Rocket Lab USA's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Rocket Lab USA reported revenue of $601.8M (+38.0% year on year) and net income of ($198.2M) (-4.2% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total revenues | $601.8M | $436.2M | $244.6M | $211.0M |
| Total cost of revenues | $394.6M | $320.1M | $193.2M | $192.0M |
| Gross profit | $207.2M | $116.1M | $51.4M | $19.0M |
| Research and development, net | $270.7M | $174.4M | $119.1M | $65.2M |
| Selling, general and administrative | $165.3M | $131.6M | $110.3M | $89.0M |
| Total operating expenses | $436.0M | $305.9M | $229.3M | $154.2M |
| Operating loss | ($228.8M) | ($189.8M) | ($177.9M) | ($135.2M) |
| Interest expense | ($26.5M) | — | — | — |
| Interest income | $25.5M | — | — | — |
| Loss on foreign exchange | ($463.0K) | ($87.0K) | ($470.0K) | ($4.4M) |
| Other income, net | $4.4M | $4.4M | $3.7M | $1.0M |
| Total other income (expense), net | $2.9M | $390.0K | ($1.0M) | $2.3M |
| Loss before income taxes | ($225.9M) | ($189.4M) | ($178.9M) | ($132.9M) |
| Benefit (provision) for income taxes | $27.7M | ($764.0K) | ($3.6M) | ($3.0M) |
| Net loss | ($198.2M) | ($190.2M) | ($182.6M) | ($135.9M) |
| Foreign currency translation gain (loss) | $624.0K | ($4.8M) | ($93.0K) | $600.0K |
| Unrealized gain on available-for-sale marketable securities | $217.0K | $455.0K | $494.0K | ($772.0K) |
| Comprehensive loss | ($197.4M) | ($194.5M) | ($182.2M) | ($136.1M) |
| Basic (in dollars per share) | -$0.37 | -$0.38 | -$0.38 | -$0.29 |
| Diluted (in dollars per share) | -$0.37 | -$0.38 | -$0.38 | -$0.29 |
| Basic (in shares) | 530.7M | 495.9M | 481.8M | 466.2M |
| Diluted (in shares) | 530.7M | 495.9M | 481.8M | 466.2M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Total revenues | $234.1M | $200.3M | $155.1M | $144.5M |
| Total cost of revenues | $149.5M | $123.9M | $97.8M | $98.1M |
| Gross profit | $84.6M | $76.5M | $57.3M | $46.4M |
| Research and development, net | $82.4M | $80.5M | $70.7M | $66.1M |
| Selling, general and administrative | $59.7M | $51.9M | $45.6M | $39.9M |
| Total operating expenses | $142.1M | $132.5M | $116.3M | $106.0M |
| Operating loss | ($57.5M) | ($56.0M) | ($59.0M) | ($59.6M) |
| Interest expense | ($581.0K) | ($1.3M) | — | — |
| Interest income | $16.5M | $10.1M | — | — |
| Loss on foreign exchange | ($2.0M) | $156.0K | $388.0K | ($489.0K) |
| Other expense, net | ($368.0K) | $124.0K | ($177.0K) | ($977.0K) |
| Total other income (expense), net | $13.6M | $9.2M | ($379.0K) | ($3.8M) |
| Loss before income taxes | ($43.9M) | ($46.8M) | ($59.3M) | ($63.5M) |
| Provision for income taxes | ($5.3M) | $1.8M | $41.1M | ($2.9M) |
| Net loss | ($49.3M) | ($45.0M) | ($18.3M) | ($66.4M) |
| Foreign currency translation (loss) gain | ($5.4M) | ($381.0K) | ($3.0M) | $3.1M |
| Unrealized (loss) gain on available-for-sale marketable securities | ($247.0K) | ($625.0K) | $219.0K | ($20.0K) |
| Comprehensive loss | ($54.9M) | ($46.0M) | ($21.0M) | ($63.3M) |
| Basic (in dollars per share) | -$0.08 | -$0.07 | -$0.03 | -$0.13 |
| Diluted (in dollars per share) | -$0.08 | -$0.07 | -$0.03 | -$0.13 |
| Basic (in shares) | 629.7M | 605.4M | 528.7M | 515.1M |
| Diluted (in shares) | 629.7M | 605.4M | 528.7M | 515.1M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $828.7M | $271.0M | $162.5M | $242.5M |
