Symbotic Inc.

What they do

Symbotic designs, assembles and installs robotic-based automation systems, including hardware and essential software, that move, store and sort pallets, cases and eaches in warehouses. Its systems are operational at retailers including Walmart, at wholesale distributors including C&S Wholesale Grocers, and are being deployed in GreenBox Systems LLC, now doing business as Exol, its warehouse-as-a-service joint venture. The company holds roughly 1,100 issued and/or pending patents and reported approximately $22.5 billion of backlog as of June 27, 2026, with Walmart and Exol comprising the vast majority.

Revenue drivers

• System deployments (Walmart) — Revenue comes from designing, assembling and installing automation Systems, including hardware and an essential software license, for customers; the agreements with Walmart comprise the vast majority of the ~$22.5B backlog and the company states its success depends heavily on its larger customers.
• GreenBox / Exol joint venture — Symbotic is deploying its systems in GreenBox Systems LLC, now doing business as Exol, a warehouse-as-a-service joint venture; the GreenBox commercial agreement, along with Walmart, makes up the vast majority of reported backlog.
• C&S Wholesale Grocers — C&S Wholesale Grocers is described as an important customer and an affiliate of the company, with no guarantee it remains a customer beyond the term of its current contracts.
• Advanced Systems and Robotics (ASR) / micro-fulfillment — Acquired from Walmart in January 2025 along with the 2025 Walmart MAA, this added a product category for automated fulfillment of customer orders at the local and store level; the company operates several micro-fulfillment systems and is developing an advanced system for future deployments.

Recent performance

For the third quarter of fiscal 2026, ended June 27, 2026, Symbotic reported revenue of $721 million, up 22% year-over-year, and net income of $55 million versus a net loss of $21 million in the prior-year quarter. Adjusted EBITDA reached $95 million, more than double the $45 million reported a year earlier. Cash and cash equivalents totaled $1.7 billion at quarter end, down from $2.0 billion at the end of the second quarter of fiscal 2026. Quarterly revenue in the XBRL data rose sequentially across fiscal 2026: $618.5M, $630.0M, $676.5M and $720.8M. Full-year fiscal 2025 revenue was $2.25B with a net loss of $16.9M and operating cash flow of $866.9M.

Strategy

Symbotic's stated vision is to make the supply chain work better by automating the processing of pallets, cases and eaches in warehouses. The company has invested significantly in developing and diversifying its systems and applications, including the January 2025 acquisition of Walmart's Advanced Systems and Robotics business and the 2025 Walmart MAA covering automated systems for online pickup and delivery at Walmart retail stores. It is developing an advanced micro-fulfillment system for future deployments and continues to support the several micro-fulfillment systems it operates. Management cites increasing opportunities to broaden the scope of work with existing and prospective customers.

Risks

• Customer concentration — The company depends heavily on its larger customers, and its agreements with Walmart and Exol comprise the vast majority of its ~$22.5B backlog.
• Limited operating history and losses — Symbotic states it has a history of losses and has not been profitable historically, and may not achieve or maintain profitability in the near term or at all.
• Affiliate customer dependence — C&S Wholesale Grocers is an important customer and an affiliate, and the company says there is no guarantee it will remain a customer beyond the term of its current contracts.
• GreenBox joint venture execution — The company may fail to realize anticipated benefits of the GreenBox joint venture, or it may disrupt ongoing operations or result in operating difficulties, liabilities and expenses.

Outlook

For the fourth quarter of fiscal 2026, Symbotic expects revenue of $760 million to $780 million and adjusted EBITDA of $100 million to $105 million. Management said it is well on track to deliver against key objectives for the fiscal year. The CFO described a continuation of the profitable growth trajectory supported by 77 systems in deployment. Symbotic is not providing guidance for net income (loss), the most comparable GAAP measure to adjusted EBITDA, citing items that cannot be reasonably predicted.