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Rocket Lab cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$110M in Q2 2026 · −$371M over twelve months

Operating cash flow−$84.1M
Capital spending−$26.0M
Free cash flow−$110M
Cash conversion cycle132 days

Analysis

In Q2 2026, Rocket Lab generated −$84.1M of operating cash flow and spent $26.0M on capital projects, leaving free cash flow of −$110M. That is $54.8M less than in Q2 2025 (−$55.3M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$222M; the largest uses were operating cash flow ($222M), acquisitions ($177M), capital spending ($149M); besides operations, cash came from shares issued ($2.3B), asset & business sales ($968K); the cash balance rose by $1.6B.

Operating cash flow was −$84.1M against net income of −$49.3M. The largest differences: inventory −$48.8M, deferred revenue +$33.1M, receivables −$27.4M.

Its cash conversion cycle was 132 days (receivables 37 + inventory 137 − payables 42).

Free cash flow

Rocket Lab: free cash flow by quarterRocket Lab: free cash flow by quarter−$41.9MQ3 2024−$23.9MQ4 2024−$82.9MQ1 2025−$55.3MQ2 2025−$69.4MQ3 2025−$114MQ4 2025−$77.4MQ1 2026−$110MQ2 2026
Operating cash flow less capital spending.
Rocket Lab: operating cash flow against capital spendingRocket Lab: operating cash flow against capital spendingOperating cash flowCapital spending−$30.9M$11.0MQ3 2024−$2.4M$21.6MQ4 2024−$54.2M$28.7MQ1 2025−$23.2M$32.0MQ2 2025−$23.5M$45.9MQ3 2025−$64.5M$49.7MQ4 2025−$50.3M$27.1MQ1 2026−$84.1M$26.0MQ2 2026
Latest (Q2 2026): Operating cash flow −$84.1M, Capital spending $26.0M.

Capital allocation, year by year

Rocket Lab: where the cash came from (up) and went (down), by fiscal yearRocket Lab: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow −$71.8MFY2021: Net borrowing $98.9MFY2021: Shares issued $3.1MFY2021: Asset sales $728MFY2021: Capital spending −$25.7MFY2021: Acquisitions −$66.4M$830MFY2021FY2022: Operating cash flow −$107MFY2022: Net borrowing −$271KFY2022: Shares issued $3.9MFY2022: Capital spending −$42.4MFY2022: Acquisitions −$65.8M$3.9MFY2022FY2023: Operating cash flow −$98.9MFY2023: Net borrowing $2.1MFY2023: Shares issued $2.4MFY2023: Asset sales $3.7MFY2023: Capital spending −$54.7MFY2023: Acquisitions −$19.0M$8.2MFY2023FY2024: Operating cash flow −$48.9MFY2024: Net borrowing −$52.1MFY2024: Shares issued $359MFY2024: Asset sales $12.5MFY2024: Capital spending −$67.1M$371MFY2024FY2025: Operating cash flow −$166MFY2025: Net borrowing −$61.5MFY2025: Shares issued $1.1BFY2025: Asset sales $397KFY2025: Capital spending −$156MFY2025: Acquisitions −$132M$1.1BFY2025
Over these 5 years operating cash flow totalled −$492M; the largest uses were operating cash flow ($492M) and capital spending ($346M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.3B
Debt$13.1M
Net cash$2.3B
Cash runway6.2 years

Rocket Lab is burning cash: its operations consume cash, a free cash flow of −$371M a year at the current rate against $2.3B of cash and investments: a runway of about 6.2 years before any new financing.

Where the cash came from and went

Rocket Lab: sources (+) and uses (−) of cash, Q2 2026Rocket Lab: sources (+) and uses (−) of cash, Q2 2026Shares issued$1.1BCash drawn (+) / kept (−)−$927MOperating cash flow−$84.1MAcquisitions−$36.2MCapital spending−$26.0MOther financing−$19.3MOther investing$13.4MExchange rates−$272KNet borrowing (+) / repaid (−)−$76K
Rocket Lab: sources (+) and uses (−) of cash, TTM to Q2 2026Rocket Lab: sources (+) and uses (−) of cash, TTM to Q2 2026Shares issued$2.3BCash drawn (+) / kept (−)−$1.6BOperating cash flow−$222MAcquisitions−$177MCapital spending−$149MNet borrowing (+) / repaid (−)−$75.3MOther investing−$71.6MOther financing−$18.6MExchange rates−$1.3MAsset & business sales$968K

From profit to cash

Rocket Lab: net income to operating cash flow, Q2 2026Rocket Lab: net income to operating cash flow, Q2 2026Net income−$49.3MDepreciation & amortization$20.9MStock-based pay$19.6MDeferred taxes$254KGains on disposals$6KReceivables−$27.4MInventory−$48.8MPayables$5.0MAccrued liabilities−$1.9MEmployee-related liabilities−$4.7MDeferred revenue$33.1MContract assets−$16.6MPrepaid and other assets−$11.0MOther liabilities$5.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20263713742132
Q1 20262612449100
Q4 2025251255595
Q3 20253612962103
Q2 2025321196585
Q1 2025281266490
Q4 2024201124687
Q3 20243213141122

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$84.1M−$26.0M−$36.2M−$76K$1.1B−$927M−$110M
Q1 2026−$50.3M−$27.1M−$8.0M−$73K$451M−$377M−$77.4M
Q4 2025−$64.5M−$49.7M—−$72.9M$281M−$20.8M−$114M
Q3 2025−$23.5M−$45.9M−$132M−$2.2M$471M−$244M−$69.4M
Q2 2025−$23.2M−$32.0M—−$8.4M$304M−$261M−$55.3M
Q1 2025−$54.2M−$28.7M—$22.1M$92.9M−$32.9M−$82.9M
Q4 2024−$2.4M−$21.6M—−$2.9M$1.4M$21.5M−$23.9M
Q3 2024−$30.9M−$11.0M—−$2.8M$915K$47.8M−$41.9M

Rocket Lab: income statement and cash flow

Rocket Lab, Q2 2026: revenue $234M (+62% year over year), operating margin -24.6%. The chart follows the revenue to costs, profit and cash.

Rocket Lab: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.