What is Surf Air Mobility's operating margin?

Surf Air Mobility (SRFM) reported operating margin of -65.9% in Q1 2026.

What is the long-term trend for Surf Air Mobility's operating margin?

Over 2 years (2022 to 2025), Surf Air Mobility's operating margin has grown at a -46.4% compound annual growth rate (CAGR), from -251.1% to -72.1%.

What does operating margin mean?

Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.

Surf Air Mobility SRFM Operating margin

Operating margin at other companies

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-3.5%—

AerSale CorporationASLE

5.6%+5.2pp

Frontier Group Holdings, Inc.ULCC

-4.1%-4.4pp

JetBlue AirwaysJBLU

-4.6%-11.0pp

ALG

Allegiant TravelALGT

2%+1.1pp

Other financials

Income statement

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Revenue$25.6M+9.0%

Gross profit-$333.0K+72.3%

Operating income-$13.4M+28.1%

Net income-$20.3M-9.7%

EPS (diluted)-$0.26+76.1%

Balance sheet

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Cash & equivalents$4.2M-37.2%

Total debt$28.8M-63.4%

Total equity-$63.2M+53.4%

Total assets$120.8M+14.8%

Cash flow

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Operating cash flow-$12.3M+22.5%

CapEx$2.8M+117%

Free cash flow-$15.0M+12.1%

Valuation

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Market cap$115.43M-1.6%

Enterprise value$140.09M-19.2%

P/S1.1×0.0×

Profitability

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Gross margin4.9%-0.6pp

Net margin-103.4%-7,842pp

FCF margin-62.6%+0.6pp

Returns & leverage

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Return on equity113%—

Debt / equity1.5×—

Current ratio0.2×-0.1×

Where this comes from

Calculated from Surf Air Mobility’s reported figures.

operating income/total revenue=-65.9%

Based on trailing twelve months.

The official record: Surf Air Mobility’s 10-Q, filed May 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Surf Air Mobility's operating margin?: Surf Air Mobility (SRFM) reported operating margin of -65.9% in Q1 2026.
What is the long-term trend for Surf Air Mobility's operating margin?: Over 2 years (2022 to 2025), Surf Air Mobility's operating margin has grown at a -46.4% compound annual growth rate (CAGR), from -251.1% to -72.1%.
What does operating margin mean?: Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.