Rocket Lab USA, Inc. stock research
FY2025 Q4
Rocket Lab USA (RKLB) Gross Margin — Quarter Ended Dec 31, 2025
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue also rose. Gross margin improved versus both periods, reflecting a stronger relationship between revenue and gross profit relative to cost of revenue.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue also rose. Gross margin improved versus both periods, reflecting a stronger relationship between revenue and gross profit relative to cost of revenue.
- The gross margin improved sequentially and year-over-year, driven by a larger increase in gross profit relative to the increase in cost of revenue. The strongest observable driver is the expansion of gross profit as a share of revenue.
- Compared to the immediately preceding quarter, revenue and gross profit were higher, and gross margin improved. Compared to the same quarter one year earlier, all three metrics—revenue, gross profit, and gross margin—were higher, while cost of revenue also increased.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
38.0%
Gross profit
$68.2M
Revenue
$179.7M
Cost of revenue
$111.4M
Quarter-over-quarter change
+1.0 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 |
|---|---|---|---|---|
| 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% |
| Dec 31, 2025 | $179.7M | $68.2M | $111.4M | 38.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
+1.0 pts
Year-over-year change
Dec 31, 2024
+10.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin improved sequentially and year-over-year, driven by a larger increase in gross profit relative to the increase in cost of revenue. The strongest observable driver is the expansion of gross profit as a share of revenue.
Compared to the immediately preceding quarter, revenue and gross profit were higher, and gross margin improved. Compared to the same quarter one year earlier, all three metrics—revenue, gross profit, and gross margin—were higher, while cost of revenue also increased.
Monitor the trend in cost of revenue relative to revenue, as its growth rate may affect future gross margin stability.