Latest quarter
Rocket Lab reported Q2 FY2026 revenue of $234.1 million, above the consensus of $231.6 million. Adjusted earnings per share of −$0.03 matched the consensus, while diluted earnings per share were −$0.08, compared with −$0.13 a year earlier.
Revenue rose 62.0% from $144.5 million a year earlier. The filing attributes the increase to space systems, where revenue grew by $91.6 million, primarily from spacecraft manufacturing and acquisitions. Launch services revenue fell by $2.1 million, primarily because of the timing of revenue recognition, even though Rocket Lab completed six Electron missions in the quarter, compared with five a year earlier. The filing says revenue from two of the six missions was recognized over time and partly in prior quarters.
Rocket Lab’s gross margin rose to 36.1% from 32.1%, and its operating margin was −24.6%, compared with −41.3% a year earlier. Free cash flow was −$110.1 million, compared with −$55.2 million a year earlier.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $234.1 million | $144.5 million | 62.0% |
| Diluted EPS | −$0.08 | −$0.13 | — |
| Gross margin | 36.1% | 32.1% | 4.0 percentage points |
| Operating margin | −24.6% | −41.3% | 16.7 percentage points |
| Free cash flow | −$110.1 million | −$55.2 million | — |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | −$0.03 | −$0.03 | In line |
| Revenue | $234.1 million | $231.6 million | Beat by 1.08% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
Rocket Lab’s latest earnings call is not available, so its call commentary cannot be reported.
Guidance
Rocket Lab’s published outlook for Q3 FY2026 is presented in the guidance table. The latest earnings call is not available, so any outlook given on the call cannot be reported.
| Metric | For | Guide | Previous guide | Change |
|---|---|---|---|---|
| EBITDA, non-GAAP | Q3 FY2026 | −$23.0 million–−$17.0 million | — | New |
| Operating expenses, non-GAAP | Q3 FY2026 | $121.0 million–$127.0 million | — | New |
| Operating expenses, GAAP | Q3 FY2026 | $143.0 million–$149.0 million | — | New |
| Gross margin, non-GAAP | Q3 FY2026 | 35.0%–37.0% | — | New |
| Gross margin, GAAP | Q3 FY2026 | 29.0%–31.0% | — | New |
| Revenue | Q3 FY2026 | $250.0 million–$265.0 million | — | New |