Rigetti Computing, Inc. (RGTI) financials

NASDAQ · Technology · Computer Hardware · 163 employees · CEO Subodh K. Kulkarni

Price: $11.25 -6.72%
Market cap: $3.75B
Enterprise value: $3.73B
Last report: Q2 '26 filed 2026-08-06
Next report: 2026-11-10 EPS est. -$0.05

Revenue (TTM)$13.4M+68.5% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-727.6%+248.5 pp vs a year agoOperating income -$97.2M

Net income (TTM)-$239M-44.8% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)-$87.6M-33.6% vs a year agoCapex $26.9M

Diluted EPS (TTM)-$0.90-4.4% vs a year agoSum of the last 4 quarters

Net cash$386M-7.6% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $3.75B
Revenue: $13.4M
Revenue growth: +228%
Profit margin: -1,787.4%
P/E: -15.3×
P/S: 281.2×
EV / EBITDA: -16.3×
Free cash flow: -$87.6M
Net income: -$239M
Revenue estimate: $23.2M
Earnings: 2026-11-10
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-06): revenue beat by 1.0%, EPS missed by 8.6%Revenue $5.14M vs $5.09M expected (+1.0%); EPS -$0.05 vs -$0.05 (-8.6%).
Revenue growth accelerating: 185.3% year on yearQ2 '26 revenue $5.14M, against an average of 30.3% over the four quarters before.
Operating margin -727.6% (TTM), +248.5 pp on a year agoOperating income grew -25.6% while revenue grew 68.5%.
Capex 201.2% of revenue (a year ago 148.6%)$26.9M invested in the last 4 quarters (+128.2% on a year earlier). Free cash flow -$87.6M.
Diluted share count up 11.7% in a year333M diluted shares in Q2 '26, 298M a year earlier.
Net cash $386MCash + short-term investments $394M, debt incl. leases $7.7M; a year ago net cash $418M.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$5.14M	$1.8M	+185.3%
Gross margin	42.6%	31.4%	+11.2 pp
Operating income	-$28.1M	-$19.9M	-41.1%
Operating margin	-546.2%	-1,103.9%	+557.8 pp
Net income	-$52.6M	-$39.7M	-32.7%
Diluted EPS	-$0.16	-$0.13	-23.1%
Operating cash flow	-$15.8M	-$16.2M	+2.4%
Capex	$12M	$5.67M	+111.6%
Free cash flow	-$27.8M	-$21.8M	-27.2%
R&D	$20.7M	$13.5M	+53.3%
Stock-based compensation	$7.02M	$3.55M	+97.5%

Reported vs consensus

2026-08-06

	Actual	Consensus	vs consensus
Revenue	$5.14M	$5.09M	+1.0%
EPS (as estimated)	-$0.05	-$0.05	-8.6%

From the report of 2026-08-06 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
Access to quantum computing systems	$88K	-2.2%	100.0%	–	–

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
United States	$5.36M	–	88.4%	$11.1M	–
Europe	$700K	–	11.6%	$1.97M	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: -$60.7M
Capex: -$26.9M
Buybacks: $0
Dividends: $0
Acquisitions: $0
Net debt issued: $0
Stock-based compensation: $22.8M
Free cash flow: -$87.6M
Returned to shareholders / FCF: 0.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	-15.3×	–	–
EV / EBITDA	-16.3×	–	–
EV / Sales	279.7×	251.7×	4.3× – 962.7×
Price / FCF	-42.9×	–	–
Price / Book	7.0×	11.1×	0.5× – 22.3×
FCF yield	-2.3%	-36.6%	-114.5% – -1.1%
Return on invested capital	-17.8%	-46.2%	-86.5% – -12.9%
Return on equity	-46.8%	-139.4%	-382.6% – -39.6%

Analysts

Consensus target $22.50 (+100.0%)
range $18.00 – $27.00 · rating Buy

Strong buy0

Buy6

Hold1

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$23.2M	+228.0%	-$0.19	+73.1%	-59.8×	7
FY2027	$51.2M	+120.5%	-$0.19	-3.4%	-57.8×	7
FY2028	$83.2M	+62.4%	-$0.18	+5.3%	-61.0×	6
FY2029	$129M	+54.9%	-$0.23	-24.8%	-48.9×	3
FY2030	$221M	+71.7%	-$0.15	+33.3%	-73.4×	2

