JOBY Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About JOBY Interactive Breakdown Better Bets vs. JOBY Peer Outperformance Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    Joby Aviation (JOBY)

    Market Price (8/28/2026): $7.16 | Market Cap: $6.9 BilSector: Industrials | Industry: Airport Services

    Joby Aviation (JOBY)

    Market Price (8/28/2026): $7.16
    Market Cap: $6.9 Bil
    Sector: Industrials
    Industry: Airport Services

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -22%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 118568%

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41%

    Megatrend and thematic drivers
    Megatrends include Advanced Aviation & Space. Themes include Advanced Air Mobility.

    Weak multi-year price returns
    3Y Excs Rtn is -75%

    Meaningful short interest
    Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -883 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -759%

    Expensive valuation multiples
    P/SPrice/Sales ratio is 60x

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 146%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -524%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -639%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17%

    Key risks
    JOBY key risks include [1] delays in its unprecedented FAA aircraft certification process and [2] a substantial annual cash burn of approximately $500 million.

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -22%
    1 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 118568%
    2 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41%
    3 Megatrend and thematic drivers
    Megatrends include Advanced Aviation & Space. Themes include Advanced Air Mobility.
    4 Weak multi-year price returns
    3Y Excs Rtn is -75%
    5 Meaningful short interest
    Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%
    6 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -883 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -759%
    7 Expensive valuation multiples
    P/SPrice/Sales ratio is 60x
    8 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 146%
    9 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -524%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -639%
    10 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17%
    11 Key risks
    JOBY key risks include [1] delays in its unprecedented FAA aircraft certification process and [2] a substantial annual cash burn of approximately $500 million.

    JOBY in ETFs

    Weight = JOBY's share of each fund

    VTI0.01%
    ITOT0.01%
    IWM0.16%
    VB0.05%
    ARKX2.1%
    ARKQ1.2%
    ROBO1.1%
    IYT0.56%
    +10 more covered ETFs

    Valuation & Metrics

    FYE: 12/31JOBY [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$116.3 Mil—
    FY 2026 Sales$121.2 Mil—
    FY 2027 Sales$220.3 Mil—
    FY 2026 Sales Growth4.3%—
    FY 2027 Sales Growth81.7%12.7%
    EARNINGS
    LTM Net Income (GAAP) [3]$-878.2 Mil—
    FY 2026 Net Income (Non-GAAP)$-736.0 Mil—
    FY 2027 Net Income (Non-GAAP)$-751.8 Mil—
    FY 2027 Net Income Growth—18.7%
    FY 2026 EPS (Non-GAAP)$-0.89—
    FY 2027 EPS (Non-GAAP)$-0.91—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S57.31.8
    FY 2027 P/S31.5—
    FY 2026 P/E—8.4
    FY 2027 P/E——

    [1] JOBY forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 8/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    JOBYS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.1
    Rev Chg Q257,493.3%9.3%
    Rev Chg LTM118,568.4%8.3%
    Rev Chg 3Y Avg59,238.7%5.9%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.9
    CFO LTM ($ Bil)-0.6
    Net Inc LTM ($ Bil)-0.9
    Op Mgn LTM-759.2%18.5%
    CFO/Rev LTM-524.5%21.8%
    Net Inc Mgn-755.1%13.2%
    VALUATIONVERY HIGH
    P/S59.73.3
    P/CFO-11.415.5
    P/FCF-9.320.3
    P/E-7.923.3
    STABILITYVERY GOOD
    Debt/Equity0.110.19
    Cash/Assets0.820.06

    AI Analysis | Feedback

    MetricValueDateSource
    Total Patents26712312023Link
    Annual Production Capacity (Marina, CA facility)247212025Link
    Potential Annual Production Capacity (Dayton, OH facility)5007162025Link
    Number of Aircraft in Flight Test Fleet67212025Link
    Total Flights Conducted in 2025 (as of Q3)over 60011052025Link
    Number of FAA Conforming Parts Produced (Year-to-Date vs. 2024)15x more than all of 202411062025Link
    Total Cumulative Test Miles Flownmore than 30,0006302023Link

    Price Chart

    null
    Recent
    8/05/2026Earnings ReleaseRev: $38 Mil (A) vs. $30 Mil (E)
    EPS: -0.25 (A) vs. $-0.23 (E)
    Upcoming
    11/04/2026Earnings ReleaseRev: $37 Mil (E)
    EPS: $-0.26 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 8/24/2026

    Joby Aviation (JOBY) stock has lost about 20% since 4/30/2026 because of the following key factors:

    1. Joby Aviation reported a wider-than-expected loss in fiscal Q2 2026, which ended in June 2026. The company announced an Earnings Per Share (EPS) of -$0.25 on August 5, 2026, missing analysts' consensus estimates of -$0.23 by $0.02. This contributed to a GAAP net loss of $245 million for the quarter, a significant increase from $110 million in the prior fiscal quarter. While revenue for fiscal Q2 2026 exceeded expectations at $38.64 million, the widening losses primarily drove negative sentiment.

    2. The company experienced accelerated cash burn and high operating expenses, contributing to financial concerns. Joby's adjusted EBITDA loss widened to $197 million in fiscal Q2 2026, compared to a loss of $179 million in fiscal Q1 2026. This was largely due to increased research and development expenses, which rose 42.7% to $194.66 million, and selling, general, and administrative expenses, which climbed 143.2% to $76.56 million as the company invested in certification, manufacturing, and commercial readiness. Furthermore, Joby forecasted a substantial cash usage of $385 million to $415 million for the second half of 2026, indicating continued significant investments.

    Show more
    Updated on 8/24/2026

    Joby Aviation (JOBY) stock has lost about 20% since 4/30/2026 because of the following key factors:

    1. Joby Aviation reported a wider-than-expected loss in fiscal Q2 2026, which ended in June 2026. The company announced an Earnings Per Share (EPS) of -$0.25 on August 5, 2026, missing analysts' consensus estimates of -$0.23 by $0.02. This contributed to a GAAP net loss of $245 million for the quarter, a significant increase from $110 million in the prior fiscal quarter. While revenue for fiscal Q2 2026 exceeded expectations at $38.64 million, the widening losses primarily drove negative sentiment.

    2. The company experienced accelerated cash burn and high operating expenses, contributing to financial concerns. Joby's adjusted EBITDA loss widened to $197 million in fiscal Q2 2026, compared to a loss of $179 million in fiscal Q1 2026. This was largely due to increased research and development expenses, which rose 42.7% to $194.66 million, and selling, general, and administrative expenses, which climbed 143.2% to $76.56 million as the company invested in certification, manufacturing, and commercial readiness. Furthermore, Joby forecasted a substantial cash usage of $385 million to $415 million for the second half of 2026, indicating continued significant investments.

    3. Slow progress in FAA Type Certification continued to weigh on investor confidence. Despite Joby Aviation's operational progress, the pace of regulatory approval remained a concern for investors. As of July 31, 2026, Joby had completed 20% of the fifth and final stage of FAA Type Certification, with the FAA verifying only 10% of its work on this stage. Investor impatience with the certification timeline was highlighted as a potential factor for the stock's decline, as any perceived stalls could lead to further difficulties for the company in the latter half of 2026.

