NASDAQ: RXT
Rackspace Technology, Inc.CIK 0001810019 · SIC 7370 · Computer & Data Processing
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Rackspace Public Cloud president departing Sept 14; separation terms being negotiated
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RXT: revenue $670.1M, net income -$67.5M. RXT operating loss widens 32.3% as new AI business adds capital-intensive GPU risks
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Rackspace Technology at-the-market offering of up to $250M common stock at market prices
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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 $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: revenue $678.1M, net income $8.3M. RXT returns to profit on 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 Aug 10, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Comprehensive Loss (Unaudited)
(In millions, except per share data)
| Description | Three months ended June 30, 2025 | Three months ended June 30, 2026 | Six months ended June 30, 2025 | Six months ended June 30, 2026 |
|---|---|---|---|---|
| Revenue | 666.3 | 670.1 | 1,331.7 | 1,348.2 |
| Cost of revenue | (537.1) | (555.3) | (1,075.6) | (1,114.3) |
| Gross profit | 129.2 | 114.8 | 256.1 | 233.9 |
| Selling, general and administrative expenses | (154.3) | (148.0) | (319.6) | (284.9) |
| Loss from operations | (25.1) | (33.2) | (63.5) | (51.0) |
| Other income (expense): | ||||
| Interest expense | (21.3) | (34.2) | (40.7) | (60.4) |
| Gain on investments, net | 0.3 | 0.1 | 0.2 | — |
| Gain on debt extinguishment | — | 6.7 | — | 62.5 |
| Other expense, net | (3.8) | (5.1) | (9.2) | (8.6) |
| Total other expense | (24.8) | (32.5) | (49.7) | (6.5) |
| Loss before income taxes | (49.9) | (65.7) | (113.2) | (57.5) |
| Provision for income taxes | (4.6) | (1.8) | (12.8) | (1.7) |
| Net loss | (54.5) | (67.5) | (126.0) | (59.2) |
| Other comprehensive income (loss), net of tax | ||||
| Foreign currency translation adjustments | 9.4 | (0.3) | 13.0 | (7.1) |
| Unrealized gain on derivative contracts | 1.5 | — | 1.4 | — |
| Amount reclassified from accumulated other comprehensive income (loss) to earnings | (8.7) | — | (17.2) | (2.5) |
| Other comprehensive income (loss) | 2.2 | (0.3) | (2.8) | (9.6) |
| Comprehensive loss | (52.3) | (67.8) | (128.8) | (68.8) |
| Net loss per share: | ||||
| Basic and diluted | (0.23) | (0.27) | (0.54) | (0.24) |
| Weighted average number of shares outstanding: | ||||
| Basic and diluted | 238.0 | 250.1 | 235.0 | 248.2 |
Condensed Consolidated Balance Sheets (Unaudited)
(In millions, except per share data)
| Description | December 31, 2025 | June 30, 2026 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 105.8 | 110.6 |
| Accounts receivable, net of allowance for credit losses and accrued customer credits of $12.2 and $12.4, respectively | 266.5 | 278.7 |
| Prepaid expenses | 84.4 | 96.0 |
| Other current assets | 61.1 | 70.6 |
| Total current assets | 517.8 | 555.9 |
| Property, equipment and software, net | 596.3 | 574.6 |
| Goodwill, net | 740.1 | 738.7 |
| Intangible assets, net | 698.3 | 635.8 |
| Operating right-of-use assets | 144.6 | 119.9 |
| Other non-current assets | 102.7 | 120.4 |
| Total assets | 2,799.8 | 2,745.3 |
| LIABILITIES AND STOCKHOLDERS' DEFICIT | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | 413.9 | 394.8 |
| Accrued compensation and benefits | 85.4 | 67.0 |
| Deferred revenue | 94.6 | 96.3 |
| Debt | 27.3 | 24.8 |
| Accrued interest | 5.4 | 5.5 |
| Operating lease liabilities | 54.7 | 49.3 |
