RKLB · Rocket Lab USA, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $200.35M | - | $155.08M | $144.50M | $122.57M | - | $104.81M | $106.25M | $92.77M | - |
| Cost of Revenue | $123.86M | - | $97.77M | $98.11M | $87.32M | - | $76.81M | $79.09M | $68.59M | - |
| Gross Profit | $76.49M | - | $57.31M | $46.39M | $35.25M | - | $28.00M | $27.16M | $24.17M | - |
| R&D | $80.51M | - | $70.69M | $66.13M | $55.11M | - | $47.72M | $39.91M | $38.50M | - |
| SG&A | $51.95M | - | $45.59M | $39.89M | $39.33M | - | $32.17M | $30.52M | $28.75M | - |
| Total Operating Expenses | $132.46M | - | $116.28M | $106.03M | $94.44M | - | $79.89M | $70.44M | $67.25M | - |
| D&A | $14.99M | - | $6.36M | $5.76M | $8.71M | - | $4.64M | $4.64M | $8.31M | - |
| Operating Income | ($55.97M) | - | ($58.97M) | ($59.64M) | ($59.19M) | - | ($51.90M) | ($43.27M) | ($43.08M) | - |
| Interest Expense | $6.79M | - | - | - | - | - | - | - | - | - |
| Income Tax | ($1.79M) | - | ($41.09M) | $2.94M | ($813.0K) | - | $944.0K | ($860.0K) | $5.0K | - |
| Net Income | ($45.02M) | - | ($18.26M) | ($66.41M) | ($60.62M) | - | ($51.94M) | ($41.63M) | ($44.26M) | - |
| EPS - Basic | ($0.07) | - | ($0.03) | ($0.13) | ($0.12) | - | ($0.10) | ($0.08) | ($0.09) | - |
| EPS - Diluted | ($0.07) | - | ($0.03) | ($0.13) | ($0.12) | - | ($0.10) | ($0.08) | ($0.09) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.21B | $828.66M | $807.88M | $564.08M | $303.15M | $271.04M | $292.47M | $340.91M | $365.93M | $162.52M |
| Accounts Receivable | $74.95M | $39.00M | $59.09M | $61.78M | $39.41M | $36.44M | $22.15M | $50.48M | $31.17M | $35.18M |
| Inventory | $183.15M | $158.41M | $145.00M | $130.23M | $125.59M | $119.07M | $114.44M | $104.54M | $99.90M | $107.86M |
| Accounts Payable | $63.11M | $72.70M | $61.23M | $71.00M | $70.20M | $53.06M | $42.43M | $26.47M | $26.00M | $29.30M |
| Current Assets | $1.80B | $1.37B | $1.32B | $1.01B | $724.85M | $692.62M | $695.50M | $751.84M | $725.62M | $476.72M |
| Total Assets | $2.82B | $2.32B | $2.22B | $1.55B | $1.25B | $1.18B | $1.15B | $1.19B | $1.18B | $941.21M |
| Current Liabilities | $402.35M | $334.48M | $414.46M | $376.45M | $348.12M | $339.52M | $269.20M | $266.44M | $232.46M | $223.37M |
| Long-term Debt | $1.72M | $1.72M | $51.27M | $53.72M | $57.73M | $44.05M | $46.91M | $50.06M | $52.72M | $87.59M |
| Total Liabilities | $555.57M | $602.62M | $940.41M | $864.75M | $823.68M | $801.89M | $733.19M | $733.42M | $702.98M | $386.67M |
| Stockholders' Equity | $2.26B | $1.72B | $1.28B | $688.49M | $431.29M | $382.45M | $419.83M | $455.18M | $478.95M | $554.54M |
| Retained Earnings | ($1.06B) | ($1.01B) | ($958.99M) | ($940.73M) | ($874.32M) | ($813.70M) | ($761.36M) | ($709.42M) | ($667.79M) | ($623.53M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($50.33M) | - | - | - | ($54.23M) | - | - | - | ($2.59M) | - |
| Investing Cash Flow | ($35.72M) | - | - | - | ($28.60M) | - | - | - | ($52.26M) | - |
| Financing Cash Flow | $463.29M | - | - | - | $115.50M | - | - | - | $258.71M | - |
| CapEx | $27.07M | - | - | - | $28.68M | - | - | - | $19.18M | - |
| Free Cash Flow | ($77.40M) | - | - | - | ($82.90M) | - | - | - | ($21.77M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 38.2% | - | 37.0% | 32.1% | 28.8% | - | 26.7% | 25.6% | 26.1% | - |
| Operating margin | -27.9% | - | -38.0% | -41.3% | -48.3% | - | -49.5% | -40.7% | -46.4% | - |
| EBITDA margin | -20.5% | - | -33.9% | -37.3% | -41.2% | - | -45.1% | -36.4% | -37.5% | - |
| Net margin | -22.5% | - | -11.8% | -46.0% | -49.5% | - | -49.6% | -39.2% | -47.7% | - |
