0001810019-26-000044 | 10-Q | XBRL Viewer

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Debt - 5.375% Senior Notes due 2028 (Details) - USD ($)		3 Months Ended
Debt - 5.375% Senior Notes due 2028 (Details) - USD ($)	Dec. 01, 2020	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Debt Instrument [Line Items]
Repayment of debt		$ 104,500,000	$ 26,100,000
Gain on debt extinguishment		$ 55,800,000	$ 0
5.375% Senior Notes \| Senior notes
Debt Instrument [Line Items]
Interest rate	5.375%	5.375%		5.375%
Aggregate principal amount	$ 550,000,000.0
Principal amount repurchased and surrendered for cancellation		$ 26,900,000
Repayment of debt		11,300,000
Repayments of long-term debt, accrued interest		500,000
Gain on debt extinguishment		15,900,000
Write-off of associated unamortized deferred financing fees		100,000
Fair value		$ 38,400,000
5.375% Senior Notes \| Senior notes \| December 1, 2025 and thereafter
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
5.375% Senior Notes \| Senior notes \| Upon change of control
Debt Instrument [Line Items]
Redemption price, percentage	101.00%

Customer Contracts

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Customer Contracts

The following table presents the balances related to customer contracts:


(In millions)	Condensed Consolidated Balance Sheets Account	December 31, 2025		March 31, 2026
Accounts receivable, net	Accounts receivable, net (1)	$	266.5	$	265.8
Current portion of contract assets	Other current assets	$	3.8	$	5.3
Non-current portion of contract assets	Other non-current assets	$	3.5	$	3.1
Current portion of deferred revenue	Deferred revenue	$	94.6	$	130.4
Non-current portion of deferred revenue	Other non-current liabilities	$	2.6	$	2.3

(1) Allowance for credit losses and accrued customer credits was $12.2 million and $10.7 million as of December 31, 2025 and March 31, 2026, respectively.

Amounts recognized in revenue for the three months ended March 31, 2025 and 2026, which were included in deferred revenue as of the beginning of each period totaled $49.6 million and $60.1 million, respectively.

Cost Incurred to Obtain and Fulfill a Contract

As of December 31, 2025 and March 31, 2026, the balances of capitalized costs to obtain a contract were $30.8 million and $30.2 million, respectively, and the balances of capitalized costs to fulfill a contract were $16.3 million and $16.7 million, respectively. These capitalized costs are included in "Other non-current assets" on the Condensed Consolidated Balance Sheets.

Amortization of capitalized sales commissions and implementation costs was as follows:


	Three Months Ended March 31,
(In millions)	2025		2026
Amortization of capitalized sales commissions	$	6.8	$	5.7
Amortization of capitalized implementation costs	$	2.3	$	2.6

Remaining Performance Obligations

As of March 31, 2026, the aggregate amount of transaction price allocated to remaining performance obligations was $575.5 million, of which approximately 39% is expected to be recognized as revenue during the remainder of 2026 and the remainder thereafter. These remaining performance obligations primarily relate to our fixed-term arrangements. The aggregate amount of transaction price excludes variable consideration related to our usage-based arrangements for which we recognize revenue based on the right to invoice for the services performed.

The E.U. Data Act became effective in September 2025 and establishes new requirements related to cloud service switching rights and limits on early termination fees. These provisions will require modifications to our existing E.U. contract terms. We are currently assessing which of our contracts are subject to these requirements. As of March 31, 2026, our existing contractual terms were in place and provide the basis for the remaining performance obligations disclosed above. We expect to revise our contractual terms to comply with the E.U. Data Act in 2026 which could reduce the amount of remaining performance obligations disclosed in future periods.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Segment Reporting - Schedule of Depreciation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue, Major Customer [Line Items]
Total depreciation expense	$ 40.6	$ 36.5
Public Cloud
Revenue, Major Customer [Line Items]
Total depreciation expense	1.8	1.7
Private Cloud
Revenue, Major Customer [Line Items]
Total depreciation expense	33.8	29.7
Corporate functions
Revenue, Major Customer [Line Items]
Total depreciation expense	$ 5.0	$ 5.1

