Rocket Lab (RKLB) reported Q3 2026 results on November 9: revenue of $267.8M, $2.8M above the top of its $250M to $265M guide, 4.1% above the $257.2M consensus of 16 analysts and $7.5M above our $260.3M forecast.
The mix was not what we expected. We built the quarter from six full-value Electron launches. Launch Services came in at $53.1M, against our $59.8M: $47.2M booked on launch day and $5.9M of over-time HASTE revenue. Space Systems more than made up for it at $214.8M, against our $200.5M and $189.5M in Q2.
The margin beat the guide. GAAP gross margin was 33.6%, down from 36.1% in Q2 but well above the 29% to 31% guide and our 30.5%. The 10-Q shows why: Space Systems ran at a 33.2% gross margin and launch at 35.3%. That was worth about $10.7M of gross profit we did not forecast.
The loss was wider, for one-off reasons. EPS was -$0.12, against our -$0.073 and the -$0.066 consensus. Two items explain more than the whole gap: $21.3M of transaction costs and a $27.3M loss on extinguishing debt. Without them the net loss was $31.1M, about -$0.05 a share. Operating cash flow was positive at $7.2M, after -$84.1M in Q2.
Backlog jumped. It reached $3.57B, up from $2,355.9M at June 30, helped by more than $515M of new Neutron contracts. About 33% is expected to turn into revenue within 12 months, down from 45.5%, because Neutron missions that cannot fly before 2027 now weigh more. That is still about $295M a quarter before new orders.
The Q4 guide is revenue of $270M to $290M, above our $264.5M and the $265.4M consensus, a GAAP gross margin of 34% to 36% and an adjusted EBITDA loss of $14M to $20M. The midpoint puts 2026 revenue at $982.2M.
The full comparison, with the segment table, the net loss bridge and the Q4 math, is here: Rocket Lab (RKLB) Q3 2026 Earnings: Our Forecast vs the Results.
Source: Equibles
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