    4. Significant insider selling, including a transaction exceeding $5 million, impacted investor sentiment. JoeBen Bevirt, the CEO and Chief Architect, executed a planned sale of 416,666 shares on May 28, 2026, at a price of $12.02 per share, totaling approximately $5,008,325. This transaction exceeded the $5 million threshold and represented a notable divestment by a key executive, potentially signaling a lack of confidence and negatively influencing other investors during the period.

    5. Broader market skepticism and industry-wide challenges for the eVTOL sector contributed to the negative trend. The general sentiment towards electric vertical takeoff and landing (eVTOL) stocks has shifted, with investors growing impatient with the sector's certification timelines and a slower rollout of urban air mobility than initially projected. Joby Aviation's stock, similar to other eVTOL companies, has seen a sharp reset in investor expectations, with its valuation still perceived as expensive on broad market metrics, even after a substantial decline over the past year. Regulatory fragmentation and limited vertiport infrastructure development are seen as key barriers to scaling the service across the eVTOL industry.

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    Stock Movement Drivers

    Fundamental Drivers

    The -22.2% change in JOBY stock from 4/30/2026 to 8/27/2026 was primarily driven by a -61.3% change in the company's P/S Multiple.
    (LTM values as of)43020268272026Change
    Stock Price ($)9.197.15-22.2%
    Change Contribution By: 
    Total Revenues ($ Mil)53116117.7%
    P/S Multiple154.059.6-61.3%
    Shares Outstanding (Mil)895970-7.7%
    Cumulative Contribution-22.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 8/27/2026
    ReturnCorrelation
    JOBY-22.2% 
    Market (SPY)7.3%64.1%
    Sector (XLI)2.4%42.8%

    Fundamental Drivers

    The -32.4% change in JOBY stock from 1/31/2026 to 8/27/2026 was primarily driven by a -84.9% change in the company's P/S Multiple.
    (LTM values as of)13120268272026Change
    Stock Price ($)10.577.15-32.4%
    Change Contribution By: 
    Total Revenues ($ Mil)23116413.6%
    P/S Multiple394.259.6-84.9%
    Shares Outstanding (Mil)845970-12.9%
    Cumulative Contribution-32.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    1/31/2026 to 8/27/2026
    ReturnCorrelation
    JOBY-32.4% 
    Market (SPY)11.7%62.7%
    Sector (XLI)8.4%44.7%

    Fundamental Drivers

    The -57.1% change in JOBY stock from 7/31/2025 to 8/27/2026 was primarily driven by a -99.9% change in the company's P/S Multiple.
    (LTM values as of)73120258272026Change
    Stock Price ($)16.667.15-57.1%
    Change Contribution By: 
    Total Revenues ($ Mil)0116104670.3%
    P/S Multiple115,105.459.6-99.9%
    Shares Outstanding (Mil)767970-20.9%
    Cumulative Contribution-57.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2025 to 8/27/2026
    ReturnCorrelation
    JOBY-57.1% 
    Market (SPY)23.0%54.7%
    Sector (XLI)18.8%43.3%

    Fundamental Drivers

    The -20.1% change in JOBY stock from 7/31/2023 to 8/27/2026 was primarily driven by a null change in the company's P/S Multiple.
    (LTM values as of)73120238272026Change
    Stock Price ($)8.957.15-20.1%
    Change Contribution By: 
    Total Revenues ($ Mil)01169.2233720368547763E17%
    P/S Multiple∞59.6 
    Shares Outstanding (Mil)605970-37.6%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2023 to 8/27/2026
    ReturnCorrelation
    JOBY-20.1% 
    Market (SPY)74.4%43.2%
    Sector (XLI)68.7%42.6%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    JOBY Return-37%-54%99%22%62%-46%-38%
    Peers Return-23%-30%89%0%-9%-21%-27%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    JOBY Win Rate33%42%50%42%58%25% 
    Peers Win Rate42%44%56%36%44%38% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    JOBY Max Drawdown-59%-57%-52%-36%-48%-59% 
    Peers Max Drawdown-49%-61%-35%-56%-43%-43% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: ACHR, EVEX, BA.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 8/27/2026 (YTD)

    How Low Can It Go

    EventJOBYS&P 500
    2025 US Tariff Shock
      % Loss-29.8%-18.8%
      % Gain to Breakeven42.4%23.1%
      Time to Breakeven50 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-37.7%-9.5%
      % Gain to Breakeven60.6%10.5%
      Time to Breakeven396 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-10.7%-6.7%
      % Gain to Breakeven12.0%7.1%
      Time to Breakeven3 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-51.5%-24.5%
      % Gain to Breakeven106.1%32.4%
      Time to Breakeven495 days427 days

    Compare to ACHR, EVEX, BA

    In The Past

    Joby Aviation's stock fell -29.8% during the 2025 US Tariff Shock. Such a loss loss requires a 42.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventJOBYS&P 500
    2025 US Tariff Shock
      % Loss-29.8%-18.8%
      % Gain to Breakeven42.4%23.1%
      Time to Breakeven50 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-37.7%-9.5%
      % Gain to Breakeven60.6%10.5%
      Time to Breakeven396 days24 days
    2022 Inflation Shock & Fed Tightening
      % Loss-51.5%-24.5%
      % Gain to Breakeven106.1%32.4%
      Time to Breakeven495 days427 days

    Compare to ACHR, EVEX, BA

    In The Past

    Joby Aviation's stock fell -29.8% during the 2025 US Tariff Shock. Such a loss loss requires a 42.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Joby Aviation (JOBY)

    Joby Aviation, Inc. is an innovative air mobility company focused on developing and operating an electric vertical takeoff and landing (eVTOL) aircraft. Its core mission is to establish a new form of air transportation, leveraging electric propulsion for quiet, efficient, and sustainable flight within urban and regional environments.

    The company is vertically integrated, meaning it designs, manufactures, and intends to operate its own proprietary eVTOL aircraft. Joby's primary service will be an aerial ridesharing operation, offering on-demand air transportation as a service. This service aims to provide a fast and convenient alternative to traditional ground transportation, catering to individuals and businesses looking for efficient travel solutions over congested areas or between nearby cities.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Joby Aviation:

    • Uber for the skies
    • Tesla for flying taxis

    AI Analysis | Feedback

    ```html
    • Electric Vertical Takeoff and Landing (eVTOL) Aircraft: Joby Aviation designs and builds electric aircraft optimized for quiet, emission-free flight.
    • Aerial Ridesharing Service: The company intends to operate these aircraft to provide a convenient air transportation service, similar to a ride-hailing service but in the air.
    ```

    AI Analysis | Feedback

    Joby Aviation (JOBY) sells primarily to other companies and government entities through strategic partnerships and contracts as it develops and prepares to launch its aerial ridesharing service. Its major customers and key strategic partners include:

    • U.S. Air Force: Joby has significant contracts with the U.S. Air Force through the AFWERX Agility Prime program for aircraft development and testing.
    • Delta Air Lines (DAL): Joby has a multi-year, multi-market partnership with Delta Air Lines. Delta made an equity investment in Joby, and the partnership aims to offer Joby's air taxi service to Delta customers, beginning with New York and Los Angeles.
    • ANA Holdings Inc. (TYO: 9202): Joby has a partnership with Japan's largest airline group, ANA Holdings, to bring aerial ridesharing to Japan.

