Rocket Lab USA, Inc. stock research
FY2026 Q1
Rocket Lab USA (RKLB) Gross Margin — Quarter Ended Mar 31, 2026
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 slightly from the prior quarter and showed a more notable improvement from the same quarter one year earlier.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
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 slightly from the prior quarter and showed a more notable improvement from the same quarter one year earlier.
- The relationship among revenue, gross profit, and cost of revenue shows that revenue growth outpaced cost growth, leading to gross margin expansion. The strongest observable driver is the improved gross margin relative to the year-ago quarter, reflecting a favorable shift in the revenue-to-cost ratio.
- Compared to the immediately preceding quarter, revenue and gross profit were higher, cost of revenue was higher, and gross margin was slightly higher. Compared to the same quarter one year earlier, revenue and gross profit were substantially higher, cost of revenue was higher, and gross margin was markedly higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
38.2%
Gross profit
$76.5M
Revenue
$200.3M
Cost of revenue
$123.9M
Quarter-over-quarter change
+0.2 pts
Year-over-year change
+9.4 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 |
|---|---|---|---|---|
| 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% |
| Mar 31, 2026 | $200.3M | $76.5M | $123.9M | 38.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
+0.2 pts
Year-over-year change
Mar 31, 2025
+9.4 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The relationship among revenue, gross profit, and cost of revenue shows that revenue growth outpaced cost growth, leading to gross margin expansion. The strongest observable driver is the improved gross margin relative to the year-ago quarter, reflecting a favorable shift in the revenue-to-cost ratio.
Compared to the immediately preceding quarter, revenue and gross profit were higher, cost of revenue was higher, and gross margin was slightly higher. Compared to the same quarter one year earlier, revenue and gross profit were substantially higher, cost of revenue was higher, and gross margin was markedly higher.
Monitor the trajectory of cost of revenue relative to revenue, as the current improvement in gross margin may depend on sustaining a favorable revenue-to-cost relationship.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Rocket Lab USA, Inc. (RKLB) | 38.2% |
| AST SpaceMobile, Inc. (ASTS) | 0.0% |