Slides
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1 Company Overview February 10, 2026
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2 Disclaimers This presentation contains forward-looking statements. All statements contained in this presentation other than statements of historical facts, including, without limitation, statements regarding our market opportunity, demand for our product and service offerings, expectations regarding our annualized recurring revenue (ARR), free cash flow, and our other non-GAAP measures, our business strategy, plans and objectives for future operations and expectations regarding non-GAAP targets, our future financial and business performance for the first quarter and full-year 2026, and the assumptions underlying such guidance, are forward-looking statements. Our use of the words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. The events described in our forward-looking statements are subject to a number of risks and uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements. Risks that could cause or contribute to such differences include, but are not limited to, growing macroeconomic uncertainty, unstable market and economic conditions, fluctuations in our quarterly results, effectiveness of our restructuring plan, failure to meet our publicly announced guidance or other expectations about our business, our ability to sustain our revenue growth rate, the ability of our products and professional services to correctly detect vulnerabilities, competition in the markets in which we operate, market growth, our ability to innovate and manage our growth, our ability to integrate acquired companies, exposure to greater than anticipated tax liabilities, our ability to operate in compliance with applicable laws as well as other risks and uncertainties set forth in the “Risk Factors” section of our most recent Annual Report on Form 10-K filed with the SEC on February 28, 2025 and in the subsequent reports that we file with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those expressed in any forward-looking statements we may make. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. This presentation also contains certain non-GAAP financial measures as defined by the SEC rules. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Please refer to our February 10, 2026 press release for additional information as to why we believe these non-GAAP financial measures are useful to investors and others in assessing our operating results. As required by Regulation G, we have provided a reconciliation of those measures to their most directly comparable GAAP measures, which is available in the end notes to this presentation. However, the reconciliation of non-GAAP guidance measures to the most comparable GAAP measures does not reflect any items that are unknown at this time, such as non-ordinary course litigation-related expenses, which we are not able to predict without unreasonable effort due to their inherent uncertainty.
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3 MASSIVE Opportunity to Consolidate SecOps SubStANTIAL RECURRING REVENUE BASE StRONG CASH FLOW Rapid7 Overview $54bn+ $840m 2025 ARR $130m+ 2025 Free Cash Flow FINANCIAL SCALE GLOBAL SCOPE Events Collected & Analyzed by R7 Threat Engine 300T+ Platform Integrations for Connectivity 500+ Patents Granted and Pending Related to AI 80+ Automation Workflows 60M+ 11.5k+ Global CustomersTotal Addressable Market
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4 NETWORK SERVERS ENDPOINTS VMs IDENTITIES & USERS WEB DOMAINS SUPPL Y CHAIN SAAS AI/ML BYOD CLOUD IOT CONTAINERS APIs The realities of securing a Fragmented Attack Surface Collecting more data, while getting less from it. More than 80% of organizations1 are not able to see the majority of their attack surface. Lacking the clarity and context to prioritize. Lacking the context to be able to zero-in on what actually matters, take action, and collaborate effectively across teams. Manually integrating without confidence. Spending cycles (and budget) integrating disparate systems without clarity and confidence in the data. Security Focus 1 Gartner, “Innovation Insight, Attack Surface Management, 2024”
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5 Compelling Customer Value Proposition Anticipate, Pinpoint, and Act with Confidence Anticipate and prevent breaches with tailored threat-aware risk context Gain control over your attack surface by pinpointing the relevant, actionable insights across diverse data sets Detect and take action confidently on threats with experts by your side Deliver tangible ROI and outcomes that make it easy to demonstrate success
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6 Rapid7 AI Engine R7 NATIVE DATA COLLECTION YOUR CRITICAL SECURITY ECOSYSTEM Exposure Management Detection & Response Command Your Attack Surface Global Managed Services VULNERABILITY DAST CNAPP VALIDATION MXDR NEXT-GEN SIEM DFIR THREAT INTEL Attack Surface Management ENDPOINT TO CLOUD VISIBILITY AND MONITORING Agent Network Collectors APIs R7 Labs Scans Cloud Identity SaaS Supply Chain IaC External Containers Applications CONNECT CORRELATE CONTEXTUALIZE PRIORITIZE RESPOND Exposure Command VM CNAPP GRC ASM EASM DSPMF Detection and Response XDR NEXT-GEN SIEM CDR THREAT INTEL DFIR
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7 Security Operations Platform Consolidation RISK MANAGEMENT VM GRC EASM ASM CAASM DAST ASPM SAST SCA devsecops Cloud CVA CSPM CWPP CNAPP DSPM AISPM CDR NDR SIEM SOAR TI Detection & response Detection & response Exposure MANAGEMENTConsolidation ASM SecOps consolidation Rapid7 offers a broader and more comprehensive SecOps platform than traditional competitors
