Should You Trim Or Add To Your Joby Aviation Position Now? Trefis Team Fri, October 16, 2026 at 10:42 PM EDT 4 min read JOBY -3.12% ^GSPC -1.09% ACHR -4.68% EVEX -2.99% BA +0.78% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Joby Aviation (JOBY) stock has lost around 70% over the past year. The S&P 500 returned 17% during that same period. The worry for shareholders is whether paying passengers will board the company's air taxis before its funding dries up. Joby is not short of money yet, ending June 2026 with about $2.3 billion in cash and short-term investments. So what does Joby sell today, and what is it spending the cash on?
Joby Sells Blade Flights While It Builds Air Taxis
Joby recorded $38.6 million in revenue for the second quarter of 2026. Executives noted on an August 5, 2026, call that this money came primarily from the acquired Blade passenger business. The company also raised its 2026 revenue forecast to a range of $115 million to $125 million, up from previous estimates of $105 million to $115 million.
Joby spends far more than it brings in. The company ran an operating loss over the twelve months to June 30, 2026, recording an operating margin of -759.2%. The S&P 500 posted an 18.5% margin over that time. Costs rose by $42 million from the first quarter, and executives said $23 million of that increase went to certification, the manufacturing ramp, and readiness for commercial service. The company has not put a number on air taxi revenue yet, stating on the same call that a forecast was premature.
Executives expect Joby to use $385 million to $415 million in cash during the second half of 2026. The cash Joby held at the end of June is more than five times the top of that range. However, that figure came before Joby agreed in August to buy defense technology company Resonant Sciences for about $500 million, according to Reuters.
Joby also lost an intellectual property case in court. A federal jury returned a verdict against the company in a lawsuit brought by Aerosonic, a parts supplier owned by TransDigm Group. According to a report on October 6, 2026, Joby was hit with over $100 million in damages. That sum is about half the $202 million in cash the company used in the second quarter alone.
A move like this matters most when Joby Aviation is a large share of what you own. See how to protect a concentrated position.
What Are Joby Aviation Buyers Paying For?
Buyers appear to be paying mostly for a future air taxi business, not for today's sales. Joby stock trades at 40 times its sales over the past twelve months, compared with 3.1 times for the S&P 500. A price-to-earnings multiple is not meaningful, because Joby lost $878 million over the same twelve months.
Investors adding to the stock are betting that the service starts soon. The company's own target backs that view: executives said on the August 5 call that Joby still targets carrying its first passengers in 2026. By August 2026, Joby had five of its electric air taxis flying.
Building the aircraft remains the harder part. Executives noted on the call that manufacturing is difficult, and that building aircraft to the FAA's standard is a step change in complexity. Joby is targeting at least two aircraft off the production line in the second half of 2026.
How Far Has Joby Aviation Stock Fallen In Sell-Offs?
Joby stock has fallen further than the S&P 500 in four of five recent market shocks. It dropped 51% during the 2022 inflation shock and Fed tightening, compared with a 24% decline for the index. The stock fell 11% in the 2023 regional banking crisis, against 6.7% for the market. During the summer and fall 2023 yield shock, Joby saw a 38% drop, compared with a 9.5% index decline. The 2025 US tariff shock pushed the stock down 30%, against 19% for the S&P 500. Joby only outperformed during the 2024 yen shock, falling 5.4% against a 7.8% drop for the index.
Joby's next report is expected on or around November 11, 2026. Cash used in the third quarter, measured against management's plan for the second half, is the number to watch in that report. Any progress toward the first passenger flights targeted for 2026 will also be a key detail.
Is Too Much Of Your Wealth Riding On One Stock?
A move like this makes Joby Aviation holders ask whether to add or step back. When one position grows into a large part of your wealth, a sharp fall can hurt your whole plan, and selling to spread the money out can bring a large tax bill. Glenn Caldicott, CIO of our Boston-based partner firm Empirical Asset Management, an SEC-registered investment adviser, offers a free 15-minute strategy review of ways to protect a concentrated position and unwind it with less tax.
