What is Rapid7's operating income?

Rapid7's total operating income in 2025 was $11.57 million, based on the following breakdown: Total Gross Profit: $604.75 million Total Operating Expenses: $593.19 million

Rapid7 (RPD) Financials

$10.90 -0.58 (-5.03%)

As of 09:41 AM Eastern

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Annual Income Statements for Rapid7

This table shows Rapid7's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-99	-49	-45	-56	-54	-99	-146	-125	-153	26	23
Consolidated Net Income / (Loss)	-50	-49	-45	-56	-54	-99	-146	-125	-153	26	23
Net Income / (Loss) Continuing Operations	-50	-49	-45	-56	-54	-99	-146	-125	-153	26	23
Total Pre-Tax Income	-49	-49	-48	-55	-54	-97	-136	-122	-153	41	30
Total Operating Income	-47	-49	-49	-53	-46	-74	-120	-112	-84	35	12
Total Gross Profit	81	118	144	173	236	290	366	471	546	593	605
Total Revenue	111	157	201	244	327	411	535	685	778	844	860
Operating Revenue	111	157	201	244	327	411	535	685	778	844	860
Total Cost of Revenue	29	40	57	71	91	122	169	214	232	251	255
Operating Cost of Revenue	29	40	57	71	91	122	169	214	232	251	255
Total Operating Expenses	128	167	193	226	282	364	487	582	630	558	593
Selling, General & Admin Expense	22	28	30	35	45	60	78	85	85	86	85
Marketing Expense	67	91	112	123	158	196	247	307	314	299	318
Research & Development Expense	39	48	51	68	79	109	161	190	178	173	191
Impairment Charge	-	-	-	-	-	-	0.00	0.00	31	0.00	0.00
Restructuring Charge	-	-	-	-	-	-	0.00	0.00	22	0.00	0.00
Total Other Income / (Expense), net	-2.80	0.02	1.09	-2.04	-7.81	-23	-16	-11	-69	6.42	19
Interest Expense	-	-	0.09	4.93	13	24	14	11	65	11	10
Interest & Investment Income	-2.52	0.13	0.86	3.23	6.01	1.45	0.37	1.81	10	21	23
Other Income / (Expense), net	-0.28	-0.11	0.31	-0.34	-0.43	-0.08	-1.92	-1.52	-15	-3.68	6.03
Income Tax Expense	0.50	-0.03	-2.24	0.47	0.04	1.99	10	2.41	-0.52	16	6.80
Basic Earnings per Share	($4.00)	($1.19)	($1.06)	($1.20)	($1.10)	($1.94)	($2.65)	($2.13)	($2.52)	$0.41	$0.36
Weighted Average Basic Shares Outstanding	24.74M	41.25M	42.95M	46.46M	48.73M	51.04M	55.27M	58.55M	60.76M	62.61M	64.73M
Diluted Earnings per Share	($4.00)	($1.19)	($1.06)	($1.20)	($1.10)	($1.94)	($2.65)	($2.13)	($2.52)	$0.40	$0.36
Weighted Average Diluted Shares Outstanding	24.74M	41.25M	42.95M	46.46M	48.73M	51.04M	55.27M	58.55M	60.76M	63.18M	65.00M
Weighted Average Basic & Diluted Shares Outstanding	24.74M	41.25M	42.95M	46.46M	48.73M	51.04M	58.08M	60.04M	61.99M	63.97M	65.89M

This table shows Rapid7's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-77	16	1.41	6.54	15	-1.48	2.11	8.34	9.81	3.13	1.13
Consolidated Net Income / (Loss)	-77	16	1.41	6.54	15	-1.48	2.11	8.34	9.81	3.13	1.13
Net Income / (Loss) Continuing Operations	-77	16	1.41	6.54	15	-1.48	2.11	8.34	9.81	3.13	1.13
Total Pre-Tax Income	-75	12	10	7.08	18	2.03	4.81	10	9.31	5.73	1.83
Total Operating Income	-16	7.38	9.72	5.22	13	3.63	-0.10	3.49	5.90	2.27	-0.56
Total Gross Profit	141	145	144	147	151	150	151	151	153	150	145
Total Revenue	199	205	205	208	215	216	210	214	218	217	210
Operating Revenue	199	205	205	208	215	216	210	214	218	217	210
Total Cost of Revenue	58	60	61	61	63	66	59	63	65	68	65
Operating Cost of Revenue	58	60	61	61	63	66	59	63	65	68	65
Total Operating Expenses	157	138	134	142	139	146	151	148	147	148	146
Selling, General & Admin Expense	18	20	20	23	19	25	24	21	21	19	18
Marketing Expense	76	74	73	78	75	74	79	79	79	80	79
Research & Development Expense	40	41	41	40	45	48	48	47	47	49	48
Total Other Income / (Expense), net	-58	5.05	0.62	1.85	5.55	-1.59	4.91	6.84	3.41	3.45	2.39
Interest Expense	57	2.70	2.67	2.67	2.84	2.78	2.65	2.63	2.59	2.57	2.50
Interest & Investment Income	2.55	4.18	4.72	5.22	5.57	5.55	5.76	5.51	6.17	5.58	5.61
Other Income / (Expense), net	-4.52	3.57	-1.44	-0.70	2.81	-4.36	1.80	3.96	-0.17	0.44	-0.73
Income Tax Expense	2.08	-4.06	8.93	0.54	2.95	3.51	2.70	2.00	-0.50	2.60	0.70
Basic Earnings per Share	($1.25)	$0.26	$0.02	$0.10	$0.24	($0.02)	$0.03	$0.13	$0.15	$0.05	$0.02
Weighted Average Basic Shares Outstanding	61.07M	60.76M	61.91M	62.50M	62.90M	62.61M	63.84M	64.44M	64.97M	64.73M	66.17M
Diluted Earnings per Share	($1.25)	$0.26	$0.02	$0.09	$0.21	$0.04	$0.03	$0.13	$0.15	$0.05	$0.02
Weighted Average Diluted Shares Outstanding	61.07M	60.76M	74.02M	74.25M	74.54M	63.18M	64.22M	64.70M	65.18M	65.00M	66.90M
Weighted Average Basic & Diluted Shares Outstanding	61.45M	61.99M	62.32M	62.73M	63.21M	63.97M	64.24M	64.75M	65.48M	65.89M	66.83M

