Gogo Inc.
GOGO Communication Services Telecom Services
Gogo Inc.’s revenue for fiscal 2025 (year ended December 2025) was $910.5 million, up 104.7% from fiscal 2024. In the quarter to June 2026, revenue fell 1.43%, EPS fell 114.7%, free cash flow fell 34.4% and total debt fell 2.21%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow GOGO
Gogo Inc. (GOGO) Beneish M-score
Gogo Inc.'s Beneish M-score for fiscal 2025 is −2.22; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.22 | (0.79) |
| FY2024 | −1.43 | 0.71 |
| FY2023 | −2.13 | (0.09) |
| FY2022 | −2.04 | (1.40) |
| FY2021 | −0.64 | 2.78 |
| FY2020 | −3.42 | (1.36) |
| FY2019 | −2.06 | (0.58) |
| FY2018 | −1.48 | 1.26 |
| FY2017 | −2.74 | 0.42 |
| FY2016 | −3.16 | 0.22 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.49 | — | 0.45 | |
| Gross margin index | 1.41 | — | 0.75 | |
| Asset quality index | 0.90 | — | 0.37 | |
| Sales growth index | 2.05 | — | 1.83 | |
| Depreciation index | 0.47 | — | 0.05 | |
| SG&A index | 0.52 | — | −0.09 | |
| Total accruals to total assets | (0.09) | — | −0.40 | |
| Leverage index | 1.03 | — | −0.34 | |
| Beneish M-score | Elevated | −2.22 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| GLIBA Liberty Capital Corporation compare | −3.8× |
| GLIBK GCI Liberty, Inc. - Series C GCI Group compare | −3.8× |
| OPTU Optimum Communications, Inc. compare | −3.0× |
| CCOI Cogent Communications Holdings, Inc. compare | −3.0× |
| ATNI ATN International, Inc. compare | −2.9× |
| SHEN Shenandoah Telecommunications Co compare | −2.9× |
| CXDO Crexendo Inc. compare | −2.6× |
| RDCM Radcom Ltd. compare | −2.5× |
| GOGO Gogo Inc. | −2.2× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI