Rocket Lab USA (RKLB) financial statements
Rocket Lab USA reported revenue of $602M in fiscal 2025, up 76.5% a year over 5 years.
Net income was -$198M and the operating margin -38.0%, against -156.3% in 2020.
Free cash flow was -$322M.
The diluted share count rose 604% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Rocket Lab USA's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $35M | $62M | $211M | $245M | $436M | $602M |
| Cost of revenue | $47M | $64M | $192M | $193M | $320M | $395M |
| Gross profit | -$12M | -$2M | $19M | $51M | $116M | $207M |
| Research and development | $19M | $42M | $65M | $119M | $174M | $271M |
| Selling, general and admin | $24M | $58M | $89M | $110M | $132M | $165M |
| Operating income | -$55M | -$102M | -$135M | -$178M | -$190M | -$229M |
| Interest expense | — | — | — | $18M | $26M | $26M |
| Pre-tax income | -$55M | -$125M | -$133M | -$179M | -$189M | -$226M |
| Income tax | $467,000 | -$8M | $3M | $4M | $764,000 | -$28M |
| Net income | -$55M | -$117M | -$136M | -$183M | -$190M | -$198M |
| EPS (diluted) | -$0.73 | -$0.56 | -$0.29 | -$0.38 | -$0.38 | -$0.37 |
| Diluted shares | 75M | 210M | 466M | 482M | 496M | 531M |
| Gross margin | -33.6% | -3.0% | 9.0% | 21.0% | 26.6% | 34.4% |
| Operating margin | -156.3% | -164.0% | -64.1% | -72.7% | -43.5% | -38.0% |
| Net margin | -156.4% | -188.5% | -64.4% | -74.6% | -43.6% | -32.9% |
Balance sheet
Fiscal years, from Rocket Lab USA's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $53M | $691M | $472M | $245M | $419M | $1.0B |
| Receivables | $3M | $14M | $37M | $35M | $36M | $39M |
| Inventory | $26M | $48M | $92M | $108M | $119M | $158M |
| Total current assets | $93M | $775M | $662M | $477M | $693M | $1.4B |
| Property, plant and equipment | $50M | $65M | $102M | $145M | $195M | $319M |
| Goodwill | $3M | $43M | $71M | $71M | $71M | $206M |
| Total assets | $188M | $981M | $989M | $941M | $1.2B | $2.3B |
| Total current liabilities | $48M | $96M | $163M | $223M | $340M | $334M |
| Long-term debt | $0 | $97M | $100M | $88M | $44M | $2M |
| Total liabilities | $80M | $282M | $316M | $387M | $802M | $603M |
| Shareholders' equity | -$167M | $698M | $673M | $555M | $382M | $1.7B |
| Net debt | -$53M | -$591M | -$140M | -$57M | -$215M | -$827M |
Cash flow
Fiscal years, from Rocket Lab USA's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$28M | -$72M | -$107M | -$99M | -$49M | -$166M |
| Capital spending | $25M | $26M | $42M | $55M | $67M | $156M |
| Free cash flow | -$53M | -$97M | -$149M | -$154M | -$116M | -$322M |
| Stock-based compensation | $4M | $33M | $56M | $53M | $57M | $71M |
| Free cash flow margin | -150.4% | -156.6% | -70.6% | -62.8% | -26.6% | -53.5% |
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Open RKLB in InvestinglyQuestions
What was Rocket Lab USA's revenue in 2025?
$602M in fiscal 2025, from its 10-K filing.
How much free cash flow does Rocket Lab USA generate?
-$322M in fiscal 2025 (operating cash flow minus capital spending).
From Rocket Lab USA's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.