Rapid7, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Rapid7, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	157	201	244	327	411	535	685	778	844	860
Cost of revenue	39.7	56.9	71.1	91.1	122	169	214	232	251	255
Gross profit	118	144	173	236	290	366	471	546	593	605
Research and development	48	50.9	67.7	79.4	109	161	190	178	173	191
Selling and marketing	90.5	112	123	158	196	247	307	314	299	318
General and administrative	28.3	30.3	35	44.7	59.5	78.3	85	85.3	86	84.9
Operating expenses	167	193	226	282	364	487	582	630	558	593
Operating income	-49	-48.8	-53	-46	-74.1	-120	-112	-84.3	35	11.6
Interest expense	0.21	0.09	4.93	13.4	24.1	14.3	11	64.7	11	10.4
Interest income	0.34	0.86	3.23	6.01	1.45	0.37	1.81	10.2	21.1	23
Other non-operating income	-0.11	0.31	-0.34	-0.43	-0.08	-1.92	-1.52	-14.5	-3.68	6.03
Pre-tax income	-49	-47.7	-55.1	-53.8	-96.9	-136	-122	-153	41.5	30.2
Income tax	-0.03	-2.24	0.47	0.04	1.99	10.4	2.41	-0.52	15.9	6.8
Net income	-49	-45.5	-55.5	-53.8	-98.8	-146	-125	-153	25.5	23.4
EBITDA	-42.3	-41.2	-41.9	-29.5	-51.5	-86.6	-70.6	-38.3	79.9	57
EPS, basic	-1.19	-1.06	-1.20	-1.10	-1.94	-2.65	-2.13	-2.52	0.41	0.36
EPS, diluted	-1.19	-1.06	-1.20	-1.10	-1.94	-2.65	-2.13	-2.52	0.40	0.36
Shares, basic (weighted)	41.2	43	46.5	48.7	51	55.3	58.6	60.8	62.6	64.7
Shares, diluted (weighted)	41.2	43	46.5	48.7	51	55.3	58.6	60.8	63.2	65

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	53.1	51.6	99.6	123	174	165	207	214	335	247
Short-term investments	18.8	39.2	159	116	139	58.9	84.2	170	187	228
Other current assets	9.15	8.88	9.75	20.1	27.8	33.2	31.9	41.4	44	47.2
Total current assets	130	173	356	365	473	433	510	634	786	737
Property, plant and equipment	8.09	8.59	17.5	50.7	53.1	50.2	57.9	39.6	32.2	32
Lease right-of-use assets			0	61	67.2	83.8	79.3	54.7	48.9	45.5
Goodwill	75.1	83.2	88.4	97.9	214	515	516	536	575	575
Intangible assets	8.95	16.6	24	28.6	44.3	112	101	94.5	85.7	65.1
Long-term investments	20.2	1.1	44.9	22.9	10.1	34.1	9.76	56.2	37.3	184
Other non-current assets							16.6	12.9	12.9	20.2
Total assets	243	284	559	665	913	1,296	1,359	1,505	1,652	1,726
Accounts payable	4.01	2.24	7.05	6.84	3.86	3.52	10.3	15.8	18.9	11
Accrued liabilities	23.5	29.7	37.4	41	61.7	82.6	80.3	85	88.8	97
Deferred revenue	117	156	190	232	279	372	427	456	461	451
Total current liabilities	146	189	235	287	354	469	531	570	630	575
Lease liabilities			0	72.3	75.7	90.9	85.9	81.1	68.4	59.9
Other non-current liabilities	3.5	1.81	3.66	1.35	2.16	17.3	14.9	10	20.2	14.2
Total liabilities	201	260	472	582	842	1,422	1,479	1,624	1,634	1,572
Paid-in capital	435	463	556	606	693	615	746	898	1,011	1,121
Retained earnings	-389	-435	-465	-518	-617	-736	-861	-1,014	-988	-965
Treasury stock	-4.39	-4.76	-4.76	-4.76	-4.76	-4.76	-4.76	-4.77	-4.77	-4.77
Other comprehensive income	-0.02	-0.04	-0.03	0.21	0.45	-0.81	-1.41	1.34	-1.21	2.53
Shareholders' equity	42	24.2	87.3	83.2	71.5	-126	-120	-118	17.7	155
Total equity	42	24.2	87.3	83.2	71.5	-126	-120	-118	17.7	155
Total liabilities and equity	243	284	559	665	913	1,296	1,359	1,505	1,652	1,726
Shares outstanding	42.6	44.1	47.6	49.9	52.2	57.7	59.7	61.7	63.5	65.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-49	-45.5	-55.5	-53.8	-98.8	-146	-125	-153	25.5	23.4
Depreciation and amortization	6.73	7.63	11.1	16.5	22.6	33.5	41	45.9	44.9	45.4
Stock-based compensation	17.3	19.5	27.6	40.7	63.9	103	120	112	108	104
Deferred income tax	0.08	-2.86	-0.01	-0.58	0.71	0.43	-1.44	-5.62	0.79	-1.69
Change in receivables	-6.2	-25.2	-1.69	-14.8	-24.4	-25.5	-9.05	-14	-5.48	1.67
Change in payables	1.62	-2.26	3.68	0.09	-2.39	-2.08	7.98	5.45	2.78	-8.93
Cash from operations	9.11	13.3	6.07	-1.42	4.89	53.9	78.2	104	172	154
Capital expenditures	-4.5	-4.82	-12.8	-29.4	-13.8	-9.01	-20.4	-4.37	-3.43	-7.6
Acquisitions	0	-14.7	-14.5	-14.6	-126	-358	0	-34.8	-37.3	0
Purchases of investments	-39	-35.2	-233	-148	-177	-93.1	-123	-277	-242	-533
Sales and maturities of investments	0	33.7	70.2	215	167	148	121	150	251	351
Cash from investing	-43.5	-22.2	-194	16.8	-156	-325	-40	-179	-46.5	-209
Debt repaid	0	0
Stock issued	2.92	0	30.9	0	0	4.32	3.32	3.05	1.57	1.59
Cash from financing	1.16	7.27	236	8.79	201	264	7.42	79.6	5.58	-45.5
Exchange rate effect	-0.2	0.28	-0.69	-0.33	0.68	-1.27	-2.85	1.2	-2.76	5.68
Net change in cash	-33.4	-1.39	47.8	23.8	50.2	-8.6	42.8	6.32	128	-95.4
Free cash flow	4.61	8.46	-6.75	-30.8	-8.92	44.9	57.8	99.9	168	146
Interest paid	0.01	0	0	2.78	5.46	7.35	6.68	4.61	6.36	5.77
Income taxes paid	0.56	0.8	0.19	0.4	0.31	3.31	1.57	1.62	8.49	7.95

