Rocket Lab Q2 FY26: record $234.1M revenue, cash burn deepens
Rocket Lab posted record quarterly revenue of $234.1 million in FY26 Q2, up 62.0% year over year, yet the story is not clean growth: gross margin slipped, free cash flow worsened to -$110.1 million and the GAAP loss per share missed consensus by a fraction of a cent. Read revenue and guidance as the bull case, and cash flow, dilution and margin as the counterweight.
1 · Expected vs. Actual
Free preview belowThe GAAP loss per share was $0.08, against a consensus estimate of a $0.0765 loss, so this was technically a small miss. The net loss narrowed to $49.3 million from $66.4 million a year ago, helped by $16.5 million of interest income. The diluted share count rose to 629.7 million from 515.1 million, so the per-share loss is now spread across a much larger share base.
Revenue hit a record $234.1 million, 62.0% above the $144.5 million reported a year earlier and $33.7 million above last quarter's record $200.3 million. Management also pointed to record backlog of $2.36 billion, which is a company-reported metric rather than an income statement line. Space Systems supplied $189.5 million of the quarter and Launch Services $44.6 million.
Management guided Q3 revenue to $250 million-$265 million, a midpoint of $257.5 million, which would be another record. The GAAP gross margin guide of 29.0%-31.0% is a step down from the 36.1% just reported, and guided Adjusted EBITDA is a loss of $17 million-$23 million, wider than the $8.8 million loss this quarter. The forecast therefore pairs higher revenue with thinner margins and a bigger operating loss.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-24
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.