Jun 2026 (Q2 FY26) — Aug 10, 2026
Rocket Lab Q2 FY26 — Record Revenue and Strategic Iridium Acquisition
Read the full callRocket Lab (RKLB) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Rocket Lab earnings: last reported Mon, 10 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 234 | +62.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -24.6 | +16.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -49.3 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
41 of 51 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Motiv Space Systems acquisition close | complete the acquisition under the definitive agreement | Mar 2026 | It was also a milestone quarter for strategic acquisitions, having closed Mynaric and Motiv | Achieved |
| VICTUS HAZE mission launch | launch on Electron in 2025 | Dec 2024 | There's no better mission that demonstrates that than our record-breaking results for the VICTUS HAZE mission in Q2. | Missed |
| Neutron first launch | first launch in Q4 2026 | Dec 2025 | Production currently lines up with the target delivery of Neutron to the pad in Q4 2026. While the window for an end year launch is narrowing | At Risk |
10 of Rocket Lab Corp's 66 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 63 more targets are in the full ledger.
Claimed
- Achieved record Q2 revenue of $234 million, up 62% year-over-year.
- Secured over $1 billion in new contracts in Q2 and post-quarter, including a record $266 million Space Force launch contract.
- Ended the quarter with a record $2.36 billion in total backlog, including 90+ launches.
- Successfully executed the VICTUS HAZE mission, setting new records for launch (16 hours 42 minutes) and satellite commissioning (38 hours).
- Adjusted EBITDA loss of $8.8 million was well below the guidance range of $20 million to $26 million.
Qualified
- GAAP operating cash flow was a use of $84.1 million in Q2, an increase from $50.3 million in Q1.
- Non-GAAP free cash flow was a use of $110.1 million in Q2, an increase from $77.4 million in Q1.
- GAAP EPS was a loss of $0.08 per share, a sequential decline from a loss of $0.07 per share in Q1.
- Q3 FY26 GAAP gross margin is forecasted to range between 29% to 31%, a decrease from Q2's 36.1%.
Price
$51.36 +1.02% · +$0.52
Performance −22.5% 1Y
1Y: $66.27 on 17 Oct 2025 → $51.36. High $150.23 (27 May 2026), low $39.48 (20 Nov 2025).
- Previous close
- $50.84
- 52-week range
- $39.48 – $150.23
- One year
- −23.74%
Overview
- Symbol
- RKLB
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
41 of 51 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Motiv Space Systems acquisition close | complete the acquisition under the definitive agreement | Mar 2026 | It was also a milestone quarter for strategic acquisitions, having closed Mynaric and Motiv | Achieved |
| VICTUS HAZE mission launch | launch on Electron in 2025 | Dec 2024 | There's no better mission that demonstrates that than our record-breaking results for the VICTUS HAZE mission in Q2. | Missed |
| Neutron first launch | first launch in Q4 2026 | Dec 2025 | Production currently lines up with the target delivery of Neutron to the pad in Q4 2026. While the window for an end year launch is narrowing | At Risk |
Claimed
- Achieved record Q2 revenue of $234 million, up 62% year-over-year.
- Secured over $1 billion in new contracts in Q2 and post-quarter, including a record $266 million Space Force launch contract.
- Ended the quarter with a record $2.36 billion in total backlog, including 90+ launches.
- Successfully executed the VICTUS HAZE mission, setting new records for launch (16 hours 42 minutes) and satellite commissioning (38 hours).
- Adjusted EBITDA loss of $8.8 million was well below the guidance range of $20 million to $26 million.
Qualified
- GAAP operating cash flow was a use of $84.1 million in Q2, an increase from $50.3 million in Q1.
- Non-GAAP free cash flow was a use of $110.1 million in Q2, an increase from $77.4 million in Q1.
- GAAP EPS was a loss of $0.08 per share, a sequential decline from a loss of $0.07 per share in Q1.
- Q3 FY26 GAAP gross margin is forecasted to range between 29% to 31%, a decrease from Q2's 36.1%.
