Rocket Lab Q3 2026 earnings review

Revenue rose 73% and beat consensus, while the GAAP net loss widened.

Rocket Lab Corporation · Q3 2026 · Published Nov 10, 2026 · By DeepCell AI · Sources

Rocket Lab Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Rocket Lab (RKLB) Q3 2026 earnings review

Revenue rose 73% and beat consensus, while the GAAP net loss widened

  1. 1.Total revenues of $267.8M beat the $256.5M Zacks consensus and rose 73% year on year
  2. 2.The GAAP net loss widened to -$79.7M from -$18.3M, or -$0.12 a share
  3. 3.Backlog reached approximately $3.6B, up 52% sequentially; Q3 operating cash flow was $7.2M
  4. 4.Q4 revenue guidance is $270M to $290M
  5. 5.Shares were -9.7% in Nov 10 pre-market at $53.15 as of 8:33 AM EST, not a close

Note: Zacks consensus is for revenue only. The company does not report an adjusted EPS figure. The pre-market last is not a close.Source: Rocket Lab Form 8-K Ex. 99.1, Nov 9, 2026; Zacks via Yahoo Finance, Nov 9, 2026; CNBC, Nov 10, 2026 8:33 AM EST

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2 · Executive summary

Revenue beat the Zacks consensus by 4.4%, and shares were -9.7% in pre-market

Q3 2026 revenue vs. Zacks Consensus Estimate (Yahoo Finance, Nov 9, 2026)

MetricActualConsensusVarianceResult
Q3 total revenues$267.8M$256.5M+11.3M / +4.4%Beat

Share price, Nov 9 close to Nov 10 pre-market

Rocket Lab (Nasdaq)Nov 9 close, 4:00 PM ESTNov 10 pre-market, 8:33 AM ESTChange ($)Change (%)
RKLB$58.86$53.15-$5.71-9.7%

Both prices are from the CNBC quote page. The pre-market last is not a close.

Note: Zacks also publishes an adjusted EPS estimate; Rocket Lab does not report adjusted EPS, so that comparison is omitted. GAAP diluted EPS was $0.12 of loss.Source: Rocket Lab Form 8-K Ex. 99.1, Nov 9, 2026; Zacks via Yahoo Finance, Nov 9, 2026; CNBC, Nov 10, 2026 8:33 AM EST

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3 · Q3 results vs. consensus

Q4 revenue guidance of $270M to $290M points to another quarterly record

Fourth quarter 2026 guidance, issued Nov 9

MetricLowHighMidpoint
Revenue$270M$290M$280M
GAAP gross margin34%36%35%
Non-GAAP gross margin39%41%40%
GAAP operating expenses$162M$168M$165M
Non-GAAP operating expenses$136M$142M$139M
Adjusted EBITDA-$20M-$14M-$17M

Note: Interest income, net, is guided at $45 million. Basic weighted-average shares are guided at 681 million, including about 41 million preferred shares. Stock-based compensation is expected at $17–19 million. No third-party Q4 consensus was verified for this page.Source: Rocket Lab Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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4 · Q4 2026 outlook

Total revenues rose 73%, while the GAAP operating loss widened to -$79.2M

  1. Product revenue led the increaseProduct revenues rose 89.8% to $197.5M.
  2. Gross profit roseGAAP gross profit rose 57.2% to $90.1M.
  3. Adjusted EBITDA loss narrowedThe Adjusted EBITDA loss narrowed to -$18.0M from -$26.3M.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Total revenues$155.1M$267.8M72.7%
Gross profit$57.3M$90.1M57.2%
GAAP operating loss-$59.0M-$79.2M34.3%
GAAP diluted EPS ($)-$0.03-$0.12300.0%

Note: The company described revenue as a record $268 million, a 73% increase year-on-year; the income statement shows $267.8 million, a DeepCell-calculated 72.7%.Source: Rocket Lab Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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5 · Q3 key financials

Product revenues rose 89.8% and accounted for most of the year-on-year increase

Revenue by line

$M, Q3 2025 vs. Q3 2026

LineQ3 2025Q3 2026YoY
Product revenues$104.0M$197.5M89.8%
Service revenues$51.0M$70.3M37.8%
Total revenues$155.1M$267.8M72.7%
Twelve Rocket Lab-built spacecraft reached orbit in the quarter“Q3 2026 was a defining quarter for Rocket Lab. 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.” Sir Peter Beck, founder and CEO

