The strong Q2 beat and above-consensus Q3 guidance, combined with a record backlog and major government contract wins, signal accelerating operational momentum. Traders should watch for updates on the Iridium acquisition closing and Neutron rocket first-flight milestones, which are key catalysts for the next leg higher.
Price Chart
Executive Summary
Rocket Lab reported Q2 2026 revenue of $234M, up 62% YoY and roughly in line with consensus of $235.9M. GAAP EPS of -$0.03 beat the -$0.06 consensus estimate. The company guided Q3 revenue to $250-265M, implying continued sequential growth, and highlighted a record backlog of $2.36B. The strong revenue growth and raised guidance are positive, but the company remains GAAP-unprofitable with an operating loss of $57.5M, tempering the bullish read-through.
Key Financial Metrics
Key Facts
- Record quarterly revenue of $234M, up 62% YoY.
- Record backlog of $2.36B, up 137% YoY.
- GAAP EPS of -$0.08, beating consensus of -$0.06.
- Q3 2026 revenue guidance of $250M-$265M, above Q2's $234M.
- Announced landmark agreement to acquire Iridium Communications.
- Awarded $397M contract for U.S. Space Force SB-AMTI program.
- Closed acquisitions of Mynaric and Motiv.
Financial Impact
Revenue beat consensus by ~$1.9M (0.8% beat); EPS beat by $0.03 (50% beat). Q3 guidance midpoint of $257.5M implies 10% sequential growth.
Risk Factors
- Continued GAAP operating losses ($57.5M in Q2) and negative free cash flow.
- Integration risk from multiple acquisitions (Mynaric, Motiv, Iridium).
- Execution risk on Neutron rocket development and launch timeline.
- Dilution from ongoing ATM equity offerings ($1.53B raised in H1 2026).
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001819994-26-000061 |
| Document: 0001819994-26-000061-index.html | 0001819994-26-000061 |
| Document: 0001819994-26-000061.txt | 0001819994-26-000061 |
| 8-K Data (Synthetic) | 0001819994-26-000061 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | 425 | $63.55 $63.45 | ▼ −0.16% | ▼ −0.48% | $73.92 (+16.32%) |
Sep 15, 2026 17d ago | 8-K | $63.55 $63.45 | ▼ −0.16% | ▼ −0.48% | $73.92 (+16.32%) |
Sep 15, 2026 17d ago | Press Release | $63.55 $63.45 | ▼ −0.16% | ▼ −0.48% | $73.92 (+16.32%) |
Sep 4, 2026 27d ago | Insider Cluster | $65.87 $63.07 | ▼ −4.25% | ▼ −3.79% | $73.92 (+12.22%) |
Aug 28, 2026 4w ago | Insider Cluster | $63.92 $62.54 | ▼ −2.16% | ▼ −1.47% | $73.92 (+15.64%) |
Aug 28, 2026 4w ago | Insider Cluster | $63.92 $62.54 | ▼ −2.16% | ▼ −1.47% | $73.92 (+15.64%) |
Aug 28, 2026 4w ago | Insider Cluster | $63.92 $62.54 | ▼ −2.16% | ▼ −1.47% | $73.92 (+15.64%) |
Aug 27, 2026 5w ago | EFFECT | $67.53 $64.39 | ▼ −4.65% | ▼ −4.42% | $73.92 (+9.46%) |
Aug 26, 2026 5w ago | Insider Cluster | $67.53 $64.39 | ▼ −4.65% | ▼ −4.42% | $73.92 (+9.46%) |
Aug 25, 2026 5w ago | 144 | $66.91 $66.18 | ▼ −1.09% | ▼ −1.11% | $73.92 (+10.48%) |
US Market Status
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