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Rackspace Technology, Inc.

For the period ended Dec 31, 2025. Filed Mar 6, 2026.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 6, 2026

RXT$2.68-1.5%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Table of Contents

PART I
Item 1.Business7
Item 1A.Risk Factors17
Item 1B.Unresolved Staff Comments45
Item 1C.Cybersecurity46
Item 2.Properties48
Item 3.Legal Proceedings48
Item 4.Mine Safety Disclosures48
PART II
Item 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities49
Item 6.[Reserved]50
Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations51
Item 7A.Quantitative and Qualitative Disclosures About Market Risk87
Item 8.Financial Statements and Supplementary Data88
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure154
Item 9A.Controls and Procedures154
Item 9B.Other Information155
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections155
PART III
Item 10.Directors, Executive Officers and Corporate Governance156
Item 11.Executive Compensation156
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters156
Item 13.Certain Relationships and Related Transactions, and Director Independence156
Item 14.Principal Accountant Fees and Services156
PART IV
Item 15.Exhibits and Financial Statement Schedules157
Item 16.10-K Summary157
Signatures162

COMMONLY USED OR DEFINED TERMS

TermDefinition
2017 Incentive PlanRackspace Technology, Inc. Equity Incentive Plan
2020 Incentive PlanRackspace Technology, Inc. 2020 Equity Incentive Plan
3.50% FLSO Senior Secured NotesFirst lien second out senior secured notes due 2028
3.50% FLSO Senior Secured Notes IndentureIndenture governing the 3.50% FLSO Senior Secured Notes
3.50% Notes IndentureIndenture governing the 3.50% Senior Secured Notes
3.50% Senior Secured Notes3.50% Senior Secured Notes due 2028
5.375% Notes IndentureIndenture governing the 5.375% Senior Notes
5.375% Senior Notes5.375% Senior Notes due 2028
ABRYABRY Partners, LLC and ABRY Partners II, LLC, collectively
AIArtificial intelligence
APJAsia Pacific and Japan
ApolloApollo Global Management, Inc. and its subsidiaries
ASCAccounting Standards Codification
ASC 420Accounting Standards Codification No. 420, Exit or Disposal Cost Obligations
ASC 606Accounting Standards Codification No. 606, Revenue from Contracts with Customers
ASC 842Accounting Standards Codification No. 842, Leases
ASC 860Accounting Standards Codification No. 860, Transfers and Servicing
ASUAccounting Standards Update
AWSAmazon Web Services
BoardBoard of Directors of Rackspace Technology, Inc.
CitiCitibank, N.A.
DatapipeDatapipe Parent, Inc.
E.U.European Union
EBITDAEarnings before interest, taxes, depreciation, and amortization
EMEAEurope, Middle East and Africa
EPSEarnings per share
ESPPEmployee Stock Purchase Plan
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
First Lien Credit AgreementCredit agreement governing the Senior Facilities
FLFO Term Loan FacilityFirst lien first out senior secured term loans
FLSO Term Loan FacilityFirst lien second out senior secured term loans
GAAPAccounting principles generally accepted in the United States of America
GenAIGenerative AI
Incentive Plans2017 Incentive Plan and 2020 Incentive Plan, together
Inception ParentInception Parent, Inc.
Indentures5.375% Notes Indenture, 3.50% Notes Indenture and 3.50% FLSO Senior Secured Notes Indenture, together
IRCInternal Revenue Code
IRSU.S. Internal Revenue Service
LIBORLondon Interbank Offered Rate
MD&AManagement's Discussion and Analysis of Financial Condition and Results of Operations
MEIAMaster Economic Incentives Agreement
MOICMultiple of invested capital
NasdaqThe Nasdaq Stock Market LLC
New First Lien Credit AgreementCredit agreement governing the New Senior Facilities
New Revolving Credit FacilitySenior secured first lien first out revolving credit facility
New Senior FacilitiesFLFO Term Loan Facility, FLSO Term Loan Facility and New Revolving Credit Facility, together
Prior Revolving Credit FacilitySenior secured first lien revolving credit facility
PNCPNC Bank, National Association
PSUsPerformance stock units
R&DResearch and development
Rackspace AcquisitionNovember 3, 2016 acquisition of Rackspace Hosting, Inc. (now named Rackspace Technology Global, Inc.) by Inception Parent, Inc.
Rackspace HostingRackspace Hosting, Inc.
Rackspace TechnologyRackspace Technology, Inc.
Rackspace Technology GlobalRackspace Technology Global, Inc.
Rackspace USRackspace US, Inc.
Rackspace FinanceRackspace Finance, LLC
Rackspace Finance HoldingsRackspace Finance Holdings, LLC
Receivables Purchase FacilityAccounts receivable purchase agreement entered into on September 29, 2023
RSUsRestricted stock units
SaaSSoftware-as-a-service
SECSecurities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
Senior FacilitiesTerm Loan Facility and Prior Revolving Credit Facility, together
SG&ASelling, general and administrative
SOFRSecured Overnight Financing Rate
SPVSpecial purpose vehicle
SSPStandalone selling price
Term Loan FacilitySenior secured first lien term loan facility
U.K.United Kingdom
U.S.United States

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report contains certain information that may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. While we have specifically identified certain information as being forward-looking in the context of its presentation, we caution you that all statements contained in this report that are not clearly historical in nature, including statements regarding anticipated financial performance, management’s plans and objectives for future operations, business prospects, market conditions, and other matters are forward-looking. Forward-looking statements are contained principally in the sections of this report entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Without limiting the generality of the preceding sentence, any time we use the words “expects,” “intends,” “will,” “anticipates,” “believes,” “confident,” “continue,” “propose,” “seeks,” “could,” “may,” “should,” “estimates,” “forecasts,” “might,” “goals,” “objectives,” “targets,” “planned,” “projects,” and similar expressions, we intend to clearly express that the information deals with possible future events and is forward-looking in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking.

Forward-looking information involves risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in, or reasonably inferred from, such statements, and the risks and uncertainties disclosed or referenced in Part I Item 1A. of this report under the heading “Risk Factors.” Therefore, caution should be taken not to place undue reliance on any such forward-looking statements. Much of the information in this report that looks toward future performance of the company is based on various factors and important assumptions about future events that may or may not actually occur. As a result, our operations and financial results in the future could differ materially and substantially from those we have discussed in the forward-looking statements included in this Annual Report. We assume no obligation (and specifically disclaim any such obligation) to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

TRADEMARKS, TRADE NAMES AND SERVICE MARKS

“Rackspace,” “Rackspace Technology,” “Fanatical,” “Fanatical Experience,” “Rackspace Fabric,” Rackspace Data Freedom,” “Rackspace Services for VMware Cloud™” and “MyRackspace” are registered or unregistered trademarks of Rackspace US, Inc. in the U.S. and/or other countries. OpenStack® is a registered trademark of OpenStack, LLC and OpenStack Foundation in the U.S. Solely for convenience, trademarks, trade names and service marks referred to in this Annual Report may appear without the ® or ™ symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks, trade names and service marks. Other trademarks, trade names and service marks appearing in this Annual Report are the property of their respective holders. We do not intend our use or display of other companies’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.