    AI Analysis | Feedback

    • Honeywell (HON)
    • Safran S. A. (SAF.PA)
    • Aethon Aerofab

    AI Analysis | Feedback

    ```html

    JoeBen Bevirt, Founder and Chief Executive Officer

    JoeBen Bevirt founded Joby Aviation in 2009 and has led the company since its inception. He is a serial entrepreneur who co-founded Velocity11 in 1999, a company focused on high-performance robotic laboratory systems, which was later acquired by Agilent Technologies. In 2005, he also founded Joby Inc., known for developing consumer products such as the Gorillapod flexible camera tripod.

    Matthew Field, Chief Financial Officer

    Matthew Field was appointed Chief Financial Officer of Joby Aviation, effective March 5, 2021. Before joining Joby, he served as the Chief Financial Officer for North America at Ford Motor Company, where he managed the financial operations of a $100 billion revenue division for over two decades. His tenure at Ford also included a role as CFO at Lincoln Motor Co., a subsidiary. Prior to his time at Ford, he worked at Goldman Sachs and the Board of Governors of the Federal Reserve System.

    Bonny Simi, President of Operations

    Bonny Simi serves as Joby Aviation's President of Operations. Her background includes several operational and strategic roles at JetBlue, where she founded and led JetBlue Technology Ventures. She is also an accomplished pilot and a three-time Olympian in the sport of Luge.

    Didier Papadopoulos, President of Aircraft OEM

    Didier Papadopoulos is Joby Aviation's President of Aircraft OEM, joining in 2021. He previously served as the Vice President of Aviation Systems, Programs and Business Development at Garmin International. His aviation career began at CAE, where he developed flight simulators for commercial and business aviation.

    Eric Allison, Chief Product Officer

    Eric Allison is Joby Aviation's Chief Product Officer. He previously led the Elevate team at Uber. His expertise spans aerospace research, electric propulsion, energy storage, vehicle autonomy, and composite structures, and he served as CEO of Zee Aero, where he led the development of the autonomous air taxi vehicle, Cora.

    ```

    AI Analysis | Feedback

    The key risks for Joby Aviation (JOBY) are primarily centered around its pre-revenue status, the complex regulatory environment for novel aircraft, and the emerging competitive landscape for urban air mobility.

    1. Regulatory Hurdles, Certification Delays, and Safety Concerns: Joby Aviation's ability to commence widespread commercial operations hinges on obtaining full Federal Aviation Administration (FAA) certification for its electric vertical takeoff and landing (eVTOL) aircraft, which is a complex and unprecedented process. Any delays in this certification, which has already seen anticipated timelines slip, could push back commercial launch dates and revenue generation significantly. Furthermore, as a new technology, eVTOLs face rigorous safety evaluations, and any accidents or technical failures during testing or early operations could impact public trust and further delay regulatory approvals.
    2. Financial Sustainability, Cash Burn, and Need for Additional Capital: As a pre-revenue company, Joby Aviation has incurred significant losses and continues to burn substantial amounts of cash to fund its aircraft development, manufacturing ramp-up, and the establishment of an operational network. The company will require additional capital in the future, which could lead to further equity raises and dilution of existing shareholders' interests. The long path to profitability for this capital-intensive industry poses an ongoing financial risk.
    3. Intense Competition and Market Adoption Uncertainty: Joby Aviation operates in a rapidly evolving and increasingly competitive advanced air mobility market, with numerous other companies (such as Archer Aviation and Lilium) also developing eVTOL aircraft and vying for market share. There are also ongoing legal disputes with competitors, which introduce reputational and legal risks. Beyond competition, the successful adoption of aerial ridesharing as a service depends on factors like establishing adequate infrastructure (e.g., vertiports), consumer acceptance of the technology, and the ability to offer services at a price point that is both attractive to customers and economically viable for Joby.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    The addressable market for Joby Aviation's main products and services, primarily electric vertical takeoff and landing (eVTOL) aircraft for aerial ridesharing, falls under the broader categories of the global eVTOL aircraft market and the global Urban Air Mobility (UAM) market.

    The global Urban Air Mobility (UAM) sector's annual total addressable market is projected to reach $1 trillion globally by 2040, and expand to $9 trillion by 2050, as adoption and use cases grow. Another projection indicates the global UAM market size, which includes air taxi services, was valued at USD 4.54 billion in 2024 and is estimated to reach USD 97.4 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 36.70% from 2025-2033. Similarly, the global UAM market is expected to grow from USD 3,580.2 million in 2023 to USD 29,188.5 million by 2030, with a CAGR of 35% from 2024 to 2030.

    Focusing on the eVTOL aircraft segment, which Joby Aviation manufactures, the global market size was estimated at USD 1.35 billion in 2023 and is projected to reach USD 28.6 billion by 2030, growing at a CAGR of 54.9% from 2024 to 2030. Other estimates for the global eVTOL aircraft market include reaching USD 30,519 million by 2030, growing at a CAGR of 18.3% from 2022 to 2030. Furthermore, the global eVTOL aircraft market size is projected to surpass approximately USD 216.02 billion by 2035, representing a CAGR of 51.87% between 2026 and 2035.

    Specifically for the air taxi market, the global market size was valued at USD 1.75 billion in 2025 and is projected to grow to USD 6.17 billion by 2034, exhibiting a CAGR of 14.35% during the forecast period. Another report indicates the global air taxi market size was USD 2.50 billion in 2025 and is expected to reach USD 14.26 billion by 2035, growing at a CAGR of 19.02% from 2026-2035.

    AI Analysis | Feedback

    Here are 3-5 expected drivers of future revenue growth for Joby Aviation (JOBY) over the next 2-3 years:

    1. Commercial Launches and Market Expansion: Joby Aviation is poised to launch its electric air taxi services in key markets, with a commercial rollout anticipated in Dubai by 2026, where the company holds a six-year exclusive access agreement. Similar commercial operations are also planned for the U.S. under the eVTOL Pilot Program (eIPP), which involves testing nationwide operations and establishing vertiports. These launches represent the direct monetization of its core air transportation as a service.
    2. Increased Manufacturing Capacity: To support its planned commercialization, Joby Aviation is significantly expanding its manufacturing capabilities. This includes the acquisition of a large production facility in Ohio, with the strategic goal of doubling aircraft production to four aircraft per month by 2027. This ramp-up in manufacturing is critical for scaling operations and delivering the volume of aircraft necessary to meet anticipated demand for its aerial ridesharing service.
    3. Revenue from Blade's Passenger Business and Strategic Partnerships: The recent acquisition of Blade's passenger business is already contributing to Joby's revenue and is expected to further accelerate its expansion in urban air mobility markets by providing access to existing terminals and a established customer base. Beyond Blade, Joby has also secured strategic partnerships, such as those with the U.S. Department of Defense for aircraft delivery and Uber for air taxi services in Dubai, which are expected to generate revenue and facilitate market entry and customer adoption.

