Filing Flows › Rapid7 (RPD) › Q1 2026
Rapid7 (RPD) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Rapid7 (RPD) reported revenue of $210M for the first quarter 2026 (Q1 2026), -0.3% from a year earlier and -4% from the quarter before. Operating margin was -0.3%, net earnings $1.1M (0.5% of revenue).
Rapid7, Q1 2026: revenue $210M (-0.3% year over year), operating margin -0.3%, net earnings $1.1M, operating cash flow $39.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $210M | -4% | -0.3% |
| Operating profit | −$558K | -125% | — |
| Net earnings | $1.1M | -64% | -46% |
| Operating cash flow | $39.8M | +6% | +34% |
| Free cash flow | $33.4M | — | +35% |
What changed
Revenue was $209.7M in Q1 2026, roughly flat year over year and down 4% from the previous quarter. Product subscriptions was the largest line at 97% of revenue. Professional services lost $676K year over year (down 11%), 120% of the total change.
Gross margin was 69.1%, down 2.6 points from Q1 2025. Operating costs exceeded revenue by $558K, an operating margin of -0.3%. Operating expenses fell 4% while revenue was flat. Net earnings were $1.1M, down 46% year over year. The effective tax rate was 38.3%. Non-operating items added $2.4M, 130% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $39.8M (up 34% year over year), 3524% of net earnings. Non-cash charges added back $11.2M of depreciation and amortization and $19.9M of share-based compensation. Working capital and other items added $7.6M. After capitalized internal-use software costs ($4.3M) and purchases of property and equipment ($2.1M), free cash flow as the company reports it was $33.4M.
Questions
What was Rapid7's revenue in the first quarter 2026?
Rapid7 (RPD) reported revenue of $210M for the first quarter 2026 (Q1 2026), -0.3% from a year earlier and -4% from the quarter before.
Was Rapid7 profitable in the first quarter 2026?
Operating loss was $558K (-0.3% of revenue) and net earnings $1.1M.
Source: Rapid7 10-Q on SEC EDGAR.