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-39420
Entity Registrant Name	RACKSPACE TECHNOLOGY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3369925
Entity Address, Address Line One	19122 US Highway 281N
Entity Address, Address Line Two	Suite 127
Entity Address, City or Town	San Antonio
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78258
City Area Code	800
Local Phone Number	961-4454
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	RXT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		249,222,499
Entity Central Index Key	0001810019
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Property, Equipment and Software, net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property, Equipment and Software, net

Property, equipment and software, net, consisted of the following:


(In millions)	December 31, 2025		March 31, 2026
Computers and equipment	$	1,114.5	$	1,101.6
Software	428.6		437.1
Furniture and fixtures	7.3		7.2
Buildings and leasehold improvements	416.6		413.7
Property, equipment and software, at cost	1,967.0		1,959.6
Less: Accumulated depreciation	(1,377.7)		(1,378.2)
Work in process	7.0		5.7
Property, equipment and software, net	$	596.3	$	587.1

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Debt - Subsequent Debt Repurchases (Details) - Senior notes - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	May 08, 2026	Mar. 31, 2026	Dec. 31, 2025	Mar. 12, 2024	Dec. 01, 2020
Senior Notes, 3.50% FLSO Secured Notes and 5.375% Notes \| Subsequent Event
Debt Instrument [Line Items]
Principal amount repurchased and surrendered for cancellation	$ 11.2
Repayment of accrued interest and fees	$ 0.2
3.50% FLSO Senior Secured Notes
Debt Instrument [Line Items]
Principal amount repurchased and surrendered for cancellation		$ 68.3
Interest rate		3.50%	3.50%	3.50%
3.50% FLSO Senior Secured Notes \| Subsequent Event
Debt Instrument [Line Items]
Interest rate	3.50%
5.375% Senior Notes
Debt Instrument [Line Items]
Principal amount repurchased and surrendered for cancellation		$ 26.9
Interest rate		5.375%	5.375%		5.375%
5.375% Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Principal amount repurchased and surrendered for cancellation	$ 4.8
Interest rate	5.375%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Sale of Receivables (Details) - USD ($) $ in Millions	3 Months Ended
Sale of Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Debt Instrument [Line Items]
Expense	$ 4.6	$ 5.0
Sold receivables derecognized	251.4		$ 253.8
Rackspace Receivables II, LLC , Special Purpose Vehicle (SPV)
Debt Instrument [Line Items]
Unsold receivables retained	$ 65.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies	Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies Nature of Operations and Basis of Presentation Rackspace Technology, Inc. ("Rackspace Technology") is a Delaware corporation controlled by investment funds affiliated with Apollo Global Management, Inc. and its subsidiaries ("Apollo"). Rackspace Technology was formed on July 21, 2016 but had no assets, liabilities or operating results until November 3, 2016 when Rackspace Hosting, Inc. (now named Rackspace Technology Global, Inc., or "Rackspace Technology Global"), a global provider of modern information technology-as-a-service, was acquired by Inception Parent, Inc., a wholly-owned entity indirectly owned by Rackspace Technology (the "Rackspace Acquisition"). Rackspace Technology Global commenced operations in 1998 as a limited partnership and was incorporated in Delaware in March 2000. Rackspace Technology serves as the holding company for Rackspace Technology Global and does not engage in any material business or operations other than those related to its indirect ownership of the capital stock of Rackspace Technology Global and its subsidiaries or business or operations otherwise customarily undertaken by a holding company. For ease of reference, the terms "we," "our company," "the company," "us," or "our" as used in this report refer to Rackspace Technology and its consolidated subsidiaries. The unaudited condensed consolidated financial statements include the accounts of Rackspace Technology, Inc. and our wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Unaudited Interim Financial Information The unaudited condensed consolidated financial statements as of March 31, 2026, and for the three months ended March 31, 2025 and 2026, have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. Accordingly, certain financial information and disclosures required for financial statements prepared under GAAP have been omitted in accordance with the Securities and Exchange Commission ("SEC") disclosure rules and regulations that permit reduced disclosure for interim periods. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on March 6, 2026 ("Annual Report"). The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements included in our Annual Report and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of our financial position as of March 31, 2026, our results of operations, cash flows, and stockholders' deficit for the three months ended March 31, 2025 and 2026. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2026, or for any other interim period, or for any other future year. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities in the condensed consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to the allowance for credit losses, useful lives of property, equipment and software, software capitalization, incremental borrowing rates for lease liability measurement, fair values of intangible assets and reporting units, useful lives of intangible assets, share-based compensation, contingencies, and income taxes, among others. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from our estimates. Liquidity Overview We are a highly leveraged company. As of March 31, 2026, we had $2,327.6 million aggregate principal amount outstanding under our debt instruments, which are comprised of the first lien first out senior secured term loan facility (the “FLFO Term Loan Facility”), the first lien second out senior secured term loan facility (the “FLSO Term Loan Facility”), the senior secured first lien term loan facility (the "Term Loan Facility"), 3.50% FLSO Senior Secured Notes due 2028 (the “3.50% FLSO Senior Secured Notes”), 5.375% Senior Notes due 2028 (the "5.375% Senior Notes"), and 3.50% Senior Secured Notes due 2028 (the "3.50% Senior Secured Notes"). We primarily finance our operations and capital expenditures with internally-generated cash from operations and hardware leases, and if necessary, borrowings under the senior secured first lien first out revolving credit facility (the "Revolving Credit Facility"). As of March 31, 2026, the Revolving Credit Facility provided for up to $375.0 million of borrowings, $150.0 million of which was drawn and outstanding as of March 31, 2026. Our primary uses of cash are working capital requirements, debt service requirements and capital expenditures. Based on our current level of operations and available cash and cash equivalents of $93.6 million as of March 31, 2026, we believe our sources will provide sufficient liquidity over at least the next twelve months. We cannot provide assurance, however, that our business will generate sufficient cash flows from operations or that future borrowings will be available to us under the Revolving Credit Facility or from other sources in an amount sufficient to enable us to pay our indebtedness or to fund our other liquidity needs. Our ability to do so depends on our ability to deliver on our strategic objectives and prevailing economic conditions and other factors, many of which are beyond our control. Significant Accounting Policies and Estimates Our Annual Report includes an additional discussion of the significant accounting policies and estimates used in the preparation of our consolidated financial statements. There were no material changes to our significant accounting policies and estimates during the three months ended March 31, 2026. Recent Accounting Pronouncements Measurement of Credit Losses In July 2025, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2025-05, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 allows entities to apply a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions under Accounting Standards Codification (“ASC”) No. 606, Revenue from Contracts with Customers. We adopted this guidance on January 1, 2026 on a prospective basis. The adoption did not have a material impact on our consolidated financial statements.