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $11.62 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	69.3%	Gross profit / revenue.
Operating margin	1.2%	Operating income / revenue.
EBITDA margin	4.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.7%	Pre-tax income / revenue.
Net margin	2.4%	Net income / revenue.
FCF margin	16.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.9%	Cash from operations / revenue.
Effective tax rate	11.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.2%	Net income / average total assets.
R&D / revenue	22.3%	Research and development expense / revenue.
Stock-based pay / revenue	10.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.0%	Capital expenditures / revenue.
D&A / revenue	3.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	15.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-67.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-28.7%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-8.4%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-10.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-10.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	25.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	99.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-13.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	36.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	773.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y	16.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.80x	Current assets / current liabilities.
Quick ratio	0.61x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.61x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	88.7%	Total liabilities / total assets.
Interest coverage	1.04x	Operating income / interest expense.
Working capital	-$229.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	37.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$460.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.49x	Revenue / average total assets.
Fixed asset turnover	29.3x	Revenue / average property, plant and equipment.
Days payables	20 days	365 x average accounts payable / cost of revenue.
FCF conversion	719.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.30	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.60	Revenue / diluted weighted shares.
FCF per share	$2.13	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.26	Cash from operations / diluted weighted shares.
Book value per share	$2.92	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$6.83	Tangible book value / shares outstanding.
Cash per share	$10.44	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$783.2M	Share price x shares outstanding.
Enterprise value	$80.6M	Market cap + total debt - cash - short-term investments.
P/E	38.9x	Market cap / net income. Only when net income is positive.
P/S	0.92x	Market cap / revenue.
P/B	3.98x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	5.41x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.11x	Market cap / cash from operations, when positive.
EV/Sales	0.09x	Enterprise value / revenue.
EV/EBIT	7.58x	Enterprise value / operating income, when both are positive.
EV/EBITDA	2.12x	Enterprise value / EBITDA, when both are positive.
EV/FCF	0.56x	Enterprise value / free cash flow, when both are positive.
FCF yield	18.5%	Free cash flow / market cap.
Earnings yield	2.6%	Net income / market cap (the inverse of P/E).

What was Rapid7, Inc.'s revenue in fiscal 2025?

Rapid7, Inc. reported revenue of $859.8M for fiscal 2025, 1.9% higher than the year before.

Was Rapid7, Inc. profitable in fiscal 2025?

Yes. Net income was $23.4M, a net margin of 2.7%.

How much free cash flow did Rapid7, Inc. generate in fiscal 2025?

Cash from operations of $153.8M minus capital expenditures of $7.6M left free cash flow of $146.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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