RXT Rackspace Technology, Inc. - Common Stock
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About Rackspace Technology, Inc. - Common Stock Company overview from Wikipedia
Rackspace Technology, Inc. is an American information technology cloud computing company based in San Antonio, Texas. It also has offices in Reston, Virginia, as well as in Australia, Canada, United Kingdom, India, Dubai, Switzerland, the Netherlands, Germany, Singapore, Mexico, Toronto and Hong Kong. Its data centers are located in Amsterdam (Netherlands), Virginia (US), Chicago (US), Dallas (US), London (UK), Frankfurt (Germany), Hong Kong (China), Kansas City (US), New York City (US), San Jose (US), Shanghai (China), Queenstown (Singapore) and Sydney (Australia).
History
1990s
Rackspace was founded in 1996 by Richard Yoo, Dirk Elmendorf and Patrick Condon. Two years later, Graham Weston and Morris Miller provided seed capital and began managing the company. The company began after Yoo dropped out of Trinity University and launched Cymitar Technology Group out of a garage, through which the company sold internet access to his former classmates. In 1998, the company was renamed Rackspace. That year, Weston became CEO.
2000s
Lanham Napier entered the company in 2000 as its chief financial officer. In 2006, Yoo left Rackspace and Napier was named chief executive officer (CEO). Weston stepped down as CEO and that year, he was named chairman.
In 2008, Rackspace moved its headquarters to the then-unoccupied Windsor Park Mall in Windcrest, Texas. Rackspace's Chairman, Graham Weston, owned the Montgomery Ward building in the mall until 2006 when it was sold to a developer In 2005, following Hurricane Katrina, Rackspace employees volunteered to refurbish the Montgomery Ward into a shelter for 1,300 people.
The revitalization of the mall lead to development in the surrounding area, including the creation of Racker Road and the frontage road Fanatical Way, inspired by the company's trademark "Fanatical Support". "Fanatical support" was the company's motto to describe its customer service. This consisted of the disuse of voicemail, live customer support, and London-based customer service representatives always accessible, which at the time news reports attribute to giving Rackspace an "edge" in the web hosting industry. Later, Rackspace's Fanatical Support would be used to describe a service of providing customer representatives when businesses were implementing cloud hosting.
In 2008 Rackspace opened for trading on the New York Stock Exchange under the ticker symbol "RAX" after its initial public offering (IPO) in which it raised $187.5 million. The initial public offering included 15,000,000 shares of its common stock at a price of $12.50 per share. The IPO did not do well in the public market and lost about 20% of its initial price almost immediately.
At around 3:45 PM CST December 18, 2009, Rackspace experienced an outage for customers using its Dallas–Fort Worth data center – including those of Rackspace Cloud.
2010s
In 2010, Rackspace announced it would discontinue hosting the website for Dove World Outreach Center after pastor Terry Jones said he planned to burn the Qur'an on the anniversary of 9/11. Jones called the move an "indirect attack on our freedom of speech." Business Insider also criticized Rackspace's decision.
In 2014, Napier stepped down as CEO and Weston was named the interim CEO. Taylor Rhodes was named president and later that year replaced Weston as CEO.
In August 2016, it was confirmed that the American private equity firm, Apollo Global Management, had reached an agreement to buy the company for $4.3 billion. The sale was completed in November 2016 and Rackspace officially ended trading on the New York Stock Exchange on November 3, 2016.
In May 2017, CEO Taylor Rhodes announced he was leaving the company, and was replaced by Joe Eazor. Eazor was replaced in 2019 by Kevin Jones.
2020s
In June 2020 it changed its name to Rackspace Technology.
In August 2020 Rackspace Technology opened for trading on the Nasdaq under the ticker symbol "RXT" after its initial public offering (IPO). The Initial public offering of 33,500,000 shares of its common stock at an initial public offering price of $21.00 per share.
In September 2022 the company named Amar Maletira as its new CEO.
In December 2022 Rackspace suffered a major service outage which affected all its hosted Exchange users (customers who bought email services from Rackspace that involved instances of Microsoft Exchange hosted on Rackspace's servers). After initial investigation Rackspace declared the incident a 'security incident' and said it had powered down its servers to protect customer data which some commentators speculated might be indicative of a ransomware incident, a theory that was lent further credence by Rackspace's decision to recommend that customers migrate to Microsoft 365 rather than wait to have their Exchange-based solutions restored. On Monday December 5, 2022, the first full day of trading after the incident (which started on the previous Friday), Rackspace's shares were down as much as 16% ($0.75).
A class action lawsuit against Rackspace Technology, Inc. was filed on December 12, 2022, by Cole & Van Note for tens of thousands of businesses who lost access to their emails and services due to ransomware users. Stephenson, et al. v. Rackspace Technology, Inc. This class action was dismissed by the judge in San Antonio in May, 2023.
In June 2023, Rackspace launched Foundry for Generative AI by Rackspace (FAIR), a practice offering consulting and deployment services for generative AI.
In January 2024, Rackspace moved its San Antonio Global Headquarters from Windcrest (The Castle) to the RidgeWood Plaza II office building, located in north-central San Antonio.
Rackspace recorded large non-cash impairment charges in the mid-2020s as its market capitalisation fell: $681 million in 2022, $761 million in 2023, and a further $593 million in the first quarter of 2024 alone. The company reported a net loss of $863 million for 2024 on revenue of about $2.74 billion, with revenue declining in both of its business units. Revenue fell a further 2% in 2025, to $2.69 billion, while the net loss narrowed to $226 million.
In September 2025 the company named Gajen Kandiah as its new CEO, replacing Amar Maletira.
On June 10, 2026, the executive committee of Rackspace's board approved a workforce realignment plan cutting about 15% of the company's global staff, roughly 750 employees. The company said it expected one-time charges of $14–19 million in 2026 and annualised savings of $75–85 million, and described the cuts as a move away from certain legacy service-delivery functions, chiefly in its Public Cloud unit, in order to redeploy resources towards enterprise artificial intelligence services.
Acquisitions
Rackspace's first acquisition was Webmail.us, an email hosting firm in Blacksburg, Virginia, bought in September 2007 and rebranded as Mailtrust. In October 2008 the company announced two purchases on the same day: Slicehost, a St. Louis provider of virtual private servers, and Jungle Disk, an online backup service. The pair were bought for a reported $11.5 million in cash and stock, with up to $16.5 million more contingent on performance, and were presented as a move to compete with Amazon Web Services.
