NASDAQ: RXT
Rackspace Technology, Inc.CIK 0001810019 · Information Technology · SIC 7370 · Computer & Data Processing
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Rackspace launches up to $250M equity offering, cuts FY26 outlook by $150M on AI pivot
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Rackspace Technology at-the-market offering of up to $250M common stock at market prices
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Rackspace Technology at-the-market offering of up to $250M common stock at $6.43/share
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Rackspace signs AMD GPU deal for 30 MW AI compute, contingent on financing and approvals
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Rackspace cuts 15% of workforce in pivot from legacy cloud to enterprise AI
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RXT returns to profit on $55.8M debt buyback gain; gross margin compresses 150bp
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Rackspace reports Q1 2026 profit, 2% revenue growth; announces preliminary AMD AI partnership
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Latest financial statements
From 10-Q filed May 8, 2026 (period ending Mar 31, 2026). SEC XBRL (companyfacts) — not generated by the model.
Consolidated Statements of Operations (Unaudited)
| Description | Q1 ended Mar 31, 2026 | Q1 ended Mar 31, 2025 |
|---|---|---|
| Revenue: | ||
| Total revenue / net sales | 678.1 | 665.4 |
| Cost of revenue / cost of sales | 559.0 | 538.5 |
| Gross profit | 119.1 | 126.9 |
| Operating expenses: | ||
| Selling, general and administrative | 136.9 | 165.3 |
| Operating income | (17.8) | (38.4) |
| Interest expense | 26.2 | 19.4 |
| Other income/(expense), net | 26.0 | (24.9) |
| Income before income taxes | 8.2 | (63.3) |
| Income tax expense/(benefit) | (0.1) | 8.2 |
| Net income | 8.3 | (71.5) |
| Basic earnings per share | 0.03 | (0.31) |
| Diluted earnings per share | 0.03 | (0.31) |
Consolidated Balance Sheets (Unaudited)
| Description | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and equivalents | 93.6 | 128.0 |
| Accounts receivable, net | 265.8 | 269.0 |
| Prepaid expenses and other current assets | 46.4 | 85.3 |
| Other current assets | 129.3 | 99.5 |
| Total current assets | 535.1 | 581.8 |
| Operating lease right-of-use assets, net | 133.0 | 138.1 |
| Finite-lived intangible assets, net | 527.1 | 667.5 |
| Identifiable intangible assets, net | 667.1 | 807.5 |
| Goodwill | 738.8 | 737.3 |
| Deferred income taxes and other assets | 104.3 | 107.4 |
| Other long-term assets | 60.0 | (73.5) |
| TOTAL ASSETS | 2,765 | 2,966 |
| Current liabilities: | ||
| Current portion of long-term debt | 26.6 | 25.8 |
| Current portion of operating lease liabilities | 53.8 | 49.5 |
| Accrued liabilities | 23.1 | 34.4 |
| Deferred revenue, current | 130.4 | 75.8 |
| Other current liabilities | 551.7 | 549.3 |
| Total current liabilities | 785.6 | 734.8 |
| Long-term debt | 2,682 | 2,762 |
| Operating lease liabilities | 75.8 | 84.1 |
| Deferred income taxes and other liabilities | 35.1 | 26.5 |
| Other long-term liabilities | 403.7 | 432.2 |
| Total liabilities | 3,982 | 4,039 |
| Shareholders' equity: | ||
| Common stock | 2.5 | 2.4 |
| Capital in excess of stated value | 2,714 | 2,690 |
| Accumulated other comprehensive income (loss) | (1.8) | 19.1 |
| Retained earnings (deficit) | (3,900) | (3,754) |
| Treasury stock | 31.0 | 31.0 |
| Total shareholders' equity | (1,217) | (1,073) |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 2,765 | 2,966 |
Consolidated Statements of Cash Flows (Unaudited)
| Description | Q1 ended Mar 31, 2026 | Q1 ended Mar 31, 2025 |
|---|---|---|
| Operating Activities: | ||
| Net cash from operating activities | 5.1 | 12.6 |
| Investing Activities: | ||
| Net cash from investing activities | (11.5) | (8.8) |
| Financing Activities: | ||
| Net cash from financing activities | (4.1) | (20.6) |
| Net increase/(decrease) in cash | (12.0) | (15.9) |
Amounts in millions USD; EPS as reported. Line labels are presentation-friendly mappings of filer XBRL tags — not a re-audit of the full statements. Use EDGAR for interactive notes and detail. Interactive statements & notes on EDGAR ↗