Rocket Lab USA, Inc. (RKLB) Earnings
Rocket Lab USA, Inc. is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $-0.05. RKLB has beaten EPS estimates in 2 of its last 11 reported quarters (average surprise -8.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.07 | $-0.07 | -4.4% | $200M | +5.6% |
| Aug 7, 2025 | $-0.10 | $-0.10 | -5.0% | $144M | +6.7% |
| May 8, 2025 | $-0.11 | $-0.12 | -12.6% | $123M | +1.0% |
| Feb 27, 2025 | $-0.09 | $-0.10 | -11.1% | $132M | +1.4% |
| Aug 8, 2024 | $-0.10 | $-0.08 | +20.0% | $106M | +0.8% |
| Feb 27, 2024 | $-0.09 | $-0.10 | -11.1% | $60M | -42.8% |
| Feb 28, 2023 | $-0.06 | $-0.08 | -33.3% | $52M | +9.0% |
| Aug 11, 2022 | $-0.06 | $-0.08 | -33.3% | $55M | +4.9% |
| May 16, 2022 | $-0.04 | $-0.06 | -50.0% | $41M | -0.7% |
| Feb 28, 2022 | $-0.05 | $0.01 | +114.1% | $27M | +13.4% |
| Nov 15, 2021 | $-0.12 | $-0.24 | -100.0% | $5M | -9.1% |
| Sep 8, 2021 | — | $-0.04 | — | $11M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Sir Peter Beck introduced Rocket Lab's unique position as an end - to - end space company. In Q1, it had phenomenal performance with record revenue, gross margins, backlog, cash position, and launch contracts. For launch, Electron and Haste had a great quarter with 31 missions booked, over 70 launches in backlog, and HAST's 190 million 20 - launch order. On space systems, Rocket Lab was selected for the Space Base Interceptor Program, acquired Motive Space Systems, unveiled electric propulsion thruster GALS, and expanded in Europe. Neutron had significant development progress including Stage 1 tank, stage separation tests, landing barge progress, and engine testing.
Guidance
Expects Q2 revenue to range between $225 million and $240 million. Anticipates gap gross margin to range between 33% to 35% and non - gap gross margin to range between 38% to 40%. Second quarter gap operating expenses to range between $138 million and $144 million, non - gap operating expenses to range between $120 million and $126 million. Second quarter adjusted EBITDA loss to range between $20 million and $26 million.
Segment performance
Space system segment delivered $136.7 million in revenue in the quarter, reflecting a year - on - year increase of 57.2% and accounting for 68.3% of total revenue. Launch services segment generated $63.7 million in revenue, up 78.9% year - on - year, accounting for 31.7% of total revenue.
Analyst Q&A
Q: For Neutron, what are the key items pending for investors to track and customer feedback?
A: Key items to track are continued placing of items on test stands. Customer feedback is that customers know Rocket Lab well and have confidence in delivering Neutron, with many waiting to see it fly.
Q: On space - based interceptor program with Raytheon, can you quantify?
A: Limited details can be shared, it's a partnership with gates to go through, and Rocket Lab's vertical integration gives cost advantage.
Q: Are there areas to fill in capabilities?
A: Rocket Lab has a methodical approach, expanding TAMs both organically and inorganically, with organic expansion yielding benefits for shareholders.
Q: Pricing for Neutron deal and customer reception?
A: Pricing aligns with average selling price for launches, demand for Neutron is strong with healthy backlog for years.
Q: Expectations for Electron launch cadence?
A: Electron factory designed for 52 launches a year, with modest investments to reach that, and no major bottlenecks.
Q: Motive acquisition and on - orbit docking?
A: Motive brings unique actuation capabilities, including for on - orbit rendezvous, and closes a subsystem gap for solar array drives.
Q: Space systems in proliferated geo?
A: Rocket Lab's tech stack is suitable for geo as it's familiar with rad - hard environments.
Q: National security expansion?
A: GEOS acquisition exposed to more national security programs, with deep exposure through launch and spacecraft.
Q: Manufacturing footprint and future?
A: Strategic in choosing manufacturing locations based on technology and market, with opportunities in various space programs.
Q: Space systems updates and TRANS3?
A: Updates like Monarch deal and in - house components expand capabilities, and TRANS3 has subcontracting opportunities with multiple benefits.
Q: Neutron timing and 2027 launches?
A: Neutron timing not nailed down yet, plan is one, three, five like Electron.
Q: Neutron reusability and cadence?
A: Flight one attempts re - entry and soft splashdown, flight two attempts landing on return on investment barge if flight one goes well.
Q: EWSA contracts and transport layer?
A: EWSA contracts on track, transport layer focus on executing tranche two and missile track, with space data network shift.
Q: Space systems mix and gross margin implications?
A: Space systems mix with SDA contracts has lower gross margin but scale, Monarch acquisition has initial drag on margins but long - term potential.
Q: Lunar missions and Rocket Lab?
A: Prefer to be picks and shovels behind lunar missions, focus on proven funding projects.
Q: Additions to portfolio and competitive position?
A: Acquisitions resolve pain points, improve competitive position, and vertically integration gives cost and delivery advantages.
Q: Subsystems post - acquisition progress?
A: Some acquisitions require work, business units run like startups with clear gross margin targets.