Smaller purchases followed as Rackspace built out its cloud platform and its work on OpenStack. These included the server-monitoring company Cloudkick, the OpenStack development firm Anso Labs, the transactional email service Mailgun, the managed MongoDB provider ObjectRocket, Exceptional Cloud Services and ZeroVM. In February 2012 it also bought SharePoint911, a Microsoft SharePoint consultancy based in Cincinnati.
and in September 2017 it announced the purchase of Datapipe, a Jersey City managed hosting company.
Later acquisitions were consultancies working on platforms other than Rackspace's own infrastructure: the Salesforce consultancy RelationEdge in September 2018, the AWS specialist Onica in November 2019, and Just Analytics, a Singapore-based cloud data, analytics and artificial intelligence firm, in January 2022.
Divestitures
Rackspace sold or spun off several of the businesses it had acquired as it refocused on managed cloud services. It sold ServerBeach, a low-cost dedicated-server brand it had launched in 2003, to Peer 1 Hosting in October 2004 for $7.5 million. Mailgun was spun out as an independent company in 2017 in a transaction led by the investment firm Turn/River Capital; Thoma Bravo acquired a majority stake in 2019, and the business was later bought by Sinch. Jungle Disk and Exceptional Cloud Services were also divested.
Other business activities
Rackspace launched ServerBeach in San Antonio in January 2003 as a lower-cost alternative for dedicated servers designed for technology hobbyists who want flexibility and reliability. Richard Yoo was a catalyst in the startup of ServerBeach. It was sold to Peer 1 Hosting, now Cogeco Peer 1, in October 2004. Peer 1 Hosting entered the UK managed hosting market in January 2009 and the ServerBeach brand now competes directly with the UK arm of Rackspace, run by Dominic Monkhouse, former managing director of Rackspace Limited.
In October 2006, Mosso Inc. was launched, which experimented with white-labeling hosting services. Eventually, the division became the foundation for the Rackspace Cloud Computing offering.
The Webmail.us business was branded as Mailtrust and in May 2009 became part of a newly formed Cloud Office division.
On October 1, 2007, Rackspace acquired Webmail.us, a private e-mail hosting firm located in Blacksburg, VA. Originally branded as Mailtrust on May 20, 2009, it became part of the newly formed Cloud Office division of Rackspace.
On October 22, 2008, Rackspace acquired Slicehost, a provider of virtual servers and Jungle Disk, a provider of online backup software and services.
Rackspace announced on March 8, 2017, plans for an expansion to its portfolio to include managed service for the Google Cloud Platform. The program began beta testing on July 18, 2017, with a planned full offering in late 2017. Rackspace partnered with Google in Customer Reliability Engineering, a group of Google Site Reliability Engineers, to ensure cloud applications "run with the same speed and reliability as some of Google's most widely-used products".
OpenStack
In 2010, Rackspace contributed the source code of its Cloud Files product to the OpenStack project under the Apache License to become the OpenStack Object Storage component.
In April 2012, Rackspace announced it would implement OpenStack Compute as the underlying technology for its Cloud Servers product. This change introduced a new control panel as well as add-on cloud services offering databases, server monitoring, block storage, and virtual networking. In 2015, two Rackspace executives were elected to the board of the OpenStack Foundation. In a February 2016 interview, CTO John Engates stated that Rackspace uses OpenStack to power its public and private cloud.
Recognition
Fortune's "Top 100 Best Companies to Work For 2008" placed Rackspace as No. 32. In 2011 and 2013, the company was named as one of the top 100 places to work by Fortune.
== References ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | RXT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -6.35Y avg ≈-3.1 | ≈-3.1 | · | · | |
| P/S (TTM) | 0.45Y avg ≈0.3 | ≈0.3 | 3.1 | Undervalued | |
| P/B (MRQ) | -0.85Y avg ≈-0.1 | ≈-0.1 | · | · | |
| EV / EBITDA | -36.55Y avg ≈-480.7 | ≈-480.7 | · | · | |
| Price / FCF (TTM) | 25.35Y avg ≈2.3 | ≈2.3 | · | · | |
| Price / Cash Flow (TTM) | 10.05Y avg ≈5.1 | ≈5.1 | 16.3 | Undervalued | |
| EV / Revenue | 1.45Y avg ≈1.3 | ≈1.3 | · | · | |
| EV / FCF | 40.65Y avg ≈8.7 | ≈8.7 | · | · | |
| Price / Tangible Book (MRQ) | -0.5 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | RXT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 17.9%5Y avg ≈23.6% | ≈23.6% | 62.8% | Weak | |
| Operating Margin (TTM) | -3.3%5Y avg ≈-17.8% | ≈-17.8% | -9.8% | Top tier | |
| EBITDA Margin | -3.8%5Y avg ≈-17.8% | ≈-17.8% | -9.8% | Top tier | |
| Pretax Margin (TTM) | -5.4%5Y avg ≈-21.1% | ≈-21.1% | -11.8% | Top tier | |
| Net Profit Margin (TTM) | -5.9%5Y avg ≈-20.2% | ≈-20.2% | -11.9% | In line | |
| ROA (TTM) | -5.6%5Y avg ≈-13.3% | ≈-13.3% | -8.0% | In line | |