| Finance lease liabilities | 48.0 | 61.5 |
| Financing obligations | 14.0 | 10.1 |
| Other current liabilities | 23.4 | 26.2 |
| Total current liabilities | 766.7 | 735.5 |
| Non-current liabilities: | ||
| Debt | 2,718.7 | 2,761.9 |
| Operating lease liabilities | 84.2 | 66.6 |
| Finance lease liabilities | 297.7 | 297.0 |
| Financing obligations | 39.3 | 37.2 |
| Deferred income taxes | 34.7 | 47.0 |
| Other non-current liabilities | 78.0 | 81.2 |
| Total liabilities | 4,019.3 | 4,026.4 |
| Commitments and Contingencies (Note 8) | ||
| Stockholders' deficit: | ||
| Preferred stock, $0.01 par value per share: 5.0 shares authorized; no shares issued or outstanding | — | — |
| Common stock, $0.01 par value per share: 1,495.0 shares authorized; 248.4 and 254.8 shares issued; 245.3 and 251.7 shares outstanding, respectively | 2.5 | 2.5 |
| Additional paid-in capital | 2,709.7 | 2,716.9 |
| Accumulated other comprehensive income (loss) | 7.5 | (2.1) |
| Accumulated deficit | (3,908.2) | (3,967.4) |
| Treasury stock, at cost; 3.1 shares held | (31.0) | (31.0) |
| Total stockholders' deficit | (1,219.5) | (1,281.1) |
| Total liabilities and stockholders' deficit | 2,799.8 | 2,745.3 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
| Description | Six months ended June 30, 2025 | Six months ended June 30, 2026 |
|---|---|---|
| Cash Flows From Operating Activities | ||
| Net loss | (126.0) | (59.2) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 148.9 | 141.7 |
| Reduction in carrying amount of operating right-of-use assets | 32.5 | 31.9 |
| Deferred income taxes | (9.1) | (5.2) |
| Share-based compensation expense | 22.0 | 17.0 |
| Gain on debt extinguishment | — | (62.5) |
| Gain on investments, net | (0.2) | — |
| Provision for bad debts and accrued customer credits | 2.6 | 3.3 |
| Amortization of debt issuance costs and debt discount and premium | 3.0 | 3.1 |
| Other operating activities | 1.8 | (4.9) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 43.5 | 1.9 |
| Prepaid expenses and other current assets | (27.1) | (25.5) |
| Accounts payable, accrued expenses, and other current liabilities | (39.4) | (47.4) |
| Deferred revenue | (15.8) | 2.6 |
| Operating lease liabilities | (34.8) | (30.2) |
| Other non-current assets and liabilities | 19.1 | 7.0 |
| Net cash provided by (used in) operating activities | 21.0 | (26.4) |
| Cash Flows From Investing Activities | ||
| Purchases of property, equipment and software | (29.1) | (31.3) |
| Other investing activities | (0.8) | 0.1 |
| Net cash used in investing activities | (29.9) | (31.2) |
| Cash Flows From Financing Activities | ||
| Proceeds from employee stock plans | 0.3 | 0.2 |
| Shares of common stock withheld for employee taxes | (0.8) | (0.4) |
| Proceeds from borrowings under long-term debt arrangements | 80.0 | 260.0 |
| Payments on long-term debt | (67.3) | (157.2) |
| Payments on financing component of interest rate swap | (8.7) | (3.0) |
| Principal payments of finance lease liabilities | (27.9) | (25.7) |
| Principal payments of financing obligations | (11.3) | (9.7) |
| Net cash provided by (used in) financing activities | (35.7) | 64.2 |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 3.3 | (1.3) |
| Increase (decrease) in cash, cash equivalents, and restricted cash | (41.3) | 5.3 |
| Cash, cash equivalents, and restricted cash at beginning of period | 147.0 | 108.0 |
| Cash, cash equivalents, and restricted cash at end of period | 105.7 | 113.3 |
Amounts as printed on the EDGAR/iXBRL face — (In millions, except per share data); (In millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