Rocket Lab (RKLB) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $602 million in 2025, up 38% year-over-year, and record Q4 revenue of $180 million, up 36% from Q4 2024.

• Q4 backlog reached $1.85 billion, a 73% increase year-over-year, driven by major contract wins, including the $816 million SDA Tranche 3 award.

• Launched 21 missions in 2025, including a record seven in Q4, all with 100% mission success, and signed over 30 new launches.

• Major milestones in space systems, including the ESCAPADE Mars mission, LOXSAT production, and introduction of advanced silicon solar arrays.

• Continued vertical integration through acquisitions of Geost, Optical Support Inc., and Precision Components Ltd.

Financial highlights

• Q4 2025 revenue: $180 million (36% YoY growth, 16% sequential growth); full-year 2025 revenue: $602 million (38% YoY growth).

• Q4 GAAP gross margin: 38%; non-GAAP gross margin: 44.3%.

• Full-year GAAP gross margin: 34.4%; non-GAAP: 39.7%.

• Q4 adjusted EBITDA loss: $17.4 million; full-year adjusted EBITDA loss: $101.2 million.

• Ending cash, equivalents, and marketable securities: ~$1.1 billion.

Outlook and guidance

• Q1 2026 revenue guidance: $185–$200 million (57% YoY growth at midpoint).

• Q1 2026 GAAP gross margin: 34–36%; non-GAAP: 39–41%.

• Q1 2026 adjusted EBITDA loss expected between $21–$27 million.

• Neutron’s first launch now targeted for Q4 2026, with subsequent flights expected to follow more rapidly due to improved manufacturing processes.