Rocket Lab USA, Inc. stock research
FY2025 Q3
Rocket Lab USA (RKLB) Gross Margin — Quarter Ended Sep 30, 2025
Revenue and gross profit both increased compared with the prior quarter and the year-ago quarter. Cost of revenue was slightly lower than the prior quarter but higher than a year ago, resulting in a stronger gross margin for the current quarter.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue and gross profit both increased compared with the prior quarter and the year-ago quarter. Cost of revenue was slightly lower than the prior quarter but higher than a year ago, resulting in a stronger gross margin for the current quarter.
- The margin improvement was driven by revenue increasing while cost of revenue declined slightly from the prior quarter, leading to a higher gross profit and margin.
- Compared with the prior quarter, revenue and gross profit were higher, while cost of revenue was slightly lower, resulting in a stronger gross margin. Compared with the same quarter last year, revenue, gross profit, and cost of revenue were all higher, but gross margin improved significantly.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
37.0%
Gross profit
$57.3M
Revenue
$155.1M
Cost of revenue
$97.8M
Quarter-over-quarter change
+4.9 pts
Year-over-year change
+10.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 31, 2024 | $132.4M | $36.8M | $95.6M | 27.8% |
| Mar 31, 2025 | $122.6M | $35.2M | $87.3M | 28.8% |
| Jun 30, 2025 | $144.5M | $46.4M | $98.1M | 32.1% |
| Sep 30, 2025 | $155.1M | $57.3M | $97.8M | 37.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
+4.9 pts
Year-over-year change
Sep 30, 2024
+10.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The margin improvement was driven by revenue increasing while cost of revenue declined slightly from the prior quarter, leading to a higher gross profit and margin.
Compared with the prior quarter, revenue and gross profit were higher, while cost of revenue was slightly lower, resulting in a stronger gross margin. Compared with the same quarter last year, revenue, gross profit, and cost of revenue were all higher, but gross margin improved significantly.
Monitor the company's ability to sell launch services and space systems to new and existing customers, as well as the development of the Neutron launch vehicle, given their importance to future revenue growth as noted in the filing.