Rapid7 provides cybersecurity software and managed services that help organizations identify security exposures, detect attacks and respond to incidents.
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A snapshot of what Rapid7, Inc. owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001560327-24-000021 | Feb 26, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001560327-25-000021 | Feb 28, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001560327-26-000008 | Feb 19, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Rapid7 remains a recurring-revenue cybersecurity business with positive cash generation, but its latest results do not yet show a return to growth. First-half 2026 revenue declined to $420.6 million, while delivery margins and both GAAP and adjusted operating income weakened. Management reports growth in managed detection and response, offset by declining standalone products. August guidance raised adjusted-profit expectations without raising the full-year revenue midpoint; restructuring costs and the absence of updated GAAP guidance qualify that improvement. June cash and investments totaled $702.6 million against $600 million of notes due in March 2027, alongside substantial operating commitments and a disputed Israeli tax assessment. Repayment without new debt remains management’s plan, not a completed or assured outcome.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-07 · EX-99.1 · 2026-05-05
Rapid7 combines exposure management with threat detection and response through its Command Platform. Subscriptions include managed services, not just software. Contracts generally run annually or over multiple years, are billed ahead of service and generate revenue over time. Recurring revenue represented 97% of first-half 2026 revenue. The company reports one segment and does not disclose product-level profitability.
Management attributes the recent revenue decline mainly to non-core standalone products, partly offset by managed detection and response growth. June ARR fell 2% to $824.020 million despite customer-count growth; a larger customer base therefore did not translate into greater aggregate recurring contract value. Pricing, churn and the separate managed-services contribution are not quantified. ARR annualizes active recurring contracts, excludes professional services and anticipated terminations, and is not a revenue forecast.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
For the six months ended June 30, 2026, revenue was $420.574 million versus $424.446 million a year earlier. GAAP gross margin fell to 69.0% from 71.1%, reflecting higher wages, cloud costs and amortization. Lower stock compensation and professional fees softened the effect on operating expenses; the completion of customer-relationship intangible amortization also reduced expense. These offsets are not all repeatable cash savings. GAAP operating income declined to $2.461 million from $3.393 million, while non-GAAP operating income fell to $53.317 million from $68.701 million.
First-half GAAP net income fell to $7.203 million from $10.443 million, cushioned by lower tax expense, including a $0.600 million first-quarter acquisition-related benefit. Other income/expense deteriorated by $6.647 million, primarily from realized and unrealized foreign-currency transaction losses compared with unrealized gains a year earlier. This nonoperating movement was distinct from the smaller decline in operating income. Adjusted operating income excludes $39.715 million of recurring stock compensation, acquired-intangible amortization, acquisition expenses and restructuring. Adjusted EPS also uses convertible-note interest and share adjustments absent from GAAP EPS, so the measures differ in both earnings and denominator.
The August 10 release raised full-year non-GAAP operating-income guidance to $129–133 million from May’s $112–118 million. Revenue guidance narrowed to $837–841 million from $836–842 million, retaining the same midpoint and an expected 2–3% decline. Free-cash-flow guidance became approximately $130 million, the earlier range’s midpoint. Q3 guidance still anticipated ARR and revenue contraction. Unlike May, August supplied no forward GAAP reconciliation because excluded charges were uncertain; May’s GAAP forecasts cannot be treated as reaffirmed.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-07 · EX-99.1 · 2026-05-05
First-half operating cash flow was $76.805 million versus $77.299 million; Q2 alone declined to $36.988 million from $47.542 million. Noncash compensation and working-capital timing explain much of the gap from profit. Company-defined free cash flow was $65.342 million after equipment and capitalized software spending, versus $66.957 million. It excludes acquisitions and debt repayment. August’s newly presented unlevered free cash flow improved partly because its interest-income subtraction declined, not because conventional free cash flow improved.