| Marketable securities, current | $187.9M | $147.9M | $82.3M | $229.3M |
| Accounts receivable, net | $39.0M | $36.4M | $35.2M | $36.6M |
| Contract assets | $61.6M | $63.1M | $13.0M | $9.5M |
| Inventories | $158.4M | $119.1M | $107.9M | $92.3M |
| Prepaids and other current assets | $90.0M | $55.0M | $66.9M | $52.2M |
| Total current assets | $1.4B | $692.6M | $476.7M | $662.3M |
| Property, plant and equipment, net | $319.5M | $194.8M | $145.4M | $101.5M |
| Intangible assets, net | $224.7M | $58.6M | $68.1M | $79.7M |
| Goodwill | $205.8M | $71.0M | $71.0M | $71.0M |
| Right-of-use assets - operating leases | $90.4M | $53.7M | $59.4M | $35.2M |
| Right-of-use assets - finance leases | $13.9M | $14.4M | $15.0M | $15.6M |
| Marketable securities, non-current | $82.2M | $60.7M | $79.2M | $9.2M |
| Restricted cash | $4.9M | $4.3M | $3.9M | $3.4M |
| Deferred income tax assets, net | $1.9M | $3.0M | $3.5M | $3.9M |
| Other non-current assets | $15.7M | $31.2M | $18.9M | $7.3M |
| Total assets | $2.3B | $1.2B | $941.2M | $989.1M |
| Trade payables | $72.7M | $53.1M | $29.3M | $12.1M |
| Accrued expenses | $19.3M | $19.5M | $5.6M | $8.7M |
| Employee benefits payable | $25.8M | $20.8M | $16.3M | $8.6M |
| Contract liabilities | $195.4M | $216.2M | $139.3M | $108.3M |
| Current installments of long-term borrowings | $0 | $12.0M | $17.8M | $2.9M |
| Other current liabilities | $21.2M | $18.0M | $15.0M | $22.2M |
| Total current liabilities | $334.5M | $339.5M | $223.4M | $162.9M |
| Convertible senior notes, net | $152.4M | $345.4M | — | — |
| Long-term borrowings, net, excluding current installments | $1.7M | $44.0M | $87.6M | $100.0M |
| Non-current operating lease liabilities | $85.2M | $52.0M | $56.1M | $34.3M |
| Non-current finance lease liabilities | $14.7M | $15.0M | $15.2M | $15.6M |
| Deferred tax liabilities | $1.2M | $891.0K | $426.0K | $95.0K |
| Other non-current liabilities | $13.0M | $5.1M | $3.9M | $3.0M |
| Total liabilities | $602.6M | $801.9M | $386.7M | $315.9M |
| Preferred stock, $0.0001 par value; authorized shares: 100,000,000; issued and outstanding shares: 45,951,250 and 0 at December 31, 2025 and December 31, 2024, respectively | 5.0K | 0 | — | — |
| Common stock, $0.0001 par value; authorized shares: 2,500,000,000; issued shares: 589,525,802 and 504,453,785 at December 31, 2025 and December 31, 2024, respectively; outstanding shares 543,574,552 and 504,453,785 at December 31, 2025 and December 31, 2024, respectively | 54.0K | 50.0K | 49.0K | 48.0K |
| Treasury stock, at cost; shares: 45,951,250 and 0 at December 31, 2025 and December 31, 2024, respectively | 0 | — | — | — |
| Additional paid-in capital | $2.7B | $1.2B | $1.2B | $1.1B |
| Accumulated deficit | ($1.0B) | ($813.7M) | ($623.5M) | ($441.0M) |
| Accumulated other comprehensive loss | ($2.0M) | ($2.8M) | $1.5M | $1.1M |
| Total stockholders’ equity | $1.7B | $382.5M | $554.5M | $673.2M |
| Total liabilities and stockholders’ equity | $2.3B | $1.2B | $941.2M | $989.1M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $2.1B | $1.2B | $807.9M | $564.1M |
| Marketable securities, current | $172.7M | $177.9M | $168.9M | $124.1M |
| Accounts receivable, net | $112.9M | $75.0M | $59.1M | $61.8M |
| Contract assets | $94.2M | $75.0M | $52.8M | $51.9M |
| Inventories | $266.9M | $183.1M | $145.0M | $130.2M |
