Rackspace Technology cash flow, quarter by quarter
Latest: Q2 2026 · from the cash-flow statements filed with the SEC
Free cash flow−$48.3M in Q2 2026 · $41.0M over twelve months
Operating cash flow−$31.5M
Capital spending−$16.8M
Free cash flow−$48.3M
Cash conversion cycle-29 days
Analysis
In Q2 2026, Rackspace Technology generated −$31.5M of operating cash flow and spent $16.8M on capital projects, leaving free cash flow of −$48.3M. That is $35.9M less than in Q2 2025 (−$12.4M).
Over the twelve months to Jun 30, 2026, operating cash flow was $104M; the largest uses were capital spending ($63.0M), other financing ($26.0M), net borrowing (+) / repaid (−) ($7.5M); besides operations, cash came from other investing ($3.3M), shares issued ($400K); the cash balance rose by $7.6M.
Operating cash flow was −$31.5M against net income of −$67.5M. The largest differences: depreciation & amortization +$38.5M, deferred revenue −$33.0M, payables −$24.1M.
Its cash conversion cycle was -29 days (receivables 37 + inventory 0 − payables 66): suppliers fund its working capital.
Free cash flow
Operating cash flow less capital spending.Latest (Q2 2026): Operating cash flow −$31.5M, Capital spending $16.8M.
Capital allocation, year by year
Over these 5 years operating cash flow totalled $1.2B; the largest uses were net borrowing ($552M) and capital spending ($458M). Cash-flow statements as filed.
Cash runway and the debt wall
Cash & investments$111M
Debt$2.8B
Net debt$2.7B
Due within a year$20.3M
Rackspace Technology funds itself: free cash flow was $41.0M over the last twelve months, and $111M of cash and investments stands against $2.8B of debt ($20.3M due within a year, 5.4× covered by cash).
Principal due in each year as disclosed in the annual report, against $111M of cash and investments now.
Where the cash came from and went
From profit to cash
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
Quarter
Receivable days
Inventory days
Payable days
Cash conversion cycle
Q2 2026
37
—
66
-29
Q1 2026
35
—
67
-31
Q4 2025
36
—
68
-31
Q3 2025
36
—
68
-32
Q2 2025
36
—
66
-30
Q1 2025
38
—
65
-27
Q4 2024
41
—
66
-25
Q3 2024
43
—
69
-26
Every quarter
Quarter
Operating cash flow
Capital spending
Net borrowing (+) / repaid (−)
Shares issued
Cash drawn (+) / kept (−)
Free cash flow
Q2 2026
−$31.5M
−$16.8M
$70.1M
—
−$17.3M
−$48.3M
Q1 2026
$5.1M
−$14.5M
$7.0M
—
$12.0M
−$9.4M
Q4 2025
$59.7M
−$3.7M
−$43.1M
$200K
−$6.7M
$56.0M
Q3 2025
$70.7M
−$28.0M
−$41.5M
—
$4.4M
$42.7M
Q2 2025
$8.4M
−$20.8M
−$14.7M
—
$25.4M
−$12.4M
Q1 2025
$12.6M
−$8.3M
−$9.3M
—
$15.9M
$4.3M
Q4 2024
$54.3M
−$19.9M
−$37.4M
$500K
$13.1M
$34.4M
Q3 2024
$51.8M
−$24.5M
−$59.8M
—
$33.0M
$27.3M
Rackspace Technology: income statement and cash flow
Rackspace Technology, Q2 2026: revenue $670M (+0.6% year over year), operating margin -5.0%. The chart follows the revenue to costs, profit and cash.
Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.