Filing Flows › Rapid7 (RPD) › Q2 2026 › vs Q2 2025
Rapid7 (RPD) Q2 2026 vs Q2 2025 (year over year)
Rapid7's revenue fell $3.3M (-2%) from $214M in Q2 2025 to $211M in Q2 2026. The biggest changes: Product subscriptions −$3.0M (-1%); Professional services −$264K (-4%). Gross margin 68.9% against 70.6% (-1.6 pts).
Rapid7, Q2 2026: revenue $211M (-2% year over year), operating margin 1.4%, net earnings $6.1M, operating cash flow $37.0M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 68.9% | 70.6% | -1.6 pts |
| Operating margin | 1.4% | 1.6% | -0.2 pts |
| Net margin | 2.9% | 3.9% | -1.0 pts |
| Free cash flow margin | 15.1% | 19.7% | -4.6 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Product subscriptions | $205M | $208M | −$3.0M | -1% |
| Professional services | $5.8M | $6.1M | −$264K | -4% |
| Revenue | $211M | $214M | −$3.3M | -2% |
| Gross profit | $145M | $151M | −$5.8M | -4% |
| Cost of revenue | $65.5M | $63.1M | $2.5M | +4% |
| Other income, net | $2.8M | $6.8M | −$4.0M | -58% |
| Operating profit | $3.0M | $3.5M | −$475K | -14% |
| Operating expenses | $142M | $148M | −$5.3M | -4% |
| Pre-tax earnings | $5.9M | $10.3M | −$4.5M | -43% |
| Research & development | $47.1M | $47.2M | −$154K | -0.3% |
| Sales & marketing | $76.2M | $79.2M | −$3.1M | -4% |
| General & admin | $17.4M | $21.2M | −$3.8M | -18% |
| Income tax benefit | $210K | −$2.0M | $2.2M | — |
| Net earnings | $6.1M | $8.3M | −$2.3M | -27% |
| Depreciation & amortization | $11.2M | $11.4M | −$159K | -1% |
| Share-based compensation | $19.8M | $27.6M | −$7.8M | -28% |
| Working capital & other | $141K | −$233K | $374K | — |
| Operating cash flow | $37.0M | $47.5M | −$10.6M | -22% |
| Free cash flow (company-reported) | $31.9M | $42.3M | −$10.4M | -24% |
| Capitalized internal-use software costs | $3.9M | $4.3M | −$405K | -9% |
| Purchases of property and equipment | $1.2M | $948K | $206K | +22% |
Questions
How much did Rapid7's revenue grow year over year in Q2 2026?
Rapid7's revenue fell $3.3M (-2%) from $214M in Q2 2025 to $211M in Q2 2026.
What drove Rapid7's revenue change in Q2 2026?
Product subscriptions −$3.0M (-1%); Professional services −$264K (-4%).