    AI Analysis | Feedback

    Share Issuance

    • In October 2025, Joby Aviation completed an underwritten public offering of common stock, generating gross proceeds of approximately $591.0 million.
    • Joby announced in January 2026 its intention to raise $1.2 billion through concurrent public offerings, including the issuance of over 52 million shares of common stock.
    • A proposal was made in April 2025 to amend the Certificate of Incorporation to double the authorized shares of common stock from 1.4 billion to 2.8 billion.

    Inbound Investments

    • Toyota Motor Corporation made an additional strategic investment of $500 million in Joby Aviation, with the first $250 million tranche closing in May 2025, bringing Toyota's total investment to $894 million.
    • Joby secured over $1 billion in additional funding and commitments during the fourth quarter of 2024.
    • As of Q4 2025, Joby strengthened its balance sheet, reporting $1.4 billion in cash and short-term investments, further boosted by an additional net $1.2 billion received in February 2026.

    Outbound Investments

    • Joby Aviation completed the acquisition of Blade Air Mobility's passenger business in early 2025 to expand its operational capabilities and market access in key urban corridors.

    Capital Expenditures

    • Joby forecasted capital outgoings for 2025 to be as high as $540 million, primarily focused on eVTOL aircraft development.
    • In Q4 2025, Joby Aviation invested $13.8 million in capital expenditures, contributing to long-term assets and infrastructure.
    • Significant capital is being allocated to manufacturing expansion, including an agreement to acquire a manufacturing facility in the Dayton, Ohio area (over 700,000 square feet) to support plans to double production capacity to four aircraft per month by 2027.

    Peer Outperformance in Airport Services

    null
    Share of Airport Services constituents that JOBY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    —
    insufficient peer history
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
    null
    Median price return by industry across the Industrials sector, ranked by 5Y. Airport Services is JOBY's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Construction & Engineering 31 17.2%124.4%193.4% CDNL 3080% · STRL 2085% · FIX 2070%
    Marine Transportation 4 55.3%59.7%147.2% MATX 200% · KEX 151% · SFL 143%
    Construction Machinery & Heavy Transportation Equipment 13 11.0%64.0%112.4% CAT 318% · ALSN 269% · WAB 240%
    Aerospace & Defense 55 1.5%59.6%78.9% ATI 1069% · DFNS 899% · FTAI 891%
    Passenger Ground Transportation 3 -11.1%68.8%61.3% UBER 89% · CAR 61% · LYFT -64%
    Industrial Machinery & Supplies & Components 71 8.4%50.0%50.8% CRS 1429% · PSIX 881% · GHM 673%
    Rail Transportation 7 33.3%74.3%48.2% FSTR 116% · CSX 65% · UNP 56%
    Cargo Ground Transportation 16 37.3%10.3%41.1% XPO 256% · R 244% · CVLG 223%
    Trading Companies & Distributors 18 3.1%36.2%30.9% DXPE 519% · AIT 286% · URI 203%
    Diversified Support Services 32 10.5%30.5%30.3% LIME 4821% · TH 382% · WLFC 342%
    Electrical Components & Equipment 41 25.7%52.0%24.3% POWL 2323% · BE 917% · ELVA 869%
    Building Products 33 -10.5%10.8%20.4% LMB 418% · GFF 393% · PPIH 289%
    Office Services & Supplies 10 15.6%23.4%3.0% PBI 178% · TILE 164% · EBF 55%
    Environmental & Facilities Services 28 -9.7%20.0%0.4% CECO 850% · ADUR 616% · NVRI 334%
    Research & Consulting Services 13 -9.4%-18.6%-2.5% HURN 221% · CRAI 97% · GRNQ 37%
    Industrial Conglomerates 18 17.4%16.0%-3.7% RCMT 723% · CSW 137% · TTI 115%
    Agricultural & Farm Machinery 17 -1.6%-7.8%-18.2% BLBD 180% · DE 75% · GENC 64%
    Data Processing & Outsourced Services 6 -29.1%-9.7%-23.9% EXLS 58% · BR 17% · G -22%
    Passenger Airlines 11 6.2%-3.0%-27.5% LTM 2297% · UAL 136% · SKYW 104%
    Human Resource & Employment Services 22 10.6%-17.7%-36.6% BBSI 89% · ADP 52% · KFY 30%
    Air Freight & Logistics 12 -10.1%-21.3%-37.0% CHRW 88% · FDX 71% · EXPD 62%
    Security & Alarm Services 10 -36.5%-14.7%-44.7% CIX 107% · MG 93% · BCO 47%
    Airport Services ← 3 -69.4%-71.1%-57.4% JOBY -44% · ASLE -57% · UP -100%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Can You Stomach Joby Aviation Stock's Shocks?07/25/2026
    2Joby Aviation Stock Slides 17% In A Single Day, Wait For A Dip To Buy The Stock01/30/2026
    3Would You Still Hold Joby Aviation Stock If It Fell Another 30%?01/30/2026
    4Joby Stock (+12%): Vertiport Deal + Mfg. Ramp Ignites Chase01/06/2026
    5Joby Aviation Earnings Notes12/29/2026
    6Is 20.2% Fall In Joby Aviation (JOBY) Stock A Buying Opportunity?10/29/2025
    7Day 7 of Loss Streak for Joby Aviation Stock with -20% Return (vs. 78% YTD) [8/21/2025]08/22/2025
    8Day 6 of Loss Streak for Joby Aviation Stock with -18% Return (vs. 81% YTD) [8/20/2025]08/21/2025
    9ARTICLES 
    10Joby Aviation Stock Is Priced For An Aircraft That Has Yet To Fly A Passenger08/11/2026
    11The Strongest Case For Joby Aviation Stock Is Already Flying Passengers08/07/2026
    12Can You Stomach Joby Aviation Stock’s Shocks?07/27/2026
    13JOBY Stock: Flying High Or Overpriced Sci-Fi?07/13/2026
    14Could You Ride Out A Joby Aviation Stock Crash?06/30/2026
    Title
    0DASHBOARDS
    1Can You Stomach Joby Aviation Stock's Shocks?
    2Joby Aviation Stock Slides 17% In A Single Day, Wait For A Dip To Buy The Stock
    3Would You Still Hold Joby Aviation Stock If It Fell Another 30%?
    4Joby Stock (+12%): Vertiport Deal + Mfg. Ramp Ignites Chase
    5Joby Aviation Earnings Notes
    6Is 20.2% Fall In Joby Aviation (JOBY) Stock A Buying Opportunity?
    7Day 7 of Loss Streak for Joby Aviation Stock with -20% Return (vs. 78% YTD) [8/21/2025]
    8Day 6 of Loss Streak for Joby Aviation Stock with -18% Return (vs. 81% YTD) [8/20/2025]
    9ARTICLES
    10Joby Aviation Stock Is Priced For An Aircraft That Has Yet To Fly A Passenger
    11The Strongest Case For Joby Aviation Stock Is Already Flying Passengers
    12Can You Stomach Joby Aviation Stock’s Shocks?
    13JOBY Stock: Flying High Or Overpriced Sci-Fi?
    14Could You Ride Out A Joby Aviation Stock Crash?

