Rigetti Computing, Inc. (RGTI) Revenue, Margins & Financial Statements
Rigetti Computing, Inc. (RGTI) reported $7.09M in revenue over the most recent fiscal year on record, down 34.3% year over year. Growth has been contracting. Profit is growing faster than sales, usually a sign of improving efficiency or pricing power. Operating margin is the lowest of the last 4 years on record. Free cash flow ran 36% of net income in the latest year, meaningfully below reported profit, worth a closer look at working capital. The balance sheet holds $44.85M more in cash & investments than debt. Share count grew 16.8% over the past year, some dilution.
Rigetti Computing, Inc.'s revenue for the fiscal year ended Dec 2025 was $7.09M, a decrease of +34.3% compared to the prior year. Is growth accelerating, stable, slowing, or contracting? See the quarterly beat/miss history →
| Fiscal Year Ended | Revenue Growth |
|---|---|
| Dec 2025 | -34.3% |
| Dec 2024 | -10.1% |
| Dec 2023 | -8.3% |
| Dec 2022 | — |
"Accelerating" / "Slowing" means each of the last 3 years' growth rates moved consistently in that direction, not a subjective call.
Year-over-year growth by quarter, each quarter compared to the same quarter one year earlier, which avoids the seasonal noise of comparing sequential quarters. Rigetti Computing, Inc.'s most recent quarter grew +185.3% year-over-year, slower than the quarter before it.
| Quarter Ended | Revenue | YoY Growth |
|---|---|---|
| Jun 2026 | $5.14M | +185.3% |
| Mar 2026 | $4.40M | +198.9% |
| Dec 2025 (derived) | $1.87M | -17.9% |
| Sep 2025 | $1.95M | -18.1% |
| Jun 2025 | $1.80M | -41.6% |
| Mar 2025 | $1.47M | -51.8% |
| Dec 2024 (derived) | $2.27M | -32.6% |
| Sep 2024 | $2.38M | -23.4% |
Net income grew -32.7% year-over-year in the same quarter.
Profit is growing faster than sales, usually a sign of improving efficiency or pricing power.
Compared against 15 other Technology stocks tracked on this site, not the whole market, and small enough that this is directional context, not a definitive benchmark.
EPS +35.8% year over year. A rough breakdown of what drove it (approximate, since EPS is roughly net income divided by share count):
Accounting profit is not the same as cash in the bank. Here's how RGTI converts revenue into real cash.
RGTI used more cash in operations than it generated in the most recent year. At that burn rate:
How RGTI deployed cash in the most recent year, across its actual cash-flow-statement uses.
Objective, rule-based checks against the figures above, not a subjective rating.
| Fiscal Year Ended | Revenue Growth | Margin Change | FCF Growth |
|---|---|---|---|
| Dec 2025 | -34.3% | -559.5pp | -25.1% |
| Dec 2024 | -10.1% | -32.9pp | -3.5% |
| Dec 2023 | -8.3% | +230.5pp | +30.2% |
| Dec 2022 | — | — | — |
Is RGTI's revenue growing?
Rigetti Computing, Inc.'s revenue growth has been contracting, at -34.3% in the most recent year on record.
Is RGTI's profit growing faster than its revenue?
Profit is growing faster than sales, usually a sign of improving efficiency or pricing power.
Are RGTI's profit margins improving or declining?
Operating margin has compressed for 2 straight years on record. It is currently the lowest of the last 4 years.
Is RGTI's reported profit backed by real cash?
Operating cash flow ran +27% of net income, and free cash flow ran +36% of net income, in the most recent year. Cash generation is running noticeably behind reported profit.
Does RGTI have more cash than debt?
Yes, RGTI holds $44.85M more in cash & short-term investments than its total debt.
Is RGTI diluting shareholders or buying back stock?
RGTI's share count grew +16.8% over the past year, existing shareholders were diluted.
What are the biggest financial red flags for RGTI right now?
Revenue declined 34.3% year over year. Gross margin has declined for 3 straight years on record. Operating margin has compressed for 2 straight years on record. Free cash flow was negative in the most recent year. Operating cash flow covers only 27% of net income, profit isn't fully backed by cash. Share count grew 16.8% year over year, meaningful dilution. Accounts receivable grew 5.1%, notably faster than revenue's -34.3%.
Every line item as reported, with the annual/quarterly toggle and ratio table.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $7.09M | $10.79M | $12.01M | $13.10M | — |
| Cost of Revenue | $5.02M | $5.09M | $2.80M | $2.87M | — |
| Gross Profit | $2.06M | $5.70M | $9.21M | $10.23M | — |
| Research & Development | $61.34M | $49.75M | $52.77M | $59.95M | — |
| General & Administrative | $25.38M | $24.46M | $27.74M | $53.98M | $4.90M |
| Selling & Marketing | — | — | — | $6.35M | — |
| Total Operating Expenses | $86.72M | $74.21M | $81.50M | $119.31M | — |
| Operating Income | -$84.66M | -$68.51M | -$72.30M | -$109.08M | -$4.90M |
| Nonoperating Income (Expense) | -$131.55M | -$132.48M | -$2.81M | $37.56M | — |
| Interest Expense | — | — | $5.78M | $5.29M | — |
| Pretax Income | -$216.21M | -$200.99M | -$75.11M | -$71.52M | — |
| Income Tax Expense | $0.00 | $0.00 | $0.00 | $0.00 | — |
| Net Income | -$216.21M | -$200.99M | -$75.11M | -$71.52M | -$23.17M |
| EPS (Basic) | $-0.70 | $-1.09 | $-0.57 | $-0.70 | — |
| EPS (Diluted) | $-0.70 | $-1.09 | $-0.57 | $-0.70 | — |
| Weighted Avg Shares (Basic) | 309.76M | 184.67M | 131.98M | 102.30M | — |
| Weighted Avg Shares (Diluted) | 309.76M | 184.67M | 131.98M | 102.30M | — |
Sourced from SEC filings (10-K / 10-Q). Figures not separately reported by the company are shown as —, not estimated. Quarterly "derived Q4" values are calculated as the full fiscal year total minus the three reported quarters.
Computed from the annual figures above, most recent first.
| Ratio | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Gross Margin | 29.1% | 52.8% | 76.7% | 78.1% | — |
| Operating Margin | -1194.4% | -634.9% | -602.1% | -832.5% | — |
| Net Margin | -3050.4% | -1862.7% | -625.5% | -545.9% | — |
| Return on Equity | -39.6% | -158.8% | -68.5% | -47.6% | — |
| Current Ratio | 37.42 | 17.42 | 3.71 | 7.10 | — |
| Debt / Equity | 0.00 | 0.00 | 0.09 | 0.14 | — |
| Free Cash Flow | -$77.22M | -$61.73M | -$59.64M | -$85.43M | — |