The full ledger
Open Rocket Lab Corp’s full ledger
A free account opens 5 company ledgers a month. All 66 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
Rocket Lab Q1 FY26 — Record Revenue, Backlog, and Strategic Acquisitions Drive Growth
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
Rocket Lab Q4 FY25 — Record Revenue and Backlog, Neutron Launch Delayed
Read the full callEvery analysed call
Rocket Lab earnings calls (RKLB)
Financials
What the filings say
Net profit, year on year: +26% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 105 | 132 | 123 | 144 | 155 | 180 | 200 | 234 |
| Operating profit | -52 | -52 | -59 | -60 | -59 | -51 | -56 | -58 |
| Operating margin | −49.5% | −38.9% | −48.3% | −41.3% | −38.0% | −28.4% | −27.9% | −24.6% |
| Other income | 1 | -0 | -2 | -4 | -0 | 9 | 9 | 14 |
| Interest | — | — | 7 | 7 | — | — | 1 | 1 |
| Profit before tax | -51 | -52 | -61 | -63 | -59 | -42 | -47 | -44 |
| Tax rate | −1.9% | −1.3% | 1.3% | −4.6% | 69.2% | −27.1% | 3.8% | −12.1% |
| Net profit | -52 | -52 | -61 | -66 | -18 | -53 | -45 | -49 |
| EPS ($ per share) | -0.10 | — | -0.12 | -0.13 | -0.03 | — | -0.07 | -0.08 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | -188 | -305 | -441 | -624 | -814 | -1,012 |
| Total liabilities | 80 | 282 | 316 | 387 | 802 | 603 |
| Fixed assets | 50 | 65 | 102 | 145 | 195 | 319 |
| Investments | — | 0 | 229 | 82 | 148 | 188 |
| Total assets | 188 | 981 | 989 | 941 | 1,184 | 2,324 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Cash from operations | -28 | -72 | -107 | -99 | -49 | -166 |
| Cash from investing | -37 | -92 | -346 | 12 | -98 | -347 |
| Cash from financing | 21 | 800 | 2 | 7 | 257 | 1,071 |
| Net cash flow | -44 | 638 | -446 | -79 | 109 | 558 |
| Capital expenditure | -25 | -26 | -42 | -55 | -67 | -156 |
| Free cash flow | -53 | -97 | -149 | -154 | -116 | -322 |
RKLB revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Space Systems | 80% | 68% | 71% | 68% | 74% | 58% | 68% | 81% | +93.6% |
| Launch Services | 20% | 32% | 29% | 32% | 26% | 42% | 32% | 19% | -4.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
RKLB operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Backlog | $1.07BWe ended Q4 2024 with $1.07 billion of total backlog with Launch backlog of $386 million and Space Systems backlog of $681 million.Source: earnings call transcript | ~$1BWe ended Q2 2025 with approximately $1 billion of total backlog with launch backlog representing approximately 41% of this and Space Systems 59%.Source: earnings call transcript | ~$1.1BWe ended Q3 2025 with approximately $1.1 billion in total backlog, with launch backlog accounting for approximately 47% and Space Systems representing 53%.Source: earnings call transcript | $1.85BAt the end of Q4, our backlog sat at a record $1.85 billion, which is up 73% from the same time in 2024.Source: earnings call transcript | ~$2.2BWe ended Q1 2026 with approximately $2.2 billion in total backlog, with launch backlog accounting for approximately 41.5% and Space Systems representing 58.5%.Source: earnings call transcript | $2.36BWe ended the quarter with a $2.36 billion in backlog and across launch in Space Systems, we've signed more than $1 billion in new contracts across Q2 and the period since the quarter closed.Source: earnings call transcript | — |
| Employees production | 1,004Relatedly, we ended Q4 with production-related headcount of 1,004 heads, up 40 from the prior quarter.Source: earnings call transcript | 1,150Relatedly, we ended Q2 with production-related headcount of 1,150, up 62% from the prior quarter.Source: earnings call transcript | 1,198We ended Q3 with production-related head count of 1,198, up 48% in the prior quarter.Source: earnings call transcript | 1,244Relatedly, we ended Q4 with production-related headcount of 1,244, up 46 from the prior quarter.Source: earnings call transcript | 1,448Relatedly, we ended Q1 with production-related headcount of 1,448, up 250 from the prior quarter, largely driven by a transition of dedicated R&D headcount from the first Neutron test flight to our production teams related to future revenue-generating missions as well as headcount ramps related to our recent Geost and PCL acquisitions.Source: earnings call transcript | 1,688Relatedly, we ended Q2 with production related head count of 1,688, up 240 for the prior quarter.Source: earnings call transcript | +16.6% |