| ROE (TTM) | 13.2%5Y avg ≈95.3% | ≈95.3% | -22.2% | Top tier | |
| ROIC | -7.4%5Y avg ≈-21.0% | ≈-21.0% | -8.4% | In line |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | RXT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | -2.25Y avg ≈-3.2 | ≈-3.2 | 0.1 | Low debt | |
| Current Ratio (MRQ) | 0.85Y avg ≈1.0 | ≈1.0 | 1.4 | Low liquidity | |
| Quick Ratio | 0.55Y avg ≈0.7 | ≈0.7 | 0.7 | Low liquidity | |
| Long-Term Debt / Equity (MRQ) | -2.25Y avg ≈-3.1 | ≈-3.1 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | RXT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | -1.9%5Y avg ≈0.06% | ≈0.06% | · | · | |
| Revenue CAGR 3Y | -4.9%5Y avg ≈-1.7% | ≈-1.7% | · | · | |
| Revenue CAGR 5Y | -0.16% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | RXT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.95Y avg ≈0.7 | ≈0.7 | 0.7 | Top tier | |
| Receivables Turnover | 9.55Y avg ≈7.1 | ≈7.1 | 8.2 | In line | |
| Revenue / Employee | ≈$537.1K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 11, 2026 | $-0.08 | $-0.09 | 12.0% |
| March 31, 2026 | May 12, 2026 | $-0.06 | $-0.04 | -69.5% |
| Dec. 31, 2025 | $-0.01 | $-0.03 | 67.0% | |
| Sept. 30, 2025 | $-0.05 | $-0.05 | 0.99% | |
| June 30, 2025 | $-0.06 | $-0.05 | -12.1% | |
| March 31, 2025 | $-0.06 | $-0.08 | 26.7% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.69B | $2.74B | $2.96B | $3.12B | $3.01B | $2.71B | $2.44B | $2.45B | |
| Cost of Revenue | $2.18B | $2.20B | $2.33B | $2.27B | $2.07B | $1.72B | $1.43B | $1.45B | |
| Gross Profit | $506M | $533M | $629M | $857M | $937M | $984M | $1.01B | $1.01B | |
| R&D Expense | $39M | $45M | $44M | $24M | $28M | $37M | $56M | $75M | |
| SG&A Expense | $607M | $708M | $767M | $855M | $907M | $960M | $912M | $949M | |
| Operating Income | $-101M | $-909M | $-899M | $-679M | $-2M | $25M | $102M | $-237M | |
| Interest Expense | · | · | $222M | $208M | $205M | $268M | $330M | $281M | |
| Other Non-op | $-19M | $-22M | $-5M | $-10M | $-1M | $2M | $-3M | $13M | |
| Pretax Income | $-202M | $-882M | $-854M | $-898M | $-249M | $-312M | $-122M | $-500M | |
| Income Tax | $24M | $-23M | $-17M | $-93M | $-31M | $-66M | $-20M | $-30M | |
| Net Income | $-226M | $-858M | $-838M | $-805M | $-218M | $-246M | $-102M | $-471M | |
| EPS (Basic) | $-0.95 | $-3.82 | $-3.89 | $-3.81 | $-1.05 | $-1.37 | $-0.62 | · | |
| EPS (Diluted) | $-0.95 | $-3.82 | $-3.89 | $-3.81 | $-1.05 | $-1.37 | $-0.62 | · | |
| Shares (Basic) | 238,700,000 | 224,800,000 | 215,300,000 | 211,200,000 | 208,000,000 | 179,600,000 | 165,300,000 | 165,200,000 | |
| Shares (Diluted) | 238,700,000 | 224,800,000 | 215,300,000 | 211,200,000 | 208,000,000 | 179,600,000 | 165,300,000 | · | |
| EBITDA | $-101M | $-909M | $-899M | $-679M | $-2M | $25M | · | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $106M | $144M | $197M | $228M | $273M | $105M | $84M | $254M | |
| Receivables | $266M | $299M | $340M | $622M | $554M | $483M | $350M | · | |
| Prepaid Expense | $84M | $85M | $87M | $97M | $110M | $124M | $76M | · | |
| Other Current Assets | $61M | $91M | $114M | $125M | $52M | $47M | $33M | · | |
| Current Assets | $518M | $619M | $738M | $1.07B | $990M | $758M | $544M | · | |
| Goodwill | $740M | $736M | $1.45B | $2.16B | $2.71B | $2.76B | $2.75B | $2.47B | |
| Intangibles | $698M | $845M | $1.02B | $1.24B | $1.47B | $1.65B | $1.82B | · | |
| Other Non-current Assets | $103M | $119M | $152M | $226M | $177M | $156M | $129M | · | |
| Total Assets | $2.80B | $3.05B | $4.10B | $5.46B | $6.33B | $6.38B | $6.27B | · | |
| Accounts Payable | $414M | $390M | $433M | $447M | $370M | $285M | $260M | · | |
| Current Liabilities | $767M | $767M | $800M | $856M | $837M | $742M | $672M | · | |
| Capital Leases | $84M | $78M | $75M | $85M | $115M | $118M | $256M | · | |
| Deferred Tax | $35M | $30M | $79M | $127M | $206M | $237M | $327M | · | |
| Other Non-current Liabilities | $78M | $95M | $97M | $106M | $124M | $146M | $99M | · | |
| Total Liabilities | $4.02B | $4.06B | $4.25B | $4.83B | $5.00B | $4.99B | $5.37B | · | |
| Long-term Debt | $2.75B | $2.79B | $2.86B | $3.32B | $3.33B | $3.36B | $3.87B | · | |
| Total Debt | $2.75B | $2.79B | $2.86B | $3.32B | $3.33B | $3.36B | · | · | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | |
| Paid-in Capital | $2.71B | $2.68B | $2.64B | $2.57B | $2.50B | $2.36B | $1.60B | · | |
| Retained Earnings | $-3.91B | $-3.68B | $-2.82B | $-1.99B | $-1.18B | $-963M | $-718M | · | |
| Treasury Stock | $31M | $31M | $31M | $31M | $0 | · | · | · | |
| AOCI | $8M | $24M | $60M | $71M | $7M | $-19M | $12M | · | |
| Stockholders' Equity | $-1.22B | $-1.00B | $-154M | $630M | $1.33B | $1.38B | $899M | $908M | |
| Liabilities + Equity | $2.80B | $3.05B | $4.10B | $5.46B | $6.33B | $6.38B | $6.27B | · | |
| Shares Outstanding | 245,300,000 | 232,200,000 | 220,500,000 | 215,700,000 | 211,200,000 | 201,800,000 | 165,400,000 | · |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $45M | $63M | $65M | $70M | $75M | $74M | $30M | $20M | |
