax and equity method investment	16,946		(8,759)		36,718		(23,904)
Income tax benefit (expense)	(572)		1,397		(1,187)		1,248
Loss from equity method investment	(6,945)		(2,490)		(12,744)		(4,055)
Net income (loss)	9,429		(9,852)		22,787		(26,711)
Net income (loss) attributable to noncontrolling interests	7,460		(8,048)		18,216		(21,732)
Net income (loss) attributable to common stockholders	$	1,969	$	(1,804)	$	4,571	$	(4,979)

Income (loss) per share of Class A Common Stock:
Basic	$	0.02	$	(0.02)	$	0.04	$	(0.05)
Diluted	$	0.01	$	(0.02)	$	0.03	$	(0.05)
Weighted-average shares of Class A Common Stock outstanding:
Basic	125,538,207		107,726,978		120,506,529		106,900,622
Diluted	134,364,904		107,726,978		130,869,376		106,900,622


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended March 28, 2026
	Class A Common Stock			Class V-1 Common Stock			Class V-3 Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income/Loss		Accumulated Deficit		Noncontrolling Interest		Total Equity
	Shares	Amount		Shares	Amount		Shares	Amount
Balance at December 27, 2025	123,225,754	$	14	72,982,208	$	7	403,559,196	$	40	$	1,997,587	$	(2,693)	$	(1,331,181)	$	296,437	$	960,211
Net income	—	—		—	—		—	—		—		—		1,969		7,460		9,429
Issuance of common stock under stock plans, net of shares withheld for employee taxes	2,642,606	—		—	—		—	—		—		—		—		—		—
Issuance of common stock under employee stock purchase plan, net of shares withheld for employee taxes	105,633	—		—	—		—	—		3,898		—		—		—		3,898
Exchange of Class V-1 common stock	1,042,000	—		(1,042,000)	—		—	—		5,141		—		—		(5,141)		—
Issuance of common stock in connection with equity offering	—	—		—	—		—	—		(60)		—		—		—		(60)
Stock-based compensation	—	—		—	—		—	—		11,442		—		—		42,842		54,284
Other comprehensive income (loss)	—	—		—	—		—	—		—		(20)		—		(77)		(97)
Balance at March 28, 2026	127,015,993	$	14	71,940,208	$	7	403,559,196	$	40	$	2,018,008	$	(2,713)	$	(1,329,212)	$	341,521	$	1,027,665


	Six Months Ended March 28, 2026
	Class A Common Stock			Class V-1 Common Stock			Class V-3 Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income/Loss		Accumulated Deficit		Noncontrolling Interest		Total Equity
	Shares	Amount		Shares	Amount		Shares	Amount
Balance at September 27, 2025	112,635,932	$	13	74,693,311	$	7	403,559,196	$	40	$	1,564,815	$	(2,695)	$	(1,340,862)	$	261,895	$	483,213
Cumulative effect from change in accounting principle	—	—		—	—		—	—		(8,204)		—		7,079		(4,343)		(5,468)
Net income	—	—		—	—		—	—		—		—		4,571		18,216		22,787
Issuance of common stock under stock plans, net of shares withheld for employee taxes	3,521,325	—		—	—		—	—		—		—		—		—		—
Issuance of common stock under employee stock purchase plan, net of shares withheld for employee taxes	105,633	—		—	—		—	—		3,898		—		—		—		3,898
Exchange of Class V-1 common stock	2,753,103	—		(2,753,103)	—		—	—		12,309		—		—		(12,309)		—
Issuance of common stock in connection with equity offering	8,000,000	1		—	—		—	—		424,307		—		—				424,308
Distribution to Symbotic Holdings LLC partners	—	—		—	—		—	—		—		—		—		(1,222)		(1,222)
Stock-based compensation	—	—		—	—		—	—		20,883		—		—		79,354		100,237
Other comprehensive income (loss)	—	—		—	—		—	—		—		(18)		—		(70)		(88)
Balance at March 28, 2026	127,015,993	$	14	71,940,208	$	7	403,559,196	$	40	$	2,018,008	$	(2,713)	$	(1,329,212)	$	341,521	$	1,027,665