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8 Large Market Opportunity for Security Operations Source: Gartner, “Forecast: Information Security and Risk Management, Worldwide, 2022-2028, 2Q24 Update,” Gartner, “Emerging Tech: Adoption Growth Insights in Digital Risk Protection Services, Gartner, “Forecast: Cloud Security Posture Management Worldwide, 2021-2017, 4Q23 Update”, Gartner “Market Share Analysis: Managed Security Services Worldwide, 2022”, and IDC, “Worldwide SOAR and Firewall Automation Market Share,” IDC, “Worldwide Cloud-Native XDR Forecast, 2024–2028,” IDC, “Worldwide Attack Surface Management and Breach and Attack Simulation Software Forecast, 2024–2028.” Exposure Management Detection and Response $ in billions $25 $34 $18 $8 $54 $85 2024 2027 Risk Management Cloud Security Managed Security Services16% TOTAL CAGR 13% 17% 20% 15% Detection & Response$18 $21 $11 $5
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9 Rapid7 Labs: Global Threat Intelligence Community Analysis & Development Ingestion Sources Intelligence built into our products & services Active Risk for vulnerability prioritization, custom detection in MDR, and more Expert analysis of attack trends, emergent threats, and high-priority vulnerabilities ETR advisory, research reports, vulnerability disclosures Active security research & open source communities AttackerKB, Metasploit open-source framework, Velociraptor, Open Data, Project Doppler Intelligence Delivery 01 0203 ● Proprietary research ● IR and Rapid7 SOC ● Commercial threat feeds ● Strategic government and industry partnerships ● Open source communities ● Expert threat analysis ● Leverage AI/ML ● Zero-day and other vulnerability research ● Content development for coverage and detection Customer Delivery ● Pro editions of open source software like Metasploit ● Datasets from proprietary research ● Research reports and high-priority vulnerability analysis
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10 Robust Partner Ecosystem RESELLERS DISTRIBUTORS ALLIANCES SYSTEM INTEGRATORS MARKETPLACES MSSPs
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11 Extensive Partner Integration Ecosystem 500+ Platform Integrations
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12 Technology Leadership: Industry Analyst Recognition Leader IDC MarketScapeTM: Worldwide SIEM for Enterprise, 20243 Strong Performer The Forrester Wave™: Unified Vulnerability Management Solutions, Q3 20252 Major Player IDC MarketScapeTM: Worldwide Managed Detection and Response, 20245 Leader IDC MarketScapeTM: Worldwide SIEM for SMB, 20244 Leader IDC MarketScapeTM: Worldwide SIEM, 20246 Leader Frost RadarTM : Managed Detection and Response, 2025 Challenger 2025 Magic Quadrant™ for Security Information and Event Management (SIEM)1 Leader 2025 Gartner® Magic Quadrant™ for Exposure Assessment Platforms (EAP). 1 Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. 2 Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications. Information is based on the best available resources. Opinions reflect judgment at the time and are subject to change 3 IDC MarketScape: Worldwide SIEM for Enterprise 2024, September 2024, #US51541324 4 IDC MarketScape: Worldwide Managed Detection and Response 2024 Vendor Assessment, April 2024, #US49006922 5 IDC MarketScape: Worldwide SIEM for SMB 2024, September 2024, #US52038824
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13 13 Rapid7 for Social Good Beyond ESG Employee Engagement & Inclusion Data-driven focus to advance a multi-dimensional workforce, inclusive culture, and equitable pay. Recognized in Bloomberg Gender Equality Index 2019, 2020, 2021, 2022, 2023, and 2024. Environment & Climate Change Focus on reducing environmental impact by minimizing greenhouse gas emissions. Corporate Governance High ethical standards for governance set by the board of directors. Community Engagement & Social Impact Giving back to our communities through partnerships with STEM and inclusion-focused programs, charitable giving, and employee volunteerism. Non-Profit Support Offering solution discounts to eligible non-profit organizations so they can focus more of their resources pursuing the good they do in the world. Rapid7 Core Values Bring You Thrive by celebrating individuality and diverse perspectives Be an Advocate Relentlessly champion our customers to propel the security industry forward Challenge Convention Forge new paths with foresight, discipline, and determination Impact Together Actively support, collaborate with, and learn from each other Never Done Pursue personal and professional excellence through continuous learning
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14 Financial Overview
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15 Annualized Recurring Revenue ● ARR was flat year-over-year in Q4 2025 ● ARR CAGR of 9% from Q4 2021 to Q4 2025 Please see our definition for ARR in the Supplemental section.
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16 Customer Growth and ARR per Customer ARR per customer is based on the new customer count methodology provided at Rapid7’s 2021 Investor Day on March 10, 2021. ● ARR per customer was approximately $72K in Q4 2025 ● ARR per customer CAGR of 5% from Q4 2021 to Q4 2025
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17 Investing to Drive Medium-term Growth and Scale Gross Margin (non-GAAP) General & Administrative (non-GAAP) Operating Income (non-GAAP)Research & Development (non-GAAP) Sales & Marketing (non-GAAP) Expenses and Operating Income (non-GAAP) Displayed as % of Fiscal Year Revenue Please see the Supplemental section for a full reconciliation of GAAP to Non-GAAP metrics. Non-GAAP guidance excludes estimates for stock-based compensation expense, amortization of acquired intangible assets, amortization of debt issuance costs, and certain other items such as acquisition-related expenses, impairment of long-lived assets, restructuring expense, induced conversion expense, change in the fair value of derivative assets, non-ordinary course litigation-related expenses and discrete tax items.
