Rocket Lab (RKLB) Stock Drops 9% as Q3 Margin Guidance Misses Estimates

TLDR

• Rocket Lab stock fell 9% in pre-market trading after Q2 2026 earnings
• Revenue hit a record $234 million, up 62% year-over-year, beating estimates
• Q3 GAAP gross margin guidance of 29%–31% came in well below the Street’s ~37.6% estimate
• The stock had already gained ~27% in the week before earnings, leaving it exposed to a pullback
• Record backlog of $2.36 billion and a $397 million Space Force contract are bright spots

Rocket Lab stock dropped 9% in pre-market trading on Tuesday after its Q2 2026 earnings report left the market cold on profitability.

Rocket Lab USA, Inc., RKLB

The company posted record revenue of $234 million for the quarter, up 62% year-over-year and just ahead of the $232 million analyst consensus. But that wasn’t enough to hold the stock up.

The adjusted loss per share came in at $0.08, missing expectations. More damaging was the Q3 GAAP gross margin guidance of 29%–31%, well short of the Street’s estimate of around 37.6%.

ROCKET LAB $RKLB Q2’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $234M (Est. $231M) 🟢; +62% YoY
🔹 EPS: -$0.08 (Est. -$0.07) 🔴
🔹 Backlog: $2.36B; +137% YoY

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