This table details how cash moves in and out of Rapid7's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	50	-33	-1.39	48	24	50	-8.60	43	6.32	128	-95
Net Cash From Operating Activities	-1.91	9.11	13	6.07	-1.42	4.89	54	78	104	172	154
Net Cash From Continuing Operating Activities	-1.91	9.11	13	6.07	-1.42	4.89	54	78	104	172	154
Net Income / (Loss) Continuing Operations	-50	-49	-45	-56	-54	-99	-146	-125	-153	26	23
Consolidated Net Income / (Loss)	-50	-49	-45	-56	-54	-99	-146	-125	-153	26	23
Depreciation Expense	5.35	6.73	7.63	11	17	23	34	41	46	45	45
Amortization Expense	1.13	0.00	0.00	3.83	11	18	3.98	4.09	4.14	4.45	4.21
Non-Cash Adjustments To Reconcile Net Income	12	19	20	29	41	66	107	120	212	106	98
Changes in Operating Assets and Liabilities, net	29	33	31	18	-16	-2.73	56	38	-5.27	-9.65	-17
Net Cash From Investing Activities	-43	-43	-22	-194	17	-156	-325	-40	-179	-47	-209
Net Cash From Continuing Investing Activities	-43	-43	-22	-194	17	-156	-325	-40	-179	-47	-209
Purchase of Property, Plant & Equipment	-4.14	-4.50	-5.99	-16	-36	-20	-19	-38	-20	-18	-24
Acquisitions	-39	0.00	-15	-14	-15	-126	-358	0.00	-35	-37	-5.50
Purchase of Investments	0.00	-39	-35	-233	-148	-177	-93	-123	-277	-242	-533
Sale and/or Maturity of Investments	0.00	0.00	34	70	215	167	148	121	150	251	351
Other Investing Activities, net	0.00	0.00	-	-	0.00	0.00	-3.00	-1.00	2.71	0.36	1.79
Net Cash From Financing Activities	95	1.16	7.27	236	8.79	201	264	7.42	80	5.58	-46
Net Cash From Continuing Financing Activities	95	1.16	7.27	236	8.79	201	264	7.42	80	5.58	-46
Repayment of Debt	-19	-0.07	-	0.00	0.00	-0.44	-230	-0.08	-200	0.00	-48
Payment of Dividends	-	-	-	-	0.00	-0.15	-12	-0.30	-2.25	-0.50	-4.09
Issuance of Debt	112	3.72	2.91	227	5.52	230	594	12	303	9.25	7.70
Other Financing Activities, net	1.30	-2.50	4.35	-22	3.27	-28	-88	-4.14	-22	-3.16	-1.43
Effect of Exchange Rate Changes	-0.20	-0.20	0.28	-0.69	-0.33	0.68	-1.27	-2.85	1.20	-2.76	5.68
Cash Interest Paid	1.43	0.01	0.00	0.00	2.78	5.46	7.35	6.68	4.61	6.36	5.77
Cash Income Taxes Paid	0.34	0.56	0.80	0.19	0.40	0.31	3.31	1.57	1.62	8.49	7.95

This table details how cash moves in and out of Rapid7's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-3.23	31	-7.76	38	-14	112	-43	-37	-131	116	97
Net Cash From Operating Activities	3.67	63	31	33	44	64	30	48	39	38	40
Net Cash From Continuing Operating Activities	3.67	63	31	33	44	64	30	48	39	38	40
Net Income / (Loss) Continuing Operations	-77	16	1.41	8.20	17	-1.48	2.11	8.34	9.81	3.13	1.13
Consolidated Net Income / (Loss)	-77	16	1.41	8.20	17	-1.48	2.11	8.34	9.81	3.13	1.13
Depreciation Expense	12	11	11	11	11	11	12	11	11	11	11
Amortization Expense	1.04	1.08	1.05	1.06	1.22	1.12	1.02	1.00	1.10	1.10	1.05
Non-Cash Adjustments To Reconcile Net Income	85	22	26	26	21	34	26	24	26	22	21
Changes in Operating Assets and Liabilities, net	-18	13	-8.28	-14	-6.45	19	-11	2.78	-9.45	0.52	5.05
Net Cash From Investing Activities	-83	-34	-42	6.90	-65	53	-79	-41	-172	83	55
Net Cash From Continuing Investing Activities	-83	-34	-42	6.90	-65	53	-79	-41	-172	83	55
Purchase of Property, Plant & Equipment	-4.25	-3.21	-3.54	-3.65	-5.47	-4.93	-5.08	-5.26	-8.09	-5.28	-6.40
Acquisitions	-	-	-	-	-37	-0.10	0.00	-	-	-5.50	-23
Purchase of Investments	-114	-83	-93	-65	-85	-	-144	-88	-271	-30	0.00
Sale and/or Maturity of Investments	35	50	55	75	62	58	69	52	107	124	85
Other Investing Activities, net	-	2.71	0.00	-	-	-	1.33	-	0.46	-	0.00
Net Cash From Financing Activities	78	-2.20	4.36	-1.00	3.44	-1.22	4.73	-47	1.56	-4.68	2.63
Net Cash From Continuing Financing Activities	78	-2.20	4.36	-1.00	3.44	-1.22	4.73	-47	1.56	-4.68	2.63
Issuance of Debt	298	-0.71	5.05	-	4.20	-	4.45	-	3.26	-	2.89
Other Financing Activities, net	-20	-1.49	-0.68	-1.00	-0.76	-0.72	0.29	-0.60	-0.54	-0.59	-0.26
Effect of Exchange Rate Changes	-1.67	3.21	-1.49	-0.58	2.85	-3.53	1.33	3.51	0.43	0.41	-1.08
Cash Interest Paid	-2.17	3.44	2.70	0.52	2.63	0.52	1.57	1.40	2.80	-	2.63
Cash Income Taxes Paid	2.87	-2.46	2.35	3.15	1.57	1.88	0.99	4.72	1.41	0.82	0.78

This table presents Rapid7's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	231	243	284	559	665	913	1,296	1,359	1,505	1,652	1,726
Total Current Assets	137	130	173	356	365	473	433	510	634	786	737
Cash & Equivalents	87	53	52	100	123	174	165	207	214	335	247
Short-Term Investments	0.00	19	39	159	116	139	59	84	170	187	228
Accounts Receivable	44	49	74	75	88	112	146	152	165	168	167
Prepaid Expenses	6.15	9.15	8.88	9.75	20	28	33	32	41	44	47
Other Current Assets	-	-	-	12	17	22	30	35	45	52	48
Plant, Property, & Equipment, net	7.53	8.09	8.59	18	51	53	50	58	40	32	32
Total Noncurrent Assets	86	105	102	186	250	387	813	791	831	834	957
Long-Term Investments	0.00	20	1.10	45	23	10	34	9.76	56	37	184
Goodwill	75	75	83	88	98	214	515	516	536	575	575
Intangible Assets	11	8.95	17	24	29	44	112	101	95	86	65
Other Noncurrent Operating Assets	0.21	0.76	1.36	29	100	119	152	164	144	135	133
Total Liabilities & Shareholders' Equity	231	243	284	559	665	913	1,296	1,359	1,505	1,652	1,726
Total Liabilities	162	201	260	472	582	842	1,422	1,479	1,624	1,634	1,572
Total Current Liabilities	116	146	189	235	287	354	469	531	570	630	575
Short-Term Debt	-	-	-	-	-	-	-	-	0.00	46	0.00
Accounts Payable	2.04	4.01	2.24	7.05	6.84	3.86	3.52	10	16	19	11
Accrued Expenses	25	23	30	37	41	62	83	80	85	89	97
Current Deferred Revenue	88	117	156	190	232	279	372	427	456	461	451
Other Current Liabilities	1.11	1.20	1.71	0.71	7.30	9.61	10	14	13	15	16
Total Noncurrent Liabilities	47	56	70	237	295	488	953	948	1,054	1,004	996
Long-Term Debt	-	-	-	175	185	379	812	816	930	888	892
Noncurrent Deferred Revenue	42	52	69	59	36	31	33	31	33	27	30
Other Noncurrent Operating Liabilities	4.32	3.50	1.81	3.66	74	78	108	101	91	89	74
Total Equity & Noncontrolling Interests	68	42	24	87	83	72	-126	-120	-118	18	155
Total Preferred & Common Equity	68	42	24	87	83	72	-126	-120	-118	18	155
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	68	42	24	87	83	72	-126	-120	-118	18	155
Common Stock	412	436	464	557	606	693	616	747	899	1,012	1,122
Retained Earnings	-340	-389	-435	-465	-518	-617	-736	-861	-1,014	-988	-965
Treasury Stock	-3.53	-4.39	-4.76	-4.76	-4.76	-4.76	-4.76	-4.76	-4.77	-4.77	-4.77
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.02	-0.04	-0.03	0.21	0.45	-0.81	-1.41	1.34	-1.21	2.53