| Prepaids and other current assets | $119.5M | $83.9M | $82.8M | $74.0M |
| Total current assets | $2.9B | $1.8B | $1.3B | $1.0B |
| Property, plant and equipment, net | $393.9M | $344.0M | $278.0M | $249.8M |
| Intangible assets, net | $320.4M | $220.6M | $232.0M | $53.9M |
| Goodwill | $299.1M | $208.7M | $217.7M | $71.0M |
| Right-of-use assets - operating leases | $113.7M | $90.9M | $90.8M | $70.7M |
| Right-of-use assets - finance leases | $12.3M | $13.8M | $14.0M | $14.1M |
| Marketable securities, non-current | $85.4M | $93.5M | $46.2M | $61.2M |
| Restricted cash | $8.4M | $5.5M | $4.8M | $4.9M |
| Deferred income tax assets, net | $1.1M | $849.0K | $0 | $2.1M |
| Other non-current assets | $57.3M | $41.7M | $21.4M | $19.5M |
| Total assets | $4.2B | $2.8B | $2.2B | $1.6B |
| Trade payables | $74.5M | $63.1M | $61.2M | $71.0M |
| Accrued expenses | $44.2M | $33.5M | $18.0M | $23.2M |
| Employee benefits payable | $29.1M | $40.7M | $82.2M | $23.9M |
| Contract liabilities | $351.2M | $241.4M | $208.2M | $223.4M |
| Other current liabilities | $29.2M | $23.6M | $27.8M | $18.4M |
| Total current liabilities | $528.2M | $402.3M | $414.5M | $376.5M |
| Convertible senior notes, net | $13.1M | $36.9M | $347.0M | $346.5M |
| Long-term borrowings, net | $1.7M | $1.7M | $51.3M | $53.7M |
| Non-current operating lease liabilities | $104.4M | $85.5M | $86.5M | $66.6M |
| Non-current finance lease liabilities | $14.5M | $14.6M | $14.7M | $14.8M |
| Deferred income tax liabilities | $10.1M | $1.4M | $3.0M | $1.2M |
| Other non-current liabilities | $23.2M | $13.2M | $23.4M | $5.5M |
| Total liabilities | $695.2M | $555.6M | $940.4M | $864.7M |
| Preferred stock, $0.0001 par value; authorized shares: 100,000,000; issued and outstanding shares: 40,951,250 and 45,951,250 at June 30, 2026 and December 31, 2025, respectively | 4.0K | 5.0K | 5.0K | 5.0K |
| Common stock, $0.0001 par value; authorized shares: 2,500,000,000; issued shares: 639,131,688 and 589,525,802 at June 30, 2026 and December 31, 2025, respectively; outstanding shares: 598,180,438 and 543,574,552 at June 30, 2026 and December 31, 2025, respectively | 60.0K | 58.0K | 50.0K | 48.0K |
| Treasury stock, at cost; shares: 40,951,250 and 45,951,250 at June 30, 2026 and December 31, 2025, respectively | 0 | 0 | 0 | 0 |
| Additional paid-in capital | $4.6B | $3.3B | $2.2B | $1.6B |
| Accumulated deficit | ($1.1B) | ($1.1B) | ($959.0M) | ($940.7M) |
| Accumulated other comprehensive loss | ($8.6M) | ($3.0M) | ($2.1M) | $705.0K |
| Total stockholders’ equity | $3.5B | $2.3B | $1.3B | $688.5M |
| Total liabilities and stockholders’ equity | $4.2B | $2.8B | $2.2B | $1.6B |
| Preferred stock, shares issued (in shares) | 41.0M | — | — | — |
| Preferred stock, shares outstanding (in shares) | 41.0M | — | — | — |
| Treasury stock shares (in shares) | 41.0M | — | — | — |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net loss | ($198.2M) | ($190.2M) | ($182.6M) | ($135.9M) |
| Depreciation and amortization | $43.9M | $33.7M | $29.7M | $29.9M |
| Stock-based compensation expense | $71.1M | $56.8M | $53.5M | $55.6M |
| Loss (gain) on disposal of assets | $2.6M | ($2.8M) | — | — |
| Loss on extinguishment of long-term debt | $5.9M | $1.3M | $1.7M | $0 |
| Amortization of debt issuance costs and discount | $3.1M | $3.1M | $2.9M | $2.8M |
| Noncash lease expense | $8.3M | $6.0M | $5.8M | $3.2M |
