The receipt is the revenue line. In its annual report filed February 26, 2026, Rocket Lab reported full-year 2025 revenue of $601.8 million — up from $436.2 million in 2024, $244.6 million in 2023, $211.0 million in 2022 and $62.2 million in 2021. That is roughly a tenfold expansion in four years, a curve that few hardware companies of any vintage can show. The figures come straight from the company's FY2025 Form 10-K, the canonical record, surfaced via EdgarBeast's SEC filing index.
The instinct is to read this as a launch story. It mostly is not. Rocket Lab's revenue ramp has been carried by its Space Systems segment — satellite components, spacecraft and the bundled products-and-services work — not by the Electron launch cadence that gets the headlines. In a 2025 filing the company attributed growth of $138.1 million to space systems products and services against $53.5 million from higher launch cadence. When a launch company grows four-to-one on the systems side, the equity story is quietly becoming a components-and-spacecraft story.
That distinction matters for how you value the next quarter. Launch revenue is lumpy and mission-timed; recognized systems revenue tracks production and program milestones, which smooth the line and lift the recognized base. The interim trend confirms it: Q1 2026 revenue was $200.3 million, up from $122.6 million in the same quarter of 2025, per the Q1 2026 Form 10-Q. A single quarter now does what an entire early year used to.
The discipline this desk insists on: a revenue ramp is recognized revenue, not bookings, and not the Neutron narrative. None of these figures price the still-pre-revenue Neutron vehicle; they price the business Rocket Lab already runs. The cadence question is real, but the filing says the systems business is what got RKLB from $62 million to $602 million — and that is the line to watch when the next 10-Q lands. Filing data via EdgarBeast.