| Employees R&D | 828Q4 ending R&D headcount was 828, representing an increase of 52 from the prior quarter.Source: earnings call transcript | 935Q2 ending R&D head count was 935, representing an increase of 12% from the prior quarter.Source: earnings call transcript | 1,019Q3 R&D headcount was 1,019, representing an increase of 84 from the prior quarter.Source: earnings call transcript | 1,012Q4 ending R&D head count was 1,012, an representing a decrease of 7% from the prior quarter.Source: earnings call transcript | 949Q1 ending R&D headcount was 949, representing a decrease of 70 from the prior quarter.Source: earnings call transcript | 1,087Q2 ending R&D head count was 1,087, representing an increase of 138 for the prior quarter.Source: earnings call transcript | +14.5% |
| Employees SG&A | 329Q4 ending SG&A headcount was 329, representing an increase of 29 from the prior quarter.Source: earnings call transcript | 343Q2 ending SG&A head count was 343, representing an increase of 11% from the prior quarter.Source: earnings call transcript | 385Q3 ending SG&A headcount was 385, representing an increase of 42 from the prior quarter, with the majority of those coming from the closing of the GEOs acquisition.Source: earnings call transcript | 389Q4 ending SG&A head count was 389, representing an increase of 4% from the prior quarter.Source: earnings call transcript | 381Q1 ending SG&A headcount was 381, representing a decrease of 4 from the prior quarter.Source: earnings call transcript | 442Q2 ending SG&A head count was 442, representing an increase of 61 from the prior quarter.Source: earnings call transcript | +16% |
| Employees | 2,161In summary, total fourth quarter headcount was 2,161, up 121 heads from the prior quarter.Source: earnings call transcript | 2,420In summary, total second quarter head count was 2,420, up 85% from the prior quarter.Source: earnings call transcript | 2,602In summary, total headcount at the end of the third quarter was 2,602, up 174 heads from the prior quarter.Source: earnings call transcript | 2,645In summary, total head count at the end of the fourth quarter was 2,645 up 43 heads from the prior quarter.Source: earnings call transcript | 2,778In summary, total headcount at the end of the first quarter was 2,778, up 176 heads from the prior quarter.Source: earnings call transcript | 3,217In summary, total headcount at the end of the second quarter was 3,217, up 439 heads from the prior quarter.Source: earnings call transcript | +15.8% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
243 filings between Nov 15, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$683.28M
216 sales by 11 insiders
84% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 10
- Award — granted as compensation
- 3
- Option exercise — converted options into shares
Also filed: 13 gifts, 1 conversion.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Beck Peter | — | $429.59M | Jul 8, 2026 |
| Spice Adam C. | — | $138.35M | Oct 1, 2026 |
| Kampani Arjun | — | $33.51M | Aug 27, 2026 |
| Klein Frank | — | $32.25M | Aug 27, 2026 |
| Slusky Alexander R | — | $25.72M | Jun 2, 2026 |
| Saintil Merline | — | $12.85M | Mar 6, 2026 |
| Olson Jon A | — | $5.13M | Jan 20, 2026 |
| Clevenger Marvin Bradford | — | $3.78M | Aug 24, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Spice Adam C. Chief Financial Officer | Sale 10b5-1 plan | 39,669 | $2.79M |
| Oct 1, 2026 | Spice Adam C. Chief Financial Officer | Sale 10b5-1 plan | 15,200 | $1.09M |
| Oct 1, 2026 | Spice Adam C. Chief Financial Officer | Option exercise 10b5-1 plan | 140,157 | $152.8K |
| Oct 1, 2026 | Spice Adam C. Chief Financial Officer | Sale 10b5-1 plan | 85,288 | $6.05M |