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    Peer Comparisons

    Peers to compare with:

    Financials

    JOBYACHREVEXBAMedian
    NameJoby Avi.Archer A.Eve Boeing  
    Mkt Price7.155.932.39209.896.54
    Mkt Cap6.94.60.8165.95.8
    Rev LTM1167093,99562
    Op Inc LTM-883-943-222-5,098-913
    FCF LTM-743-681-211-219-450
    FCF 3Y Avg-548-513-160-4,822-531
    CFO LTM-610-540-1953,639-368
    CFO 3Y Avg-476-419-153-2,142-448

    Growth & Margins

    JOBYACHREVEXBAMedian
    NameJoby Avi.Archer A.Eve Boeing  
    Rev Chg LTM118,568.4%--24.8%59,296.6%
    Rev Chg 3Y Avg---9.0%9.0%
    Rev Chg Q257,493.3%--8.0%128,750.6%
    QoQ Delta Rev Chg LTM49.7%263.2%-2.0%49.7%
    Op Inc Chg LTM-38.4%-66.5%-18.8%45.6%-28.6%
    Op Inc Chg 3Y Avg-29.0%-29.6%-29.1%-108.6%-29.3%
    Op Mgn LTM-759.2%-13,666.7%--5.4%-759.2%
    Op Mgn 3Y Avg-233,956.4%---6.8%-116,981.6%
    QoQ Delta Op Mgn LTM257.8%30,538.6%-0.5%257.8%
    CFO/Rev LTM-524.5%-7,831.9%-3.9%-524.5%
    CFO/Rev 3Y Avg-164,003.8%---3.2%-82,003.5%
    FCF/Rev LTM-639.2%-9,869.6%--0.2%-639.2%
    FCF/Rev 3Y Avg-182,830.8%---6.4%-91,418.6%

    Valuation

    JOBYACHREVEXBAMedian
    NameJoby Avi.Archer A.Eve Boeing  
    Mkt Cap6.94.60.8165.95.8
    P/S59.6671.8-1.859.6
    P/Op Inc-7.9-4.9-3.8-32.5-6.4
    P/EBIT-7.9-4.9-4.231.0-4.6
    P/E-7.9-5.8-3.968.1-4.9
    P/CFO-11.4-8.6-4.345.6-6.4
    Total Yield-12.7%-17.3%-25.4%1.5%-15.0%
    Dividend Yield0.0%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg-8.6%-19.5%-13.9%-3.5%-11.3%
    D/E0.10.00.40.30.2
    Net D/E-0.2-0.3-0.10.2-0.2

    Returns

    JOBYACHREVEXBAMedian
    NameJoby Avi.Archer A.Eve Boeing  
    1M Rtn-1.7%23.0%-2.4%-5.3%-2.0%
    3M Rtn-41.9%-12.9%-31.3%-8.3%-22.1%
    6M Rtn-30.1%-19.6%-24.1%-8.5%-21.9%
    12M Rtn-50.4%-35.2%-40.8%-10.9%-38.0%
    3Y Rtn-1.0%-7.2%-69.8%-7.6%-7.4%
    1M Excs Rtn1.8%26.7%1.5%-7.6%1.7%
    3M Excs Rtn-44.1%-15.1%-33.5%-10.5%-24.3%
    6M Excs Rtn-42.0%-31.5%-36.0%-20.4%-33.8%
    12M Excs Rtn-71.0%-55.6%-62.0%-30.2%-58.8%
    3Y Excs Rtn-74.9%-92.1%-145.6%-85.0%-88.5%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/6/20265/6/20262/27/202611/6/20258/7/20255/8/20252/27/202511/6/20248/8/20245/8/20242/27/202411/6/2023
    Key Financials Quarterly            
    Total Revenue3924312300000010
    Ebitda-249-223-196-171-158-154-140-148-136-137-120-120
    Operating Income-261-234-207-182-168-163-150-157-144-146-128-128
    Net Income-245-110-122-401-325-82-246-144-123-95-1152
    EPS-0.25-0.12-0.14-0.48-0.41-0.11-0.34-0.21-0.18-0.14-0.170.00
    Key Financials TTM            
    Total Revenue TTM11678532300011110
    Ebitda TTM-839-748-679-624-600-578-561-541-513-486-442-416
    Operating Income TTM-883-790-720-663-638-614-597-575-547-518-472-445
    Net Income TTM-878-957-930-1,055-797-596-608-477-331-494-513-465
    Growth Rates Quarterly            
    Total Revenue Growth257493.3%-55965.5%80521.4%-46.4%-100.0%-94.7%-----
    EBITDA Growth-57.5%-44.4%-39.4%-16.0%-16.6%-12.2%-16.9%-22.8%-25.0%-48.3%-26.7%-32.6%
    Operating Income Growth-55.4%-43.1%-38.0%-15.9%-16.3%-11.9%-16.9%-22.3%-24.4%-46.3%-26.5%-32.0%
    Net Income Growth24.4%-33.4%50.7%-178.9%-163.3%12.9%-114.0%-9534.6%56.9%16.6%-71.9%101.9%
    Margins Quarterly            
    EBITDA Margin-644.5%-918.1%-634.7%-759.5%-1054073.3%--255269.1%-527828.6%-484292.9%-549560.0%-11637.7%-
    Operating Income Margin-675.2%-963.4%-670.6%-804.8%-1119093.3%--272500.0%-559625.0%-515310.7%-583588.0%-12426.6%-
    Net Income Margin-635.2%-453.5%-394.1%-1777.4%-2164493.3%--447776.4%-513850.0%-440328.6%-378348.0%-11153.4%-
    Cash & Debt            
    Total Cash2,2642,4661,4089789918139337108259241,0321,113
    Total Debt74874837463132343230313130
    Net Debt / (Cash)-1,516-1,718-1,371-933-960-781-899-678-795-893-1,002-1,083
    Cash Flows Quarterly            
    FCF from Operations-173-144-153-139-107-111-120-110-99-107-83-80
    Cash Flows TTM            
    FCF from Operations TTM-610-543-510-477-448-441-436-399-369-342-314-284
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-30.8%-29.8%-29.3%-27.7%-30.5%-32.4%-32.0%-36.6%-36.9%-41.0%-40.1%-43.4%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-26.0%-25.2%-25.5%-25.2%-29.0%-30.5%-31.9%-33.6%-34.9%-36.4%-36.9%-38.4%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Services segment530100
    Total530100


    Net Income by Segment
    $ Mil20252024
    Services segment-930-608
    Total-930-608


    Assets by Segment
    $ Mil202220212020
    Single segment1,2931,488497
    Total1,2931,488497


    Price Behavior

    Price Behavior
    Market Price$7.15 
    Market Cap ($ Bil)6.7 
    First Trading Date11/09/2020 
    Distance from 52W High-63.5% 
       50 Days200 Days
    DMA Price$8.15$10.61
    DMA Trenddowndown
    Distance from DMA-12.3%-32.6%
     3M1YR
    Volatility68.9%72.2%
    Downside Capture446.00434.46
    Upside Capture152.17265.08
    Correlation (SPY)65.9%55.2%
    JOBY Betas & Captures as of 7/31/2026

     1M2M3M6M1Y3Y
    Beta3.823.273.913.073.142.12
    Up Beta5.493.784.892.862.861.75
    Down Beta3.023.273.032.722.191.52
    Up Capture192%157%369%371%657%4084%
    Bmk +ve Days11223567138427
    Stock +ve Days7142355113346
    Down Capture465%351%349%243%192%112%
    Bmk -ve Days11212859114326
    Stock -ve Days15294070138398