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 189 figures Rigetti Computing, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts and Other Receivables, Net, Current	$3.37M	$342K	+886.5%	$1.2M	$1.5M	-19.6%
Accounts Payable and Accrued Liabilities, Current	$5.58M2025-12-31	$8.01M	-30.3%	$5.58M	$8.01M	-30.3%
Accounts Payable and Other Accrued Liabilities, Current	$6.68M	$5.96M	+12.1%	$5.58M	$8.01M	-30.3%
Accounts Payable, Current	$14M	$2.16M	+548.5%	$3.49M	$1.59M	+119.4%
Accounts Receivable, after Allowance for Credit Loss, Current	$3.87M	$1.75M	+120.5%	$2.55M	$2.43M	+5.1%
Accrued Professional Fees, Current	$473K2025-12-31	$430K	+10.0%	$473K	$430K	+10.0%
Accrued Utilities, Current	$2.46M2025-12-31	$2.79M	-11.9%	$2.46M	$2.79M	-11.9%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$48.4M2025-12-31	$40.3M	+20.1%	$48.4M	$40.3M	+20.1%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$1.75M	$133K	-1,417.3%	$997K	$105K	+849.5%
Additional Paid in Capital, Common Stock	$1.33B	$1.1B	+20.3%	$1.32B	$681M	+93.2%
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	$02025-12-31	$1.64M	-100.0%	$888K	$1.83M	-51.6%
Adjustments to Additional Paid in Capital, Warrant Issued	–	–	–	$1.2M	$1.2M	0.0%
Amortization of Debt Issuance Costs	–	–	–	$0	$844K	-100.0%
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition	$7.02M	$3.55M	+97.5%	$17.6M	$13.1M	+34.7%
Assets	$648M	$637M	+1.8%	$667M	$285M	+134.1%
Assets, Current	$414M	$434M	-4.4%	$455M	$207M	+119.9%
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$02025-12-31	$44.3M	-100.0%	-$2.52M	$43.7M	-105.8%
Business Combination, Contingent Consideration, Liability, Noncurrent	$32.9M2026-03-31	$4.11M	+699.7%	$0	$45.9M	-100.0%
Cash and Cash Equivalents, at Carrying Value	$27.8M	$57.2M	-51.4%	$44.9M	$67.7M	-33.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	$27.8M	$57.2M	-51.4%	$44.9M	$67.7M	-33.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$20.4M	$20M	-201.8%	-$22.8M	$46.3M	-149.3%
Class of Warrant or Right, Exercise Price of Warrants or Rights	$11.502025-12-31	$11.50	0.0%	$11.50	$11.50	0.0%
Class of Warrant or Right, Outstanding	2.68M	2.68M	0.0%	2.68M	2.68M	0.0%
Common Stock, Capital Shares Reserved for Future Issuance	24.6M	29.6M	-16.9%	24.8M	35.9M	-30.8%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	1B	1B	0.0%	1B	1B	0.0%
Common Stock, Shares, Issued	334M	324M	+3.1%	331M	284M	+16.8%
Common Stock, Shares, Outstanding	334M	324M	+3.1%	331M	284M	+16.8%
Common Stock, Value, Issued	$33K	$32K	+3.1%	$33K	$29K	+13.8%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	-$53.7M	-$39.4M	-36.1%	-$215M	-$201M	-7.1%
Contract with Customer, Liability	$4.01M	$816K	+391.9%	$1.55M	$811K	+90.5%
Contract with Customer, Liability, Current	$3.32M	$118K	+2,710.2%	$847K	$113K	+649.6%
Contract with Customer, Liability, Noncurrent	$698K	$698K	0.0%	$698K	$698K	0.0%
Contract with Customer, Liability, Revenue Recognized	$1M	$0	–	$100K	$200K	-50.0%
Cost of Revenue	$2.95M	$1.24M	+138.9%	$5.02M	$5.09M	-1.4%
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Current	$3.1M2025-12-31	$300K	+933.3%	$3.1M	$300K	+933.3%
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$373M	$186M	+100.1%	$24.4M2024-12-31	$28M	-12.9%
Debt Securities, Available-for-sale, Current	$421M2025-09-30	$72.3M	+482.1%	$124M2024-12-31	$78.5M	+58.4%
Debt Securities, Available-for-sale, Noncurrent	$112M2025-09-30	–	–	$25.1M2024-12-31	$0	–
Debt Securities, Available-for-sale, Unrealized Gain (Loss)	$734K	$1.97M	-62.8%	$9.92M	$3.62M	+173.8%
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$1.2M	–	–	$314K2022-12-31	–	–
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions	14 security	8 security	+75.0%	1 security2024-12-31	8 security	-87.5%
DebtSecuritiesAvailableForSaleExcludingAccruedInterestCurrent	$366M	–	–	$399M	$124M	+220.4%
DebtSecuritiesAvailableForSaleExcludingAccruedInterestNoncurrent	$148M	–	–	$146M	$25.1M	+483.7%
Deferred Tax Assets, Goodwill and Intangible Assets	$18.4M2025-12-31	$25M	-26.6%	$18.4M	$25M	-26.6%
Deferred Tax Assets, Gross	$132M2025-12-31	$98.9M	+33.3%	$132M	$98.9M	+33.3%
Deferred Tax Assets, in Process Research and Development	$11K2025-12-31	$11K	0.0%	$11K	$11K	0.0%
Deferred Tax Assets, Operating Loss Carryforwards	$111M2025-12-31	$71.1M	+56.3%	$111M	$71.1M	+56.3%
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration	$454M2025-12-31	–	–	$454M	–	–
Deferred Tax Assets, Other	$9K2025-12-31	–	–	$9K	–	–
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$550K2025-12-31	$601K	-8.5%	$550K	$601K	-8.5%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals	$181K2025-12-31	$41K	+341.5%	$181K	$41K	+341.5%
Deferred Tax Assets, Valuation Allowance	$126M2025-12-31	$93M	+35.7%	$126M	$93M	+35.7%
Deferred Tax Liabilities, Gross	$5.67M2025-12-31	$5.87M	-3.3%	$5.67M	$5.87M	-3.3%
Depreciation	$2.87M	$1.89M	+51.5%	$8.17M	$6.91M	+18.3%
Depreciation, Depletion and Amortization	–	–	–	$8.1M	$6.9M	+17.4%
Derivative Liability, Current	$78.4M	–	–	–	–	–
Derivative Liability, Noncurrent	$103M2025-12-31	$93.1M	+10.2%	$103M	$93.1M	+10.2%
Earnings Per Share, Basic	-$0.16	-$0.13	-23.1%	-$0.70	-$1.09	+35.8%
Earnings Per Share, Diluted	-$0.16	-$0.13	-23.1%	-$0.70	-$1.09	+35.8%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-02