10-Q · May 7, 2026
Rocket Lab reported strong Q1 2026 results, with revenue of $200.3 million, surpassing estimates by 5.55%, while the EPS loss of $0.07 was better than the expected loss of $0.08. The company experienced a significant…
Earnings analysis · 10-Q
RKLB earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Rocket Lab delivered Q2 revenue of $234.066 million, approximately 17% above Q1 2026 and 63% above Q2 2025, while EPS of negative $0.08 matched consensus. Liquidity remained strong at $2.1 billion of cash and $258.1…
Read full summary
Rocket Lab delivered Q2 revenue of $234.066 million, approximately 17% above Q1 2026 and 63% above Q2 2025, while EPS of negative $0.08 matched consensus. Liquidity remained strong at $2.1 billion of cash and $258.1 million of marketable securities, and the Neutron-related securities and derivative litigation was dismissed. The raised Q3 revenue outlook supports a bullish view, but expected gross-margin compression and the financing, regulatory and execution risks surrounding the Iridium transaction are substantial.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.08
What stood out
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Revenue growth remained strong
Q2 revenue was $234.066 million, up from $200 million in Q1 2026 and $144 million in Q2 2025, representing sequential growth of approximately 17% and year-over-year growth of approximately 63%.
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EPS matched consensus
Q2 EPS was negative $0.08, matching consensus of negative $0.08. EPS was weaker than negative $0.07 in Q1 2026 but improved from negative $0.13 in Q2 2025.
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Strong liquidity position
Liquidity was substantial at June 30, 2026, with $2.1 billion of cash and cash equivalents plus $258.1 million in marketable securities.
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Neutron litigation largely resolved
The securities class action concerning Neutron development was dismissed with prejudice on April 16, 2026, and plaintiffs did not appeal; the related derivative action was dismissed in its entirety on May 28, 2026.
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No control deficiencies reported
Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no material changes to internal control over financial reporting during the quarter.
What to watch
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Iridium leverage could rise materially
Rocket Lab has committed financing for a $3.6 billion senior secured bridge facility and expects substantial additional indebtedness to fund the Iridium transaction. Debt service could reduce cash available for operations, capital expenditures and growth programs, including Neutron.
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Merger closing remains uncertain
The Iridium transaction must satisfy numerous conditions and may be terminated if not completed by June 28, 2027, subject to extensions to September 28, 2027 and December 28, 2027. Failure or delay could prevent realization of expected transaction benefits and affect the share price.
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Unhedged currency exposure
A 10% or greater move in exchange rates versus the U.S. dollar could materially affect financial results or financial position. The company states that it has not engaged in foreign-currency hedging to date.
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Expected margin compression
Q3 2026 guidance anticipates GAAP gross margin of 29%-31%, below the 38.2% margin reported for Q1 2026, while GAAP operating expenses are expected to be $143 million-$149 million.
Management's outlook
Q3 2026 outlook, disclosed with the earnings release rather than the extracted 10-Q text, calls for revenue of $250 million-$265 million, GAAP gross margin of 29%-31%, GAAP operating expenses of $143 million-$149 million, and adjusted EBITDA loss of $17 million-$23 million; revenue guidance was raised from $225 million-$240 million.
Earlier filings 4
10-K · February 26, 2026
Rocket Lab reported strong 2025 top-line growth and margin improvement driven by higher launch cadence and expansion of its space systems business. Q4 2025 revenue of $179.65M beat consensus ($178.07M) and the company…
10-Q · November 10, 2025
Rocket Lab reported Q3 revenue of $155.08M (up $50.27M, or 48.0%, vs Q3 2024 $104.81M) with gross profit of $57.31M (gross margin ~37.0%, +10.3pp vs 26.7% in Q3 2024). GAAP diluted loss per share improved to $(0.03)…
10-Q · May 6, 2024
Rocket Lab reported strong top-line growth and materially improved gross profit in Q1 — revenues rose to $92,767 (Q1 2023: $54,895) and gross profit increased to $24,174 (Q1 2023: $6,357). Liquidity strengthened after a…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.