| Deferred Tax | $24M | $-35M | $-42M | $-109M | $-42M | $-74M | $-41M | $-23M | |
| Amort. of Intangibles | $147M | $154M | $161M | $167M | $180M | $176M | $168M | $164M | |
| Restructuring | · | · | · | · | · | $15M | $10M | $2M | |
| Operating Cash Flow | $151M | $40M | $375M | $247M | $371M | $117M | $293M | $430M | |
| CapEx | $61M | $111M | $97M | $80M | $108M | $116M | $198M | $294M | |
| Investing Cash Flow | $-58M | $-87M | $-96M | $-98M | $-69M | $-128M | $-386M | $-348M | |
| Debt Issued | $155M | $275M | $50M | $0 | $2.84B | $860M | $225M | $0 | |
| Net Debt Issued | $-43M | $112M | $-192M | $-23M | $-39M | $-591M | · | · | |
| Stock Issued | · | · | · | $0 | $0 | $658M | $0 | $3M | |
| Stock Repurchased | · | $0 | $0 | $31M | $0 | $0 | $2M | $0 | |
| Net Stock Activity | · | $0 | $0 | $-31M | $0 | $658M | · | · | |
| Financing Cash Flow | $-135M | $-3M | $-313M | $-187M | $-132M | $30M | $-79M | $-54M | |
| Net Change in Cash | $-39M | $-53M | $-32M | $-44M | $167M | $21M | $-171M | $23M | |
| Taxes Paid | $8M | $11M | $12M | $10M | $6M | $16M | $7M | $14M | |
| Free Cash Flow | $91M | $-71M | $278M | $166M | $262M | $200.0K | · | · | |
| Levered FCF | · | · | $61M | $-21M | $83M | $-211M | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.9% | 19.5% | 21.3% | 27.4% | 31.1% | 36.4% | · | · | |
| Operating Margin | -3.8% | -33.2% | -30.4% | -21.8% | -0.08% | 0.91% | · | · | |
| Net Margin | -8.4% | -31.4% | -28.3% | -25.8% | -7.2% | -9.1% | · | · | |
| Pretax Margin | -7.5% | -32.2% | -28.9% | -28.7% | -8.3% | -11.5% | · | · | |
| EBITDA Margin | -3.8% | -33.2% | -30.4% | -21.8% | -0.08% | 0.91% | · | · | |
| ROA | -7.7% | -24.0% | -17.5% | -13.7% | -3.4% | -3.9% | · | · | |
| ROE | 19.3% | 87.8% | 496.8% | -111.4% | -16.2% | -17.7% | · | · | |
| ROIC | -7.4% | -49.7% | -32.6% | -15.4% | -0.05% | 0.41% | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.7 | 0.8 | 0.9 | 1.3 | 1.2 | 1.0 | · | · | |
| Quick Ratio | 0.5 | 0.6 | 0.7 | 1.0 | 1.0 | 0.8 | · | · | |
| Debt / Equity | -2.3 | -2.8 | -18.5 | 5.3 | 2.5 | 2.4 | · | · | |
| LT Debt / Equity | -2.2 | -2.7 | -18.4 | 5.2 | 2.5 | 2.4 | · | · | |
| Interest Coverage | · | · | -4.1 | -3.3 | -0.0 | 0.1 | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.9 | 0.8 | 0.6 | 0.5 | 0.5 | 0.4 | · | · | |
| Receivables Turnover | 9.5 | 8.6 | 6.1 | 5.3 | 5.8 | 6.5 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $-4.97 | $-4.38 | $-0.71 | $2.96 | $6.29 | $6.86 | · | · | |
| Revenue / Share | $11.25 | $12.18 | $13.73 | $14.78 | $14.47 | · | · | · | |
| Cash Flow / Share | $0.63 | $0.18 | $1.74 | $1.17 | $1.78 | · | · | · | |
| Cash / Share | $0.43 | $0.63 | $0.91 | $1.07 | $1.29 | $0.52 | · | · | |
| EPS (TTM) | $-0.95 | $-3.82 | $-3.89 | $-3.81 | $-1.05 | $-1.37 | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -1.9% | -7.4% | -5.3% | 3.8% | 11.2% | · | · | · | |
| Revenue CAGR 3Y | -4.9% | -3.1% | 3.0% | · | · | · | · | · | |
| Revenue CAGR 5Y | -0.16% | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.69B | $2.74B | $2.96B | $3.12B | $3.01B | $2.71B | · | · | |
| Net Income TTM | $-226M | $-858M | $-838M | $-805M | $-218M | $-246M | · | · | |
| Market Cap | $238M | $506M | $435M | $627M | $2.84B | $3.85B | · | · | |
| Enterprise Value | $2.88B | $3.15B | $3.10B | $3.72B | $5.91B | $7.10B | · | · | |
| P/E | -1.0 | -0.6 | -0.5 | -0.8 | -12.8 | -13.9 | · | · | |
| P/S | 0.1 | 0.2 | 0.1 | 0.2 | 0.9 | 1.4 | · | · | |
| P/B | -0.2 | -0.5 | -2.8 | 1.0 | 2.1 | 2.8 | · | · | |
| P / Cash Flow | 1.6 | 12.7 | 1.2 | 2.5 | 7.7 | 33.0 | · | · | |
| P / FCF | 2.6 | -7.1 | 1.6 | 3.8 | 10.8 | 19231.5 | · | · | |
| EV / EBITDA | -28.6 | -3.5 | -3.4 | -5.5 | -2362.4 | 287.6 | · | · | |
| EV / FCF | 31.8 | -44.2 | 11.2 | 22.4 | 22.5 | 35521.5 | · | · | |
| EV / Revenue | 1.1 | 1.2 | 1.0 | 1.2 | 2.0 | 2.6 | · | · | |
| Earnings Yield | -97.8% | -172.8% | -194.5% | -129.2% | -7.8% | -7.2% | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $670M | $678M | $683M | $671M | $666M | $665M | $686M | $676M | $685M | $691M | $720M | $732M | $746M | $759M | $787M | $788M | |
| Cost of Revenue | $555M | $559M | $562M | $541M | $537M | $538M | $554M | $538M | $554M | $558M | $566M | $580M | $593M | $589M | $587M | $580M | |
| Gross Profit | $115M | $119M | $120M | $130M | $129M | $127M | $132M | $138M | $131M | $133M | $154M | $152M | $153M | $170M | $200M | $207M | |
| SG&A Expense | $148M | $137M | $124M | $164M | $154M | $165M | $160M | $170M | $185M | $192M | $166M | $177M | $217M | $208M | $210M | $220M | |
| Operating Income | $-33M | $-18M | $-3M | $-34M | $-25M | $-38M | $-29M | $-174M | $-54M | $-653M | $-15M | $-239M | $-64M | $-581M | $-227M | $-477M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $44M | · | $56M | $57M | $57M | · | $52M | |
| Other Non-op | $-5M | $-4M | $-6M | $-4M | $-4M | $-5M | $-10M | $-1M | $-5M | $-6M | $-5M | $-3M | $200.0K | $2M | $6M | $-6M | |
| Pretax Income | $-66M | $8M | $-30M | $-59M | $-50M | $-63M | $-57M | $-175M | $-5M | $-645M | $38M | $-243M | $-26M | $-623M | $-277M | $-535M | |