This table presents Rapid7's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,296	1,329	1,356	1,399	1,488	1,527	1,575	1,645	1,649	1,666	1,720
Total Current Assets	439	455	525	536	626	674	673	733	755	635	900
Cash & Equivalents	168	206	186	183	199	237	223	291	261	131	343
Short-Term Investments	83	56	108	139	213	206	221	202	250	277	327
Accounts Receivable	121	117	136	138	125	144	142	141	151	141	135
Prepaid Expenses	33	40	56	35	43	39	37	48	43	39	48
Other Current Assets	33	36	39	41	47	49	50	51	49	48	47
Plant, Property, & Equipment, net	55	57	47	42	37	35	34	32	30	32	30
Total Noncurrent Assets	801	818	784	821	825	817	868	881	865	999	789
Long-Term Investments	17	7.34	2.44	51	52	51	60	99	88	227	0.00
Goodwill	516	538	536	536	536	536	575	575	575	575	593
Intangible Assets	104	111	105	100	89	84	91	80	75	70	68
Other Noncurrent Operating Assets	165	161	140	134	148	146	142	126	126	127	128
Total Liabilities & Shareholders' Equity	1,296	1,329	1,356	1,399	1,488	1,527	1,575	1,645	1,649	1,666	1,720
Total Liabilities	1,438	1,440	1,467	1,561	1,575	1,580	1,581	1,592	1,558	1,539	1,545
Total Current Liabilities	487	494	520	508	524	579	574	589	556	535	1,155
Short-Term Debt	-	-	-	-	-	46	46	46	0.00	0.00	598
Accounts Payable	14	8.48	8.99	8.95	12	13	6.01	12	16	16	12
Accrued Expenses	64	58	69	63	61	67	82	69	78	81	84
Current Deferred Revenue	392	414	429	422	438	437	424	448	447	423	442
Other Current Liabilities	17	14	13	13	14	16	16	14	15	16	18
Total Noncurrent Liabilities	951	946	946	1,053	1,051	1,001	1,007	1,003	1,002	1,004	390
Long-Term Debt	815	817	818	929	931	886	887	889	890	891	296
Noncurrent Deferred Revenue	32	32	30	29	29	28	28	28	29	28	28
Other Noncurrent Operating Liabilities	104	97	98	95	91	87	92	86	83	85	66
Total Equity & Noncontrolling Interests	-142	-110	-111	-162	-86	-53	-6.30	53	90	127	175
Total Preferred & Common Equity	-142	-110	-111	-162	-86	-53	-6.30	53	90	127	175
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-142	-110	-111	-162	-86	-53	-6.30	53	90	127	175
Common Stock	719	781	847	874	926	952	980	1,043	1,069	1,097	1,143
Retained Earnings	-849	-887	-953	-1,030	-1,008	-1,000	-983	-986	-978	-968	-964
Treasury Stock	-4.76	-4.77	-4.77	-4.77	-4.77	-4.77	-4.77	-4.77	-4.77	-4.77	-4.77
Accumulated Other Comprehensive Income / (Loss)	-6.70	-0.20	0.25	-0.82	-0.22	-0.85	1.93	0.42	3.51	2.46	0.09

