Rocket Lab (RKLB) · Aerospace
Rocket Lab Q3 2026 earnings: summary, key numbers & outlook
Results filed 9 Nov 2026 · Quarter ended 30 Sep 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Rocket Lab posted record quarterly revenue of $268 million, a 73% increase year-on-year, with record backlog of approximately $3.6 billion and positive GAAP operating cash flow of $7.2M.
Rocket Lab had a record third quarter, with revenue of $268 million, a 73% increase year-on-year. Backlog rose to a record $3.57 billion on about $1 billion of new launch contracts and $470 million signed for Space Systems. Operating cash flow was positive at $7.2M. The GAAP net loss was $(79,677) thousand, which includes a $27,259 thousand loss on extinguishing debt.
For the fourth quarter, management expects revenue between $270 million and $290 million, with GAAP gross margins of 34% to 36%. Operating expenses are guided higher than Q3's non-GAAP level, and an Adjusted EBITDA loss of $14 million to $20 million is expected. The main tension is Neutron: first launch is now no earlier than 2027, while backlog keeps growing. The pending Iridium Communications acquisition adds execution risk.
Key numbers
- Total revenue · GAAP
- $268 million
- Net loss · GAAP
- -$79.7M
- Basic and diluted net loss per share · GAAP
- $(0.12)
- Non-GAAP gross margin · non-GAAP
- 38.4%
- GAAP operating loss · GAAP
- -$79.2M
- GAAP operating cash flow · GAAP
- $7.2M
- Backlog
- $3.57 billion
- Adjusted EBITDA · non-GAAP
- -$18.0M
a 73% increase year-on-year
from 41.9% a year ago
a 52% increase since end of Q2 2026
| Segment or metric | Value | Change |
|---|---|---|
| Product revenues | $197.5M | |
| Service revenues | $70.3M | |
| Total launch backlog | 117 launches | a new record |
| Neutron backlog | 16 missions | |
| Spacecraft in development and build | More than 55 spacecraft |
Where each number comes from
- Total revenue: “Record quarterly revenue of $268 million, a 73% increase year-on-year.”
- Net loss: “Net loss | $(79,677) | $(18,257) | $(173,957) | $(145,287) Net loss per share attributable to Rocket Lab Corporation:”
- Basic and diluted net loss per share: “Basic and diluted | $(0.12) | $(0.03) | $(0.28) | $(0.28) Weighted-average common shares outstanding:”
- Non-GAAP gross margin: “Non-GAAP Gross profit | $102,752 | $64,979 | $285,878 | $159,350 Non-GAAP Gross margin | 38.4% | 41.9% | 40.7% | 37.7%”
- GAAP operating loss: “GAAP Operating loss | $(79,189) | $(58,969) | $(192,672) | $(177,796) Total non-GAAP adjustments | 51,764”
- GAAP operating cash flow: “Positive GAAP operating cash flow of $7.2M. •Approximately $1 billion in new launch contracts signed across Electron, HASTE, and Neutron”
- Backlog: “We delivered a record $268 million in revenue ($34 million higher than Q2 2026) alongside a record backlog which has grown to $3.57 billion.”
- Adjusted EBITDA: “ADJUSTED EBITDA | $(18,047) | $(26,275) | $(38,631) | $(83,821) rocketlabcorp.com | [email protected]”
- Product revenues: “Product revenues | $197,487 | $104,042 | $506,322 | $277,571 Service revenues | 70,347 | 51,038 | 195,926 | 144,576”
- Service revenues: “Product revenues | $197,487 | $104,042 | $506,322 | $277,571 Service revenues | 70,347 | 51,038 | 195,926 | 144,576”
- Total launch backlog: “bringing Rocket Lab’s total launch backlog to 117 launches: a new record.”
- Neutron backlog: “growing the rocket’s backlog to 16 missions ahead of its debut and lifting the base launch price to $70 million”
- Spacecraft in development and build: “More than 55 spacecraft now in development and build across Rocket Lab’s production complexes, including spacecraft for NASA”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q3 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $267.8M | +72.7% | +14.4% |
| Operating income | -$79.2M | −34.3% | −37.7% |
| Net income | -$79.7M | −336.4% | −61.8% |
| Diluted EPS | -$0.12 | −300.0% | −50.0% |
| Free cash flow | -$23.9M | +65.6% | +78.3% |
| Gross margin | 33.6% | −3.4 pts | −2.5 pts |
| Operating margin | -29.6% | +8.4 pts | −5.0 pts |
Calculated by code from XBRL, not by the model.
