RKLB

MKT CAP:$46B

Rocket Lab USA, Inc.

Market Cap

$46B

Industrials·Aerospace & Defense·🇺🇸 United States·NASDAQ

Industrials·Aerospace·🇺🇸·NASDAQ

Stock Price

$80.17+$4.19 (+5.51%)

Apr 24, 2026

Company Details

Rocket Lab USA, Inc., a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft engineering and design services, spacecraft components, space...

CEO

Sir Peter Beck

IPO Date

Nov 24, 2020

Website

www.rocketlabusa.com

Key Metrics TTM

Revenue

$602M

+38.0% YoY

Net Income

-$198M

EPS (Diluted)

-$0.38

Free Cash Flow

-$322M

Revenue / Share

$1.05

Gross Margin

34.4%

Operating Margin

-38.0%

Net Margin

-32.9%

FCF Margin

-53.5%

P/S

76.9x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 26, 2026

$602M+38.0%EPS -$0.37

Q4 2025

Feb 26, 2026

$180M+35.7%EPS -$0.09

Q3 2025

Nov 10, 2025

$155M+48.0%EPS -$0.03

Q2 2025

Aug 7, 2025

$144M+36.0%EPS -$0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$41M	$4M	-$33M
Q2 22	$55M	$5M	-$33M
Q3 22	$63M	$8M	-$32M
Q4 22	$52M	$2M	-$37M
Q1 23	$55M	$6M	-$46M
Q2 23	$62M	$15M	-$45M
Q3 23	$68M	$15M	-$39M
Q4 23	$60M	$15M	-$48M
Q1 24	$93M	$24M	-$43M
Q2 24	$106M	$27M	-$43M
Q3 24	$105M	$28M	-$52M
Q4 24	$132M	$37M	-$52M
Q1 25	$123M	$35M	-$59M
Q2 25	$144M	$46M	-$60M
Q3 25	$155M	$57M	-$59M
Q4 25	$180M	$68M	-$51M

Valuation

Quarter	P/S	P/E
Q1 22	41.2x	—
Q2 22	14.7x	—
Q3 22	10.9x	—
Q4 22	9.5x	—
Q1 23	8.6x	—
Q2 23	12.5x	—
Q3 23	9.0x	—
Q4 23	11.1x	—
Q1 24	7.1x	—
Q2 24	6.9x	—
Q3 24	13.4x	—
Q4 24	30.3x	—
Q1 25	19.8x	—
Q2 25	36.5x	—
Q3 25	43.7x	—
Q4 25	61.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$26M	-$33M
Q2 22	-$38M	-$51M
Q3 22	-$23M	-$31M
Q4 22	-$19M	-$34M
Q1 23	-$25M	-$38M
Q2 23	-$6M	-$17M
Q3 23	-$25M	-$46M
Q4 23	-$42M	-$53M
Q1 24	-$3M	-$22M
Q2 24	-$13M	-$28M
Q3 24	-$31M	-$42M
Q4 24	-$2M	-$24M
Q1 25	-$54M	-$83M
Q2 25	-$23M	-$55M
Q3 25	-$24M	-$69M
Q4 25	-$65M	-$114M

