Q2 2026 revenue of $234.1M grew 62% year-over-year, while gross margin expanded to 36.1%, yet operating losses remained substantial at -$57.5M as R&D expenses consumed 35% of revenue.
Rocket Lab USA, Inc. (RKLB) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 769.15M | 601.8M | 436.21M | 244.59M | 211M | 62.24M | 35.16M | 48.4M |
| Revenue Growth % | 52.53% | 37.96% | 78.34% | 15.92% | 239.02% | 77.01% | -27.35% | - |
| Cost of Goods Sold | 482.53M | 394.62M | 320.06M | 193.18M | 192.01M | 64.13M | 46.98M | 49.48M |
| COGS % of Revenue | - | 65.57% | 73.37% | 78.98% | 91% | 103.04% | 133.61% | 102.22% |
| Gross Profit | 286.62M | 207.18M | 116.15M | 51.41M | 18.99M | -1.89M | -11.82M | -1.08M |
| Gross Margin % | 37.26% | 34.43% | 26.63% | 21.02% | 9% | -3.04% | -33.61% | -2.22% |
| Gross Profit Growth % | - | 78.38% | 125.93% | 170.72% | 1103.17% | 83.98% | -998.23% | - |
| Operating Expenses | 510.11M | 436.02M | 305.95M | 229.33M | 154.19M | 100.16M | 43.13M | 31.72M |
| OpEx % of Revenue | - | 72.45% | 70.14% | 93.76% | 73.08% | 160.93% | 122.68% | 65.54% |
| Selling, General & Admin | 197.69M | 165.3M | 131.56M | 110.27M | 89.03M | 58.4M | 23.99M | 19.09M |
| SG&A % of Revenue | - | 27.47% | 30.16% | 45.08% | 42.19% | 93.83% | 68.24% | 39.44% |
| Research & Development | 312.42M | 270.72M | 174.39M | 119.05M | 65.17M | 41.77M | 19.14M | 12.73M |
| R&D % of Revenue | - | 44.98% | 39.98% | 48.67% | 30.89% | 67.11% | 54.44% | 26.3% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -95K |
| Operating Income | -223.49M | -228.84M | -189.8M | -177.92M | -135.2M | -102.05M | -54.95M | -32.89M |
| Operating Margin % | -29.06% | -38.03% | -43.51% | -72.74% | -64.08% | -163.97% | -156.29% | -67.96% |
| Operating Income Growth % | - | -20.57% | -6.68% | -31.59% | -32.48% | -85.71% | -67.06% | - |
| EBITDA | -161.22M | -184.9M | -156.15M | -148.17M | -105.26M | -91.2M | -45.61M | -28.02M |
| EBITDA Margin % | -20.96% | -30.73% | -35.8% | -60.58% | -49.89% | -146.54% | -129.73% | -57.9% |
| EBITDA Growth % | 14.05% | -18.42% | -5.38% | -40.77% | -15.41% | -99.95% | -62.78% | - |
| D&A (Non-Cash Add-back) | 62.28M | 43.94M | 33.66M | 29.74M | 29.95M | 10.85M | 9.34M | 4.87M |
| EBIT | -184.42M | -199.41M | -185.46M | -174.67M | -125.15M | -118.71M | -54.95M | -32.89M |
| Net Interest Income | 28.76M | -977K | -3.95M | -4.25M | -7.8M | -6.13M | 224K | 2.79M |
| Interest Income | 36.22M | 25.51M | 0 | 0 | 0 | 0 | 224K | 2.79M |
| Interest Expense | 7.46M | 26.49M | 3.95M | 4.25M | 7.8M | 6.13M | 0 | 0 |
| Other Income/Expense | 31.76M | 2.94M | 390K | -1M | 2.26M | -22.79M | 414K | 2.89M |
| Pretax Income | -191.74M | -225.9M | -189.41M | -178.92M | -132.95M | -124.84M | -54.54M | -30.01M |
| Pretax Margin % | -24.93% | -37.54% | -43.42% | -73.15% | -63.01% | -200.59% | -155.11% | -62% |
| Income Tax | -26.28M | -27.69M | 764K | 3.65M | 3M | -7.52M | 467K | 354K |
| Effective Tax Rate % | 13.71% | 12.26% | -0.4% | -2.04% | -2.26% | 6.02% | -0.86% | -1.18% |
| Net Income | -165.46M | -198.21M | -190.18M | -182.57M | -135.94M | -117.32M | -55.01M | -30.36M |
| Net Margin % | -21.51% | -32.94% | -43.6% | -74.64% | -64.43% | -188.51% | -156.44% | -62.73% |
| Net Income Growth % | 28.47% | -4.22% | -4.17% | -34.3% | -15.87% | -113.29% | -81.18% | - |
| Net Income (Continuing) | -165.46M | -198.21M | -190.18M | -182.57M | -135.94M | -117.32M | -55.01M | -30.36M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.26 | -0.37 | -0.38 | -0.38 | -0.29 | -0.26 | -0.12 | -0.08 |
| EPS Growth % | 38.47% | 2.63% | 0% | -31.03% | -11.54% | -116.67% | -58.31% | - |
| EPS (Basic) | - | -0.37 | -0.38 | -0.38 | -0.29 | -0.26 | -0.12 | -0.08 |
| Diluted Shares Outstanding | 629.68M | 530.66M | 495.93M | 481.77M | 466.21M | 452.21M | 447.92M | 400.83M |
| Basic Shares Outstanding | 629.68M | 530.66M | 495.93M | 481.77M | 466.21M | 452.21M | 447.92M | 400.83M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying RKLB stock.
