Rocket Lab Corp
RKLB Nasdaq Guided Missiles & Space Vehicles & Parts Financials FY2020–FY2025
Revenue
Total sales reported in the income statement.
$602M
38.0%
vs prior year
Operating margin
Operating income as a share of revenue.
−38.0%
5.5 pts
Net income
Profit after all expenses, interest and tax.
−$198M
Free cash flow
Cash from operations minus capital spending.
−$322M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−21.1%
27.5 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.27 EPS (TTM)
What Rocket Lab Corp does
No business description yet.
- Legal name
- Rocket Lab Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001819994-26-000013
0001819994
Revenue and margins
Rocket Lab Corp had $602M of revenue in fiscal 2025, up 38.0% on the year before.
FY20
Revenue $35.2M
FY21
Revenue $62.2M
FY22
Revenue $211M
FY23
Revenue $245M
FY24
Revenue $436M
FY25
Revenue $602M
Q3 '23
Revenue $67.7M
Q4 '23
Revenue $60.0M
Q1 '24
Revenue $92.8M
Q2 '24
Revenue $106M
Q3 '24
Revenue $105M
Q4 '24
Revenue $132M
Q1 '25
Revenue $123M
Q2 '25
Revenue $144M
Q3 '25
Revenue $155M
Q4 '25
Revenue $180M
Q1 '26
Revenue $200M
Q2 '26
Revenue $234M
FY20
Gross −33.6%
Operating −156.3%
Net −156.4%
FCF −150.4%
FY21
Gross −3.0%
Operating −164.0%
Net −188.5%
FCF −156.6%
FY22
Gross 9.0%
Operating −64.1%
Net −64.4%
FCF −70.6%
FY23
Gross 21.0%
Operating −72.7%
Net −74.6%
FCF −62.8%
FY24
Gross 26.6%
Operating −43.5%
Net −43.6%
FCF −26.6%
FY25
Gross 34.4%
Operating −38.0%
Net −32.9%
FCF −53.5%
Gross
Operating
Net
FCF
Q3 '23
Gross 22.1%
Operating −57.4%
Net −60.0%
FCF −68.4%
Q4 '23
Gross 25.8%
Operating −79.8%
Net −84.2%
FCF −87.7%
Q1 '24
Gross 26.1%
Operating −46.4%
Net −47.7%
FCF −23.5%
Q2 '24
Gross 25.6%
Operating −40.7%
Net −39.2%
FCF −26.7%
Q3 '24
Gross 26.7%
Operating −49.5%
Net −49.6%
FCF −40.0%
Q4 '24
Gross 27.8%
Operating −38.9%
Net −39.5%
FCF −18.1%
Q1 '25
Gross 28.8%
Operating −48.3%
Net −49.5%
FCF −67.6%
Q2 '25
Gross 32.1%
Operating −41.3%
Net −46.0%
FCF −38.3%
Q3 '25
Gross 37.0%
Operating −38.0%
Net −11.8%
FCF −44.8%
Q4 '25
Gross 38.0%
Operating −28.4%
Net −29.5%
FCF −63.6%
Q1 '26
Gross 38.2%
Operating −27.9%
Net −22.5%
FCF −38.6%
Q2 '26
Gross 36.1%
Operating −24.6%
Net −21.0%
FCF −47.0%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income −$55.0M
FY21
Net income −$117M
FY22
Net income −$136M
FY23
Net income −$183M
FY24
Net income −$190M
FY25
Net income −$198M
Q3 '23
Net income −$40.6M
Q4 '23
Net income −$50.5M
Q1 '24
Net income −$44.3M
Q2 '24
Net income −$41.6M
Q3 '24
Net income −$51.9M
Q4 '24
Net income −$52.3M
Q1 '25
Net income −$60.6M
Q2 '25
Net income −$66.4M
Q3 '25
Net income −$18.3M
Q4 '25
Net income −$52.9M
Q1 '26
Net income −$45.0M
Q2 '26
Net income −$49.3M
FY20
Diluted EPS −$0.73
FY21
Diluted EPS −$0.56
FY22
Diluted EPS −$0.29
FY23
Diluted EPS −$0.38
FY24
Diluted EPS −$0.38
FY25
Diluted EPS −$0.37
Q3 '23
Diluted EPS −$0.08
Q4 '23
Diluted EPS −$0.10
Q1 '24
Diluted EPS −$0.09
Q2 '24
Diluted EPS −$0.08
Q3 '24
Diluted EPS −$0.10
Q4 '24
Diluted EPS −$0.11
Q1 '25
Diluted EPS −$0.12
Q2 '25
Diluted EPS −$0.13
Q3 '25
Diluted EPS −$0.03
Q4 '25
Diluted EPS −$0.09
Q1 '26
Diluted EPS −$0.07
Q2 '26
Diluted EPS −$0.08
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital —
Return on equity —
Return on assets −29.3%
FY21
Return on capital −74.9%
Return on equity −44.1%
Return on assets −20.1%
FY22
Return on capital −35.1%
Return on equity −19.8%
Return on assets −13.8%
FY23
Return on capital −45.4%
Return on equity −29.7%
Return on assets −18.9%
FY24
Return on capital −48.5%
Return on equity −40.6%
Return on assets −17.9%
FY25
Return on capital −21.1%
Return on equity −18.8%