Derivatives (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Values of Derivative Assets and Liabilities on the Consolidated Balance Sheets

The fair value of our derivative and its location on the Condensed Consolidated Balance Sheets as of December 31, 2025 was as follows:


		December 31, 2025
(In millions)		Assets		Liabilities












Derivatives designated as hedging instruments	Location
Interest rate swaps	Other current assets	$	4.0	$	—

Interest rate swaps	Other current liabilities (1)	—		3.0

Total		$	4.0	$	3.0

(1) The entire balance is comprised of the financing component of the pay-fixed interest rate swap.

Schedule Offsetting Assets Under Master Netting Arrangements

For financial statement presentation purposes, we do not offset assets and liabilities under master netting arrangements and all amounts above are presented on a gross basis. The following table, however, is presented on a net asset and net liability basis:


	December 31, 2025
(In millions)	Gross Amounts on Balance Sheet		Effects of Counterparty Netting		Net Amounts
Assets
Interest rate swaps	$	4.0	$	(3.0)	$	1.0



Liabilities
Interest rate swaps	$	3.0	$	(3.0)	$	—

Schedule Offsetting Liabilities Under Master Netting Arrangements


	December 31, 2025
(In millions)	Gross Amounts on Balance Sheet		Effects of Counterparty Netting		Net Amounts
Assets
Interest rate swaps	$	4.0	$	(3.0)	$	1.0



Liabilities
Interest rate swaps	$	3.0	$	(3.0)	$	—

Schedule of Derivative Instruments, Effect on Comprehensive Loss

The effect of our derivative and its location on the Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2025 and 2026 was as follows:


		Three Months Ended March 31,
(In millions)		2025		2026





Derivatives designated as hedging instruments	Location
Interest rate swaps	Interest income (expense)	$	11.4	$	4.0