This table displays calculated financial ratios and metrics derived from Rapid7's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	43.76%	42.44%	27.63%	21.47%	33.94%	25.86%	30.11%	27.96%	13.52%	8.53%	1.87%
EBITDA Growth	-63.04%	-5.14%	3.72%	5.89%	49.57%	-75.54%	-148.31%	19.51%	28.35%	265.59%	-16.67%
EBIT Growth	-59.06%	-4.95%	1.38%	-10.09%	13.01%	-59.77%	-64.45%	7.25%	12.66%	131.73%	-43.88%
NOPAT Growth	-59.77%	-5.35%	0.52%	-8.70%	13.28%	-61.10%	-62.03%	7.04%	24.48%	136.56%	-58.46%
Net Income Growth	-52.81%	1.72%	7.20%	-22.16%	3.06%	-83.58%	-48.04%	14.77%	-22.53%	116.70%	-8.40%
EPS Growth	39.85%	70.25%	10.92%	-13.21%	8.33%	-76.36%	-36.60%	19.62%	-18.31%	115.87%	-10.00%
Operating Cash Flow Growth	43.18%	577.82%	45.81%	-54.34%	-123.41%	444.15%	1,003.27%	45.05%	33.34%	64.63%	-10.39%
Free Cash Flow Firm Growth	-299.13%	96.02%	-498.19%	-282.35%	-26.30%	-117.51%	-121.94%	88.51%	16.79%	102.90%	1,183.00%
Invested Capital Growth	66.54%	-170.87%	-35.24%	38.45%	114.19%	2,058.07%	236.02%	-7.91%	-5.62%	5.50%	-1.21%
Revenue Q/Q Growth	0.00%	8.39%	6.75%	4.74%	7.52%	5.52%	7.74%	5.04%	2.75%	1.32%	0.13%
EBITDA Q/Q Growth	0.00%	19.78%	-5.84%	15.79%	2.29%	-14.45%	-33.69%	32.11%	30.71%	-15.82%	-0.71%
EBIT Q/Q Growth	0.00%	17.90%	-7.03%	4.20%	-2.07%	-13.11%	-20.55%	21.91%	17.26%	-32.70%	-1.13%
NOPAT Q/Q Growth	0.00%	18.22%	-7.58%	4.63%	-3.38%	-12.64%	-20.08%	19.69%	19.74%	-40.01%	-27.33%
Net Income Q/Q Growth	0.00%	18.78%	-7.65%	-0.03%	-2.52%	-17.29%	-12.02%	21.04%	15.43%	-45.75%	4.27%
EPS Q/Q Growth	0.00%	-1,387.50%	-7.07%	1.64%	-0.92%	-16.17%	-9.96%	22.55%	14.86%	-41.18%	-7.69%
Operating Cash Flow Q/Q Growth	-8,391.30%	326.99%	9.49%	159.90%	-152.79%	-59.71%	8.24%	83.36%	28.65%	0.18%	-14.55%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	11.16%	31.47%	-89.68%	-6.85%	-0.28%	26.77%	42.15%	-86.01%	-73.21%
Invested Capital Q/Q Growth	0.00%	-24.91%	-27.18%	0.00%	-45.82%	0.24%	-2.88%	-2.40%	-5.58%	-7.05%	1.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	73.54%	74.77%	71.68%	70.88%	72.12%	70.47%	68.44%	68.71%	70.16%	70.26%	70.34%
EBITDA Margin	-36.51%	-26.95%	-20.33%	-15.75%	-5.93%	-8.27%	-15.78%	-9.93%	-6.27%	9.56%	7.82%
Operating Margin	-42.13%	-31.15%	-24.28%	-21.73%	-14.07%	-18.01%	-22.43%	-16.29%	-10.84%	4.15%	1.35%
EBIT Margin	-42.38%	-31.22%	-24.13%	-21.87%	-14.20%	-18.03%	-22.78%	-16.51%	-12.71%	3.72%	2.05%
Profit (Net Income) Margin	-45.11%	-31.12%	-22.63%	-22.76%	-16.47%	-24.02%	-27.33%	-18.20%	-19.65%	3.02%	2.72%
Tax Burden Percent	101.00%	99.94%	95.31%	100.85%	100.08%	102.05%	107.67%	101.97%	99.66%	61.58%	77.47%
Interest Burden Percent	105.39%	99.73%	98.40%	103.19%	115.88%	130.58%	111.42%	108.10%	155.18%	132.21%	171.50%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	38.42%	22.53%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-77.73%	-30.23%	-18.98%	-15.38%	5.64%	2.29%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	364.39%	-50.63%	-27.69%	-34.04%	6.55%	7.03%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	-50.06%	567.64%	120.35%	143.66%	-56.45%	24.82%
Return on Equity (ROE)	-303.90%	-89.00%	-137.39%	-99.66%	-63.17%	-127.79%	537.41%	101.37%	128.28%	-50.81%	27.12%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	-1,349.69%	-260.02%	-138.49%	-10.75%	-9.60%	0.28%	3.51%
Operating Return on Assets (OROA)	-29.50%	-20.75%	-18.38%	-12.66%	-7.58%	-9.40%	-11.04%	-8.52%	-6.90%	1.99%	1.04%
Return on Assets (ROA)	-31.40%	-20.68%	-17.24%	-13.17%	-8.80%	-12.53%	-13.25%	-9.39%	-10.67%	1.62%	1.38%
Return on Common Equity (ROCE)	1,655.97%	-89.00%	-137.39%	-99.66%	-63.17%	-127.79%	537.41%	101.37%	128.28%	-50.81%	27.12%
Return on Equity Simple (ROE_SIMPLE)	-73.24%	-116.56%	-188.26%	-63.61%	-64.74%	-138.18%	116.14%	103.87%	129.31%	144.13%	0.00%
Net Operating Profit after Tax (NOPAT)	-33	-34	-34	-37	-32	-52	-84	-78	-59	22	8.96
NOPAT Margin	-29.49%	-21.81%	-17.00%	-15.21%	-9.85%	-12.61%	-15.70%	-11.40%	-7.59%	2.56%	1.04%
Net Nonoperating Expense Percent (NNEP)	-32.42%	-16.42%	-12.30%	-16.68%	-20.99%	-442.12%	20.40%	8.71%	18.66%	-0.91%	-4.74%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-11.23%	-7.27%	2.27%	0.86%
Cost of Revenue to Revenue	26.46%	25.23%	28.32%	29.12%	27.88%	29.53%	31.56%	31.29%	29.84%	29.74%	29.66%
SG&A Expenses to Revenue	19.66%	17.96%	15.08%	14.34%	13.68%	14.46%	14.62%	12.40%	10.97%	10.19%	9.87%
R&D to Revenue	35.06%	30.46%	25.35%	27.75%	24.27%	26.38%	30.03%	27.73%	22.88%	20.51%	22.18%
Operating Expenses to Revenue	115.67%	105.92%	95.96%	92.61%	86.19%	88.48%	90.87%	85.00%	81.00%	66.11%	68.99%
Earnings before Interest and Taxes (EBIT)	-47	-49	-48	-53	-46	-74	-122	-113	-99	31	18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-40	-42	-41	-38	-19	-34	-85	-68	-49	81	67
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.24	12.30	33.90	0.00	33.26	65.33	0.00	0.00	0.00	143.57	6.43
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	5.69	3.28	4.08	0.00	8.46	11.36	12.41	2.94	4.51	3.01	1.16
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	99.62	42.57
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.00%	2.35%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	455.04	37.08	16.80	6.40	10.74	7.43	3.17
Enterprise Value to Revenue (EV/Rev)	4.91	2.70	3.62	0.00	8.23	11.49	13.45	3.69	5.14	3.46	1.43
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	36.16	18.27
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	93.07	69.83
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	135.27	137.12
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	46.65	54.72	0.00	0.00	967.83	133.54	32.32	38.35	17.00	7.99
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2,730.04	89.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	2.00	2.23	5.29	-6.45	-6.80	-7.87	52.75	5.77
Long-Term Debt to Equity	0.00	0.00	0.00	2.00	2.23	5.29	-6.45	-6.80	-7.87	50.16	5.77
Financial Leverage	-3.25	-1.62	-2.78	-1.98	-1.21	-0.14	-11.21	-4.35	-4.22	-8.62	3.53
Leverage Ratio	9.68	4.30	7.97	7.57	7.18	10.20	-40.57	-10.79	-12.02	-31.43	19.59