Return on assets −11.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$322M in fiscal 2025, −53.5% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow −$52.9M
FY21
Free cash flow −$97.5M
FY22
Free cash flow −$149M
FY23
Free cash flow −$154M
FY24
Free cash flow −$116M
FY25
Free cash flow −$322M
Q3 '23
Free cash flow −$46.2M
Q4 '23
Free cash flow −$52.6M
Q1 '24
Free cash flow −$21.8M
Q2 '24
Free cash flow −$28.3M
Q3 '24
Free cash flow −$41.9M
Q4 '24
Free cash flow −$23.9M
Q1 '25
Free cash flow −$82.9M
Q2 '25
Free cash flow −$55.3M
Q3 '25
Free cash flow −$69.4M
Q4 '25
Free cash flow −$114M
Q1 '26
Free cash flow −$77.4M
Q2 '26
Free cash flow −$110M
FY20
Cash from operations −$27.8M
Capital spending $25.1M
FY21
Cash from operations −$71.8M
Capital spending $25.7M
FY22
Cash from operations −$107M
Capital spending $42.4M
FY23
Cash from operations −$98.9M
Capital spending $54.7M
FY24
Cash from operations −$48.9M
Capital spending $67.1M
FY25
Cash from operations −$166M
Capital spending $156M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$25.2M
Capital spending $21.0M
Q4 '23
Cash from operations −$42.2M
Capital spending $10.4M
Q1 '24
Cash from operations −$2.6M
Capital spending $19.2M
Q2 '24
Cash from operations −$13.0M
Capital spending $15.3M
Q3 '24
Cash from operations −$30.9M
Capital spending $11.0M
Q4 '24
Cash from operations −$2.4M
Capital spending $21.6M
Q1 '25
Cash from operations −$54.2M
Capital spending $28.7M
Q2 '25
Cash from operations −$23.2M
Capital spending $32.0M
Q3 '25
Cash from operations −$23.5M
Capital spending $45.9M
Q4 '25
Cash from operations −$64.5M
Capital spending $49.7M
Q1 '26
Cash from operations −$50.3M
Capital spending $27.1M
Q2 '26
Cash from operations −$84.1M
Capital spending $26.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Rocket Lab Corp returned — to shareholders in fiscal 2025. The diluted share count rose 7.0%.
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY20
Diluted shares 0.08B
FY21
Diluted shares 0.21B
FY22
Diluted shares 0.47B
FY23
Diluted shares 0.48B
FY24
Diluted shares 0.50B
FY25
Diluted shares 0.53B
Balance sheet
Cash, debt and the ratios that show how comfortably Rocket Lab Corp can carry it.
FY20
Cash $52.8M
Debt $0.0M
FY21
Cash $691M
Debt $100M
FY22
Cash $472M
Debt $119M
FY23
Cash $245M
Debt $15.6M
FY24
Cash $419M
Debt $361M
FY25
Cash $1.0B
Debt $167M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $691M | $472M | $245M | $419M | $1.0B |
| Debt incl. finance leases | $100M | $119M | $15.6M | $361M | $167M |
| Debt / equity | 0.1x | 0.2x | 0.0x | 0.9x | 0.1x |
| Interest coverage | — | — | −10.2x | −7.3x | −8.6x |
| Current ratio | 8.0x | 4.1x | 2.1x | 2.0x | 4.1x |
| Quick ratio | 7.5x | 3.5x | 1.7x | 1.7x | 3.6x |
| Total assets | $981M | $989M | $941M | $1.2B | $2.3B |
| Total liabilities | $282M | $316M | $387M | $802M | $603M |
| Shareholders' equity | $698M | $673M | $555M | $382M | $1.7B |
| Net debt (− = net cash) | −$591M | −$353M | −$229M | −$58.4M | −$849M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | ✓ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✕ | ✓ | ✕ | ✓ |
| Current ratio rose | — | ✓ | ✕ | ✕ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✓ | ✓ | ✕ |
| F-score | — / 3 | 4 / 9 | 3 / 9 | 4 / 9 | 4 / 9 | 5 / 9 |
| Accruals ratio | −14.5% | −7.8% | −3.0% | −8.7% | −13.3% | −1.9% |
| Altman Z'' | −5.86 | 5.42 | 3.18 | −0.16 | −0.86 | 3.83 |
6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $35.2M | $62.2M | $211M | $245M | $436M | $602M |
| Gross profit | −$11.8M | −$1.9M | $19.0M | $51.4M | $116M | $207M |
| Research and development | $19.1M | $41.8M | $65.2M | $119M | $174M | $271M |