| Change in the fair value of contingent consideration | ($10.6M) | ($218.0K) | $1.3M | — |
| Accretion of marketable securities purchased at a discount | ($2.2M) | ($2.9M) | ($4.6M) | ($1.4M) |
| Deferred income taxes | ($30.7M) | $599.0K | $708.0K | ($576.0K) |
| Accounts receivable, net | $667.0K | ($1.4M) | $1.5M | ($9.4M) |
| Contract assets | $2.3M | ($50.2M) | ($3.5M) | ($7.5M) |
| Inventories | ($39.9M) | ($12.4M) | ($15.6M) | ($26.0M) |
| Prepaids and other current assets | ($15.5M) | $7.6M | ($14.6M) | ($15.1M) |
| Other non-current assets | $15.8M | ($12.9M) | ($11.5M) | ($7.1M) |
| Trade payables | $10.2M | $24.8M | $15.6M | ($2.1M) |
| Accrued expenses | ($1.9M) | $9.1M | ($3.3M) | ($3.5M) |
| Employee benefits payable | $1.5M | $5.3M | $5.5M | $2.1M |
| Contract liabilities | ($21.6M) | $76.9M | $31.0M | $22.7M |
| Other current liabilities | $849.0K | $3.2M | ($7.6M) | $1.3M |
| Non-current lease liabilities | ($11.5M) | ($6.4M) | ($5.1M) | ($3.7M) |
| Other non-current liabilities | $223.0K | $2.2M | $227.0K | $668.0K |
| Net cash used in operating activities | ($165.5M) | ($48.9M) | ($98.9M) | ($106.5M) |
| Purchases of property, equipment and software | ($156.3M) | ($67.1M) | ($54.7M) | ($42.4M) |
| Proceeds on disposal of assets, net | $397.0K | $12.5M | $3.7M | — |
| Cash paid for business combinations and asset acquisitions, net of acquired cash | ($132.4M) | $0 | ($19.0M) | ($65.8M) |
| Purchases of marketable securities | ($275.3M) | ($162.2M) | ($207.3M) | ($259.6M) |
| Maturities of marketable securities | $212.9M | $116.2M | $269.2M | $21.7M |
| Sale of marketable securities | $3.4M | $2.1M | $20.1M | — |
| Net cash (used in) provided by investing activities | ($347.4M) | ($98.3M) | $12.0M | ($346.1M) |
| Proceeds from ATM Equity Offerings | $1.1B | — | — | — |
| Issuance costs related to ATM Equity Offerings | ($26.5M) | — | — | — |
| Proceeds from the exercise of stock options | $2.6M | $3.5M | $2.4M | $3.9M |
| Proceeds from Employee Stock Purchase Plan | $11.0M | $5.7M | $5.0M | $4.4M |
| Proceeds from sale of employees restricted stock units to cover taxes | $113.3M | $35.3M | $16.0M | $31.2M |
| Minimum tax withholding paid on behalf of employees for restricted stock units | -113.5M | -35.3M | -15.7M | -31.2M |
| Payment of contingent consideration | $0 | $0 | ($1.0M) | ($5.5M) |
| Finance lease principal payments | ($268.0K) | ($329.0K) | ($336.0K) | ($271.0K) |
| Purchase of capped calls related to issuance of convertible senior notes | $0 | ($43.2M) | — | — |
| Proceeds from issuance of convertible senior notes | $0 | $355.0M | — | — |
| Proceeds from secured term loan | $26.7M | $0 | $110.0M | $0 |
| Repayments on secured term loans | ($87.9M) | ($51.7M) | ($107.6M) | — |
| Payment of debt issuance costs | ($278.0K) | ($12.2M) | $1.4M | — |
| Net cash provided by financing activities | $1.1B | $256.7M | $7.4M | $2.0M |
| Effect of exchange rate changes on cash and cash equivalents | ($110.0K) | ($597.0K) | $43.0K | $4.4M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net loss | ($94.3M) | ($45.0M) | ($145.3M) | ($127.0M) |
| Depreciation and amortization | $35.9M | $15.0M | $29.2M | $17.5M |
| Stock-based compensation expense | $47.7M | $28.1M | $52.9M | $37.2M |
| (Gain) loss on disposal of assets | ($403.0K) | ($409.0K) | $2.4M | $1.5M |
