Rapid7, Inc.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
RPD$14.49-3.2%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $23,381 | $25,526 | $(152,815) |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 45,436 | 44,893 | 45,939 |
| Amortization of debt issuance costs | 4,211 | 4,447 | 4,138 |
| Stock-based compensation expense | 104,335 | 107,961 | 111,636 |
| Impairment of long-lived assets | — | — | 30,784 |
| Change in fair value of derivative assets | — | — | 15,511 |
| Deferred income taxes | (1,690) | 791 | (5,624) |
| Induced conversion expense | — | — | 53,889 |
| Other | (6,354) | (1,503) | 469 |
| Changes in assets and liabilities: | |||
| Accounts receivable | 1,667 | (5,480) | (14,021) |
| Deferred contract acquisition and fulfillment costs | 10,457 | (4,196) | (18,534) |
| Prepaid expenses and other assets | (10,223) | 2,805 | (4,125) |
| Accounts payable | (8,929) | 2,777 | 5,449 |
| Accrued expenses | 10,090 | (9,829) | 2,422 |
| Deferred revenue | (8,371) | (795) | 30,472 |
| Other liabilities | (10,183) | 4,273 | (1,312) |
| Net cash provided by operating activities | $153,827 | $171,670 | $104,278 |
| Cash flows from investing activities: | |||
| Business acquisitions, net of cash acquired | — | (37,301) | (34,841) |
| Purchases of property and equipment | (7,599) | (3,425) | (4,366) |
| Capitalization of internal-use software | (16,106) | (14,162) | (15,878) |
| Purchases of investments | (533,342) | (242,494) | (276,829) |
| Sales and maturities of investments | 351,322 | 250,500 | 150,450 |
| Purchase of strategic equity investments (See Note 5) | (5,500) | — | — |
| Other investing activities | 1,786 | 360 | 2,710 |
| Net cash used in investing activities | $(209,439) | $(46,522) | $(178,754) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of convertible senior notes, net of issuance costs paid | — | — | 292,091 |
| Purchase of capped calls related to convertible senior notes | — | — | (36,570) |
| Payment of debt issuance costs | (1,693) | — | — |
| Payments for maturity of convertible senior notes | (45,992) | — | (199,998) |
| Payments related to business acquisitions | (4,091) | (500) | (2,250) |
| Proceeds from capped call settlement | — | — | 17,518 |
| Taxes paid related to net share settlement of equity awards | (3,020) | (4,730) | (5,570) |
| Proceeds from employee stock purchase plan | 7,703 | 9,246 | 11,323 |
| Proceeds from stock option exercises | 1,589 | 1,566 | 3,053 |
| Net cash (used in) provided by financing activities | (45,504) | 5,582 | 79,597 |
| Effect of exchange rate changes on cash ,cash equivalents and restricted cash | 5,679 | (2,756) | 1,202 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | $(95,437) | $127,974 | $6,323 |
| Cash, cash equivalents and restricted cash, beginning of period | 342,101 | 214,127 | 207,804 |
| Cash, cash equivalents and restricted cash, end of period | $246,664 | $342,101 | $214,127 |
| Supplemental cash flow information: | |||
| Cash paid for interest on convertible senior notes | 5,768 | 6,358 | 4,605 |
| Cash paid for income taxes, net of payments | 7,948 | 8,489 | 1,624 |
| Reconciliation of cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents | 246,664 | 334,686 | 213,629 |
| Restricted cash included in prepaid expenses, other current assets, and other assets | — | 7,415 | 498 |
| Total cash, cash equivalents and restricted cash | $246,664 | $342,101 | $214,127 |
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