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NYSE · Healthcare

Butterfly Network, Inc. (BFLY)

As-reported financials and SEC filings for Butterfly Network, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Butterfly Network, Inc.

Butterfly Network, Inc. develops and sells portable ultrasound devices based on its proprietary Ultrasound-on-Chip semiconductor platform. Its main product is a handheld ultrasound device that connects to mobile applications and cloud software, designed for use by healthcare professionals in various settings including hospitals, clinics, and remote locations. The company serves healthcare systems, physicians, nurses, and veterinarians worldwide, offering solutions that integrate AI-driven tools and cloud connectivity to support clinical workflows.

Snapshot

Revenue
$97.6M
Revenue growth (YoY)
19.0%
Net income
$-77.1M
Diluted EPS
$-0.31
Gross margin
46.9%
Operating margin
-88.5%
Net margin
-79.0%
FCF margin
-16.4%
ROE
-39.3%
net income / fiscal-year-end equity
P/E
trailing when available, otherwise FY EPS
Market cap
$2.18B
Long-term debt / equity
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Butterfly Network

  • Revenue grew 19.0% to $98M in FY2025, slower than the 24.5% the year before.
  • Operating margin is -88.5% in FY2025, +219.5 pp against -308.0% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $33M, up 39.5% from Q2 FY2025.
  • Free cash flow was negative $16M in FY2025.
  • Net loss widened to $77M in FY2025, from $72M in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Butterfly Network’s fundamentals sit among the 558 Healthcare companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin46.9%
31st percentile of 282
Operating margin-88.5%
4th percentile of 399
Net margin-79.0%
3rd percentile of 418
FCF margin-16.4%
21st percentile of 372
Revenue growth (YoY)+19.0%
65th percentile of 538
ROE-39.3%
30th percentile of 473
Short interest4.46d
50th percentile of 557

Butterfly Network’s net margin of -79.0% ranks in the 3rd percentile of the 418 Healthcare companies reporting it. Butterfly Network’s operating margin of -88.5% ranks in the 4th percentile of the 399 Healthcare companies reporting it.

1 reported insider purchase (code P) totaling $999,510 in the last 90 days, against 30 sales totaling $96.9M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 3 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
3
+5 quant / multi-strat
Initiated / added
5
1 new, 4 added
Reduced / exited
3
2 trimmed, 1 exited
Combined position
$135.7M
reported long value
InvestorAs ofPosition valueSharesChange
D. E. ShawquantQ2 2026$53.8M6.4MAdded
ARK Investment ManagementQ2 2026$42.8M5.1MReduced
Millennium ManagementquantQ2 2026$18.1M2.2MReduced
Two Sigma InvestmentsquantQ2 2026$11.6M1.4MAdded
Polen Capital ManagementQ2 2026$4.0M480.5KAdded
Gotham Asset ManagementQ2 2026$3.9M462.2KHeld
Renaissance TechnologiesquantQ2 2026$789,98193.8KNew
AQR Capital ManagementquantQ2 2026$658,00578.1KAdded

No longer held by: Citadel Advisors (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
1
1 insider
Bought (90d)
$1000K
code P value
Sells (90d)
30
$96.9M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-17
ROBBINS LARRYDirectorSell582.5K$8.97$5.2M
2026-08-14
filed 2026-08-17
ROBBINS LARRYDirectorSell824.7K$8.70$7.2M
2026-08-14
filed 2026-08-17
Phanstiel S. LouiseDirectorBuy115.2K$8.68$1000K
2026-08-13
filed 2026-08-17
ROBBINS LARRYDirectorSell500.0K$9.24$4.6M
2026-08-13
filed 2026-08-17
ROBBINS LARRYDirectorSell215.2K$9.54$2.1M
2026-08-13
filed 2026-08-17
ROBBINS LARRYDirectorSell175.3K$8.86$1.6M
2026-08-11
filed 2026-08-12
Caezza NicholasDeputy General CounselSell10.0K$9.75$98K
2026-08-10
filed 2026-08-12
DEVIVO JOSEPHPresident & CEOSell68.3K$10.01$684K
2026-08-03
ROBBINS LARRYDirectorSell156.2K$8.10$1.3M
2026-07-31
filed 2026-08-03
ROBBINS LARRYDirectorSell1.7M$7.39$12.7M
2026-07-31
filed 2026-08-04
Carlson MeganCAO and SVP, FinanceSell68.9K$7.86$541K
2026-07-22
filed 2026-07-24
ROTHBERG JONATHAN MDirectorSell496.7K$6.47$3.2M

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
32.2M
settled 2026-08-14
Change vs prior
-1.6%
vs previous settlement
Days to cover
4.46
at avg daily volume
Avg daily volume
7.2M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-1432.2M-1.6%4.46
2026-07-3132.7M+4.6%4.30
2026-07-1531.3M+8.7%3.59
2026-06-3028.7M+11.1%1.70
2026-06-1525.9M-4.7%4.58
2026-05-2927.2M+8.8%7.18
2026-05-1525.0M+3.4%5.03
2026-04-3024.1M-3.6%3.54

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$97.6M$82.1M$65.9M$73.4M$62.6M
Gross profit$45.7M$48.8M$16.9M$39.5M$17.1M
Operating income$-86.4M$-74.4M$-145.6M$-193.0M$-192.7M
Net income$-77.1M$-72.5M$-133.7M$-168.7M$-32.4M
Diluted EPS$-0.31$-0.34$-0.65$-0.84$-0.19

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$150.5M$88.8M$134.4M$162.6M$422.8M
Current assets$249.1M$192.6M$231.3M$357.1M$511.9M
Total assets$296.5M$256.1M$304.3M$417.6M$572.0M
Current liabilities$65.1M$48.2M$44.3M$51.3M$49.8M
Long-term debt
Total liabilities$100.6M$87.3M$84.2M$92.2M$124.3M
Total equity$196.0M$168.8M$220.1M$325.4M$447.7M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$-12.7M$-41.7M$-98.8M$-169.1M$-189.2M
Capital expenditure$3.3M$2.7M$5.8M$18.3M$7.9M
Free cash flow$-16.0M$-44.4M$-104.6M$-187.4M$-197.1M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$32.6M39.5%$-12.9M$-0.05
Q1 FY2026$26.5M25.0%$-12.7M$-0.05
Q4 FY2025$31.5M41.0%$-15.3M$-0.06
Q3 FY2025$21.5M4.5%$-34.0M$-0.13
Q2 FY2025$23.4M8.8%$-13.8M$-0.06
Q1 FY2025$21.2M20.2%$-14.0M$-0.06
Q4 FY2024$22.4M35.3%$-18.1M$-0.08
Q3 FY2024$20.6M33.3%$-16.9M$-0.08

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNYSE
SectorHealthcare
SIC industryX-Ray Apparatus & Tubes & Related Irradiation Apparatus
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2020
SEC CIK1804176

Selected SEC filings

10-Q2026-07-30
View on EDGAR →
10-Q2026-04-30
View on EDGAR →
8-K2026-08-11
View on EDGAR →
8-K2026-07-30
View on EDGAR →
8-K2026-06-22
View on EDGAR →
8-K2026-05-08
View on EDGAR →

Largest Healthcare peers

All Healthcare companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.