Kenzo, acquired March 26, used $23.345 million of net acquisition cash. Its purchase-price allocation remains preliminary and expected automation benefits are unproven. Separate employment-linked compensation is not purchase consideration. Other demands include leases, Noetic contingent consideration, cash-default performance awards and the $660 million five-year cloud commitment. That cloud amount overlaps with purchase-obligation schedules and must not be added to them. Cancellation rights or recoverable unused commitments are not established.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-07 · 10-K · 2025-12-31
At June 30, cash was $425.607 million and investments were $276.972 million. Much of the cash increase came from investment maturities rather than new earnings. Note principal remained $600 million due March 15, 2027 and $300 million due March 15, 2029. Moving the 2027 notes into current liabilities was a maturity reclassification, not new borrowing. Management plans repayment without additional debt, but the liquidity balance alone does not establish coverage of every operating and contingent obligation.
The $200 million secured revolver had no June borrowings, with $5.7 million of letters of credit reducing availability. Undrawn credit is not cash. Reported covenant compliance applies to June 30; exact thresholds and headroom are unavailable here. The facility can mature 91 days before a note maturity if specified liquidity conditions fail, so neither unrestricted access nor its normal 2030 maturity is assured.
Sources: 10-Q · 2026-06-30
The board approved an approximately 12% workforce reduction on August 7, disclosed August 10, with estimated predominantly cash charges of $10–11 million and substantial execution and payment expected by year-end. Completion and savings are not established; local consultation could delay implementation. The release also describes Q2 restructuring, while the quarterly report calls it an initial stage. The relationship between the $1.675 million already expensed and the later estimate is not explicitly reconciled, so no combined cost is asserted.
Rapid7 disputes an Israeli assessment concerning fiscal 2021 of NIS 324 million, approximately $108 million at June exchange rates, and recorded no assessment impact. Management’s confidence in its tax position is not a favorable resolution. Competitive platform consolidation, renewal execution, detection failures, AI reliability and acquisition integration also remain material risks.
Wael Mohamed became CEO June 1, with Corey Thomas becoming Executive Chairman. Galligan’s June election followed March’s JANA nomination agreement; its 19.9% ceiling is not actual ownership or takeover authorization. Four directors resigned August 27, reportedly without disagreements, receiving exceptional cash compensation and accelerated vesting of unquantified value. The August 31 filing announced Barrett and Waits appointments effective September 1 and Nye’s appointment as lead independent director. Waits’s conditional employment transition includes continued compensation and a six-month-salary payment; it does not establish completed departure or a quantified total liability.
Sources: 8-K · 2026-08-07 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-07 · 10-K · 2025-12-31 · 8-K · 2026-05-26 · 8-K · 2026-03-26 · 8-K · 2026-06-09 · 8-K · 2026-08-27
USD 859.794 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 859.794 m | 1.9% |
| 2024 | USD 844.007 m | 8.5% |
| 2023 | USD 777.707 m | — |
Consolidated product-subscription and professional-services revenue.
Sources: 10-K · 2025-12-31
USD 23.381 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 23.381 m | — |
Consolidated GAAP net income or loss after income taxes.
Sources: 10-K · 2025-12-31
USD 25.526 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · presentation: comparative as presented in the 2025 Form 10-K
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 25.526 m | — |
Consolidated GAAP net income or loss after income taxes.
Sources: 10-K · 2025-12-31
USD -152.815 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency · presentation: revised for stock-compensation valuation error
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD -152.815 m | — |
Consolidated GAAP net income or loss after income taxes.
Sources: 10-K · 2025-12-31
USD 153.827 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 153.827 m | -10.4% |
| 2024 | USD 171.67 m | — |
GAAP operating cash flow, including working-capital movements and non-cash expense adjustments.
Sources: 10-K · 2025-12-31
USD 104.278 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency · comparability: unchanged by stock-compensation correction
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 104.278 m | — |
GAAP operating cash flow, including working-capital movements and non-cash expense adjustments.
Sources: 10-K · 2025-12-31
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