| Income Tax | $2M | $-100.0K | $3M | $8M | $5M | $8M | $-700.0K | $12M | $-30M | $-5M | $10M | $-16M | $1M | $-11M | $-63M | $-23M | |
| Net Income | $-68M | $8M | $-33M | $-67M | $-54M | $-72M | $-56M | $-187M | $25M | $-641M | $28M | $-227M | $-27M | $-612M | $-214M | $-512M | |
| EPS (Basic) | $-0.27 | $0.03 | $-0.13 | $-0.28 | $-0.23 | $-0.31 | $-0.20 | $-0.82 | $0.11 | $-2.91 | $0.16 | $-1.05 | $-0.13 | $-2.87 | $-1.01 | $-2.43 | |
| EPS (Diluted) | $-0.27 | $0.03 | $-0.13 | $-0.28 | $-0.23 | $-0.31 | $-0.20 | $-0.82 | $0.11 | $-2.91 | $0.16 | $-1.05 | $-0.13 | $-2.87 | $-1.01 | $-2.43 | |
| Shares (Basic) | 250,100,000 | 246,300,000 | · | 240,400,000 | 238,000,000 | 231,900,000 | · | 226,400,000 | 224,500,000 | 219,800,000 | · | 216,000,000 | 215,100,000 | 213,200,000 | · | 210,800,000 | |
| Shares (Diluted) | 250,100,000 | 249,700,000 | · | 240,400,000 | 238,000,000 | 231,900,000 | · | 226,400,000 | 229,600,000 | 219,800,000 | · | 216,000,000 | 215,100,000 | 213,200,000 | · | 210,800,000 | |
| EBITDA | $-33M | $-18M | · | $-34M | $-25M | $-38M | · | $-174M | $-54M | $-653M | · | $-239M | $-64M | $-581M | · | $-477M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $111M | $94M | $106M | $100M | $104M | $128M | $144M | $157M | $190M | $283M | $197M | $278M | $160M | $174M | $228M | $249M | |
| Receivables | $279M | $266M | $266M | $274M | $254M | $269M | $299M | $312M | $323M | $303M | $340M | $349M | $544M | $572M | $622M | $593M | |
| Prepaid Expense | $96M | $129M | $84M | $90M | $111M | $100M | $85M | $95M | $87M | $111M | · | $93M | $90M | $112M | · | $95M | |
| Other Current Assets | $71M | $46M | $61M | $78M | $79M | $85M | $91M | $84M | $97M | $91M | · | $125M | $120M | $112M | · | $96M | |
| Current Assets | $556M | $535M | $518M | $541M | $548M | $582M | $619M | $649M | $696M | $788M | · | $845M | $914M | $970M | · | $1.03B | |
| Goodwill | $739M | $739M | $740M | $740M | $741M | $737M | $736M | $740M | $878M | $878M | $1.45B | $1.45B | $1.62B | $1.61B | $2.16B | $2.27B | |
| Intangibles | $636M | $667M | $698M | $733M | $770M | $808M | $845M | $883M | $922M | $960M | · | $1.06B | $1.16B | $1.20B | · | $1.29B | |
| Other Non-current Assets | $120M | $104M | $103M | $114M | $110M | $107M | $119M | $118M | $142M | $153M | · | $188M | $199M | $197M | · | $246M | |
| Total Assets | $2.75B | $2.77B | $2.80B | $2.85B | $2.89B | $2.97B | $3.05B | $3.15B | $3.39B | $3.52B | · | $4.28B | $4.66B | $4.75B | · | $5.69B | |
| Accounts Payable | $395M | $414M | $414M | $415M | $390M | $389M | $390M | $408M | $402M | $410M | · | $417M | $397M | $384M | · | $409M | |
| Current Liabilities | $736M | $786M | $767M | $766M | $715M | $735M | $767M | $769M | $771M | $754M | · | $825M | $776M | $791M | · | $826M | |
| Capital Leases | $67M | $76M | $84M | $74M | $79M | $84M | $78M | $86M | $90M | $70M | · | $78M | $89M | $73M | · | $88M | |
| Deferred Tax | $47M | $35M | $35M | $25M | $24M | $26M | $30M | $26M | $36M | $59M | · | $92M | $113M | $106M | · | $187M | |
| Other Non-current Liabilities | $81M | $77M | $78M | $100M | $97M | $96M | $95M | $98M | $100M | $105M | · | $94M | $100M | $110M | · | $117M | |
| Total Liabilities | $4.03B | $3.98B | $4.02B | $4.03B | $4.01B | $4.04B | $4.06B | $4.10B | $4.15B | $4.30B | · | $4.46B | $4.63B | $4.73B | · | $4.87B | |
| Long-term Debt | $2.79B | $2.71B | $2.75B | $2.77B | $2.80B | $2.79B | $2.79B | $2.81B | $2.87B | $2.99B | · | $3.06B | $3.20B | $3.29B | · | $3.32B | |
| Total Debt | $2.79B | $2.71B | · | $2.77B | $2.80B | $2.79B | · | $2.81B | $2.87B | $2.99B | · | $3.06B | $3.20B | $3.29B | · | $3.32B | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | $2M | $2M | $2M | · | $2M | |
| Paid-in Capital | $2.72B | $2.71B | $2.71B | $2.71B | $2.70B | $2.69B | $2.68B | $2.67B | $2.66B | $2.65B | · | $2.62B | $2.61B | $2.59B | · | $2.56B | |
| Retained Earnings | $-3.97B | $-3.90B | $-3.91B | $-3.88B | $-3.81B | $-3.75B | $-3.68B | $-3.63B | $-3.44B | $-3.46B | · | $-2.85B | $-2.63B | $-2.60B | · | $-1.77B | |
| Treasury Stock | $31M | $31M | $31M | $31M | $31M | $31M | $31M | $31M | $31M | $31M | · | $31M | $31M | $31M | · | $31M | |
| AOCI | $-2M | $-2M | $8M | $12M | $21M | $19M | $24M | $33M | $51M | $59M | · | $75M | $79M | $64M | · | $55M | |
| Stockholders' Equity | $-1.28B | $-1.22B | $-1.22B | $-1.19B | $-1.12B | $-1.07B | $-1.00B | $-950M | $-756M | $-787M | $-154M | $-183M | $32M | $24M | $630M | $816M | |
| Liabilities + Equity | $2.75B | $2.77B | $2.80B | $2.85B | $2.89B | $2.97B | $3.05B | $3.15B | $3.39B | $3.52B | · | $4.28B | $4.66B | $4.75B | · | $5.69B | |
| Shares Outstanding | 251,700,000 | 249,100,000 | 245,300,000 | 243,600,000 | 239,000,000 | 237,300,000 | 229,100,000 | 227,600,000 | 225,600,000 | 223,500,000 | 220,500,000 | 216,400,000 | 215,700,000 | 215,000,000 | 215,700,000 | 211,100,000 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $10M | $7M | $5M | $18M | $10M | $12M | $16M | $16M | $20M | $13M | $14M | $17M | $20M | $15M | $10M | $19M | |