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with JOBY
    JOBY-51.6%72.0%-0.70-
    Sector ETF (XLI)18.0%17.0%0.8043.9%
    Equity (SPY)20.6%12.8%1.1955.3%
    Gold (GLD)35.6%28.8%1.0530.3%
    Commodities (DBC)40.3%20.3%1.55-8.6%
    Real Estate (VNQ)11.0%13.7%0.524.2%
    Bitcoin (BTCUSD)-29.7%43.6%-0.6939.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with JOBY
    JOBY-4.3%78.8%0.28-
    Sector ETF (XLI)13.5%17.6%0.5939.9%
    Equity (SPY)13.4%17.2%0.6042.7%
    Gold (GLD)20.5%18.7%0.8911.3%
    Commodities (DBC)11.0%19.6%0.443.1%
    Real Estate (VNQ)2.2%18.9%0.0131.3%
    Bitcoin (BTCUSD)11.0%52.7%0.3925.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with JOBY
    JOBY-4.2%76.8%0.23-
    Sector ETF (XLI)13.7%20.0%0.6038.1%
    Equity (SPY)15.3%17.9%0.7241.1%
    Gold (GLD)12.6%16.3%0.6411.3%
    Commodities (DBC)7.5%18.1%0.334.7%
    Real Estate (VNQ)5.0%20.7%0.2029.8%
    Bitcoin (BTCUSD)63.6%66.1%1.0322.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8142026
    Short Interest: Shares Quantity102.2 Mil
    Short Interest: % Change Since 7312026-5.6%
    Average Daily Volume34.2 Mil
    Days-to-Cover Short Interest3.0 days
    Basic Shares Quantity969.9 Mil
    Short % of Basic Shares10.5%

    Returns Analyses

    Earnings Returns History

    Updated 8/14/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/5/20265.5%2.1% 
    5/5/202621.2%20.9%28.3%
    2/25/20264.2%0.7%-13.7%
    11/5/2025-4.5%8.7%3.4%
    8/6/2025-8.9%-6.0%-28.9%
    5/7/20253.6%11.7%26.5%
    2/26/20250.7%1.3%-4.0%
    11/6/20240.6%16.4%74.4%
    ...
    SUMMARY STATS   
    # Positive14147
    # Negative6612
    Median Positive5.7%6.3%26.5%
    Median Negative-6.7%-6.4%-9.3%
    Max Positive21.2%24.2%74.4%
    Max Negative-10.0%-13.9%-30.0%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/5/20265.5%2.1% 
    5/5/202621.2%20.9%28.3%
    2/25/20264.2%0.7%-13.7%
    11/5/2025-4.5%8.7%3.4%
    8/6/2025-8.9%-6.0%-28.9%
    5/7/20253.6%11.7%26.5%
    2/26/20250.7%1.3%-4.0%
    11/6/20240.6%16.4%74.4%
    8/7/20245.9%1.0%-2.9%
    5/7/2024-8.9%0.4%-4.1%
    2/21/2024-10.0%-9.2%-13.3%
    11/1/202313.1%3.9%22.8%
    8/2/2023-0.6%-4.5%-10.1%
    5/3/20233.9%9.3%38.8%
    2/22/202310.7%3.7%-9.8%
    11/2/2022-2.2%-13.9%-8.8%
    8/11/20226.3%-3.7%-5.2%
    5/12/202220.3%23.5%9.0%
    3/24/202212.2%24.2%-0.4%
    11/12/20213.2%-6.7%-30.0%
    SUMMARY STATS   
    # Positive14147
    # Negative6612
    Median Positive5.7%6.3%26.5%
    Median Negative-6.7%-6.4%-9.3%
    Max Positive21.2%24.2%74.4%
    Max Negative-10.0%-13.9%-30.0%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/06/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/08/202510-Q
    12/31/202402/27/202510-K
    09/30/202411/06/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/08/202410-Q
    12/31/202302/27/202410-K
    09/30/202311/06/202310-Q
    06/30/202308/04/202310-Q
    03/31/202305/05/202310-Q
    12/31/202203/01/202310-K
    09/30/202211/04/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/06/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/08/202510-Q
    12/31/202402/27/202510-K
    09/30/202411/06/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/08/202410-Q
    12/31/202302/27/202410-K
    09/30/202311/06/202310-Q
    06/30/202308/04/202310-Q
    03/31/202305/05/202310-Q
    12/31/202203/01/202310-K
    09/30/202211/04/202210-Q
    06/30/202208/12/202210-Q
    03/31/202205/13/202210-Q
    12/31/202103/28/202210-K
    09/30/202111/15/202110-Q
    06/30/202108/13/202110-Q

