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Rocket Lab revenue jumps 73% as backlog reaches record $3.57 billion

Rocket Lab reported third-quarter 2026 revenue of $268 million, up 73% year over year, while its order backlog surged 52% sequentially to $3.57 billion despite a wider-than-expected net loss that weighed on shares.

Rocket Lab logo featuring a stylized black R with a red streak beside the company name on a white background.
Image: @wallstengine

Rocket Lab reported third-quarter 2026 revenue of $268 million, representing a 73% year-over-year increase and beating analyst consensus estimates of $256 million to $257 million. Adjusted EBITDA for the quarter came in at negative $18.0 million, outperforming expectations of negative $21.1 million, according to market updates from Wall St Engine. However, the company posted an earnings per share loss of $0.12 against an expected loss of $0.07, and Quartz reported that net loss more than doubled analyst forecasts, sending shares down 6.6% in after-hours trading.[1][2][3][4]

The company's backlog grew 52% quarter over quarter to a record $3.57 billion. Management highlighted that nearly $1 billion of the backlog stemmed from new launch contracts signed during the third quarter alone, alongside $470 million signed for Space Systems, bringing total launch commitments to a record 117 launches. Non-GAAP gross margin stood at 38.4%, down 350 basis points from the prior year, while GAAP operating cash flow remained positive at $7.2 million.[2]

Development updates showed the medium-lift Neutron rocket program has secured more than $515 million in contracts across 16 missions at a $70 million base price, with its inaugural launch targeted for no earlier than 2027. Additionally, Rocket Lab obtained shareholder approval for its acquisition of Iridium. For the fourth quarter of 2026, the company guided revenue to between $270 million and $290 million, above Wall Street expectations, with projected adjusted EBITDA losses between $14 million and $20 million.[1][2]

Key facts

  • Rocket Lab reported Q3 2026 revenue of $268 million, up 73% year over year and topping analyst expectations of $256 million to $257 million.
  • Rocket Lab's EPS was -$0.12 versus a projected -$0.07, and after-hours shares dropped 6.6% following a net loss that more than doubled analyst estimates.
  • Backlog expanded 52% sequentially to a record $3.57 billion, backed by roughly $1 billion in launch contracts signed in Q3 and a 117-launch pipeline.
  • Neutron has over $515 million in signed contracts covering 16 missions at a $70 million base price, with its first launch targeted no earlier than 2027.
  • Shareholder approval was secured for the acquisition of Iridium.
  • Rocket Lab guided Q4 2026 revenue to $270 million to $290 million and adjusted EBITDA to between -$14 million and -$20 million.

Sources · 4 sources

  1. SB

    Shay Boloor@StockSavvyShayPost on X ·

    $RKLB Q3 EARNINGS • Revenue $268M vs Est. $257M • EPS ($0.12) vs Est. ($0.07) • Backlog $3.57B (+52% QoQ) • Gross Margin 38% vs. Est. 36% Q4 Guidance • Revenue $280M vs Est. $265M • EBITDA ($17M) vs. Est. ($13M) Management says they have over $515M Neutron contracts covering 16 missions with a $70M base price

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  2. WS

    Wall St Engine@wallstenginePost on X ·

    ROCKET LAB $RKLB Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $268M (Est. $256M) 🟢; +73% YoY 🔹 EPS: -$0.12 (Est. -$0.07) 🔴 🔹 Adj. EBITDA: -$18.0M (Est. -$21.1M) 🟢 🔹 Backlog: $3.57B; +52% QoQ 🔹 Non-GAAP Gross Margin: 38.4%; -350 bps YoY Q4 Guide: 🔹 Revenue: $270M-$290M (Est. $265M) 🟢 🔹 Adj. EBITDA: -$14M--$20M (Est. -$13.1M) 🔴 🔹 GAAP Gross Margin: 34%-36% 🔹 Non-GAAP Gross Margin: 39%-41% Announcements: 🔹 Neutron: $515M+ contracts; 16 missions; $70M base price 🔹 New Launch Contracts: ~$1B; 117-launch record backlog 🔹 Neutron First Launch: no earlier than 2027 🔹 Spacecraft: Twelve launched; 55+ in development and build 🔹 Iridium Acquisition: shareholder approval obtained Key Updates: 🔹 Loss on extinguishment of debt: $27.3M; included in GAAP net loss and Adjusted EBITDA reconciliation 🔹 GAAP Operating Cash Flow: $7.2M positive Comments: 🔸 “Nearly $1 billion of that backlog comes from new launch contracts, signed in Q3 2026 alone, as well as $470 million signed for Space Systems.”

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  3. QU

    Quartz@qzPost on X ·

    Rocket Lab's revenue surged 73% — so why did the stock drop?: Rocket Lab beat sales expectations with $267.​8M in Q3 revenue, but a net loss more than double what analysts predicted sent shares down 6.​6% after hours. A record $3.​57B… dlvr.​it/TWGrTZ #RocketLab #EarningsReport https://t.co/i44SShoBJy

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  4. BA

    Barron's@barronsonlinePost on X ·

    Rocket Lab reported better-than-expected financial results and grew backlog by more than 50% compared with the previous quarter. Still, Rocket Lab stock fell. https://t.co/ERJ4mJ6UIB

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