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Rocket Lab

RKLB Q4 2025 Earnings

Reported Feb 26, 2026 at 4:09 PM ET · SEC Source

Q4 25 EPS

$-0.09

BEAT +8.16%

Est. $-0.10

Q4 25 Revenue

$179.7M

vs S&P Since Q4 25

+8.3%

BEATING MARKET

RKLB +13.4% vs S&P +5.1%

Full Year 2025 Results

FY 25 EPS

$-0.37

BEAT +4.93%

Est. $-0.39

FY 25 Revenue

$601.8M

BEAT +0.28%

Est. $600.1M

Market Reaction

Did RKLB Beat Earnings? Q4 2025 Results

Rocket Lab closed out fiscal 2025 on a high note, posting record quarterly revenue of $179.65 million in Q4, up 35.7% year over year and narrowly ahead of the $177.99 million consensus estimate. The company also beat on the bottom line, reporting a l… Read more Rocket Lab closed out fiscal 2025 on a high note, posting record quarterly revenue of $179.65 million in Q4, up 35.7% year over year and narrowly ahead of the $177.99 million consensus estimate. The company also beat on the bottom line, reporting a loss of $0.09 per share against analyst expectations of $-0.10, an 8.16% positive surprise. The primary engine behind the results was a rapidly expanding backlog, now at $1.85 billion after surging 73% year over year, anchored by an $816 million Space Development Agency contract to build 18 satellites, the largest single award in Rocket Lab's history. Non-GAAP gross margin widened sharply to 44.3% from 34.0% a year earlier, reflecting the company's deepening vertical integration. Analyst sentiment remains broadly constructive, with multiple Buy ratings reaffirmed following the print. Looking ahead, management guided Q1 2026 revenue of $185 million to $200 million, implying roughly 57% growth at the midpoint, though a Neutron stage-1 tank test failure has pushed that rocket's debut to Q4 2026.

Key Takeaways

  • • Record 7 launches in Q4 2025 and 21 Electron/HASTE missions for the full year with 100% success rate
  • • Signed more than 30 new launch contracts in 2025 across defense, commercial, and government customers
  • • Awarded $816 million SDA prime contract for 18 satellites, largest single contract in company history
  • • Backlog grew 73% year-on-year to $1.85 billion
  • • Non-GAAP gross margin expanded to 44.3% in Q4 2025 from 34.0% in Q4 2024

RKLB Forward Guidance & Outlook

For Q1 2026, Rocket Lab expects revenue between $185 million and $200 million, representing approximately 57% year-over-year growth at the midpoint. GAAP gross margins are expected between 34% and 36%, with non-GAAP gross margins between 39% and 41%. GAAP operating expenses are expected between $120 million and $126 million, non-GAAP operating expenses between $106 million and $112 million. Interest income is expected at $8.0 million net. Adjusted EBITDA loss is expected between $21 million and $27 million. Stock-based compensation is expected to range from $16 million to $18 million. Basic weighted average common shares outstanding are expected at 605 million. Neutron's first launch is now targeted for Q4 2026 following the stage 1 tank test failure.

24/7 Wall St

RKLB YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

RKLB Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“2026 was a record-breaking year for Rocket Lab financially and operationally. We delivered record quarterly revenue of $180 million, which brought our full year revenue to a record $602 million, representing 38% growth year on year. We reached a new annual launch record, flying 21 missions across Electron and HASTE with a 100% success rate for the year, and also reached significant qualification milestones in the development of Neutron, our new medium-lift launch vehicle. At the same time we were awarded Rocket Lab's largest single contract to date, an $816 million contract from the Space Development Agency to design and manufacture 18 satellites for the Tracking Layer Tranche 3 program under the Proliferated Warfighter Space Architecture. It was also the quarter in which two spacecraft we built for NASA and the University of California Berkeley were successfully launched toward Mars for the historic ESCAPADE mission, proving Rocket Lab can deliver decadal class science missions on rapid timelines for a fraction of the cost of traditional interplanetary programs. We ended the year with a record $1.85 billion in backlog, representing 73% year-on-year growth, a figure we look forward to building upon in 2026.”

— Peter Beck, Q4 2025 Earnings Press Release

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