Compound Leverage Factor	10.20	4.29	7.84	7.81	8.32	13.32	-45.20	-11.66	-18.66	-41.55	33.60
Debt to Total Capital	0.00%	0.00%	0.00%	66.67%	69.01%	84.11%	118.36%	117.26%	114.56%	98.14%	85.22%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.82%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	66.67%	69.01%	84.11%	118.36%	117.26%	114.56%	93.32%	85.22%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	33.33%	30.99%	15.89%	-18.36%	-17.26%	-14.56%	1.86%	14.78%
Debt to EBITDA	0.00	0.00	0.00	-4.54	-9.55	-11.12	-9.61	-12.00	-19.08	11.58	13.27
Net Debt to EBITDA	0.00	0.00	0.00	3.35	3.99	-1.65	-6.56	-7.57	-10.07	4.65	3.47
Long-Term Debt to EBITDA	0.00	0.00	0.00	-4.54	-9.55	-11.12	-9.61	-12.00	-19.08	11.01	13.27
Debt to NOPAT	0.00	0.00	0.00	-4.71	-5.75	-7.30	-9.66	-10.44	-15.76	43.31	99.57
Net Debt to NOPAT	0.00	0.00	0.00	3.47	2.40	-1.08	-6.60	-6.59	-8.32	17.40	26.05
Long-Term Debt to NOPAT	0.00	0.00	0.00	-4.71	-5.75	-7.30	-9.66	-10.44	-15.76	41.18	99.57
Altman Z-Score	0.18	-0.79	-0.18	0.00	2.16	2.73	2.08	0.14	0.71	0.78	0.24
Noncontrolling Interest Sharing Ratio	644.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.18	0.89	0.91	1.51	1.27	1.34	0.92	0.96	1.11	1.25	1.28
Quick Ratio	1.13	0.83	0.87	1.42	1.14	1.20	0.79	0.83	0.96	1.09	1.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-69	-2.76	-17	-63	-80	-174	-385	-44	-37	1.07	14
Operating Cash Flow to CapEx	-46.11%	202.53%	221.95%	37.73%	-4.00%	24.52%	285.82%	208.39%	515.11%	976.12%	648.92%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-189.86	-12.80	-5.96	-7.19	-26.94	-4.03	-0.57	0.10	1.31
Operating Cash Flow to Interest Expense	0.00	0.00	152.71	1.23	-0.11	0.20	3.77	7.12	1.61	15.66	14.74
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	83.91	-2.03	-2.76	-0.62	2.45	3.70	1.30	14.05	12.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.70	0.66	0.76	0.58	0.53	0.52	0.48	0.52	0.54	0.53	0.51
Accounts Receivable Turnover	3.18	3.37	3.27	3.29	4.02	4.12	4.16	4.60	4.91	5.07	5.13
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	14.30	20.16	24.10	18.70	9.59	7.93	10.36	12.67	15.95	23.48	26.77
Accounts Payable Turnover	10.49	13.13	18.21	15.31	13.13	22.72	45.78	31.12	17.80	14.46	17.03
Days Sales Outstanding (DSO)	114.88	108.17	111.54	111.10	90.91	88.49	87.84	79.42	74.37	72.03	71.16
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	34.79	27.79	20.05	23.85	27.80	16.06	7.97	11.73	20.50	25.24	21.43
Cash Conversion Cycle (CCC)	80.10	80.38	91.50	87.25	63.11	72.43	79.87	67.69	53.87	46.79	49.73
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-18	-50	-68	-42	5.91	128	429	395	372	393	388
Invested Capital Turnover	-3.00	-4.59	-3.41	-4.46	-18.29	6.17	1.93	1.66	2.03	2.21	2.20
Increase / (Decrease) in Invested Capital	37	-32	-18	26	48	122	301	-34	-22	21	-4.75
Enterprise Value (EV)	543	425	727	0.00	2,689	4,730	7,200	2,528	3,999	2,918	1,229
Market Capitalization	629	517	819	0.00	2,767	4,674	6,646	2,013	3,509	2,543	995
Book Value per Share	$1.64	$0.99	$0.55	$1.88	$1.68	$1.38	($2.23)	($2.03)	($1.92)	$0.28	$2.36
Tangible Book Value per Share	($0.43)	($0.99)	($1.72)	($0.54)	($0.88)	($3.60)	($13.33)	($12.44)	($12.19)	($10.18)	($7.42)
Total Capital	68	42	24	262	268	450	686	696	812	952	1,047
Total Debt	0.00	0.00	0.00	175	185	379	812	816	930	934	892
Total Long-Term Debt	0.00	0.00	0.00	175	185	379	812	816	930	888	892
Net Debt	-87	-92	-92	-129	-77	56	555	515	491	375	233
Capital Expenditures (CapEx)	4.14	4.50	5.99	16	36	20	19	38	20	18	24
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-65	-87	-107	-138	-162	-193	-259	-312	-319	-320	-313
Debt-free Net Working Capital (DFNWC)	21	-15	-16	121	78	120	-36	-21	65	202	162
Net Working Capital (NWC)	21	-15	-16	121	78	120	-36	-21	65	156	162
Net Nonoperating Expense (NNE)	17	15	11	18	22	47	62	47	94	-3.95	-14
Net Nonoperating Obligations (NNO)	-87	-92	-92	-129	-77	56	555	515	491	375	233
Total Depreciation and Amortization (D&A)	6.48	6.73	7.63	15	27	40	37	45	50	49	50
Debt-free, Cash-free Net Working Capital to Revenue	-59.22%	-55.45%	-53.22%	-56.53%	-49.44%	-46.84%	-48.44%	-45.60%	-40.96%	-37.91%	-36.38%
Debt-free Net Working Capital to Revenue	19.09%	-9.77%	-8.07%	49.49%	23.83%	29.09%	-6.71%	-3.06%	8.31%	23.91%	18.83%
Net Working Capital to Revenue	19.09%	-9.77%	-8.07%	49.49%	23.83%	29.09%	-6.71%	-3.06%	8.31%	18.47%	18.83%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($4.00)	($1.19)	($1.06)	$0.00	($1.10)	($1.94)	($2.65)	($2.13)	($2.46)	$0.41	$0.36
Adjusted Weighted Average Basic Shares Outstanding	41.61M	42.64M	46.01M	0.00	50.21M	52.69M	55.27M	58.55M	60.76M	62.61M	64.73M
Adjusted Diluted Earnings per Share	($4.00)	($1.19)	($1.06)	$0.00	($1.10)	($1.94)	($2.65)	($2.13)	($2.46)	$0.40	$0.36
Adjusted Weighted Average Diluted Shares Outstanding	41.61M	42.64M	46.01M	0.00	50.21M	52.69M	55.27M	58.55M	60.76M	63.18M	65.00M
Adjusted Basic & Diluted Earnings per Share	($4.00)	($1.19)	($1.06)	$0.00	($1.10)	($1.94)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	24.74M	41.25M	42.95M	0.00	48.73M	51.04M	58.08M	60.04M	61.99M	63.97M	65.89M
Normalized Net Operating Profit after Tax (NOPAT)	-33	-34	-34	-37	-32	-52	-84	-78	-22	22	8.96
Normalized NOPAT Margin	-29.49%	-21.81%	-17.00%	-15.21%	-9.85%	-12.61%	-15.70%	-11.40%	-2.82%	2.56%	1.04%
Pre Tax Income Margin	-44.66%	-31.14%	-23.74%	-22.56%	-16.46%	-23.54%	-25.39%	-17.85%	-19.72%	4.91%	3.51%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-557.25	-10.82	-3.47	-3.07	-8.54	-10.30	-1.53	2.86	1.69
NOPAT to Interest Expense	0.00	0.00	-392.60	-7.52	-2.40	-2.15	-5.88	-7.11	-0.91	1.97	0.86
EBIT Less CapEx to Interest Expense	0.00	0.00	-626.06	-14.08	-6.12	-3.90	-9.86	-13.72	-1.84	1.26	-0.59
NOPAT Less CapEx to Interest Expense	0.00	0.00	-461.40	-10.78	-5.06	-2.97	-7.20	-10.53	-1.22	0.36	-1.41
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-0.15%	-8.28%	-0.24%	-1.47%	1.96%	17.50%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-0.15%	-8.28%	-0.24%	-1.47%	1.96%	17.50%