Customer Contracts (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Balances Related to Customer Contracts

The following table presents the balances related to customer contracts:


(In millions)	Condensed Consolidated Balance Sheets Account	December 31, 2025		March 31, 2026
Accounts receivable, net	Accounts receivable, net (1)	$	266.5	$	265.8
Current portion of contract assets	Other current assets	$	3.8	$	5.3
Non-current portion of contract assets	Other non-current assets	$	3.5	$	3.1
Current portion of deferred revenue	Deferred revenue	$	94.6	$	130.4
Non-current portion of deferred revenue	Other non-current liabilities	$	2.6	$	2.3

(1) Allowance for credit losses and accrued customer credits was $12.2 million and $10.7 million as of December 31, 2025 and March 31, 2026, respectively.

Schedule of Capitalized Contract Cost

Amortization of capitalized sales commissions and implementation costs was as follows:


	Three Months Ended March 31,
(In millions)	2025		2026
Amortization of capitalized sales commissions	$	6.8	$	5.7
Amortization of capitalized implementation costs	$	2.3	$	2.6

Taxes	3 Months Ended
Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Taxes	Taxes We are subject to U.S. federal income tax and various state, local, and international income taxes in numerous jurisdictions. The differences between our effective tax rate and the U.S. federal statutory rate of 21% generally result from various factors, including the geographical distribution of taxable income, contingency reserves for uncertain tax positions, and permanent differences between the book and tax treatment of certain items. Additionally, the amount of income taxes paid is subject to our interpretation of applicable tax laws in the jurisdictions in which we file. For the three months ended March 31, 2026, our effective tax rate is lower than the U.S. federal statutory rate of 21% primarily due to the tax impact associated with changes in valuation allowance, executive compensation that is nondeductible under Internal Revenue Code (“IRC”) Section 162(m), and the net impact of the geographic distribution of our earnings.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/740/tableOfContent

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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

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-Topic 740
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Reconciliation of Revenue from Segments to Consolidated

The table below presents revenue and segment operating profit by reportable segment and a reconciliation of consolidated segment operating profit to consolidated income (loss) before income taxes for the three months ended March 31, 2025 and 2026.


	Three Months Ended March 31,
(In millions)	2025		2026
Public Cloud
Revenue	$	415.6	$	443.4
Third party infrastructure (1)	(326.4)		(353.9)
Other cost of revenue (2)	(49.7)		(50.2)
Other segment items (3)	(22.2)		(18.6)
Segment operating profit	$	17.3	$	20.7

Private Cloud
Revenue	$	249.8	$	234.7
Cost of revenue	(157.2)		(150.2)
Other segment items (3)	(31.6)		(26.6)
Segment operating profit	$	61.0	$	57.9

Total Consolidated
Revenue	$	665.4	$	678.1
Segment operating profit	$	78.3	$	78.6

Corporate functions	(52.7)		(47.9)
Share-based compensation expense	(12.0)		(6.6)
Transaction-related adjustments, net (4)	(1.5)		(1.6)
Restructuring and transformation expenses (5)	(13.1)		(9.0)

Amortization of intangible assets (6)	(37.4)		(31.3)




Interest expense	(19.4)		(26.2)
Loss on investments, net	(0.1)		(0.1)
Gain on debt extinguishment	—		55.8
Other expense, net	(5.4)		(3.5)
Total consolidated income (loss) before income taxes	$	(63.3)	$	8.2


(1)			Represents usage charges from public cloud infrastructure providers.
(2)			Other cost of revenue excludes third party infrastructure expenses and is comprised of certain license costs, labor, and other designated expenses.
(3)			Other segment items for each segment include directly allocable research and development expenses, sales and marketing expenses, and certain other general and administrative expenses.
(4)			Includes purchase accounting adjustments, exploratory acquisition and divestiture costs, and expenses related to financing activities.
(5)			Includes consulting and advisory fees related to business transformation and optimization activities, as well as associated severance, certain facility closure costs, and lease termination expenses. Also includes payroll taxes associated with the exercise of stock options and vesting of restricted stock.
(6)			All of our intangible assets are attributable to acquisitions, including the Rackspace Acquisition in 2016.

