SEGMENTS
The Company’s CODM reviews financial information presented based on a management approach for the purposes of making operating decisions, assessing financial performance and allocating resources. The CODM uses gross profit as the measure of segment profit or loss to assess performance and allocate resources. The Company manages its business primarily based upon two operating segments, launch services and space systems. Each of these operating segments represents a reportable segment. Launch Services provides launch and launch related services to customers on a dedicated mission or ride share basis. Space systems is predominately comprised of spacecraft components and spacecraft manufacturing. Although some of the Company’s contracts with customers contain elements of space systems and launch services, each reporting segment is managed separately to better align with customer’s needs and the Company’s growth plans. The accounting policies of the various segments are the same as those described in Note 2. For contracts with customers that contain both space systems and launch services elements, revenues for each reporting segment are generally allocated based upon the overall costs incurred for each of the reporting segments in comparison to total overall costs of the contract. The following table shows information by reportable segment for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
202520242023
Launch
Services
Space
Systems
Launch
Services
Space
Systems
Launch
Services
Space
Systems
Revenues$199,042 $402,757 $125,376 $310,838 $71,894 $172,698 
Cost of revenues117,772 276,846 90,786 229,279 63,827 129,356 
Gross profit$81,270 $125,911 $34,590 $81,559 $8,067 $43,342 
The following table shows information by reportable segment by products and services for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
202520242023
Launch
Services
Space
Systems
Launch
Services
Space
Systems
Launch
Services
Space
Systems
Products:
Revenues$— $371,617 $— $289,851 $— $156,560 
Cost of revenues— 252,848 — 213,835 — 115,342 
Gross profit$— $118,769 $— $76,016 $— $41,218 
Services:
Revenues$199,042 $31,140 $125,376 $20,987 $71,894 $16,138 
Cost of revenues117,772 23,998 90,786 15,444 63,827 14,014 
Gross profit$81,270 $7,142 $34,590 $5,543 $8,067 $2,124 
Management does not regularly review either reporting segment’s total assets or operating expenses. This is because in general, the Company’s long-lived assets, facilities, and equipment are shared by each reporting segment.
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Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2023Feb 28, 2024
2022Mar 7, 2023
2021Mar 24, 2022

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.