    Insider Activity

    Updated 8/25/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Bowles, GregoryChief Policy OfficerDirectSell82520267.234,57533,0771,388,059Form
    2Bowles, GregoryChief Policy OfficerDirectSell82520267.343,53125,9181,442,758Form
    3Bevirt, JoebenCEO and Chief ArchitectJoby TrustSell81820267.87596,6674,695,769454,996,526Form
    4Sciarra, Paul Cahill Sciarra Management TrustSell81420267.9662,500497,500443,893,834Form
    5Bevirt, JoebenCEO and Chief ArchitectJoby TrustSell71720267.75596,6664,624,162452,683,010Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Bowles, GregoryChief Policy OfficerDirectSell82520267.234,57533,0771,388,059Form
    2Bowles, GregoryChief Policy OfficerDirectSell82520267.343,53125,9181,442,758Form
    3Bevirt, JoebenCEO and Chief ArchitectJoby TrustSell81820267.87596,6674,695,769454,996,526Form
    4Sciarra, Paul Cahill Sciarra Management TrustSell81420267.9662,500497,500443,893,834Form
    5Bevirt, JoebenCEO and Chief ArchitectJoby TrustSell71720267.75596,6664,624,162452,683,010Form
    6Dehoff, KateSee RemarksDirectSell71420267.7314,240110,0751,392,784Form
    7Allison, EricChief Product OfficerDirectSell71420267.5327,932210,3285,349,282Form
    8Dehoff, KateSee RemarksDirectSell71420267.538,38163,1091,463,975Form
    9Bowles, GregoryChief Policy OfficerDirectSell70620269.104,72442,9881,719,318Form
    10Simi, Bonny WPresident of OperationsDirectSell70620268.927,83269,8612,066,648Form
    11Bowles, GregoryChief Policy OfficerDirectSell70620268.925,15846,0091,727,447Form
    12Brumana, RodrigoChief Financial OfficerDirectSell70620268.922,60123,201750,520Form
    13Dehoff, KateSee RemarksDirectSell70620268.929,57585,4091,665,676Form
    14Bevirt, JoebenCEO and Chief ArchitectDirectSell70620268.9215,788140,8292,137,865Form
    15Allison, EricChief Product OfficerDirectSell70620268.929,33083,2246,108,229Form
    16Papadopoulos, DidierPresident of Aircraft OEMDirectSell70620268.9212,939115,4161,432,730Form
    17Papadopoulos, DidierPresident of Aircraft OEMDirectSell61620269.421,97518,6041,398,446Form
    18Papadopoulos, DidierPresident of Aircraft OEMDirectSell61620269.835,99958,9701,478,727Form
    19Brumana, RodrigoChief Financial OfficerDirectSell608202611.3078,489886,926923,142Form
    20Brumana, RodrigoChief Financial OfficerDirectSell603202611.77140,7161,656,2271,885,354Form
    21Dehoff, KateSee RemarksDirectSell603202611.7715,201178,9162,091,929Form
    22Sciarra, Paul Cahill Sciarra Management TrustSell603202612.0083,3341,000,008669,936,684Form
    23Sciarra, Paul Cahill Sciarra Management TrustSell601202612.02416,6665,008,325672,054,920Form
    24Bowles, GregoryChief Policy OfficerDirectSell526202611.474,60252,7852,091,199Form
    25Bowles, GregoryChief Policy OfficerDirectSell526202610.743,48637,4402,007,532Form
    26Bevirt, JoebenCEO and Chief ArchitectJoby TrustSell515202610.38322,0193,342,557612,496,573Form
    27Bevirt, JoebenCEO and Chief ArchitectJoeBen Bevirt 2020 Descendants TrustSell515202610.3899,0001,027,620328,825,965Form
    28Allison, EricChief Product OfficerDirectSell508202610.0074,844748,4406,760,080Form
    29Bevirt, JoebenCEO and Chief ArchitectDirectSell41720269.0339,963360,8662,030,152Form
    30Bevirt, JoebenCEO and Chief ArchitectJoby TrustSell41720269.03322,0182,907,823535,744,446Form
    31Bevirt, JoebenCEO and Chief ArchitectJoeBen Bevirt 2020 Descendants TrustSell41720269.0399,000893,970286,953,552Form
    32Dehoff, KateSee RemarksDirectSell41420268.7314,295124,7951,427,940Form
    33Dehoff, KateSee RemarksDirectSell41420268.208,31068,1421,458,468Form
    34Allison, EricChief Product OfficerDirectSell41420268.2027,698227,1246,156,986Form
    35Bowles, GregoryChief Policy OfficerDirectSell40920268.873573,1671,589,956Form
    36Allison, EricChief Product OfficerDirectSell40920268.878267,3276,430,759Form
    37Brumana, RodrigoChief Financial OfficerDirectSell40920268.875665,02063,979Form
    38Simi, Bonny WPresident of OperationsDirectSell40920268.875264,6661,937,137Form
    39Papadopoulos, DidierPresident of Aircraft OEMDirectSell40920268.878267,3271,286,673Form
    40Dehoff, KateSee RemarksDirectSell40920268.876675,9161,508,858Form
    41Bevirt, JoebenCEO and Chief ArchitectDirectSell40920268.879868,7462,348,652Form
    42Papadopoulos, DidierPresident of Aircraft OEMDirectSell40720268.763,39429,7311,263,928Form
    43Bowles, GregoryChief Policy OfficerDirectSell40720268.764,72041,3471,563,397Form
    44Papadopoulos, DidierPresident of Aircraft OEMDirectSell40320268.1512,965105,6651,203,576Form
    45Bevirt, JoebenCEO and Chief ArchitectDirectSell40320268.1515,823128,9572,150,475Form
    46Simi, Bonny WPresident of OperationsDirectSell40320268.157,69662,7221,772,421Form
    47Allison, EricChief Product OfficerDirectSell40320268.159,35076,2025,902,442Form
    48Brumana, RodrigoChief Financial OfficerDirectSell40320268.151,83914,98850,742Form
    49Bowles, GregoryChief Policy OfficerDirectSell40320268.155,16742,1111,492,998Form
    50Dehoff, KateSee RemarksDirectSell40320268.159,59478,1911,381,286Form
    51Papadopoulos, DidierPresident of Aircraft OEMDirectSell31720269.852,59425,5511,335,079Form
    52Papadopoulos, DidierPresident of Aircraft OEMDirectSell31720269.944,23142,0561,373,062Form
    53Papadopoulos, DidierPresident of Aircraft OEMDirectSell31120269.901,17211,6031,294,168Form
    54Dehoff, KateSee RemarksDirectSell31120269.901,43314,1871,588,980Form
    55Bowles, GregoryChief Policy OfficerDirectSell31120269.901,07510,6421,701,404Form
    56Brumana, RodrigoChief Financial OfficerDirectSell311202610.251,15911,88030,955Form
    57Bevirt, JoebenCEO and Chief ArchitectDirectSell311202610.253,23833,1902,552,742Form
    58Simi, Bonny WPresident of OperationsDirectSell311202610.251,72717,7021,511,506Form
    59Papadopoulos, DidierPresident of Aircraft OEMDirectSell311202610.251,91519,6291,351,934Form
    60Allison, EricChief Product OfficerDirectSell311202610.252,35124,0987,333,629Form
    61Dehoff, KateSee RemarksDirectSell311202610.252,19322,4781,659,844Form
    62Bowles, GregoryChief Policy OfficerDirectSell311202610.251,17212,0131,772,574Form
    63Bowles, GregoryChief Policy OfficerDirectSell22420269.6211,530110,9191,638,863Form
    64Bowles, GregoryChief Policy OfficerDirectSell22420269.573,55133,9831,740,687Form
    65Bevirt, JoebenCEO and Chief ArchitectDirectSell21720269.9163,636630,6332,437,919Form
    66Bevirt, JoebenCEO and Chief ArchitectJoby TrustSell21720269.91386,1823,827,064591,145,513Form
    67Bevirt, JoebenCEO and Chief ArchitectJoeBen Bevirt 2020 Descendants TrustSell21720269.91121,0001,199,110315,899,108Form
    68Papadopoulos, DidierPresident of Aircraft OEMDirectSell21720269.746,36662,0051,252,058Form
    69Dehoff, KateSee RemarksDirectSell21720269.888,53984,3651,579,585Form
    70Bevirt, JoebenCEO and Chief ArchitectDirectSell21720269.8814,456142,8253,059,263Form
    71Bowles, GregoryChief Policy OfficerDirectSell21720269.884,46444,1041,721,936Form
    72Papadopoulos, DidierPresident of Aircraft OEMDirectSell21720269.8810,382102,5741,332,950Form
    73Allison, EricChief Product OfficerDirectSell21720269.889,81596,9727,047,088Form
    74Simi, Bonny WPresident of OperationsDirectSell21720269.888,65285,4821,427,097Form
    75Dehoff, KateSee RemarksDirectSell21120269.9116,235160,8891,480,247Form
    76Papadopoulos, DidierPresident of Aircraft OEMDirectSell211202610.148168,2741,183,592Form
    77Dehoff, KateSee RemarksDirectSell211202610.551,07611,3521,747,122Form
    78Bowles, GregoryChief Policy OfficerDirectSell211202610.558168,6091,735,095Form
    79Allison, EricChief Product OfficerDirectSell211202610.551,52616,0997,427,580Form
    80Brumana, RodrigoChief Financial OfficerDirectSell211202610.555105,38014,844Form
    81Bevirt, JoebenCEO and Chief ArchitectDirectSell211202610.551,59016,7743,105,245Form
    82Simi, Bonny WPresident of OperationsDirectSell211202610.551,20212,6811,363,967Form
    83Papadopoulos, DidierPresident of Aircraft OEMDirectSell211202610.551,33314,0631,240,058Form
    84Bevirt, JoebenCEO and Chief ArchitectJoeBen Bevirt 2020 Descendants TrustSell211202610.62121,0001,285,020339,816,657Form
    85Bevirt, JoebenCEO and Chief ArchitectJoby TrustSell211202610.62386,1824,101,253637,599,270Form
    86Dehoff, KateSee RemarksDirectSell203202610.488,19485,8731,715,807Form
    87Bowles, GregoryChief Policy OfficerDirectSell114202614.725,38379,2382,394,561Form
    88Papadopoulos, DidierPresident of Aircraft OEMDirectSell114202614.5380411,6821,674,016Form
    89Dehoff, KateSee RemarksDirectSell114202614.7228,260415,9872,198,712Form
    90Bowles, GregoryChief Policy OfficerDirectSell114202614.8389413,2582,492,285Form
    91Papadopoulos, DidierPresident of Aircraft OEMDirectSell114202614.841,36720,2861,721,663Form
    92Dehoff, KateSee RemarksDirectSell114202614.847,092105,2452,636,014Form
    93Simi, Bonny WPresident of OperationsDirectSell114202614.841,23218,2831,887,425Form
    94Allison, EricChief Product OfficerDirectSell114202614.8421,493318,95610,426,643Form
    95Bevirt, JoebenCEO and Chief ArchitectDirectSell114202614.831,63024,1734,323,761Form
    96Brumana, RodrigoChief Financial OfficerDirectSell114202614.835237,75610,351Form
    97Papadopoulos, DidierPresident of Aircraft OEMDirectSell105202615.846,429101,8641,801,805Form
    98Simi, Bonny WPresident of OperationsDirectSell105202613.85110,1731,525,7751,732,692Form
    99Dehoff, KateSee RemarksDirectSell105202613.5110,484141,6392,238,553Form
    100Allison, EricChief Product OfficerDirectSell105202613.515,44773,5899,019,114Form
    101Bowles, GregoryChief Policy OfficerDirectSell105202613.514,19456,6612,247,307Form
    102Bevirt, JoebenCEO and Chief ArchitectDirectSell105202613.5123,552318,1883,901,877Form
    103Papadopoulos, DidierPresident of Aircraft OEMDirectSell105202613.5111,650157,3921,623,186Form
    104Thompson, Michael N JR Child 1Buy102202613.245507,2827,282Form
    105Thompson, Michael N JR Child 2Buy102202613.245507,2827,282Form
    106Allison, EricChief Product OfficerDirectSell102202613.2532,448429,9368,744,735Form
    107Papadopoulos, DidierPresident of Aircraft OEMDirectSell1216202514.081,97927,8641,433,048Form
    108Papadopoulos, DidierPresident of Aircraft OEMDirectSell1216202514.995,98789,7451,555,332Form
    109Bowles, GregoryChief Policy OfficerDirectSell1125202513.723,93153,9332,182,646Form
    110Bowles, GregoryChief Policy OfficerDirectSell1125202513.314,60461,2792,169,743Form
    111Dehoff, KateSee RemarksDirectSell1014202517.4820,824363,9642,610,686Form
    112Dehoff, KateSee RemarksDirectSell1014202516.848,262139,1322,866,050Form
    113Allison, EricChief Product OfficerDirectSell1014202516.8427,537463,72311,660,488Form
    114Bowles, GregoryChief Policy OfficerDirectSell1003202518.094,77686,3982,830,434Form
    115Papadopoulos, DidierPresident of Aircraft OEMDirectSell1003202518.085,10292,2441,773,720Form
    116Allison, EricChief Product OfficerDirectSell1003202516.786,715112,67811,182,460Form
    117Bevirt, JoebenCEO and Chief ArchitectDirectSell1003202516.7832,284541,7264,188,070Form
    118Bowles, GregoryChief Policy OfficerDirectSell1003202516.783,49358,6132,705,607Form
    119Papadopoulos, DidierPresident of Aircraft OEMDirectSell1003202516.7815,439259,0661,731,797Form
    120Simi, Bonny WPresident of OperationsDirectSell1003202516.788,272138,8043,678,277Form
    121Dehoff, KateSee RemarksDirectSell1003202516.7813,789231,3792,724,904Form
    122Bevirt, JoebenCEO and Chief ArchitectJoby TrustSell1003202516.29253,6004,131,144981,849,809Form
    123Bevirt, JoebenCEO and Chief ArchitectDirectSell1003202516.29172,4002,808,3963,569,025Form
    124Bowles, GregoryChief Policy OfficerDirectSell924202515.7512,900203,1752,414,160Form
    125Dehoff, KateSee RemarksDirectSell924202515.7652,907833,8142,354,055Form
    126Papadopoulos, DidierPresident of Aircraft OEMDirectSell916202514.221,97928,1411,260,290Form
    127Papadopoulos, DidierPresident of Aircraft OEMDirectSell916202514.555,98787,1111,318,332Form
    128Sciarra, Paul Cahill Sciarra Management TrustSell916202514.30500,0017,150,014805,491,215Form
    129Bowles, GregoryChief Policy OfficerDirectSell825202514.807,754114,7592,268,544Form
    130Sciarra, Paul Cahill Sciarra Management TrustSell825202514.35500,0017,175,014815,482,632Form
    131Bowles, GregoryChief Policy OfficerDirectSell825202514.563,40249,5332,344,655Form
    132Simi, Bonny WPresident of OperationsDirectSell811202517.25173,4562,992,1163,646,598Form