Schedule of Reconciliation of Gross Profit from Segments to Consolidated


	Three Months Ended March 31,
(In millions)	2025		2026
Public Cloud
Revenue	$	415.6	$	443.4
Third party infrastructure (1)	(326.4)		(353.9)
Other cost of revenue (2)	(49.7)		(50.2)
Other segment items (3)	(22.2)		(18.6)
Segment operating profit	$	17.3	$	20.7

Private Cloud
Revenue	$	249.8	$	234.7
Cost of revenue	(157.2)		(150.2)
Other segment items (3)	(31.6)		(26.6)
Segment operating profit	$	61.0	$	57.9

Total Consolidated
Revenue	$	665.4	$	678.1
Segment operating profit	$	78.3	$	78.6

Corporate functions	(52.7)		(47.9)
Share-based compensation expense	(12.0)		(6.6)
Transaction-related adjustments, net (4)	(1.5)		(1.6)
Restructuring and transformation expenses (5)	(13.1)		(9.0)

Amortization of intangible assets (6)	(37.4)		(31.3)




Interest expense	(19.4)		(26.2)
Loss on investments, net	(0.1)		(0.1)
Gain on debt extinguishment	—		55.8
Other expense, net	(5.4)		(3.5)
Total consolidated income (loss) before income taxes	$	(63.3)	$	8.2


(1)			Represents usage charges from public cloud infrastructure providers.
(2)			Other cost of revenue excludes third party infrastructure expenses and is comprised of certain license costs, labor, and other designated expenses.
(3)			Other segment items for each segment include directly allocable research and development expenses, sales and marketing expenses, and certain other general and administrative expenses.
(4)			Includes purchase accounting adjustments, exploratory acquisition and divestiture costs, and expenses related to financing activities.
(5)			Includes consulting and advisory fees related to business transformation and optimization activities, as well as associated severance, certain facility closure costs, and lease termination expenses. Also includes payroll taxes associated with the exercise of stock options and vesting of restricted stock.
(6)			All of our intangible assets are attributable to acquisitions, including the Rackspace Acquisition in 2016.

Schedule of Property, Equipment, and Software, Net

Property, equipment and software, net, consisted of the following:


(In millions)	December 31, 2025		March 31, 2026
Computers and equipment	$	1,114.5	$	1,101.6
Software	428.6		437.1
Furniture and fixtures	7.3		7.2
Buildings and leasehold improvements	416.6		413.7
Property, equipment and software, at cost	1,967.0		1,959.6
Less: Accumulated depreciation	(1,377.7)		(1,378.2)
Work in process	7.0		5.7
Property, equipment and software, net	$	596.3	$	587.1

The table below presents depreciation expense included in segment operating profit above for the three months ended March 31, 2025 and 2026.


	Three Months Ended March 31,
(In millions)	2025		2026
Public Cloud	$	1.7	$	1.8
Private Cloud	29.7		33.8

Corporate functions	5.1		5.0
Total depreciation expense	$	36.5	$	40.6

Debt - 3.5% FLSO Senior Secured Notes due 2028 (Details) - USD ($)			3 Months Ended
	Mar. 12, 2024	Dec. 01, 2020	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Apr. 16, 2024	Apr. 02, 2024
Debt Instrument [Line Items]
Principal balance			$ 2,477,600,000		$ 2,489,200,000
Repayment of debt			104,500,000	$ 26,100,000
Gain on debt extinguishment			$ 55,800,000	$ 0
3.50% FLSO Senior Secured Notes \| Senior notes
Debt Instrument [Line Items]
Interest rate	3.50%		3.50%		3.50%
Aggregate principal amount	$ 267,300,000
Principal balance			$ 250,300,000		$ 318,600,000	$ 3,600,000	$ 93,300,000
Redemption price, percentage	101.00%
Principal amount repurchased and surrendered for cancellation			68,300,000
Repayment of debt			34,500,000
Debt instrument, increase, accrued interest			400,000
Gain on debt extinguishment			39,100,000
Write-off of associated unamortized deferred financing fees			5,100,000
Fair value of debt			$ 120,100,000
3.50% FLSO Senior Secured Notes \| Senior notes \| Upon change of control
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
5.375% Senior Notes \| Senior notes
Debt Instrument [Line Items]
Interest rate		5.375%	5.375%		5.375%
Aggregate principal amount		$ 550,000,000.0
Principal balance			$ 98,500,000		$ 125,400,000
Principal amount repurchased and surrendered for cancellation			26,900,000
Repayment of debt			11,300,000
Gain on debt extinguishment			15,900,000
Write-off of associated unamortized deferred financing fees			$ 100,000
5.375% Senior Notes \| Senior notes \| Upon change of control
Debt Instrument [Line Items]
Redemption price, percentage		101.00%

