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Rackspace Technology (RXT) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · Rackspace Technology (RXT) Q2 2026 earnings results →

Q2 2026 Revenue up 1% year over year to $670M · 10¢ of every $1 of revenue lost · operating margin -5.0%

Rackspace Technology made $670M in Q2 2026 (+0.6% Y/Y). Operating margin -5.0%, net loss $67.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.

Revenue$670M
Year over year+0.6%
Operating margin-5.0%
Net earnings−$67.5M
Operating cash flow−$31.5M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $670.1M in Q2 2026, up 1% year over year and down 1% from the previous quarter.

Gross margin was 17.1%, down 2.3 points from Q2 2025. Operating costs exceeded revenue by $33.2M, an operating margin of -5.0%. Operating expenses fell 4% while revenue rose 1%. The quarter ended with a net loss of $67.5M, after a profit of $8.3M the previous quarter.

Operating cash flow was −$31.5M. Non-cash charges added back $38.5M of depreciation and $10.4M of share-based compensation. Working capital and other items used $12.9M. Capital expenditures of $16.8M exceeded it, leaving free cash flow of −$48.3M.

Quarterly history

Rackspace Technology revenue by quarterRackspace Technology revenue by quarter$686MQ4 2024$665MQ1 2025$666MQ2 2025$671MQ3 2025$683MQ4 2025$678MQ1 2026$670MQ2 2026
Rackspace Technology net earnings by quarterRackspace Technology net earnings by quarter−$56.0MQ4 2024−$71.5MQ1 2025−$54.5MQ2 2025−$67.1MQ3 2025−$32.7MQ4 2025$8.3MQ1 2026−$67.5MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 10, 2026$670M+0.6%-5.0%−$67.5M−$31.5M
Q1 202610-QMay 8, 2026$678M+2%-2.6%$8.3M$5.1M
Q4 202510-KMar 6, 2026$683M-0.4%-0.5%−$32.7M$59.7M
Q3 202510-QNov 10, 2025$671M-0.7%-5.1%−$67.1M$70.7M
Q2 202510-QAug 11, 2025$666M-3%-3.8%−$54.5M$8.4M
Q1 202510-QMay 12, 2025$665M-4%-5.8%−$71.5M$12.6M
Q4 202410-KMar 21, 2025$686M-5%-4.2%−$56.0M$54.3M

Charts

Rackspace Technology: revenue growth, year over year and quarter over quarterRackspace Technology: revenue growth, year over year and quarter over quarterY/YQ/Q-5%Q4 2024-4%-3%Q1 2025-3%+0%Q2 2025-1%+1%Q3 20250%+2%Q4 2025+2%-1%Q1 2026+1%-1%Q2 2026
Latest (Q2 2026): Y/Y +1%, Q/Q -1%.
Rackspace Technology: where the cash came from (+) and went (−), TTM to Q2 2026Rackspace Technology: where the cash came from (+) and went (−), TTM to Q2 2026Operating cash flow$104MCapital spending−$63.0MOther financing−$26.0MCash drawn (+) / kept (−)−$7.6MNet borrowing (+) / repaid (−)−$7.5MOther investing$3.3MExchange rates−$2.0MTaxes on employees’ shares−$1.6MShares issued$400K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Rackspace Technology: profit against cash, quarter by quarterRackspace Technology: profit against cash, quarter by quarterNet incomeOperating cash flow−$187M$51.8MQ3 2024−$56.0M$54.3MQ4 2024−$71.5M$12.6MQ1 2025−$54.5M$8.4MQ2 2025−$67.1M$70.7MQ3 2025−$32.7M$59.7MQ4 2025$8.3M$5.1MQ1 2026−$67.5M−$31.5MQ2 2026
Latest (Q2 2026): Net income −$67.5M, Operating cash flow −$31.5M.
Rackspace Technology: diluted shares by fiscal yearRackspace Technology: diluted shares by fiscal year180MFY2020208MFY2021211MFY2022215MFY2023225MFY2024239MFY2025
+32.9% since FY2020: more shares outstanding (issuance, stock pay).
Rackspace Technology: long-term debt falling due (FY2025)Rackspace Technology: long-term debt falling due (FY2025)$20.3M2026$20.3M2027$2.4B2028
Cash $106M, short-term investments —, long-term debt $2.7B at 2025-12-31.
Rackspace Technology in its industry: growth against margin (51 companies, SIC 7370)Rackspace Technology in its industry: growth against margin (51 companies, SIC 7370)revenue growth, year over year →↑ operating marginmedian +9%median -1%GOOGLMETASPCXFLUTAPPSNAPZMPINSNIQMTCHSABRTTDFDSTBLATRIPPPLITEMDOCNCSQRTEADEVERBMBLDVMGNIGRNDZIPDSPHSTMNXDRPUBMHCATRUMBLNDCDLXSSTCEVAYYAIPODCIPMGOAIDJTCSAIIPDNCNETTWAVTRSOMITIRMXIGITSBBLRRXT (+1%, -5%)
Services-Computer Programming, Data Processing, Etc.; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Rackspace Technology

Rackspace Technology is the operator of the full enterprise AI stack from governed private cloud to AI inference and agents in production. With an Outcomes-as-a-Service model built on secure infrastructure, data foundations, and forward-deployed engineering, Rackspace delivers business results for regulated and mission-critical industries where governance, sovereignty, and uptime are non-negotiable.

In its own words, from its 8-K, filed Aug 10, 2026.

Rackspace Technology against its Services-Computer Programming, Data Processing, Etc. peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +0.6% against the peers' median +14%. Operating margin: -5.0% against the peers' median 19.1%.

CompanyQuarterRevenueY/YOp. margin
RXT Rackspace TechnologyQ2 2026$670M+0.6%-5.0%
GOOGL AlphabetQ3 2026$127.6B+25%31.8%
META Meta PlatformsQ3 2026$64.6B+26%20.1%
SPCX Space Exploration TechnologiesQ3 2026$14.6B+161%19.1%
FLUT Flutter EntertainmentQ3 2026$3.9B+2%-30.7%
APP AppLovinQ3 2026$2.2B+56%78.2%
SNAP SnapQ3 2026$1.7B+14%4.5%
ZM Zoom CommunicationsQ2 FY27$1.3B+5%24.6%
PINS PinterestQ3 2026$1.2B+12%2.6%

Source: Rackspace Technology 10-Q on SEC EDGAR · CIK 1810019 · Services-Computer Programming, Data Processing, Etc.

13F: who owns RXT and who is buying

Largest holders of RXT (13F)Largest holders of RXT (13F)Apollo Management Holdings, L.P.$846MBlackRock$51.4MVoss Capital, LP$49.6MAQR Capital Management LLC$33.5MVanguard Capital Management LLC$29.3MTwo Sigma Investments, LP$25.0MVanguard Portfolio Management LLC$24.3MMarathon Asset Management LP$23.7MGeode Capital Management, LLC$17.2MRenaissance Technologies LLC$15.9M
Funds' net buying of RXT by quarter (13F)Funds' net buying of RXT by quarter (13F)−$15.7M2024-09$915K2024-12−$9.2M2025-03−$3.2M2025-06$483K2025-09−$2.9M2025-12$6.7M2026-03$204M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on RXT

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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