	Three Months Ended March 29, 2025
	Class A Common Stock			Class V-1 Common Stock			Class V-3 Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Noncontrolling Interest		Total Equity
	Shares	Amount		Shares	Amount		Shares	Amount
Balance at December 28, 2024	106,521,915	$	13	76,588,618	$	7	404,309,196	$	40	$	1,525,382	$	(2,696)	$	(1,326,361)	$	197,030	$	393,415
Net loss	—	—		—	—		—	—		—		—		(1,804)		(8,048)		(9,852)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	1,286,900	—		—	—		—	—		—		—		—		—		—
Issuance of common stock under employee stock purchase plan, net of shares withheld for employee taxes	206,664	—		—	—		—	—		3,231		—		—		—		3,231
Exchange of Class V-1 and V-3 common stock	365,293	—		(365,293)	—		—	—		1,062		—		—		(1,062)		—
Distributions to Symbotic Holdings LLC partners	—	—		—	—		—	—		—		—		—		(382)		(382)
Stock-based compensation	—	—		—	—		—	—		6,224		—		—		27,591		33,815
Other comprehensive loss	—	—		—	—		—	—		—		(2)		—		(11)		(13)
Balance at March 29, 2025	108,380,772	$	13	76,223,325	$	7	404,309,196	$	40	$	1,535,899	$	(2,698)	$	(1,328,165)	$	215,118	$	420,214


	Six Months Ended March 29, 2025
	Class A Common Stock			Class V-1 Common Stock			Class V-3 Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Noncontrolling Interest		Total Equity
	Shares	Amount		Shares	Amount		Shares	Amount
Balance at September 28, 2024	104,689,377	$	13	76,965,386	$	7	404,309,196	$	40	$	1,522,894	$	(2,594)	$	(1,323,186)	$	192,954	$	390,128
Net loss	—	—		—	—		—	—		—		—		(4,979)		(21,732)		(26,711)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	2,939,571	—		—	—		—	—		(3,012)		—		—		—		(3,012)
Issuance of common stock under employee stock purchase plan, net of shares withheld for employee taxes	206,664	—		—	—		—	—		3,231		—		—		—		3,231
Exchange of Class V-1 and V-3 common stock	545,160	—		(545,160)	—		—	—		2,106		—		—		(2,106)		—
Cancellation of Class V-1 common stock	—	—		(196,901)	—		—	—		—		—		—		—		—
Distributions to Symbotic Holdings LLC partners	—	—		—	—		—	—		—		—		—		(1,231)		(1,231)
Stock-based compensation	—	—		—	—		—	—		10,680		—		—		47,705		58,385
Other comprehensive loss	—	—		—	—		—	—		—		(104)		—		(472)		(576)
Balance at March 29, 2025	108,380,772	$	13	76,223,325	$	7	404,309,196	$	40	$	1,535,899	$	(2,698)	$	(1,328,165)	$	215,118	$	420,214


Non-cash activities:
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	—	$	7,988
Transfer of equipment from inventories to property and equipment	$	6,128	$	—
Transfer of equipment from deferred cost to property and equipment	$	—	$	7,982
Non-cash contribution to unconsolidated entity	$	—	$	2,785


	Six Months Ended
	March 28, 2026		March 29, 2025
Cash and cash equivalents	$	2,009,435	$	954,944
Restricted cash classified in:
Prepaid expenses and other current assets	—		870
Other long-term assets	2,210		2,188
Cash, cash equivalents, and restricted cash shown in the statements of cash flows	$	2,011,645	$	958,002


	As of September 27, 2025
	As Computed Under Accelerated Attribution Method		As Computed Under Straight-line Attribution Method		Effect of Change
Prepaid expenses and other current assets	$	92,050	$	86,582	$	(5,468)
Additional paid-in capital	$	1,564,815	$	1,556,611	$	(8,204)
Accumulated deficit	$	(1,340,862)	$	(1,333,783)	$	7,079
Noncontrolling interest	$	261,895	$	257,552	$	(4,343)


	Three Months Ended						Six Months Ended
	March 28, 2026
	Class A Common Stock		Class V-1 and Class V-3 Common Stock		Total		Class A Common Stock		Class V-1 and Class V-3 Common Stock		Total
Balance at beginning of period	123,225,754		476,541,404		599,767,158		112,635,932		478,252,507		590,888,439
Issuances	2,748,239		—		2,748,239		11,626,958		—		11,626,958
Exchanges	1,042,000		(1,042,000)		—		2,753,103		(2,753,103)		—
Balance at March 28, 2026	127,015,993		475,499,404		602,515,397		127,015,993		475,499,404		602,515,397

Percent ownership at March 28, 2026	21.1	%	78.9	%	100	%	21.1	%	78.9	%	100	%


FORM 10-Q


	March 28, 2026
Remaining fiscal year 2026	$	4,892
Fiscal year 2027	9,393
Fiscal year 2028	5,594
Fiscal year 2029	5,473
Fiscal year 2030 and thereafter	7,099
Total future minimum payments	$	32,451
Less: Implied interest	(4,526)
Total lease liabilities	$	27,925


