$17.93+3.02 (+20.25%)
At close: Oct 26, 2026, 4:00 PM ET· Nasdaq · USD
Rapid7 (RPD) Income Statement
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Sources Company filings FilingsHow we compute thisNot investment advice
Business engineChoppy: revenue compounds ~12.6%/yr (FY21→FY25), net margin 2.7%, and free cash flow (~$130.1M) tracks net income. Earnings are cash, not paper. Worth your attention in FY25: Share count (+17.6%). Visible in the receipts below.
The four lines that matter · FY21–FY25
Revenue ($M)▲1.9%
859.8
FY21→FY25CAGR +12.6%/yr
Net income ($M)▼8.4%
23.4
one-off year: see footnoteCAGR —
Free cash flow ($M)▼15.6%
130.1
FY21→FY25CAGR +38.8%/yr
Diluted EPS▼10.0%
0.36
FY21→FY25CAGR —
What the receipts whisper · what a headline number hides
Share count
+17.6%
55.3mn → 65.0mn diluted shares since FY21. Rising share count dilutes EPS. Growth must outrun it.
Capex
$23.7M
+34.8% YoY in FY25 · 2.8% of revenue.
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
3¢ of every revenue dollar becomes profit. The biggest cost lever is operating expenses.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 68.4% → 70.3%. Net margin 2.7% is below the sector median.
The receipt · income statement · FY21–FY25 USD thousands except per-share & ratios · hover a line for its definition
USD thousands except per-share & ratios
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 855,922.0 | 859,794.0 | 844,007.0 | 777,707.0 | 685,083.0 | 535,404.0 | ▲1.9% | +12.6% |
Cost of revenue | 262,795.0 | 255,040.0 | 251,035.0 | 232,046.0 | 214,349.0 | 168,948.0 | ▲1.6% | +10.8% |
Gross profit | 593,127.0 | 604,754.0 | 592,972.0 | 545,661.0 | 470,734.0 | 366,456.0 | ▲2.0% | +13.3% |
Research & development | 190,972.0 | 190,660.0 | 173,126.0 | 177,937.0 | 189,970.0 | 160,779.0 | ▲10.1% | +4.4% |
Selling, general & admin | 75,706.0 | 84,861.0 | 86,002.0 | 85,340.0 | 84,969.0 | 78,289.0 | ▼1.3% | +2.0% |
Total operating expenses | 582,491.0 | 593,186.0 | 557,937.0 | 629,949.0 | 582,348.0 | 486,521.0 | ▲6.3% | +5.1% |
Operating incomefeeds ROC rank | 10,636.0 | 11,568.0 | 35,035.0 | −84,288.0 | −111,614.0 | −120,065.0 | ▼67.0% | — |
Other income, net | 12,095.0 | 18,613.0 | 6,420.0 | −69,045.0 | −10,691.0 | −15,848.0 | — | — |
Pretax income | 22,731.0 | 30,181.0 | 41,455.0 | −153,333.0 | −122,305.0 | −135,913.0 | ▼27.2% | — |
Income tax | 2,590.0 | 6,800.0 | 15,929.0 | −518.0 | 2,412.0 | 10,421.0 | ▼57.3% | −10.1% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 20,141.0 | 23,381.0 | 25,526.0 | −152,815.0 | −124,717.0 | −146,334.0 | ▼8.4% | — |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 0.31 | 0.36 | 0.40 | −2.52 | −2.13 | −2.65 | ▼10.0% | — |
Diluted shares (mn) | 67.92 | 65.00 | 63.18 | 60.76 | 58.55 | 55.27 | ▲2.9% | +4.1% |
| Margins | ||||||||
Gross margin69th pct in Technology | 69.3% | 70.3% | 70.3% | 70.2% | 68.7% | 68.4% | ▲0.1pp | +1.9pp |
Operating margin | 1.2% | 1.3% | 4.2% | −10.8% | −16.3% | −22.4% | ▼2.8pp | +23.8pp |
Net margin40th pct in Technology | 2.4% | 2.7% | 3.0% | −19.6% | −18.2% | −27.3% | ▼0.3pp | +30.1pp |
† TTM = trailing four quarters through 2026-06-30.FY21 effective tax rate was −8% vs a 0% norm for this window, likely a one-time item; see the filing.FY24 effective tax rate was 38% vs a 0% norm for this window, likely a one-time item; see the filing.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-02-19 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Common questions
What was Rapid7's revenue last fiscal year?
Rapid7 reported revenue of $859.8M in fiscal 2025, up 1.9% from fiscal 2024.
What was Rapid7's net income?
Rapid7 reported net income of $23.4M in fiscal 2025, a net margin of 2.7%.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.