Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Rocket Lab Corp files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
35.2
62.2
211
245
436
602
Cost of revenue
47
64.1
192
193
320
395
Gross profit
-11.8
-1.89
19
51.4
116
207
Research and development
19.1
41.8
65.2
119
174
271
Selling, general and administrative
24
58.4
89
110
132
165
Operating expenses
43.1
100
154
229
306
436
Operating income
-55
-102
-135
-178
-190
-229
Interest expense
17.5
26.2
26.5
Other non-operating income
0.41
-22.8
2.26
-1
0.39
2.94
Pre-tax income
-54.5
-125
-133
-179
-189
-226
Income tax
0.47
-7.52
3
3.65
0.76
-27.7
Net income
-55
-117
-136
-183
-190
-198
EBITDA
-45.6
-91.2
-105
-148
-156
-185
EPS, basic
-0.73
-0.56
-0.29
-0.38
-0.38
-0.37
EPS, diluted
-0.73
-0.56
-0.29
-0.38
-0.38
-0.37
Shares, basic (weighted)
75.4
210
466
482
496
531
Shares, diluted (weighted)
75.4
210
466
482
496
531
Balance sheet
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
52.8
691
243
163
271
829
Short-term investments
0
229
82.3
148
188
Receivables
2.73
14
36.6
35.2
36.4
39
Inventory
26.1
47.9
92.3
108
119
158
Other current assets
0.91
2.1
7.63
5.25
4.99
9.84
Total current assets
93.1
775
662
477
693
1,366
Property, plant and equipment
49.8
65.3
102
145
195
319
Lease right-of-use assets
26.9
28.4
35.2
59.4
53.7
90.4
Goodwill
3.13
43.3
71
71
71
206
Intangible assets
11.3
57.5
79.7
68.1
58.6
225
Long-term investments
0
9.19
79.2
60.7
82.2
Other non-current assets
0
4.55
7.3
18.9
31.2
15.7
Total assets
188
981
989
941
1,184
2,324
Accounts payable
3.37
3.49
12.1
29.3
53.1
72.7
Accrued liabilities
6.57
11
8.72
5.59
19.5
19.3
Deferred revenue
26.1
59.7
108
139
216
195
Short-term debt
0
2.83
2.91
17.8
12
0
Total current liabilities
48.4
96.3
163
223
340
334
Long-term debt
0
97.3
100
87.6
44
1.72
Lease liabilities
27.3
28.3
34.3
56.1
52
85.2
Other non-current liabilities
3.9
1.8
3.01
3.94
5.1
13
Total liabilities
79.6
282
316
387
802
603
Total debt
0
100
103
0
345
152
Paid-in capital
19.9
1,002
1,113
1,176
1,199
2,736
Retained earnings
-188
-305
-441
-624
-814
-1,012
Treasury stock
0
0
Other comprehensive income
1.06
1.31
1.14
1.54
-2.81
-1.96
Shareholders' equity
-167
698
673
555
382
1,722
Total equity
-167
698
673
555
382
1,722
Total liabilities and equity
188
981
989
941
1,184
2,324
Shares outstanding
78.4
450
475
489
504
544
Cash flow statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-55
-117
-136
-183
-190
-198
Depreciation and amortization
9.34
10.9
29.9
29.7
33.7
43.9
Stock-based compensation
4.22
32.6
55.6
53.5
56.8
71.1
Deferred income tax
0.94
9.9
-0.77
0.4
1.05
-30.4
Change in receivables
-0.52
-7.79
-9.43
1.45
-1.43
0.67
Change in inventory
-11.3
-12.1
-26
-15.6
-12.4
-39.9
Cash from operations
-27.8
-71.8
-107
-98.9
-48.9
-166
Capital expenditures
-25.1
-25.7
-42.4
-54.7
-67.1
-156
Acquisitions
-12.2
-66.4
-65.8
-19
0
-132
Purchases of investments
0
0
-260
-207
-162
-275
Sales and maturities of investments
0
21.7
269
116
213
Cash from investing
-37.3
-92.1
-346
12
-98.3
-347
Stock issued
0.98
3.15
3.87
0
0
1,146
Cash from financing
21.5
800
2.04
7.37
257
1,071
Exchange rate effect
-0.15
2.13
4.37
0.04
-0.6
-0.11
Net change in cash
-43.8
638
-446
-79.4
109
558
Free cash flow
-52.9
-97.5
-149
-154
-116
-322
Interest paid
0
3.99
10.7
15.6
16.3
24.5
Income taxes paid
-0.3
1.84
2.67
0.77
0.27
0.85
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $73.95 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
37.3%
Gross profit / revenue.
Operating margin
-29.1%
Operating income / revenue.
EBITDA margin
-23.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-24.9%
Pre-tax income / revenue.
Net margin
-21.5%
Net income / revenue.
FCF margin
-48.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-28.9%
Cash from operations / revenue.
Return on equity (ROE)
-4.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-4.0%
Net income / average total assets.
Return on invested capital (ROIC)
-12.8%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
40.6%
Research and development expense / revenue.
SG&A / revenue
25.7%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
10.6%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
19.3%
Capital expenditures / revenue.
D&A / revenue
5.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
38.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
41.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
76.5%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
78.4%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
121.8%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
350.2%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
36.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
96.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
33.0%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
65.4%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
7.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
4.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
47.7%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
5.48x
Current assets / current liabilities.
Quick ratio
4.57x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
4.36x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.00x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
0.3%
Total debt / total assets.
Liabilities / assets
16.6%
Total liabilities / total assets.
Net debt
-$2.29B
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.26
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$1.22
Revenue / diluted weighted shares.
FCF per share
-$0.59
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.35
Cash from operations / diluted weighted shares.
Book value per share
$5.84
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
57.5x
Market cap / revenue.
P/B
12.7x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
15.4x
Market cap / tangible book value, when positive.
EV/Sales
54.6x
Enterprise value / revenue.
FCF yield
-0.8%
Free cash flow / market cap.
Earnings yield
-0.4%
Net income / market cap (the inverse of P/E).
What was Rocket Lab Corp's revenue in fiscal 2025?
Rocket Lab Corp reported revenue of $601.8M for fiscal 2025, 38% higher than the year before.
Was Rocket Lab Corp profitable in fiscal 2025?
No. It reported a net loss of $198.2M.
How much free cash flow did Rocket Lab Corp generate in fiscal 2025?
Cash from operations of $165.5M minus capital expenditures of $156.3M left free cash flow of -$321.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.