Guidance check
| Metric | Outlook given with Q2 2026 | Reported | Result |
|---|---|---|---|
| Revenue | between $250 million and $265 million | $267.8M | above the range |
| Gross margin (GAAP) | between 29% and 31% | 33.6% | above the range |
Compared with the company's own guidance, not analyst estimates, and only where the outlook and the reported figure are the same measure on the same basis. Ranges are worked out by code from the company's wording. How this works.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Revenue | fourth quarter of 2026 | between $270 million and $290 million |
| GAAP gross margin | fourth quarter of 2026 | between 34% and 36% |
| Non-GAAP gross margin | fourth quarter of 2026 | between 39% and 41% |
| GAAP operating expenses | fourth quarter of 2026 | between $162 million and $168 million |
| Non-GAAP operating expenses | fourth quarter of 2026 | between $136 million and $142 million |
| Net interest income | fourth quarter of 2026 | $45 million |
| Adjusted EBITDA loss | fourth quarter of 2026 | between $14 million and $20 million |
| Stock-based compensation | fourth quarter of 2026 | $17 million to $19 million |
Key takeaways
Record revenue grew 73% year-on-year
Revenue reached $268 million, $34 million higher than Q2 2026. Product revenues were $197,487 thousand and service revenues $70,347 thousand.
Backlog hit a record $3.57 billion
Backlog grew 52% since the end of Q2 2026. Nearly $1 billion came from new launch contracts and $470 million from Space Systems.
Neutron demand rises but first launch slips
Over $515M in Neutron contracts lifted its backlog to 16 missions and the base price to $70 million for several. First launch is now targeted for no earlier than 2027.
Losses persist despite positive operating cash flow
GAAP operating cash flow was positive at $7.2M, but the GAAP operating loss was $(79,189) thousand. Net loss included a $27,259 thousand loss on extinguishment of debt.
Iridium deal funded; Q4 guided higher
Rocket Lab fully funded the pending Iridium acquisition through an ATM equity offering, and cash reached $4,447,665 thousand. Q4 revenue is guided to $270 million to $290 million.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $132.4M * |
| Q1 2025 | $122.6M |
| Q2 2025 | $144.5M |
| Q3 2025 | $155.1M |
| Q4 2025 | $179.7M * |
| Q1 2026 | $200.3M |
| Q2 2026 | $234.1M |
| Q3 2026 | $267.8M |
Data
| Q1 2025 | -$0.12 |
| Q2 2025 | -$0.13 |
| Q3 2025 | -$0.03 |
| Q1 2026 | -$0.07 |
| Q2 2026 | -$0.08 |
| Q3 2026 | -$0.12 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | -38.9% |
| Q1 2025 | -48.3% |
| Q2 2025 | -41.3% |
| Q3 2025 | -38.0% |
| Q4 2025 | -28.4% |
| Q1 2026 | -27.9% |
| Q2 2026 | -24.6% |
| Q3 2026 | -29.6% |
Data
| Q4 2024 | -$23.9M |
| Q1 2025 | -$82.9M |
| Q2 2025 | -$55.3M |
| Q3 2025 | -$69.4M |
| Q4 2025 | -$114.2M |
| Q1 2026 | -$77.4M |
| Q2 2026 | -$110.1M |
| Q3 2026 | -$23.9M |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Rocket Lab's Q3 2026 revenue and growth?
Revenue was a record $268 million, a 73% increase year-on-year and $34 million higher than Q2 2026.
What is Rocket Lab's guidance for Q4 2026?
Management expects revenue between $270 million and $290 million, GAAP gross margins of 34% to 36%, and non-GAAP gross margins of 39% to 41%. It also expects an Adjusted EBITDA loss of between $14 million and $20 million.
How large is Rocket Lab's backlog?
Backlog is a record $3.57 billion, up 52% since the end of Q2 2026. Total launch backlog is 117 launches, including 16 Neutron missions.
Is Rocket Lab profitable?
No. The Q3 GAAP net loss was $(79,677) thousand, or $(0.12) per share, and Adjusted EBITDA was $(18,047) thousand. GAAP operating cash flow was positive at $7.2M.
When will Neutron launch, and what is the status of the Iridium acquisition?
Neutron's first launch is targeted for no earlier than 2027. The Iridium acquisition is pending but fully funded, and Iridium shareholders approved it.
Documents
SEC filing