    Investor Activity (13F)

    Updated Aug 28, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Toyota Motor Corp/$1.1 Bil43.5%5Hold13F
    Capricorn Investment Group LLC$244.9 Mil40.7%7Hold13F
    Delta Air Lines, Inc.$120.5 Mil31.9%3ADD +32.1%13F
    Intel Corp$126.5 Mil26.9%3Hold13F
    Valueworks LLC$19.7 Mil5.4%35Hold13F
    Allen Operations LLC$12.9 Mil1.9%36Hold13F
    Uber Technologies, Inc$59.0 Mil1.6%7Hold13F
    Lingotto Investment Management LLP$30.9 Mil0.6%34ADD +19.3%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Delta Air Lines, Inc.$120.5 Mil31.9%3ADD +32.1%13F
    Lingotto Investment Management LLP$30.9 Mil0.6%34ADD +19.3%13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Toyota Motor Corp/$1.1 Bil43.5%5Hold13F
    Capricorn Investment Group LLC$244.9 Mil40.7%7Hold13F
    Intel Corp$126.5 Mil26.9%3Hold13F
    Delta Air Lines, Inc.$120.5 Mil31.9%3ADD +32.1%13F
    Uber Technologies, Inc$59.0 Mil1.6%7Hold13F
    Lingotto Investment Management LLP$30.9 Mil0.6%34ADD +19.3%13F
    Valueworks LLC$19.7 Mil5.4%35Hold13F
    Allen Operations LLC$12.9 Mil1.9%36Hold13F

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