	March 28, 2026		September 27, 2025
Computer equipment and software, furniture and fixtures, test equipment, and other equipment	$	191,387	$	151,729
Internal use software	4,815		5,590
Leasehold improvements	12,907		10,641
Total property and equipment	209,109		167,960
Less accumulated depreciation	(62,651)		(50,311)
Property and equipment, net	$	146,458	$	117,649


		March 28, 2026						March 29, 2025
	Weighted Average Remaining Useful Life (in Years)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Developed technology	6.5	$	90,135	$	(18,345)	$	71,790	$	130,861	$	(5,068)	$	125,793
Customer relationships	5.0	3,991		(138)		3,853		—		—		—
Total		$	94,126	$	(18,483)	$	75,643	$	130,861	$	(5,068)	$	125,793


	March 28, 2026		September 27, 2025
ROU assets:
Other assets	$	20,665	$	23,469

Lease Liabilities:
Accrued expenses and other current liabilities	$	8,039	$	7,722
Other liabilities	19,886		23,958
Total lease liabilities	$	27,925	$	31,680


	March 28, 2026		September 27, 2025
Raw materials and components	$	144,004	$	133,989
Finished goods	57,239		30,401
Total inventories	$	201,243	$	164,390


Total purchase price	$	200,000
Consideration payable to customer	(45,000)
Employee cost reimbursement asset	(13,169)
Purchase price - business combination	$	141,831

Allocation of the purchase price - business combination
Inventories	$	13,749
Prepaid expenses and other current assets	24,634
Property and equipment, net	4,261
Intangible assets	78,000
Other assets	2,223
Total assets acquired	122,867
Accrued expenses and other current assets	38,296
Other liabilities	2,611
Total liabilities assumed	40,907
Identifiable net assets acquired	81,960
Goodwill	59,871
Total purchase price allocation	$	141,831


	Intangible Assets
Remaining fiscal year 2026	$	7,961
Fiscal year 2027	15,922
Fiscal year 2028	12,865
Fiscal year 2029	11,942
Fiscal year 2030 and thereafter	26,953
Total	$	75,643


	March 28, 2026
Severance liability at September 27, 2025	$	1,039
Severance charges	3,107
Cash paid and other	(2,672)
Severance liability at March 28, 2026	$	1,474


	March 28, 2026								September 27, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	1,354,737	$	—	$	—	$	1,354,737	$	1,193,375	$	—	$	—	$	1,193,375
Warrant fair value	—		16,789		—		16,789		—		16,789		—		16,789
Strategic investments	—		—		44,995		44,995		—		—		43,334		43,334
Total assets	$	1,354,737	$	16,789	$	44,995	$	1,416,521	$	1,193,375	$	16,789	$	43,334	$	1,253,498


	March 28, 2026
	Investments in Unconsolidated VIE		Symbotic's Maximum Exposure to Loss
Exol	$	135,675	$	1,513,904


	March 28, 2026		September 27, 2025
United States	$	146,304	$	117,640
International	154		9
Total property and equipment, net	$	146,458	$	117,649
Percentage of property and equipment, net held outside of the United States	nil		nil


	For the Three Months Ended				Change
	March 28, 2026		March 29, 2025		Amount		%
	(dollars in thousands)
Systems	$	634,496	$	513,372	$	121,124	24	%
Software maintenance and support	12,924		6,685		6,239		93	%
Operation services	29,060		29,594		(534)		(2)	%
Total revenue	$	676,480	$	549,651	$	126,829	23	%


	Change
	(in thousands)
Employee-related costs	$	528
Prototyping-related costs, allocated overhead expenses, and other	(7,205)
	$	(6,677)


Gross profit margin	22.2	%	20.2	%	21.7	%	18.5	%
Adjusted gross profit margin	24.5	%	22.2	%	24.0	%	20.1	%


			Payments due in:
	Total		Less than 1 Year		1-3 Years		3-5 Years		More than 5 Years
	(in thousands)
Vendor commitments	$	1,047,126	$	993,313	$	53,604	$	209	$	—


#			Indicates management contract or compensatory plan.
++			Certain of the exhibits and schedules have been omitted in accordance with Item 601(a)(5) of Regulation S-K. We agree to furnish a copy of all omitted exhibits and schedules to the SEC upon its request.


Symbotic Inc.

By:			/s/ Maria G. Freve
Name:			Maria G. Freve
Title:			Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer)


Date: May 6, 2026	By:	/s/ Richard B. Cohen
		Richard B. Cohen
		Chairman and Chief Executive Officer
		(Principal Executive Officer)


Date: May 6, 2026	By:	/s/ Izilda Martins
		Izilda Martins
		Chief Financial Officer and Treasurer
		(Principal Financial Officer)