Rocket Lab
RKLB · NasdaqGuided Missiles & Space Vehicles & Parts · Fiscal year ends Dec 31
Rocket Lab reported revenue of $602M in the fiscal year ended Dec 2025, up 38.0% from the year before. Operating income was −$229M, an operating margin of −38.0%, and net income was −$198M. Operating cash flow of −$166M less capital expenditure of $156M left free cash flow of −$322M. It held more cash than debt (net cash $827M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $62M | $211M | $245M | $436M | $602M |
| Cost of revenue | $64M | $192M | $193M | $320M | $395M |
| Gross profit | −$2M | $19M | $51M | $116M | $207M |
| Research & development | $42M | $65M | $119M | $174M | $271M |
| Selling, general & admin | $58M | $89M | $110M | $132M | $165M |
| Operating income | −$102M | −$135M | −$178M | −$190M | −$229M |
| Interest expense | – | – | $18M | $26M | $26M |
| Pre-tax income | −$125M | −$133M | −$179M | −$189M | −$226M |
| Income tax | −$8M | $3M | $4M | $764,000 | −$28M |
| Net income | −$117M | −$136M | −$183M | −$190M | −$198M |
| Diluted EPS | −0.56 | −0.29 | −0.38 | −0.38 | −0.37 |
| Diluted shares | 210M | 466M | 482M | 496M | 531M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $691M | $243M | $163M | $271M | $829M |
| Receivables | $14M | $37M | $35M | $36M | $39M |
| Inventory | $48M | $92M | $108M | $119M | $158M |
| Current assets | $775M | $662M | $477M | $693M | $1.4B |
| Net PP&E | $65M | $102M | $145M | $195M | $319M |
| Goodwill | $43M | $71M | $71M | $71M | $206M |
| Total assets | $981M | $989M | $941M | $1.2B | $2.3B |
| Payables | $3M | $12M | $29M | $53M | $73M |
| Deferred revenue | $60M | $108M | $139M | $216M | $195M |
| Current liabilities | $96M | $163M | $223M | $340M | $334M |
| Short-term debt | $3M | $3M | $18M | $12M | $0 |
| Long-term debt | $97M | $100M | $88M | $44M | $2M |
| Total liabilities | $282M | $316M | $387M | $802M | $603M |
| Shareholders' equity | $698M | $673M | $555M | $382M | $1.7B |
| Backlog (remaining obligations) | $241M | $504M | $1B | $1.1B | $1.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$72M | −$107M | −$99M | −$49M | −$166M |
| Capital expenditure | $26M | $42M | $55M | $67M | $156M |
| Free cash flow | −$97M | −$149M | −$154M | −$116M | −$322M |
| Depreciation & amortisation | $11M | $30M | $30M | $34M | $44M |
| Stock-based compensation | $33M | $56M | $53M | $57M | $71M |
| Acquisitions | $66M | $66M | $19M | $0 | $132M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 239.0% | 15.9% | 78.3% | 38.0% |
| Gross margin | −3.0% | 9.0% | 21.0% | 26.6% | 34.4% |
| Operating margin | −164.0% | −64.1% | −72.7% | −43.5% | −38.0% |
| Net margin | −188.5% | −64.4% | −74.6% | −43.6% | −32.9% |
| Return on equityBlank when equity is negative | −16.8% | −20.2% | −32.9% | −49.7% | −11.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −11.5% | −16.4% | −24.8% | −22.5% | −11.5% |
| Free cash flow margin | −156.6% | −70.6% | −62.8% | −26.6% | −53.5% |
| Cash conversion (CFO ÷ net income) | 0.61x | 0.78x | 0.54x | 0.26x | 0.84x |
| Receivable days | 82 | 63 | 52 | 30 | 24 |
| Inventory days | 273 | 175 | 204 | 136 | 147 |
| Payable days | 20 | 23 | 55 | 61 | 67 |
| Interest cover | – | – | −10.2x | −7.25x | −8.64x |
| Debt ÷ equity | 0.14x | 0.15x | 0.19x | 0.15x | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$591M | −$140M | −$57M | −$215M | −$827M |
| Current ratio | 8.04x | 4.06x | 2.13x | 2.04x | 4.08x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.