RPD · Rapid7, Inc.

Rapid7 reported first quarter 2026 results that exceeded guidance across all metrics, according to CFO Rafe Brown. Total revenue was $210 million, a slight 0.3% decline year-over-year, while product subscriptions revenue grew 0.1% to $204 million. The company posted a GAAP loss from operations of $0.6 million, but non-GAAP operating income reached $24.4 million. GAAP net income was $1.1 million ($0.02 per diluted share), and non-GAAP net income was $26.6 million ($0.36 per diluted share). ARR decreased 0.6% year-over-year to $832 million. Operating cash flow was $39.8 million, and free cash flow was $33.4 million. The company ended the quarter with $670 million in cash and securities. Management highlighted the acquisition of Kenzo Security in March to accelerate AI-powered security operations, and the release of the 2026 Global Threat Landscape Report showing a 105% surge in exploitation of high-severity vulnerabilities. For the second quarter of 2026, Rapid7 expects revenue of $207-209 million and non-GAAP EPS of $0.33-0.36. For the full year, revenue is guided to $836-842 million, non-GAAP EPS of $1.52-1.60, and free cash flow of $125-135 million. The guidance reflects continued investment in AI SOC capabilities and MDR growth, with medium-term margin improvement expected.