| Sep 2, 2026 | Spice Adam C. Chief Financial Officer | Option exercise 10b5-1 plan | 140,157 | $152.8K |
| Sep 2, 2026 | Spice Adam C. Chief Financial Officer | Sale 10b5-1 plan | 72,900 | $4.59M |
| Sep 2, 2026 | Spice Adam C. Chief Financial Officer | Sale 10b5-1 plan | 67,257 | $4.19M |
| Aug 31, 2026 | Saintil Merline Director | Gift | 261,903 | $0 |
| Aug 31, 2026 | Saintil Merline Director | Gift | 261,903 | $0 |
| Aug 27, 2026 | Kampani Arjun SVP & General Counsel | Sale 10b5-1 plan | 1,434 | $96.3K |
| Aug 27, 2026 | Klein Frank Chief Operations Officer | Sale 10b5-1 plan | 19,800 | $1.32M |
| Aug 27, 2026 | Kampani Arjun SVP & General Counsel | Sale 10b5-1 plan | 4,600 | $305.9K |
| Aug 27, 2026 | Klein Frank Chief Operations Officer | Sale 10b5-1 plan | 458 | $30.9K |
| Aug 27, 2026 | Klein Frank Chief Operations Officer | Sale 10b5-1 plan | 15,300 | $1.01M |
| Aug 24, 2026 | Spice Adam C. Chief Financial Officer | Sale 10b5-1 plan | 435 | $31.0K |
| Aug 24, 2026 | Spice Adam C. Chief Financial Officer | Sale 10b5-1 plan | 290 | $20.4K |
| Aug 24, 2026 | Clevenger Marvin Bradford President, Rocket Lab USA, Inc | Sale 10b5-1 plan | 13,924 | $968.2K |
| Aug 24, 2026 | Spice Adam C. Chief Financial Officer | Sale 10b5-1 plan | 8,952 | $622.5K |
| Aug 24, 2026 | Kampani Arjun SVP & General Counsel | Sale 10b5-1 plan | 349 | $24.8K |
| Aug 24, 2026 | Clevenger Marvin Bradford President, Rocket Lab USA, Inc | Sale 10b5-1 plan | 677 | $48.2K |
| Aug 24, 2026 | Ricupati Agostino VP Corp Controller & CAO | Sale | 30 | $2.1K |
| Aug 24, 2026 | Ricupati Agostino VP Corp Controller & CAO | Sale | 20 | $1.4K |
| Aug 24, 2026 | Kampani Arjun SVP & General Counsel | Sale 10b5-1 plan | 232 | $16.3K |
| Aug 24, 2026 | Ricupati Agostino VP Corp Controller & CAO | Sale | 619 | $43.0K |
| Aug 24, 2026 | Klein Frank Chief Operations Officer | Sale 10b5-1 plan | 2,054 | $146.2K |
| Aug 24, 2026 | Kampani Arjun SVP & General Counsel | Sale 10b5-1 plan | 7,173 | $498.8K |
| Aug 24, 2026 | Clevenger Marvin Bradford President, Rocket Lab USA, Inc | Sale 10b5-1 plan | 450 | $31.6K |
| Aug 24, 2026 | Klein Frank Chief Operations Officer | Sale 10b5-1 plan | 42,270 | $2.94M |
| Aug 24, 2026 | Klein Frank Chief Operations Officer | Sale 10b5-1 plan | 1,368 | $96.0K |
| Aug 17, 2026 | Spice Adam C. Chief Financial Officer | Gift | 30,000 | $0 |
| Jul 8, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 67,773 | $5.78M |
| Jul 8, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 4,045 | $348.4K |
| Jul 8, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 142,390 | $12.02M |
| Jul 8, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 156,666 | $13.05M |
| Jul 8, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 354,128 | $29.21M |
| Jul 8, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 265,958 | $21.70M |
| Jul 7, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 41,554 | $3.63M |
| Jul 7, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 88,548 | $7.63M |
| Jul 7, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 257,803 | $22.00M |
| Jul 7, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 458,494 | $38.65M |
| Jul 7, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 342,190 | $28.60M |
| Jul 7, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 14,566 | $1.31M |
| Jul 7, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 20,593 | $1.84M |
| Jul 7, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 74,874 | $6.62M |
| Jul 6, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 5,713 | $580.3K |
| Jul 6, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 8,202 | $817.0K |
| Jul 6, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 14,266 | $1.43M |
| Jul 6, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 76,178 | $7.52M |
| Jul 6, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 77,684 | $7.59M |
| Jul 6, 2026 | Beck Peter CEO | Sale 10b5-1 plan | 138,478 | $13.28M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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