Capital Expenditures

Quarter	CapEx
Q1 22	$6M
Q2 22	$13M
Q3 22	$8M
Q4 22	$15M
Q1 23	$13M
Q2 23	$11M
Q3 23	$21M
Q4 23	$10M
Q1 24	$19M
Q2 24	$15M
Q3 24	$11M
Q4 24	$22M
Q1 25	$29M
Q2 25	$32M
Q3 25	$46M
Q4 25	$50M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+123.7%	+141.2%
Q2 22	+391.8%	+263.0%
Q3 22	+1092.7%	+65.1%
Q4 22	+88.4%	+71.8%
Q1 23	+34.9%	+37.3%
Q2 23	+11.8%	+21.0%
Q3 23	+7.3%	+12.1%
Q4 23	+15.9%	+21.2%
Q1 24	+69.0%	+34.6%
Q2 24	+71.2%	+39.5%
Q3 24	+54.9%	+47.1%
Q4 24	+120.7%	+70.5%
Q1 25	+32.1%	+33.8%
Q2 25	+36.0%	+36.5%
Q3 25	+48.0%	+36.6%
Q4 25	+35.7%	+25.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$12M	29.4%
Q2 22	$17M	30.4%
Q3 22	$14M	23.0%
Q4 22	$12M	23.8%
Q1 23	$14M	25.6%
Q2 23	$15M	24.6%
Q3 23	$14M	20.8%
Q4 23	$10M	16.8%
Q1 24	$13M	14.1%
Q2 24	$14M	13.1%
Q3 24	$13M	12.3%
Q4 24	$17M	12.7%
Q1 25	$19M	15.7%
Q2 25	$18M	12.4%
Q3 25	$16M	10.1%
Q4 25	$18M	10.1%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$13M	—	$23M
Q2 22	$19M	$19M	—
Q3 22	$18M	—	$23M
Q4 22	$15M	—	$24M
Q1 23	$24M	—	$28M
Q2 23	$31M	$29M	—
Q3 23	$27M	—	$27M
Q4 23	$37M	—	$26M
Q1 24	$39M	—	$29M
Q2 24	$40M	—	$31M
Q3 24	$48M	—	$32M
Q4 24	$48M	—	$40M
Q1 25	$55M	—	$39M
Q2 25	$66M	—	$40M
Q3 25	$71M	—	$46M
Q4 25	$79M	—	$40M

Revenue Segments

Quarter	Launch Services	Space Systems	Product	Service
Q1 22	$7M	$34M	—	—
Q2 22	$19M	$36M	—	—
Q3 22	$23M	$40M	—	—
Q4 22	$12M	$40M	—	—
Q1 23	$20M	$35M	—	—
Q2 23	$22M	$40M	—	—
Q3 23	$21M	$46M	—	—
Q4 23	$8M	$52M	—	—
Q1 24	$33M	$60M	—	—
Q2 24	$29M	$77M	—	—
Q3 24	$21M	$84M	—	—
Q1 25	—	—	$81M	$42M
Q2 25	—	—	$93M	$52M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$603M	$0	$603M
Q2 22	$543M	$0	$543M
Q3 22	$333M	$169M	$503M
Q4 22	$243M	$229M	$472M
Q1 23	$208M	$190M	$399M
Q2 23	$197M	$144M	$341M
Q3 23	$141M	$148M	$288M
Q4 23	$163M	$82M	$245M
Q1 24	$366M	$127M	$493M
Q2 24	$341M	$156M	$497M
Q3 24	$292M	$150M	$442M
Q4 24	$271M	$148M	$419M
Q1 25	$303M	$125M	$428M
Q2 25	$564M	$124M	$688M
Q3 25	$808M	$169M	$977M
Q4 25	$829M	$188M	$1.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	456M	+0.9%	+1.9%
Q2 22	465M	+1.8%	+3.8%
Q3 22	470M	+1.1%	+3.9%
Q4 22	474M	+0.8%	+4.7%
Q1 23	476M	+0.5%	+4.3%
Q2 23	480M	+0.7%	+3.2%
Q3 23	484M	+0.9%	+3.0%
Q4 23	487M	+0.6%	+2.8%
Q1 24	490M	+0.6%	+2.9%
Q2 24	494M	+0.9%	+3.0%
Q3 24	498M	+0.7%	+2.8%
Q4 24	502M	+0.8%	+3.0%
Q1 25	506M	+0.8%	+3.2%
Q2 25	515M	+1.9%	+4.2%
Q3 25	529M	+2.6%	+6.2%
Q4 25	573M	+8.3%	+14.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$53.7K	758
Q2 22	$73.2K	758
Q3 22	$83.2K	758
Q4 22	$37.0K	1K
Q1 23	$39.2K	1K
Q2 23	$44.3K	1K
Q3 23	$48.3K	1K
Q4 23	$36.4K	2K
Q1 24	$56.2K	2K
Q2 24	$64.4K	2K
Q3 24	$63.5K	2K
Q4 24	$63.0K	2K
Q1 25	$58.4K	2K
Q2 25	$68.8K	2K
Q3 25	$73.8K	2K
Q4 25	$69.1K	3K

Revenue / Employee