Rocket Lab FY26 Q3: record $267.8 million revenue, thinner margins
Rocket Lab lifted revenue 72.7% to $267.8 million and built record backlog, but the quarter gave back margin: gross margin fell to 33.6% and the net loss widened to $79.7 million. Read revenue and segments for demand, guidance for the Q4 margin repair, and the balance sheet for the Iridium-sized cash pile. The scorecard below separates growth from the profit math.
1 · Expected vs. Actual
Free preview belowThe GAAP loss per share was $0.12 versus $0.03 a year ago, on a net loss of $79.7 million. Two one-off items explain much of the gap: a $27.3 million loss on extinguishment of debt and $21.3 million of transaction costs booked in SG&A. Last year's quarter also carried a $41.1 million tax benefit, while this one took a $3.5 million tax charge.
Revenue of $267.8 million rose 72.7% from $155.1 million a year ago and came in $10.3 million above the $257.5 million midpoint management guided to for this quarter. Space Systems did the heavy lifting at $214.8 million, or 80.2% of the total, with Launch Services at $53.1 million. Growth is real and it is accelerating: the sequential step-up from FY26 Q2 was 14.4%.
Q4 revenue is guided to $270–290 million, a $280 million midpoint that is 4.5% above Q3 and $9.3 million above the $270.7 million next-quarter consensus figure. Management points to GAAP gross margin of 34–36% and non-GAAP gross margin of 39–41%, a partial repair from the 33.6% just reported. The adjusted EBITDA loss is guided to $14–20 million, versus $18.0 million this quarter.
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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 2026-11-09
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