| Deferred Tax | $-2M | $-3M | $26M | $7M | $-8M | $-1M | $11M | $5M | $-27M | $-24M | $-3M | $-22M | $300.0K | $-17M | $-62M | $-27M | |
| Amort. of Intangibles | · | · | $34M | $38M | $38M | $37M | $38M | $39M | $39M | $39M | $39M | $40M | $41M | $41M | $40M | $42M | |
| Operating Cash Flow | $-32M | $5M | $60M | $71M | $8M | $13M | $54M | $52M | $24M | $-90M | $72M | $267M | $38M | $-2M | $28M | $71M | |
| CapEx | $17M | $14M | $4M | $28M | $21M | $8M | $20M | $24M | $39M | $28M | $34M | $28M | $23M | $12M | $15M | $19M | |
| Investing Cash Flow | $-20M | $-12M | $-3M | $-26M | $-21M | $-9M | $-18M | $-19M | $-38M | $-11M | $-34M | $-27M | $-23M | $-12M | $-14M | $-33M | |
| Debt Issued | $135M | $125M | $25M | $50M | $50M | $30M | $0 | $0 | $0 | $275M | $0 | $0 | $50M | $0 | $0 | $0 | |
| Net Debt Issued | · | $20M | · | · | · | $4M | · | · | · | $239M | · | · | · | $-15M | · | · | |
| Stock Repurchased | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | |
| Financing Cash Flow | $68M | $-4M | $-50M | $-49M | $-15M | $-21M | $-46M | $-67M | $-78M | $188M | $-121M | $-121M | $-30M | $-41M | $-38M | $-44M | |
| Net Change in Cash | $17M | $-12M | $7M | $-4M | $-25M | $-16M | $-13M | $-33M | $-92M | $86M | $-81M | $118M | $-14M | $-54M | $-21M | $-12M | |
| Taxes Paid | $4M | $2M | $6M | $1M | $100.0K | $1M | $1M | $3M | $6M | $1M | $2M | $4M | $4M | $2M | $2M | $-900.0K | |
| Free Cash Flow | · | $-9M | · | · | · | $4M | · | · | · | $-118M | · | · | · | $-14M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-162M | · | · | · | $-70M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 17.1% | 17.6% | · | 19.4% | 19.4% | 19.1% | · | 20.3% | 19.2% | 19.2% | · | 20.8% | 20.5% | 22.4% | · | 26.3% | |
| Operating Margin | -5.0% | -2.6% | · | -5.1% | -3.8% | -5.8% | · | -25.7% | -7.9% | -94.5% | · | -32.7% | -8.6% | -76.6% | · | -60.5% | |
| Net Margin | -10.1% | 1.2% | · | -10.0% | -8.2% | -10.8% | · | -27.6% | 3.6% | -92.7% | · | -30.9% | -3.6% | -80.7% | · | -65.0% | |
| Pretax Margin | -9.8% | 1.2% | · | -8.8% | -7.5% | -9.5% | · | -25.8% | -0.72% | -93.4% | · | -33.2% | -3.5% | -82.1% | · | -67.9% | |
| EBITDA Margin | -5.0% | -2.6% | · | -5.1% | -3.8% | -5.8% | · | -25.7% | -7.9% | -94.5% | · | -32.7% | -8.6% | -76.6% | · | -60.5% | |
| ROA | -2.4% | 0.29% | · | -2.2% | -1.7% | -2.2% | · | -5.0% | 0.62% | -15.5% | · | -4.5% | -0.50% | -11.1% | · | -8.5% | |
| ROE | 5.6% | -0.72% | · | 6.3% | 5.8% | 7.7% | · | 33.0% | -6.9% | 168.0% | · | -71.6% | -4.1% | -89.4% | · | -46.8% | |
| ROIC | -2.3% | -1.2% | · | -2.4% | -1.6% | -2.5% | · | -10.0% | 13.0% | -29.4% | · | -7.8% | -2.1% | -17.2% | · | -11.0% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 0.7 | · | 0.7 | 0.8 | 0.8 | · | 0.8 | 0.9 | 1.0 | · | 1.0 | 1.2 | 1.2 | · | 1.3 | |
| Quick Ratio | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.6 | 0.7 | 0.8 | · | 0.8 | 0.9 | 0.9 | · | 1.0 | |
| Debt / Equity | -2.2 | -2.2 | · | -2.3 | -2.5 | -2.6 | · | -3.0 | -3.8 | -3.8 | · | -16.7 | 100.2 | 134.9 | · | 4.1 | |
| LT Debt / Equity | -2.2 | -2.2 | · | -2.3 | -2.5 | -2.6 | · | -2.9 | -3.7 | -3.8 | · | -16.5 | 99.5 | 134.0 | · | 4.0 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -14.9 | · | -4.2 | -1.1 | -10.2 | · | -9.1 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 2.5 | 2.5 | · | 2.3 | 2.3 | 2.3 | · | 2.0 | 1.6 | 1.6 | · | 1.6 | 1.3 | 1.3 | · | 1.4 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $-5.09 | $-4.88 | · | $-4.87 | $-4.68 | $-4.52 | · | $-4.17 | $-3.35 | $-3.52 | · | $-0.84 | $0.15 | $0.11 | · | $3.86 | |
| Revenue / Share | $2.68 | $2.72 | · | $2.79 | $2.80 | $2.87 | · | $2.98 | $2.98 | $3.14 | · | $3.39 | $3.47 | $3.56 | · | $3.74 | |
| Cash Flow / Share | · | $0.02 | · | · | · | $0.05 | · | · | · | $-0.41 | · | · | · | $-0.01 | · | · | |
| Cash / Share | $0.44 | $0.38 | · | $0.41 | $0.43 | $0.54 | · | $0.69 | $0.84 | $1.26 | · | $1.28 | $0.74 | $0.81 | · | $1.18 | |
| EPS (TTM) | $-0.65 | $-0.61 | · | $-1.02 | $-1.56 | $-1.22 | · | $-3.46 | $-3.69 | $-3.93 | · | $-5.06 | $-6.44 | $-6.50 | · | $-3.19 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.70B | $2.70B | · | $2.69B | $2.69B | $2.71B | · | $2.77B | $2.83B | $2.89B | · | $3.02B | $3.08B | $3.11B | · | $3.11B | |
| Net Income TTM | $-159M | $-146M | · | $-249M | $-369M | $-289M | · | $-774M | $-814M | $-866M | · | $-1.08B | $-1.36B | $-1.38B | · | $-674M | |
| Market Cap | $1.64B | $244M | · | $343M | $306M | $401M | · | $558M | $672M | $353M | · | $509M | $587M | $404M | · | $861M | |
| Enterprise Value | $4.32B | $2.86B | · | $3.02B | $3.00B | $3.06B | · | $3.21B | $3.35B | $3.07B | · | $3.29B | $3.62B | $3.52B | · | $3.93B | |
| P/E | -10.0 | -1.6 | · | -1.4 | -0.8 | -1.4 | · | -0.7 | -0.8 | -0.4 | · | -0.5 | -0.4 | -0.3 | · | -1.3 | |
| P/S | 0.6 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.2 | 0.2 | 0.1 | · | 0.2 | 0.2 | 0.1 | · | 0.3 | |
| P/B | -1.3 | -0.2 | · | -0.3 | -0.3 | -0.4 | · | -0.6 | -0.9 | -0.4 | · | -2.8 | 18.4 | 16.6 | · | 1.1 | |
| P / Cash Flow | · | 47.9 | · | · | · | 31.8 | · | · | · | -3.9 | · | · | · | -212.7 | · | · | |