This table displays calculated financial ratios and metrics derived from Rapid7's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	65,893,112.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	65,893,112.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.02
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.13%	11.27%	11.97%	9.23%	7.95%	5.36%	2.51%	2.98%	1.54%	0.52%	-0.27%
EBITDA Growth	44.58%	1,173.00%	276.10%	134.78%	471.42%	-49.55%	-30.45%	20.58%	-35.81%	-3.12%	-23.73%
EBIT Growth	19.19%	213.35%	137.63%	109.53%	181.58%	-106.71%	-79.46%	64.55%	-63.34%	-6.92%	-175.49%
NOPAT Growth	30.96%	204.76%	112.72%	117.85%	205.52%	-126.99%	-103.35%	-41.61%	-42.19%	-55.35%	-678.72%
Net Income Growth	-166.69%	244.87%	108.71%	112.27%	121.61%	-108.98%	49.72%	27.53%	-36.35%	44.06%	-46.32%
EPS Growth	-155.10%	244.44%	106.98%	110.00%	117.60%	-84.62%	50.00%	44.44%	-28.57%	-37.50%	-33.33%
Operating Cash Flow Growth	-81.78%	57.71%	431.84%	4.96%	1,099.70%	0.48%	-4.23%	44.69%	-11.41%	-41.08%	33.81%
Free Cash Flow Firm Growth	-106.50%	30.25%	246.19%	191.61%	-1,129.22%	-172.37%	-125.91%	-77.70%	356.66%	133.82%	81.95%
Invested Capital Growth	-2.45%	-5.62%	-12.98%	-6.30%	7.18%	5.50%	3.94%	-1.05%	-9.19%	-1.21%	0.60%
Revenue Q/Q Growth	4.42%	3.23%	-0.08%	1.41%	3.20%	0.75%	-2.78%	1.87%	1.76%	-0.26%	-3.54%
EBITDA Q/Q Growth	84.89%	397.83%	-20.22%	-15.90%	61.38%	-59.55%	21.67%	37.92%	-9.14%	-16.83%	-26.83%
EBIT Q/Q Growth	68.34%	153.25%	-37.03%	-32.28%	171.17%	-104.38%	331.43%	338.04%	-23.10%	-52.60%	-147.28%
NOPAT Q/Q Growth	68.95%	187.17%	-84.44%	202.56%	83.52%	-122.29%	98.32%	6,468.96%	120.65%	-80.03%	-127.75%
Net Income Q/Q Growth	-14.72%	121.53%	-88.74%	262.93%	102.00%	-108.95%	242.13%	296.10%	17.64%	-68.10%	-63.89%
EPS Q/Q Growth	-13.64%	120.80%	-90.63%	266.67%	100.00%	-81.82%	-25.00%	333.33%	15.38%	-66.67%	-60.00%
Operating Cash Flow Q/Q Growth	-88.29%	1,631.68%	-51.04%	5.75%	33.82%	45.04%	-53.34%	59.77%	-18.07%	-3.53%	5.96%
Free Cash Flow Firm Q/Q Growth	96.21%	2,487.42%	64.01%	-45.05%	-150.89%	-40.55%	34.99%	145.54%	557.73%	-86.70%	-145.31%
Invested Capital Q/Q Growth	-4.00%	-5.58%	2.12%	1.22%	9.82%	-7.05%	0.61%	-3.64%	0.78%	1.11%	2.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	70.92%	70.74%	70.31%	70.74%	70.64%	69.36%	71.71%	70.56%	70.19%	68.94%	69.12%
EBITDA Margin	-3.96%	11.42%	10.50%	8.71%	13.62%	5.47%	6.84%	9.26%	8.27%	6.90%	5.23%
Operating Margin	-8.07%	3.59%	5.15%	3.31%	6.50%	1.68%	-0.05%	1.63%	2.71%	1.05%	-0.27%
EBIT Margin	-10.34%	5.33%	4.45%	2.97%	7.81%	-0.34%	0.81%	3.48%	2.63%	1.25%	-0.61%
Profit (Net Income) Margin	-38.53%	8.03%	1.10%	3.94%	7.71%	-0.68%	1.00%	3.89%	4.50%	1.44%	0.54%
Tax Burden Percent	102.79%	132.69%	20.19%	93.84%	84.87%	-72.85%	43.81%	80.65%	105.34%	54.65%	61.75%
Interest Burden Percent	362.51%	113.54%	122.45%	141.20%	116.30%	-276.60%	282.48%	138.75%	162.51%	210.82%	-142.52%
Effective Tax Rate	0.00%	-32.69%	79.81%	6.16%	15.13%	172.85%	56.19%	19.35%	-5.34%	45.35%	38.25%
Return on Invested Capital (ROIC)	-10.70%	9.67%	2.04%	6.37%	11.25%	-2.69%	-0.05%	2.94%	6.07%	1.26%	-0.36%
ROIC Less NNEP Spread (ROIC-NNEP)	-22.56%	11.00%	2.06%	6.74%	12.21%	-2.43%	0.48%	4.45%	7.12%	1.88%	0.17%
Return on Net Nonoperating Assets (RNNOA)	81.85%	-46.43%	-10.62%	-39.44%	-71.61%	20.91%	-11.64%	86.46%	40.39%	6.63%	0.41%
Return on Equity (ROE)	71.15%	-36.76%	-8.59%	-33.07%	-60.36%	18.21%	-11.69%	89.39%	46.46%	7.88%	0.06%
Cash Return on Invested Capital (CROIC)	-15.93%	-9.60%	5.97%	8.68%	1.87%	0.28%	0.88%	5.44%	12.69%	3.51%	1.71%
Operating Return on Assets (OROA)	-5.81%	2.90%	2.53%	1.69%	4.38%	-0.18%	0.44%	1.87%	1.39%	0.64%	-0.31%
Return on Assets (ROA)	-21.64%	4.36%	0.62%	2.23%	4.32%	-0.37%	0.54%	2.10%	2.38%	0.73%	0.28%
Return on Common Equity (ROCE)	71.15%	-36.76%	-8.59%	-33.07%	-60.36%	18.21%	-11.69%	89.39%	46.46%	7.88%	0.06%
Return on Equity Simple (ROE_SIMPLE)	111.78%	0.00%	140.07%	87.13%	-746.43%	0.00%	49.74%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-11	9.79	2.13	6.46	12	-2.64	-0.04	2.82	6.22	1.24	-0.34
NOPAT Margin	-5.65%	4.77%	1.04%	3.10%	5.52%	-1.22%	-0.02%	1.32%	2.85%	0.57%	-0.16%
Net Nonoperating Expense Percent (NNEP)	11.86%	-1.33%	-0.02%	-0.36%	-0.96%	-0.27%	-0.53%	-1.52%	-1.05%	-0.62%	-0.52%
Return On Investment Capital (ROIC_SIMPLE)	-	1.21%	-	-	-	-0.28%	0.00%	0.29%	0.61%	0.12%	-0.03%
Cost of Revenue to Revenue	29.08%	29.26%	29.69%	29.26%	29.36%	30.64%	28.29%	29.44%	29.81%	31.06%	30.88%
SG&A Expenses to Revenue	8.99%	9.93%	9.67%	10.78%	8.66%	11.64%	11.22%	9.88%	9.57%	8.85%	8.69%
R&D to Revenue	20.09%	19.92%	19.99%	19.26%	20.76%	21.97%	22.78%	22.05%	21.52%	22.37%	23.06%
Operating Expenses to Revenue	78.98%	67.15%	65.15%	67.44%	64.14%	67.68%	71.76%	68.93%	67.48%	67.90%	69.39%
Earnings before Interest and Taxes (EBIT)	-21	11	9.13	6.19	17	-0.74	1.70	7.45	5.73	2.72	-1.28
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-7.87	23	22	18	29	12	14	20	18	15	11
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	143.57	32.17	16.43	9.54	6.43	2.08
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.69	4.51	3.77	3.30	3.00	3.01	2.00	1.74	1.41	1.16	0.42
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	53.18	99.62	64.66	53.02	54.14	42.57	16.20
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	1.88%	1.00%	1.55%	1.89%	1.85%	2.35%	6.17%
Enterprise Value to Invested Capital (EV/IC)	8.49	10.74	9.15	8.14	6.93	7.43	5.16	4.66	3.83	3.17	1.47
Enterprise Value to Revenue (EV/Rev)	4.42	5.14	4.35	3.83	3.52	3.46	2.40	2.08	1.71	1.43	0.68
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	53.30	30.58	36.16	27.40	22.84	21.72	18.27	9.18
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	338.18	62.92	93.07	82.28	64.13	82.62	69.83	40.10
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	362.64	81.53	135.27	110.75	105.76	119.27	137.12	64.04
Enterprise Value to Operating Cash Flow (EV/OCF)	41.30	38.35	26.87	23.90	17.11	17.00	11.97	9.60	8.17	7.99	3.58
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	142.53	90.68	383.58	2,730.04	598.69	85.28	28.74	89.60	86.44
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-5.75	-7.87	-10.77	-17.61	-148.03	52.75	17.74	9.84	7.01	5.77	5.11