Note: Product and service are the two revenue lines on the income statement.Source: Rocket Lab Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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6 · Revenue by line

7 · Revenue bridge

8 · Revenue mix

The GAAP operating loss widened to -$79.2M as operating expenses grew faster than gross profit

GAAP operating loss bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: -$59.0M$M · Gross profit: $32.8M$M · Research and development: -$27.7M$M · Selling, general and administrative: -$25.3M$M · Q3 2026: -$79.2MQ3 2025Gross profitResearch anddevelopmentSelling,general and…Q3 2026-$120M-$100M-$75M-$50M-$25M$0M$20M-$59.0M$32.8M-$27.7M-$25.3M-$79.2M
Research and development, net, rose $27.7M

Note: The loss-on-debt-extinguishment charge sits below operating loss and is not in this bridge.Source: Rocket Lab Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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9 · Operating loss bridge

GAAP gross margin fell -333 basis points to 33.6%

Gross margin

Q3 2025 vs Q3 2026

GAAP gross margin · Q3 2025: 37.0%GAAP gross margin · Q3 2026: 33.6%Non-GAAP gross margin · Q3 2025: 41.9%Non-GAAP gross margin · Q3 2026: 38.4%Q3 2025Q3 20260%10%20%30%40%50%37.0%33.6%41.9%38.4%
Non-GAAP gross margin was 38.4%, down from 41.9%

Note: Non-GAAP gross profit adds back stock-based compensation, amortisation of purchased intangibles and inventory step-up.Source: Rocket Lab Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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10 · Margin analysis

Q3 GAAP operating cash flow was positive $7.2M, after nine-month operating cash use of -$127.3M

  1. Quarterly operating cash flow turned positiveThe release reports positive GAAP operating cash flow of $7.2M in the third quarter.
  2. Nine-month cash from financing was largeNine-month purchases of property, equipment and software were -$84.2M.
  3. ATM equity offering added cashCash and cash equivalents ended the quarter at $4.4B.

Cash flow

$MNine months 2025Nine months 2026
Operating cash flow-$101.0M-$127.3M
Purchases of property, equipment and software-$106.6M-$84.2M

Note: ATM is at-the-market equity offering. The Exhibit 99.1 cash-flow statement is for the nine months only. The $7.2 million quarterly operating cash flow figure is from the release highlights, not a quarterly cash-flow statement in the exhibit.Source: Rocket Lab Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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11 · Cash flow and financing

Backlog rose 52% sequentially to approximately $3.6B

  1. Launch contract intake was largeNew launch contracts signed in the quarter were about $1.0B.
  2. Space Systems added contractsSpace Systems contracts signed in the quarter were $470M.
  3. Neutron bookings increasedNeutron launch contracts signed in the quarter were over $515M, and the launch backlog is 117 missions.

Backlog and activity

MetricQ3 2026
Backlog$3.6B
Launch backlog (missions)117
Neutron backlog (missions)16
Spacecraft launched and operating in the quarter12

Note: The $3.57 billion backlog and 52% sequential increase are from the release. Neutron first launch is targeted for no earlier than 2027. Selected Neutron missions have a $70 million base price.Source: Rocket Lab Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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12 · Backlog and contracts

Cash and cash equivalents rose to $4.4B after the ATM equity offering

  1. Liquidity increasedCash and marketable securities were $4.7B at Sep 30, 2026.
  2. Contract liabilities roseContract liabilities were $423.6M.
  3. Convertible notes were largely extinguishedConvertible senior notes, net, fell to $1.3M from $152.4M.

Balance sheet

$MDec 31, 2025Sep 30, 2026
Cash and cash equivalents$828.7M$4,447.7M
Total assets$2.3B$6.6B
Total liabilities$602.6M$766.1M
Stockholders equity$1.7B$5.8B

Note: ATM is at-the-market equity offering. The release says the pending Iridium Communications acquisition was fully funded through a completed ATM equity offering.Source: Rocket Lab Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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13 · Balance sheet and debt

Neutron timing, the Iridium close and a still-loss-making cost base are the main watch items