For fiscal year 2025, Rocket Lab USA, Inc. (RKLB) reported total revenue of $601.8M. This represents a 1143.4% increase compared to $48.4M in 2019.
Rocket Lab USA, Inc. (RKLB) reported a net loss of $198.2M for the fiscal year ending 2025.
Rocket Lab USA, Inc. (RKLB) reported an operating income of $-228.8M, resulting in an operating profit margin of -38.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Rocket Lab USA, Inc. (RKLB) generated $207.2M in gross profit for the year, representing a gross profit margin of 34.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Path to profitability remains distant
Metrics are mathematically derived from official filings.
Revenue Growth Accelerates on Diversified Demand
Rocket Lab's revenue growth has re-accelerated sharply, with Q2 2026 revenue of $234.1 million marking a 62% year-over-year increase, driven by both launch cadence and space systems execution, according to the company's latest quarterly filing.
The acceleration from 35.7% growth in Q4 2025 to over 62% in the first half of 2026 suggests the company is successfully converting its backlog and benefiting from strong demand across segments. This durability is key, as it demonstrates the growth is not solely tied to volatile launch schedules but is also supported by the more predictable, multi-year Space Systems contracts. The trend implies the business is transitioning from a project-based model to a more recurring revenue profile.
Gross Margin Expansion Amid Operating Scale-Up
Gross margin expanded meaningfully to 36.1% in Q2 2026, up from 25.6% a year earlier, indicating improving unit economics and a more favorable sales mix toward higher-margin space systems hardware, as reported in recent financial statements.
The structural improvement in gross margin is encouraging, as it suggests the Space Systems segment, which management has noted carries higher margins, is growing as a percentage of the total revenue mix. This trend is critical for future profitability, as it demonstrates the company can scale hardware production without proportional increases in direct costs. However, the 210 basis point sequential decline from Q1 2026 warrants monitoring, as it may indicate project-specific variability or near-term cost pressures in the launch segment.
Operating Leverage Remains Elusive Despite Growth
Despite 62% revenue growth, the operating loss widened to -$57.5 million in Q2 2026, indicating that operating expenses, particularly R&D for Neutron, are scaling nearly as fast as revenue, based on the company's reported income statement.
The lack of operating leverage is a defining characteristic of the current investment phase. The operating margin of -24.6% in Q2 2026 is actually an improvement from the -48.3% seen in early 2025, but the absolute dollar loss remains substantial. The primary culprit appears to be the relentless R&D spend, which hit $82.4 million in Q2 2026, consuming 35% of total revenue. This suggests management is prioritizing the Neutron development timeline over near-term profitability, a strategic choice that extends the cash burn period.
R&D Dominates the Cost Structure
R&D expenses have surged to $82.4 million per quarter, now representing the single largest cost component at 35% of revenue, underscoring the capital intensity of the Neutron vehicle program, according to the quarterly income statement.
The cost structure is fundamentally shaped by the dual investment in the Electron production line and the Neutron development program. While SG&A appears disciplined at 25.5% of revenue in Q2 2026, the sheer scale of R&D spending indicates a high fixed-cost base that will require significant revenue growth to absorb. Investors should analyze whether this R&D intensity is temporary or indicative of a new, higher-cost operating model required to compete in the medium-lift launch market.
Stock-Based Compensation Dilutes Reported Losses
Stock-based compensation reached $19.6 million in Q2 2026, representing a material non-cash charge that further obscures the path to adjusted profitability, as disclosed in the earnings release.
While the reported net loss of -$49.3 million includes this non-cash SBC expense, it remains a real economic cost to shareholders through dilution. In a high-growth, talent-intensive industry like aerospace, SBC is a necessary tool, but its consistent run-rate of ~$18-20 million per quarter suggests it is structural. A true assessment of underlying cash profitability must add this back, but the dilution effect means existing shareholders bear a portion of the cost of scaling the business.
Margin Trajectory Demands Scrutiny
The strongest counter-narrative focuses on the widening gap between revenue growth and operating losses; while revenue has grown 152% over two years, the quarterly operating loss has expanded from -$43.1 million to -$57.5 million, challenging the scalability thesis.
A skeptical investor would note that the operating margin has only improved by approximately 1,800 basis points (from -46.4% to -24.6%) over the same period that revenue more than doubled. This suggests that incremental revenue is not generating proportional operating profit, and the break-even revenue level may be significantly higher than current trajectories imply. The continued high cash burn, despite record revenue, means the company's valuation is heavily dependent on the successful, on-budget completion and commercial success of Neutron, which remains an unproven asset.