| EV / Revenue | 1.6 | 1.1 | · | 1.1 | 1.1 | 1.1 | · | 1.2 | 1.2 | 1.1 | · | 1.1 | 1.2 | 1.1 | · | 1.3 | |
| Earnings Yield | -10.0% | -62.2% | · | -72.3% | -121.9% | -72.2% | · | -141.2% | -123.8% | -248.7% | · | -215.3% | -236.8% | -345.7% | · | -78.2% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $2.69B | $2.74B | $2.96B | $3.12B | $3.01B |
| Gross Margin % | 18.9% | 19.5% | 21.3% | 27.4% | 31.1% |
| Operating Margin % | -3.8% | -33.2% | -30.4% | -21.8% | -0.08% |
| Net Income | $-226M | $-858M | $-838M | $-805M | $-218M |
| Diluted EPS | $-0.95 | $-3.82 | $-3.89 | $-3.81 | $-1.05 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | -2.3 | -2.8 | -18.5 | 5.3 | 2.5 |
| Current Ratio | 0.7 | 0.8 | 0.9 | 1.3 | 1.2 |
| Quick Ratio | 0.5 | 0.6 | 0.7 | 1.0 | 1.0 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $91M | $-71M | $278M | $166M | $262M |
Institutional owners (13F) 204 filers · $1.4B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 71 (+7 vs prior Q) | 21 (+3 vs prior Q) | 67 (+19 vs prior Q) | 47 (+20 vs prior Q) | +37.4M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Apollo Management Holdings, L.P. | $846,346,770 | 129,609,000 | 61.47% | Shares |
| BlackRock, Inc. | $51,410,539 | 7,872,977 | 3.73% | Shares |
| Voss Capital, LP | $49,587,331 | 7,593,772 | 3.60% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $33,503,478 | 5,130,701 | 2.43% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $29,307,972 | 4,488,204 | 2.13% | Shares |
| TWO SIGMA INVESTMENTS, LP | $25,047,598 | 3,835,773 | 1.82% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $24,299,247 | 3,721,171 | 1.76% | Shares |
| MARATHON ASSET MANAGEMENT LP | $23,665,027 | 3,624,047 | 1.72% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $18,610,500 | 2,850,000 | 1.35% | Call option |
| GEODE CAPITAL MANAGEMENT, LLC | $17,235,068 | 2,638,712 | 1.25% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $15,866,320 | 2,429,758 | 1.15% | Shares |
| MILLENNIUM MANAGEMENT LLC | $15,301,638 | 2,343,283 | 1.11% | Shares |
| BW Gestao de Investimentos Ltda. | $15,282,022 | 2,340,279 | 1.11% | Shares |
| Arete Wealth Advisors, LLC | $14,192,034 | 2,173,359 | 1.03% | Shares |
| STATE STREET CORP | $13,639,609 | 2,088,761 | 0.99% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $9,672,889 | 1,481,300 | 0.70% | Put option |
| Nuveen, LLC | $9,609,149 | 1,474,506 | 0.70% | Shares |
| UBS Group AG | $8,542,867 | 1,308,249 | 0.62% | Shares |
| JANE STREET GROUP, LLC | $7,416,774 | 1,135,800 | 0.54% | Put option |
| VANGUARD GROUP INC | $6,285,328 | 6,473,046 | 0.46% | Shares |
| PLUSTICK MANAGEMENT LLC | $5,877,000 | 900,000 | 0.43% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $5,797,543 | 887,832 | 0.42% | Shares |
| CANNELL CAPITAL LLC | $5,679,141 | 869,700 | 0.41% | Put option |
| NORTHERN TRUST CORP | $5,519,921 | 845,317 | 0.40% | Shares |
| Voss Capital, LP | $5,224,000 | 800,000 | 0.38% | Call option |
| POLEN CAPITAL MANAGEMENT LLC | $4,631,004 | 709,189 | 0.34% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $4,547,832 | 696,452 | 0.33% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $4,502,729 | 689,545 | 0.33% | Shares |
| CITADEL ADVISORS LLC | $4,446,930 | 681,000 | 0.32% | Call option |
| CITADEL ADVISORS LLC | $4,277,581 | 655,066 | 0.31% | Shares |
| IEQ CAPITAL, LLC | $4,161,295 | 637,258 | 0.30% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $3,887,368 | 595,309 | 0.28% | Shares |
| Hudson Bay Capital Management LP | $3,858,753 | 590,927 | 0.28% | Shares |
| GOLDMAN SACHS GROUP INC | $3,684,553 | 564,250 | 0.27% | Shares |
| Soviero Asset Management, LP | $3,460,900 | 530,000 | 0.25% | Shares |
| Aventail Capital Group, LP | $3,161,075 | 484,085 | 0.23% | Shares |
| JANUS HENDERSON GROUP PLC | $2,878,329 | 2,937,670 | 0.21% | Shares |
| Cerity Partners LLC | $2,694,219 | 412,591 | 0.20% | Shares |
| Ratan Capital Management LP | $2,644,552 | 404,985 | 0.19% | Shares |
| JANE STREET GROUP, LLC | $2,642,038 | 404,600 | 0.19% | Call option |
| WELLS FARGO & COMPANY/MN | $2,484,305 | 380,445 | 0.18% | Shares |
| Invesco Ltd. | $2,157,433 | 330,388 | 0.16% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $1,935,127 | 296,344 | 0.14% | Shares |
| Jump Financial, LLC | $1,897,494 | 290,581 | 0.14% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,881,620 | 288,150 | 0.14% | Shares |
| Brevan Howard Capital Management LP | $1,855,447 | 284,142 | 0.13% | Shares |
| MORGAN STANLEY | $1,852,815 | 283,739 | 0.13% | Shares |
| Squarepoint Ops LLC | $1,839,344 | 281,676 | 0.13% | Shares |
| CITADEL ADVISORS LLC | $1,816,646 | 278,200 | 0.13% | Put option |
| Bank of New York Mellon Corp | $1,699,751 | 260,299 | 0.12% | Shares |
Company insiders 35 insiders · 22 officers · 15 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Gajakarnan Vibushanan Kandiah | Chief Executive Officer | Sept. 4, 2026 S | 3,684,955 | 0 | 2 | $-1,625,278 |
| Kevin M. Jones | Chief Executive Officer | Aug. 23, 2022 F | 2,146,699 | 0 | 0 | $0 |