Long-Term Debt to Equity	-5.75	-7.87	-10.77	-16.75	-140.76	50.16	16.87	9.84	7.01	5.77	1.69
Financial Leverage	-3.63	-4.22	-5.16	-5.85	-5.87	-8.62	-24.00	19.41	5.67	3.53	2.49
Leverage Ratio	-8.87	-12.02	-14.33	-17.58	-17.71	-31.43	-92.90	84.61	26.80	19.59	14.79
Compound Leverage Factor	-32.14	-13.65	-17.55	-24.82	-20.59	86.93	-262.43	117.40	43.56	41.31	-21.08
Debt to Total Capital	121.07%	114.56%	110.24%	106.02%	100.68%	98.14%	94.66%	90.78%	87.51%	85.22%	83.64%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	5.20%	4.94%	4.82%	4.65%	0.00%	0.00%	0.00%	55.95%
Long-Term Debt to Total Capital	121.07%	114.56%	110.24%	100.82%	95.74%	93.32%	90.01%	90.78%	87.51%	85.22%	27.68%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-21.07%	-14.56%	-10.24%	-6.02%	-0.68%	1.86%	5.34%	9.22%	12.49%	14.78%	16.36%
Debt to EBITDA	-13.21	-19.08	-81.55	15.86	9.73	11.58	12.57	11.45	13.16	13.27	13.99
Net Debt to EBITDA	-7.91	-10.07	-40.89	7.45	4.48	4.65	4.61	3.74	3.79	3.47	3.49
Long-Term Debt to EBITDA	-13.21	-19.08	-81.55	15.08	9.26	11.01	11.95	11.45	13.16	13.27	4.63
Debt to NOPAT	-12.64	-15.76	-28.79	107.91	25.95	43.31	50.81	53.00	72.28	99.57	97.61
Net Debt to NOPAT	-7.57	-8.32	-14.44	50.70	11.93	17.40	18.62	17.30	20.82	26.05	24.37
Long-Term Debt to NOPAT	-12.64	-15.76	-28.79	102.61	24.68	41.18	48.31	53.00	72.28	99.57	32.31
Altman Z-Score	0.56	0.95	0.84	0.73	0.72	0.72	0.42	0.42	0.26	0.21	-0.32
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.06	1.11	1.19	1.17	1.17	1.25	1.24	1.36	1.19	1.28	0.78
Quick Ratio	0.91	0.96	1.02	1.01	1.02	1.09	1.08	1.19	1.03	1.12	0.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1.34	32	59	32	-16	-23	-15	6.85	45	5.99	-2.72
Operating Cash Flow to CapEx	86.30%	1,975.90%	878.68%	899.48%	804.26%	1,293.31%	585.77%	903.50%	481.59%	712.36%	622.14%
Free Cash Flow to Firm to Interest Expense	-0.02	11.87	22.06	12.11	-5.80	-8.32	-5.67	2.61	17.43	2.33	-1.09
Operating Cash Flow to Interest Expense	0.06	23.55	11.64	12.29	15.50	22.92	11.21	18.10	15.07	14.62	15.94
Operating Cash Flow Less CapEx to Interest Expense	-0.01	22.36	10.31	10.93	13.57	21.14	9.30	16.09	11.94	12.57	13.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.56	0.54	0.57	0.57	0.56	0.53	0.54	0.54	0.53	0.51	0.51
Accounts Receivable Turnover	5.85	4.91	6.63	5.84	5.96	5.07	6.41	5.81	6.06	5.13	6.23
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	15.53	15.95	17.03	19.93	21.81	23.48	24.64	26.51	26.06	26.77	27.65
Accounts Payable Turnover	19.89	17.80	23.68	21.95	32.70	14.46	20.94	17.49	23.49	17.03	21.14
Days Sales Outstanding (DSO)	62.38	74.37	55.07	62.52	61.25	72.03	56.98	62.80	60.20	71.16	58.55
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	18.35	20.50	15.42	16.63	11.16	25.24	17.43	20.86	15.54	21.43	17.26
Cash Conversion Cycle (CCC)	44.03	53.87	39.65	45.89	50.09	46.79	39.55	41.94	44.66	49.73	41.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	394	372	380	385	423	393	395	381	384	388	398
Invested Capital Turnover	1.90	2.03	1.96	2.05	2.04	2.21	2.19	2.23	2.13	2.20	2.17
Increase / (Decrease) in Invested Capital	-9.89	-22	-57	-26	28	21	15	-4.03	-39	-4.75	2.37
Enterprise Value (EV)	3,347	3,999	3,480	3,132	2,932	2,918	2,038	1,776	1,471	1,229	586
Market Capitalization	2,791	3,509	3,013	2,694	2,502	2,543	1,696	1,486	1,214	995	363
Book Value per Share	($2.65)	($1.92)	($1.40)	($0.85)	($0.10)	$0.28	$0.82	$1.41	$1.96	$2.36	$2.64
Tangible Book Value per Share	($13.09)	($12.19)	($11.50)	($10.80)	($10.72)	($10.18)	($9.42)	($8.71)	($8.00)	($7.42)	($7.35)
Total Capital	767	812	845	879	927	952	988	981	1,018	1,047	1,068
Total Debt	929	930	931	932	933	934	935	890	891	892	893
Total Long-Term Debt	929	930	931	886	887	888	889	890	891	892	296
Net Debt	556	491	467	438	429	375	343	291	257	233	223
Capital Expenditures (CapEx)	4.25	3.21	3.54	3.65	5.47	4.93	5.08	5.26	8.09	5.28	6.40
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-294	-319	-310	-301	-299	-320	-304	-313	-307	-313	-327
Debt-free Net Working Capital (DFNWC)	28	65	102	142	145	202	189	199	100	162	343
Net Working Capital (NWC)	28	65	102	96	99	156	143	199	100	162	-254
Net Nonoperating Expense (NNE)	65	-6.70	-0.12	-1.74	-4.71	-1.16	-2.15	-5.52	-3.59	-1.89	-1.47
Net Nonoperating Obligations (NNO)	556	491	467	438	429	375	343	291	257	233	223
Total Depreciation and Amortization (D&A)	13	12	12	12	12	13	13	12	12	12	12
Debt-free, Cash-free Net Working Capital to Revenue	-38.83%	-40.96%	-38.76%	-36.85%	-35.88%	-37.91%	-35.80%	-36.61%	-35.77%	-36.38%	-38.04%
Debt-free Net Working Capital to Revenue	3.73%	8.31%	12.73%	17.32%	17.38%	23.91%	22.31%	23.22%	11.65%	18.83%	39.97%
Net Working Capital to Revenue	3.73%	8.31%	12.73%	11.72%	11.88%	18.47%	16.90%	23.22%	11.65%	18.83%	-29.58%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.25)	$0.26	$0.04	$0.13	$0.26	($0.02)	$0.03	$0.13	$0.15	$0.05	$0.02
Adjusted Weighted Average Basic Shares Outstanding	61.07M	60.76M	61.91M	62.50M	62.90M	62.61M	63.84M	64.44M	64.97M	64.73M	66.17M
Adjusted Diluted Earnings per Share	($1.25)	$0.26	$0.03	$0.11	$0.22	$0.04	$0.03	$0.13	$0.15	$0.05	$0.02
Adjusted Weighted Average Diluted Shares Outstanding	61.07M	60.76M	74.02M	74.25M	74.54M	63.18M	64.22M	64.70M	65.18M	65.00M	66.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	61.45M	61.99M	62.32M	62.73M	63.21M	63.97M	64.24M	64.75M	65.48M	65.89M	66.83M
Normalized Net Operating Profit after Tax (NOPAT)	5.26	5.16	7.40	6.46	12	2.54	-0.07	2.82	4.13	1.24	-0.34
Normalized NOPAT Margin	2.64%	2.52%	3.61%	3.10%	5.52%	1.17%	-0.03%	1.32%	1.90%	0.57%	-0.16%
Pre Tax Income Margin	-37.48%	6.06%	5.45%	4.20%	9.09%	0.94%	2.29%	4.83%	4.27%	2.63%	0.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.36	4.06	3.42	2.31	5.91	-0.26	0.64	2.84	2.22	1.06	-0.51
NOPAT to Interest Expense	-0.20	3.63	0.80	2.42	4.18	-0.95	-0.02	1.07	2.41	0.48	-0.14
EBIT Less CapEx to Interest Expense	-0.44	2.87	2.10	0.95	3.98	-2.04	-1.27	0.83	-0.91	-1.00	-3.08
NOPAT Less CapEx to Interest Expense	-0.27	2.44	-0.53	1.05	2.25	-2.72	-1.93	-0.93	-0.72	-1.57	-2.70
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-1.25%	-1.47%	0.00%	0.00%	0.00%	1.96%	0.00%	0.00%	0.00%	17.50%	0.00%
Augmented Payout Ratio	-1.25%	-1.47%	0.00%	0.00%	0.00%	1.96%	0.00%	0.00%	0.00%	17.50%	0.00%