| Free cash flow margin | -38.6% | - | - | - | -67.6% | - | - | - | -23.5% | - |
| FCF / Net income | 1.72 | - | - | - | 1.37 | - | - | - | 0.49 | - |
| R&D / Revenue | 40.2% | - | 45.6% | 45.8% | 45.0% | - | 45.5% | 37.6% | 41.5% | - |
| SG&A / Revenue | 25.9% | - | 29.4% | 27.6% | 32.1% | - | 30.7% | 28.7% | 31.0% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -1.6% | - | -0.8% | -4.3% | -4.8% | - | -4.5% | -3.5% | -3.7% | - |
| Return on equity | -2.0% | - | -1.4% | -9.6% | -14.1% | - | -12.4% | -9.1% | -9.2% | - |
| Return on invested capital | -2.0% | - | -3.5% | -6.3% | -9.6% | - | -8.8% | -6.8% | -6.4% | - |
| Liquidity | ||||||||||
| Current ratio | 4.47 | 4.08 | 3.18 | 2.67 | 2.08 | 2.04 | 2.58 | 2.82 | 3.12 | 2.13 |
| Quick ratio | 4.02 | 3.61 | 2.83 | 2.33 | 1.72 | 1.69 | 2.16 | 2.43 | 2.69 | 1.65 |
| Cash ratio | 3.00 | 2.48 | 1.95 | 1.50 | 0.87 | 0.80 | 1.09 | 1.28 | 1.57 | 0.73 |
| Leverage | ||||||||||
| Debt / Equity | 0.00 | 0.00 | 0.04 | 0.08 | 0.13 | 0.12 | 0.11 | 0.11 | 0.11 | 0.16 |
| Debt / Assets | 0.00 | 0.00 | 0.02 | 0.03 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.09 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -8.2x | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.25 | 1.35 | 1.73 | 2.26 | 2.91 | 3.10 | 2.75 | 2.61 | 2.47 | 1.70 |
| Liabilities / Assets | 0.20 | 0.26 | 0.42 | 0.56 | 0.66 | 0.68 | 0.64 | 0.62 | 0.59 | 0.41 |
| Efficiency | ||||||||||
| Asset turnover | 0.07 | - | 0.07 | 0.09 | 0.10 | - | 0.09 | 0.09 | 0.08 | - |
| Inventory turnover | 0.68 | - | 0.67 | 0.75 | 0.70 | - | 0.67 | 0.76 | 0.69 | - |
| Days sales outstanding | 137d | - | 139d | 156d | 117d | - | 77d | 173d | 123d | - |
| Days inventory outstanding | 540d | - | 541d | 485d | 525d | - | 544d | 482d | 532d | - |
| Days payable outstanding | 186d | - | 229d | 264d | 293d | - | 202d | 122d | 138d | - |
| Cash conversion cycle | 490d | - | 452d | 376d | 349d | - | 419d | 534d | 516d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 17.2x | - | 19.8x | 26.8x | 21.0x | - | 11.5x | 5.2x | 4.2x | - |
| P / S | 194.1x | - | 163.3x | 127.5x | 73.8x | - | 46.2x | 22.3x | 21.7x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 63.5% | - | 48.0% | 36.0% | 32.1% | - | 54.9% | 71.2% | 69.0% | - |
| Revenue CAGR (3y) | 54.0% | - | 35.0% | 37.6% | 44.4% | - | 114.2% | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | 117.0% | - | 104.7% | 70.8% | 45.8% | - | 87.1% | 86.1% | 280.3% | - |
| Operating income growth (YoY) | 5.4% | - | -13.6% | -37.8% | -37.4% | - | -33.6% | 4.2% | 6.4% | - |
| Net income growth (YoY) | 25.7% | - | 64.8% | -59.5% | -37.0% | - | -28.0% | 9.3% | 3.0% | - |
| EPS growth (YoY) | 41.7% | - | 70.0% | -62.5% | -33.3% | - | -25.0% | 20.0% | 10.0% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 6.6% | - | - | - | -280.9% | - | - | - | 42.8% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 425.0% | 350.2% | 205.1% | 51.3% | -9.9% | -31.0% | -28.3% | -25.5% | -25.2% | -17.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$601.80M totalSpace Systems$402.76M · 66.9%
Launch Services$199.04M · 33.1%
Product / service
$868.54M totalProduct$371.62M · 42.8%
Service$230.18M · 26.5%
Launch Services$159.31M · 18.3%
Space Systems$107.43M · 12.4%
Geographic
$601.80M totalUS$475.39M · 79.0%
JP$65.64M · 10.9%
Rest Of World$40.60M · 6.7%
CA$20.17M · 3.4%
Peer comparison
Same SIC group: Guided Missiles & Space Vehicles & Parts
Comparing Rocket Lab USA against the 5 most active filers in the same SIC group.