| Lower of cost or market inventory valuation adjustment | $5.8M | — | — | — |
| Amortization of debt issuance costs and discount | $179.0K | $133.0K | $2.6M | $1.7M |
| Noncash lease expense | $5.6M | $2.8M | $6.0M | $3.6M |
| Change in the fair value of contingent consideration | $386.0K | $187.0K | $0 | $0 |
| Accretion of marketable securities purchased at a discount | ($873.0K) | ($458.0K) | ($1.6M) | ($1.1M) |
| Deferred income taxes | $1.4M | $1.2M | ($33.0M) | $1.5M |
| Accounts receivable, net | ($63.0M) | ($35.7M) | ($19.4M) | ($25.3M) |
| Contract assets | ($30.1M) | ($13.4M) | $12.6M | $11.2M |
| Inventories | ($73.3M) | ($24.6M) | ($25.6M) | ($11.5M) |
| Prepaids and other current assets | ($6.9M) | $4.1M | ($17.5M) | ($18.0M) |
| Other non-current assets | ($40.3M) | ($26.1M) | $10.1M | $11.9M |
| Trade payables | ($3.1M) | ($8.2M) | ($1.6M) | $11.1M |
| Accrued expenses | $9.0M | $10.8M | $2.7M | $4.0M |
| Employee benefits payables | ($3.4M) | $1.3M | $43.4M | $3.3M |
| Contract liabilities | $78.8M | $45.8M | ($9.2M) | $7.2M |
| Other current liabilities | $2.8M | ($2.9M) | ($1.4M) | $98.0K |
| Non-current lease liabilities | ($6.5M) | ($3.0M) | ($8.3M) | ($6.5M) |
| Other non-current liabilities | $143.0K | $71.0K | $62.0K | $382.0K |
| Net cash used in operating activities | ($134.4M) | ($50.3M) | ($101.0M) | ($77.5M) |
| Purchases of property, equipment and software | ($53.1M) | ($27.1M) | ($106.6M) | ($60.7M) |
| Proceeds on disposal of assets | $715.0K | $715.0K | $397.0K | $144.0K |
| Cash paid for business combinations, net of acquired cash | ($44.3M) | ($8.0M) | ($132.4M) | — |
| Purchases of marketable securities | ($149.5M) | ($91.3M) | ($187.8M) | ($128.3M) |
| Maturities of marketable securities | $161.6M | $90.0M | $179.8M | $149.5M |
| Sale of marketable securities | $0 | — | $3.4M | $3.4M |
| Net cash used in investing activities | ($84.6M) | ($35.7M) | ($243.3M) | ($36.0M) |
| Proceeds from ATM Equity Offerings | $1.5B | $450.3M | $865.5M | $396.6M |
| Issuance costs related to ATM Equity Offerings | ($16.7M) | ($4.7M) | ($20.1M) | ($9.5M) |
| Proceeds from the exercise of stock options | $1.3M | $1.1M | $2.5M | $379.0K |
| Proceeds from Employee Stock Purchase Plan | $8.8M | $4.2M | $7.8M | $4.8M |
| Proceeds from sale of employees restricted stock units to cover taxes | $151.7M | $52.3M | $80.7M | $40.7M |
| Minimum tax withholding paid on behalf of employees for restricted stock units | -151.2M | -39.8M | -65.7M | -40.4M |
| Proceeds from secured term loans | $0 | $0 | $26.7M | $25.0M |
| Repayments on secured term loan | $0 | $0 | ($15.1M) | ($11.2M) |
| Payment of debt issuance costs | $0 | $0 | ($278.0K) | ($278.0K) |
| Finance lease principal payments | ($149.0K) | ($73.0K) | ($197.0K) | ($126.0K) |
| Net cash provided by financing activities | $1.5B | $463.3M | $881.7M | $406.0M |
| Effect of exchange rate changes on cash and cash equivalents | ($35.0K) | $237.0K | ($86.0K) | $1.1M |
| Net increase in cash and cash equivalents and restricted cash | $1.3B | $377.5M | $537.4M | $293.7M |
| Cash and cash equivalents, and restricted cash, beginning of period | $833.5M | $833.5M | $275.3M | $275.3M |
| Cash and cash equivalents, and restricted cash, end of period | $2.1B | $1.2B | $812.7M | $569.0M |
Rocket Lab USA score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.