Indicator
What to watch
Implication
Latest reading
Neutron first launch
Assembly, testing and tank work remaining
Schedule risk into 2027
First launch no earlier than 2027
Iridium acquisition close
Remaining conditions after funding and votes
Close path still into 2027
Described as fully funded
GAAP cost base
Q4 operating expenses and EBITDA loss
Losses continue in the guide
Q4 GAAP opex $162M to $168M
Gross margin mix
Satellite-platform mix versus the Q4 range
Margin can miss the guide
Q3 GAAP gross margin 33.6%

Source: Rocket Lab Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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14 · Key risks to outlook

15 · Appendix: Revenue detail

Appendix: GAAP to non-GAAP operating loss

ClaimEvidenceCalculation
GAAP operating loss-$79.2MIncome statement
Stock-based compensation$18.3MAdded back in the reconciliation
Transaction costs$21.3MAdded back; includes Iridium-related costs
Non-GAAP operating loss-$27.4MCompany reconciliation

Source: Rocket Lab Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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16 · Appendix: Non-GAAP items

Appendix: other Q4 2026 guidance items

ClaimEvidenceCalculation
Interest income, net$45MQ4 2026 guidance
Basic weighted-average shares681 millionIncludes about 41 million preferred shares
Preferred shares in that count41 millionSeries A convertible participating preferred
Stock-based compensation$17M to $19MQ4 2026 expected range

Source: Rocket Lab Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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17 · Appendix: Guidance detail

Appendix: backlog and spacecraft activity

ClaimEvidenceCalculation
Space Systems contracts signed$470MIn Q3 2026
Neutron launch contracts signedOver $515MFrom constellation operators
Neutron base price, selected missions$70MAs industry launch capacity tightens
Spacecraft in development or buildMore than 55As of the release

Source: Rocket Lab Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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18 · Appendix: Contract activity

Appendix: income statement detail

Revenue and costs

$M unless notedQ3 2025Q3 2026YoY
Total revenues$155.1M$267.8M72.7%
Cost of revenues$97.8M$177.8M81.8%
Research and development, net$70.7M$98.4M39.2%
Selling, general and administrative$45.6M$70.9M55.5%

Earnings

$M unless notedQ3 2025Q3 2026YoY
GAAP operating loss-$59.0M-$79.2M34.3%
Loss on extinguishment of debt$0.0M-$27.3Mn.m.
Net loss-$18.3M-$79.7M336.4%
Adjusted EBITDA-$26.3M-$18.0M(31.3%)

Note: n.m. means not meaningful. The debt-extinguishment loss was nil in Q3 2025.Source: Rocket Lab Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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19 · Appendix: Income statement

Appendix: sources

  • Filing: Rocket Lab Form 8-K, Nov 9, 2026 — https://www.sec.gov/Archives/edgar/data/1819994/000181999426000073/0001819994-26-000073-index.html
  • Results release, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1819994/000181999426000073/rklb-11092026ex991.htm
  • Form 10-Q, filed Nov 9, 2026 — https://www.sec.gov/Archives/edgar/data/1819994/000181999426000074/0001819994-26-000074-index.html
  • Investor relations release, Nov 9, 2026 — https://investors.rocketlabcorp.com/news-releases/news-release-details/rocket-lab-announces-third-quarter-2026-financial-results-posts
  • Consensus: Zacks Consensus Estimate via Yahoo Finance, Nov 9, 2026 — https://finance.yahoo.com/markets/stocks/articles/rocket-lab-corporation-rklb-reports-223507021.html
  • Share price: CNBC RKLB quote, Nov 9, 2026 regular close $58.86 at 4:00 PM EST and Nov 10 pre-market $53.15 at 8:33 AM EST — https://www.cnbc.com/quotes/RKLB
  • Company figures are in U.S. dollars. Non-GAAP figures follow the company's reconciliation tables. Backlog and the $7.2 million quarterly operating cash flow figure are from the release highlights.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Rocket Lab's Form 8-K of November 9, 2026 (Exhibit 99.1). Consensus estimates (Zacks, via Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are GAAP unless labelled non-GAAP, in U.S. dollars, for the quarters ended September 30, 2026 and 2025.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Rocket Lab Corporation. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. Share prices are the CNBC regular-session close at 4:00 PM EST on November 9, 2026, and the pre-market last at 8:33 AM EST on November 10, 2026. The pre-market last is not a close.

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21 · Disclosures

Sources

Not investment advice; no rating or price target.

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