Financials Breakdown Chart

Key Financial Trends

Rapid7’s latest quarter shows a company that has moved back into solid profitability and strong cash generation, but the balance sheet still carries meaningful leverage and some earnings quality noise from investment gains.

In Q1 2026, Rapid7 reported revenue of $209.7 million, down slightly from $217.4 million in Q4 2025 and $218.0 million in Q3 2025. Even with the modest top-line decline, the company produced $1.13 million in net income and $39.8 million in operating cash flow. That’s a notable improvement from the loss-heavy period the business went through in 2023 and early 2024.

Gross profit in Q1 2026 was $144.9 million, implying a gross margin of roughly 69%. That’s still healthy for a software/security business, but operating expenses remained high at $145.5 million, which kept operating income slightly negative at -$558,000. The good news is that non-operating income — especially interest and investment income — pushed the company back into the black.

Cash flow remains a key strength. Rapid7 generated $39.8 million in operating cash flow in Q1 2026, compared with $37.6 million in Q4 2025 and $38.9 million in Q3 2025. Over the last several quarters, the company has consistently converted operations into cash, even when reported earnings were volatile. It also ended Q1 2026 with a large liquidity cushion of $670.3 million in cash and short-term investments.

At the same time, the balance sheet shows why investors may remain cautious. Rapid7 had $893.2 million in total debt in Q1 2026, versus only $343.3 million in cash and $327.0 million in short-term investments. Total liabilities stood at $1.54 billion against just $174.8 million in equity. That means the company is still highly leveraged, even though it has improved profitability.

Key takeaways for investors:

Positive: Q1 2026 net income turned positive at $1.13 million, extending the recent recovery from losses in 2023 and early 2024.
Positive: Operating cash flow was strong at $39.8 million, showing the business is still producing real cash.
Positive: Rapid7 holds a sizable liquidity position, with $670.3 million in cash and short-term investments combined.
Positive: Gross margin remains solid at about 69%, which is important for a software company.
Positive: The company has improved meaningfully from Q3 2023, when it posted a large operating loss and negative net income.
Neutral: Revenue has been fairly stable around the $210 million to $218 million quarterly range, but growth is not especially strong.
Neutral: Profitability in Q1 2026 was helped by interest and investment income, not just core operations.
Neutral: Deferred revenue remains large, which supports future revenue visibility, but it also reflects a business with significant upfront obligations.
Negative: Total debt remains high at nearly $893 million, leaving the capital structure heavily leveraged.
Negative: Operating income was still slightly negative in Q1 2026, so the core business has not yet fully translated into durable operating profitability.

Looking at the multi-year trend, Rapid7 has clearly improved from the difficult stretch in 2023, when it reported steep losses and negative operating income. The recent quarters show better cash generation, positive earnings, and a stronger liquidity profile. However, the company still needs to prove that it can sustain profitability from core operations while reducing leverage.

Bottom line: Rapid7 looks financially healthier than it did a year or two ago, but investors should weigh the improving cash flow and profitability against the still-heavy debt load and the fact that earnings are not yet driven entirely by core operating performance.

07/09/26 07:34 AM ETAI Generated. May Contain Errors.

Rapid7 Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Rapid7's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Over the last 10 years, Rapid7's net income changed from -$49.86 million in 2015 to $23.38 million in 2025, a change of -146.9%. See Rapid7's forecast for analyst expectations on what's next for the company.

Rapid7's total operating income in 2025 was $11.57 million, based on the following breakdown:

Total Gross Profit: $604.75 million
Total Operating Expenses: $593.19 million

Over the last 10 years, Rapid7's total revenue changed from $110.53 million in 2015 to $859.79 million in 2025, a change of 677.9%.

Rapid7's total liabilities were at $1.57 billion at the end of 2025, a 3.8% decrease from 2024, and a 867.3% increase since 2015.

In the past 10 years, Rapid7's cash and equivalents has ranged from $51.56 million in 2017 to $334.69 million in 2024, and is currently $246.66 million as of their latest financial filing in 2025.

Over the last 10 years, Rapid7's book value per share changed from 1.64 in 2015 to 2.36 in 2025, a change of 44.4%.

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Financial statements for NASDAQ:RPD last updated on 7/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Rapid7 (RPD) Financials

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Rapid7 (RPD) Financials

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