| Operating income | −$55.0M | −$102M | −$135M | −$178M | −$190M | −$229M |
| Interest expense | — | — | — | $17.5M | $26.2M | $26.5M |
| Pretax income | −$54.5M | −$125M | −$133M | −$179M | −$189M | −$226M |
| Income tax | $0.5M | −$7.5M | $3.0M | $3.7M | $0.8M | −$27.7M |
| Net income | −$55.0M | −$117M | −$136M | −$183M | −$190M | −$198M |
| Diluted EPS | −$0.73 | −$0.56 | −$0.29 | −$0.38 | −$0.38 | −$0.37 |
| Diluted shares | 0.08B | 0.21B | 0.47B | 0.48B | 0.50B | 0.53B |
| Cash flow | ||||||
| Cash from operations | −$27.8M | −$71.8M | −$107M | −$98.9M | −$48.9M | −$166M |
| Capital expenditure | $25.1M | $25.7M | $42.4M | $54.7M | $67.1M | $156M |
| Free cash flow | −$52.9M | −$97.5M | −$149M | −$154M | −$116M | −$322M |
| Depreciation and amortization | $9.3M | $10.9M | $29.9M | $29.7M | $33.7M | $43.9M |
| Stock-based compensation | $4.2M | $32.6M | $55.6M | $53.5M | $56.8M | $71.1M |
| Acquisitions | $12.2M | $66.4M | $65.8M | $19.0M | $0.0M | $132M |
| Balance sheet | ||||||
| Cash and short-term investments | $52.8M | $691M | $472M | $245M | $419M | $1.0B |
| Total debt | $0.0M | $100M | $103M | $0.0M | $345M | $152M |
| Finance lease liabilities | — | — | $15.9M | $15.6M | $15.2M | $15.0M |
| Current assets | $93.1M | $775M | $662M | $477M | $693M | $1.4B |
| Current liabilities | $48.4M | $96.3M | $163M | $223M | $340M | $334M |
| Inventory | $26.1M | $47.9M | $92.3M | $108M | $119M | $158M |
| Property and equipment, net | $49.8M | $65.3M | $102M | $145M | $195M | $319M |
| Goodwill | $3.1M | $43.3M | $71.0M | $71.0M | $71.0M | $206M |
| Intangible assets | $11.3M | $57.5M | $79.7M | $68.1M | $58.6M | $225M |
| Total assets | $188M | $981M | $989M | $941M | $1.2B | $2.3B |
| Total liabilities | $79.6M | $282M | $316M | $387M | $802M | $603M |
| Preferred stock | $0.0M | — | — | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | −$167M | $698M | $673M | $555M | $382M | $1.7B |
| Margins | ||||||
| Gross margin | −33.6% | −3.0% | 9.0% | 21.0% | 26.6% | 34.4% |
| Operating margin | −156.3% | −164.0% | −64.1% | −72.7% | −43.5% | −38.0% |
| EBITDA margin | −129.7% | −146.5% | −49.9% | −60.6% | −35.8% | −30.7% |
| Net margin | −156.4% | −188.5% | −64.4% | −74.6% | −43.6% | −32.9% |
| FCF margin | −150.4% | −156.6% | −70.6% | −62.8% | −26.6% | −53.5% |
| Returns | ||||||
| Return on capital | — | −74.9% | −35.1% | −45.4% | −48.5% | −21.1% |
| Return on capital employed | −39.4% | −11.5% | −16.4% | −24.8% | −22.5% | −11.5% |
| Return on equity | — | −44.1% | −19.8% | −29.7% | −40.6% | −18.8% |
| Return on assets | −29.3% | −20.1% | −13.8% | −18.9% | −17.9% | −11.3% |
| Return on tangible equity | — | −19.6% | −26.0% | −43.9% | −75.2% | −15.3% |
| Growth | ||||||
| Revenue growth | — | 77.0% | 239.0% | 15.9% | 78.3% | 38.0% |
| Share count change | — | 178.3% | 122.1% | 3.3% | 2.9% | 7.0% |
| Financial health | ||||||
| Debt / equity | — | 0.1x | 0.2x | 0.0x | 0.9x | 0.1x |
| Interest coverage | — | — | — | −10.2x | −7.3x | −8.6x |
| Current ratio | 1.9x | 8.0x | 4.1x | 2.1x | 2.0x | 4.1x |
| Quick ratio | 1.4x | 7.5x | 3.5x | 1.7x | 1.7x | 3.6x |
| Capital allocation | ||||||
| Capex / revenue | 71.4% | 41.3% | 20.1% | 22.4% | 15.4% | 26.0% |
| Stock comp / revenue | 12.0% | 52.3% | 26.4% | 21.9% | 13.0% | 11.8% |
| Quality scores | ||||||
| Piotroski F-score | — | 4.0 | 3.0 | 4.0 | 4.0 | 5.0 |
| Altman Z'' | −5.9 | 5.4 | 3.2 | −0.2 | −0.9 | 3.8 |
| Accruals ratio | −14.5% | −7.8% | −3.0% | −8.7% | −13.3% | −1.9% |
Source: SEC EDGAR XBRL filings (CIK 0001819994). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.