RKLB · Q2 FY2026
Rocket Lab Corp Q2 FY2026 earnings analysis
By SageNoodle ResearchNeutral
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $234.1M | $144.5M (yr ago) | Beat |
| EPS | -$0.08 | -$0.13 (yr ago) | Beat |
| Free Cash Flow | -$0.11B | -$0.06B (yr ago) | Miss |
| Gross Margin | 36.1% | 32.1% (yr ago) | Beat |
| Operating Margin | -24.6% | -41.3% (yr ago) | Beat |
What changed
Revenue increased 62.0% year over year to a record $234.1 million, while gross margin expanded 4.0 percentage points and the operating loss narrowed despite higher research and administrative spending. The counterweight was free cash flow of approximately -$0.11 billion, worse than -$0.06 billion a year earlier, as working capital and continued investment absorbed cash.
Impact on the investment thesis
The quarter strengthens the operating case but does not justify the expectations embedded in a $61.96 share price. We establish base fair value at $33.10 per share: higher revenue and backlog support the forecast, but negative free cash flow, Neutron execution risk and acquisition complexity constrain the multiple.