| Mark A. Marino | Chief Financial Officer | Sept. 2, 2026 S | 2,865,853 | 0 | 5 | $-863,489 |
| Naushaza Molu | EVP, Chief Financial Officer | March 16, 2023 A | 1,411,292 | 0 | 0 | $0 |
| Dustin J. Semach | EVP, CFO & Treasurer | Aug. 4, 2020 F | 120,732 | 0 | 0 | $0 |
| Srini Koushik | President, Technology | Sept. 1, 2025 F | 1,338,459 | 0 | 0 | $0 |
| Subroto Mukerji | President - Americas Region | Aug. 23, 2022 F | 438,281 | 0 | 0 | $0 |
| Kellie Teal-Guess | Chief Human Resources Officer | Sept. 8, 2026 S | 1,285,176 | 0 | 5 | $-930,611 |
| Dharmendra Kumar Sinha | EVP, President, Public Cloud | Sept. 2, 2026 S | 3,263,429 | 0 | 6 | $-1,160,462 |
| Brian Lillie | EVP, President Private Cloud | Dec. 3, 2024 S | 1,987,623 | 0 | 0 | $0 |
| Casey L. Shilling | SVP, CHIEF MARKETING OFFICER | Nov. 15, 2023 S | 274,551 | 0 | 0 | $0 |
| Holly B. Windham | EVP, Chief Legal & People Off | Nov. 15, 2022 F | 521,697 | 0 | 0 | $0 |
| Gregory S. Hrncir | SVP - Chief Operations Officer | Aug. 23, 2022 F | 87,608 | 0 | 0 | $0 |
| Martin H. Blackburn | Managing Director, EMEA | Aug. 23, 2022 F | 276,937 | 0 | 0 | $0 |
| Neil Emerson | Chief Relationship Officer | March 22, 2022 A | 80,924 | 0 | 0 | $0 |
| Sandeep Bhargava | Managing Director, APJ | March 22, 2022 A | 184,569 | 0 | 0 | $0 |
| Tolga Tarhan | Chief Technology Officer | May 13, 2021 M | 45,873 | 0 | 0 | $0 |
| John F. Mccabe | Chief Relationship Officer | May 9, 2021 F | 69,904 | 0 | 0 | $0 |
| Zarina Stanford | Chief Comm & Marketing Officer | March 16, 2021 A | 56,053 | 0 | 0 | $0 |
| Thomas Wolf | SVP, Global Sales Strat & Ops | March 16, 2021 A | 31,128 | 0 | 0 | $0 |
| Stephen A. Mills | SVP & General Manager-Americas | Sept. 11, 2020 A | 16,384 | 0 | 0 | $0 |
| Matthew M. Stoyka | Chief Solutions Officer | Sept. 11, 2020 A | 19,169 | 0 | 0 | $0 |
| Aaron F. Sobel | Director | Sept. 15, 2026 A | 40,545 | 0 | 0 | $0 |
| Anthony Scott | Director | Aug. 14, 2026 S | 180,215 | 0 | 1 | $-207,315 |
| Anthony C. Roberts | Director | June 18, 2026 A | 215,463 | 0 | 0 | $0 |
| Mitchell Alan Garber | Director | June 18, 2026 A | 411,810 | 0 | 0 | $0 |
| Jeffrey D. Benjamin | Director | June 18, 2026 A | 636,318 | 0 | 0 | $0 |
| Amar Maletira | Director | Sept. 15, 2025 S | 4,608,619 | 0 | 0 | $0 |
| Mark Gross | Director | June 20, 2025 A | 168,095 | 0 | 0 | $0 |
| Shashank Samant | Director | June 20, 2025 A | 389,552 | 0 | 0 | $0 |
| Betsy S Atkins | Director | June 20, 2025 A | 231,045 | 0 | 0 | $0 |
| Susan Donner Arthur | Director | June 24, 2024 A | 203,242 | 0 | 0 | $0 |
| Rackspace Technology, Inc. | Director | Oct. 9, 2023 A | 70,667 | 0 | 0 | $0 |
| Timothy Campos | Director | June 17, 2022 A | 52,096 | 0 | 0 | $0 |
| Dhiren R. Fonseca | Director | June 17, 2022 A | 69,104 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 21 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| VFMO · VANGUARD WELLINGTON FUND | 0.15% | 468,396 SH | Aug. 19, 2026 | Daily |
| IWC · iShares Trust | 0.07% | 311,098 SH | Sept. 11, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.03% | 58,509 SH | Aug. 19, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 530,098 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 43,996 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,195,440 SH | Aug. 19, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 26,553 SH | Aug. 19, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | 0.01% | 2,075,090 SH | Aug. 19, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 2,450,870 SH | Sept. 11, 2026 | Daily |
| IWO · iShares Trust | 0.01% | 233,910 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.00% | 29,188 SH | Oct. 2, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.00% | 214,419 NS | July 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 32,489 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 155,568 SH | Sept. 11, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 4,674 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 606 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 3,197,523 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 6,897 SH | Aug. 19, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 492 NS | July 31, 2026 | N-PORT |
| IWN · iShares Trust | · | 629,073 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 203,805 SH | Sept. 11, 2026 | Daily |
RXT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
3 analysts · 2026-10-04Mean target $4.77 +15.7%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| RXT | $238M | -1.0 | -1.9% | -8.4% | 19.3% | 18.9% |
| FSLY | $1.54B | -12.3 | 14.8% | -19.5% | -13.0% | 57.1% |
| SHAZ | · | · | 257.4% | -2529.2% | -401.0% | 6.4% |
| SHAZ | · | · | 257.4% | -2529.2% | -401.0% | 6.4% |
| WYFI | $606M | -20.3 | 66.2% | -31.2% | -6.2% | 60.2% |
| BLZE | · | -10.1 | 14.3% | -17.6% | -31.4% | 60.9% |
| USDE | · | · | · | · | · | · |
| CMRC | $336M | -17.2 | 2.8% | -5.7% | -49.5% | 78.8% |
| CXDO | $201M | 40.4 | 12.0% | 7.4% | 8.3% | · |
| NET | · | -679.8 | 29.8% | · | · | · |
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