Segment disclosure, not the keynote: the cleanest read on Symbotic (SYM) is the structured data filed inside its fiscal 2025 Form 10-K (period ended September 27, 2025), which SEC filings surfaces from the SEC record. Total revenue came in at $2,246,922 thousand — about $2.25 billion — research and development expense at $216,013 thousand, and cash and cash equivalents at $1,244,993 thousand as of the fiscal year end. Those are GAAP figures straight from the filing, not adjusted management metrics, and they sketch a company scaling fast while running heavy engineering spend through the income statement.

Is the robot fleet actually funded? The growth is real and disclosed: total revenue climbed 26% from $1,788,179 thousand in FY2024 to $2,246,922 thousand in FY2025. The 10-K attributes the increase to there being 50 Systems in Deployment for the year ended September 27, 2025, up from 44 a year earlier, plus additional revenue from the 2025 Walmart Master Automation Agreement for the acquired Advanced Systems and Robotics (ASR) business. That is the cash-generative present of robotics — fixed-base, fully-integrated warehouse systems being installed against signed contracts — doing what humanoid keynotes only promise.

The concentration is the risk the headline numbers hide. The filing is blunt about who that revenue comes from:

“Walmart, our largest customer, accounted for approximately 85% of our total revenue in the fiscal year ended September 27, 2025 and for a significant majority of our $22.5 billion backlog as of September 27, 2025.”— Symbotic Inc. 10-K (FY2025) source

That is the reconciliation a capex desk has to make: a $22.5 billion backlog is enormous, but the filing says a single customer underwrites the vast majority of it. Demand visibility and customer concentration are the same fact read two ways. The 2017 Master Automation Agreement to implement systems across Walmart's regional distribution network is the engine; it is also the single point of dependence.

Underneath the revenue line, the margin trend is the genuinely encouraging part. Gross profit rose from $245,666 thousand in FY2024 to $422,610 thousand in FY2025, lifting gross margin from 14% to 19% of revenue, as Systems cost of revenue fell from 82% of sales to 76%. The mix is overwhelmingly hardware: the 10-K reports Systems at 94% of FY2025 revenue, Operation services at 4% ($98,452 thousand) and Software maintenance and support at 1% ($29,602 thousand, up from $14,173 thousand). The recurring software and services lines are still small, but both grew faster than the company overall — the early shape of the higher-margin attach revenue a deployed install base is supposed to throw off over time.

The growth has also been bought, not just built. The filing recounts a string of moves to widen the platform: Symbotic established the GreenBox joint venture in July 2023, acquired substantially all the assets of Veo Robotics in July 2024 and OhmiLabs in December 2024, and acquired the ASR business from Walmart in January 2025. That acquisitive cadence sits on top of organic deployment — another claim on cash and another reason integration and engineering spend stays elevated.

R&D capitalized is R&D hidden, but Symbotic runs most of its engineering through the income statement: R&D expense rose 25%, from $173,457 thousand in FY2024 to $216,013 thousand in FY2025, holding at roughly 10% of total revenue in both years. The 10-K decomposes the increase into employee-related costs (up $15.3 million) plus prototype-related costs and allocated overhead — the cost of building the next generation of systems while installing the current one. A reader should expect that drag to persist while backlog is worked down, because the same filing describes the business as capital-intensive and dependent on continued investment in its facilities and platform.

The cash line is the reassuring part, and it is the part that moved most. Cash and cash equivalents rose from $727,310 thousand at the end of FY2024 to $1,244,993 thousand at FY2025 year end — helped, the filing notes, by a February 2024 underwritten offering of 10,000,000 shares of Class A common stock. That roughly $1.24 billion cushion gives the company room to fund deployments and engineering without an immediate financing event. The caution is operating cash flow: the 10-K discloses net cash used in operating activities of $58.1 million for the year, a reminder that a hardware-deployment business with large working-capital swings — cash receipts from customers and the timing of invoicing — does not yet self-fund quarter to quarter even as revenue scales. Deferred revenue, a measure of cash collected ahead of recognition, stood at $1,242,312 thousand in current liabilities, up sharply from $676,314 thousand, underscoring how much of the model is paid for in advance of delivery.

The bottom line is a believable, internally consistent story, all of it stated rather than inferred from a slide. Symbotic reported a net loss of $(91,032) thousand for FY2025 against $(84,672) thousand in FY2024 — losses that widened modestly even as revenue grew 26% and gross margin improved five points, which is the literal cost of scaling deployments and acquisitions ahead of profitability. Growth (50 systems deployed), expanding gross margin, heavy but expensed R&D ($216 million), and a real cash cushion ($1.24 billion) reconcile; the open questions are the path to positive operating cash flow and the Walmart concentration, not whether the fundamentals add up.

The takeaway for the autonomy money desk: Symbotic is the rare robotics name where the capex story is auditable from the filing rather than the keynote. The numbers fund the present. The risk lives in the customer column — an 85%-of-revenue, vast-majority-of-backlog dependence on Walmart — which is exactly the line the 10-K puts in plain language, and exactly the one to watch as the backlog converts.