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18 Guidance
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19 Q1 2026 Full Year FY 2026 Annualized Recurring Revenue (‘ARR’) approximately $830 million not provided ARR Growth YoY (1)% – Revenue $207 to $209 million $835 to $843 million Revenue Growth YoY (2)% to (1)% (3)% to (2)% Non-GAAP Operating Income 1,2 $19 to $21 million $108 to $116 million Non-GAAP Net Income Per Share 1,2 $0.29 to $0.32 $1.50 to $1.60 Weighted-average Shares Outstanding, Diluted 77.1 78.2 Free Cash Flow not guided quarterly $125 to $135 million Q1 2026 and Full Year 2026 Guidance 1) The guidance provided above is forward-looking in nature. Actual results may differ materially. See the cautionary note regarding “Forward-Looking Statements” below. Guidance for the first quarter 2026 and full-year 2026 does not include any potential impact of foreign exchange gains or losses. 2) Please see the Supplemental section for a full reconciliation of GAAP to Non-GAAP metrics. Non-GAAP guidance excludes estimates for stock-based compensation expense, amortization of acquired intangible assets, amortization of debt issuance costs, and certain other items such as acquisition-related expenses, impairment of long-lived assets, restructuring expense, induced conversion expense, change in the fair value of derivative assets, non-ordinary course litigation-related expenses and discrete tax items. Rapid7 anticipates Annualized Recurring Revenue, Revenue, Non-GAAP Income from Operations, Non-GAAP Net Income per Share and Free Cash Flow as follows:
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20 Supplemental
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21 GAAP to Non-GAAP Reconciliations: Q4 2025 (Unaudited, in thousands, except share and per share data)
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22 GAAP to Non-GAAP Reconciliations: Q4 2024 (Unaudited, in thousands, except share and per share data)
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23 GAAP to Non-GAAP Guidance Reconciliation: Q1 & FY 2026 (Amounts in millions, except per share data) 1The anticipated GAAP net loss per share is calculated using basic weighted average shares for periods in which the Company anticipated a GAAP net loss. The anticipated GAAP net income per share is calculated using GAAP diluted weighted average shares for periods in which the Company anticipated GAAP net income. The reconciliation does not reflect any items that are unknown at this time, including, but not limited to, non-ordinary course litigation-related expenses, which we are not able to predict without unreasonable effort due to their inherent uncertainty. As a result, the estimates shown for Anticipated GAAP loss from operations, Anticipated GAAP net loss and Anticipated GAAP net loss per share are expected to change
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24 GAAP to Non-GAAP Guidance Reconciliation: FY 2026 (All amounts in millions)
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25 End Notes Annualized Recurring Revenue (ARR) • ARR is defined as the annual value of all recurring revenue related to active contracts as of the last day of the period. ARR is measured at a specific point in time and does not incorporate consideration of any anticipated contract terminations or other prospective events, regardless of whether such events may exert a favorable or adverse influence on the metric. ARR should be viewed independently of revenue and deferred revenue, as ARR is an operating metric and is not intended to be combined with or replace these items. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates and renewal rates and does not include revenue reported as professional services revenue in our consolidated statement of operations. We use ARR and believe it is useful to investors as a measure of the overall success of our business. Recurring Revenue • Recurring revenue is defined as revenue from the sale of term software licenses, content subscriptions, managed services, cloud-based subscriptions and maintenance and support calculated as % of total revenue. Customer • A Customer is defined as any entity that has an active recurring revenue contract as of the specified measurement date, excluding InsightOps and Logentries only customers with a contract value of less than $2,400 per year. ARR per Customer • ARR per Customer is defined as ARR divided by the number of Customers at the end of the period. Non-GAAP metrics • Non-GAAP gross margins represent the GAAP gross profit, excluding stock-based compensation expense and amortization of acquired intangible assets calculated as a % of revenue. See GAAP to Non-GAAP reconciliation. • Operating expenses and operating income margin presented are on a non-GAAP basis and exclude stock-based compensation expense, amortization of acquired intangible assets, and certain other items such as acquisition-related expenses and litigation-related expenses. • Free cash flow is defined as cash flow provided by operations less purchases of property and equipment and capitalization of internal-use software costs. Guidance • Guidance for the first quarter and full-year 2026 does not include any potential impact of foreign exchange gains or losses. • Non-GAAP guidance excludes estimates for stock-based compensation expense, amortization of acquired intangible assets, amortization of debt issuance costs and certain other items such as restructuring expense and discrete tax items. A reconciliation of non-GAAP guidance measures to the most comparable GAAP measures is provided in the financial statement tables included in these End Notes. The reconciliation does not reflect any items that are unknown at this time, such as non-ordinary course litigation-related expenses, for the first quarter and full-year 2026, which we are not able to predict without unreasonable effort due to their inherent uncertainty.
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26 Thank You