Property, Equipment and Software, net (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	$ 1,959.6	$ 1,967.0
Less: Accumulated depreciation	(1,378.2)	(1,377.7)
Property, equipment and software, net	587.1	596.3
Computers and equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	1,101.6	1,114.5
Software
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	437.1	428.6
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	7.2	7.3
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	413.7	416.6
Work in process
Property, Plant and Equipment [Line Items]
Work in process	$ 5.7	$ 7.0

Debt - FLFO Term Loan Facility (Details) - Term loan facility - USD ($)		3 Months Ended
	Mar. 12, 2024	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate floor		0.75%
FLFO Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount	$ 275,000,000.0
Debt instrument, basis spread on variable rate	6.25%
Effective interest rate	1.00%	10.04%	10.11%
Quarterly principal payment		$ 700,000
Fair value of debt		$ 268,200,000
FLFO Term Loan Facility \| Prior to September 12, 2026
Debt Instrument [Line Items]
Debt instrument, early repayment fee	3.00%
FLFO Term Loan Facility \| Prepaid on or after September 12, 2026 but prior to September 12 2027
Debt Instrument [Line Items]
Debt instrument, early repayment fee	1.00%
FLSO Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,687,200,000
Debt instrument, basis spread on variable rate floor	0.75%
Debt instrument, basis spread on variable rate	2.75%
Effective interest rate		6.54%	6.61%
Quarterly principal payment		$ 4,200,000
Fair value of debt		$ 722,600,000
FLSO Term Loan Facility \| One- Month Duration SOFR
Debt Instrument [Line Items]
Credit spread adjustment	0.11%
FLSO Term Loan Facility \| Three- Month Duration SOFR
Debt Instrument [Line Items]
Credit spread adjustment	0.26%
FLSO Term Loan Facility \| Six- Months Duration SOFR
Debt Instrument [Line Items]
Credit spread adjustment	0.43%

Share-Based Compensation - Schedule of Share Based Compensation Expense Equity and Liability Awards Amounts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 6.6	$ 12.0
Equity classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	3.8	7.6
Liability classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 2.8	$ 4.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Revolving Credit Facility (Details)		3 Months Ended
Debt - Revolving Credit Facility (Details)	Mar. 12, 2024 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Feb. 09, 2021 USD ($)
Debt Instrument [Line Items]
Principal balance		$ 2,477,600,000	$ 2,489,200,000
Revolving Credit Facility \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 375,000,000.0	375,000,000.0		$ 375,000,000.0
Debt instrument, variable interest rate, type flag	Secured Overnight Financing Rate (SOFR)
Debt instrument, basis spread on variable rate	3.00%
Unused commitment fee percentage	0.50%
Debt instrument, leverage ratio, maximum	5.00
Debt instrument, covenant, undrawn letters of credit and cash collateralized letters of credit excluded from threshold trigger	$ 25,000,000.0
Debt instrument, covenant, percentage of outstanding borrowings trigger, minimum	35.00%
Proceeds from long-term lines of credit		125,000,000.0
Repayments of long-term lines of credit		35,000,000.0
Principal balance		150,000,000.0	$ 60,000,000.0
Letters of credit outstanding, amount		23,500,000
Remaining commitments		$ 201,500,000
Revolving Credit Facility \| Line of credit \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (1,219.5)	$ (1,004.2)
Foreign currency translation adjustments, net of tax expense	(6.8)	3.6
Unrealized loss on derivative contracts, net of tax benefit	0.0	(0.1)
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax expense	(2.5)	(8.5)
Ending balance	(1,216.7)	(1,073.1)
Foreign currency translation adjustment, tax expense	2.4	(0.6)
Unrealized (loss) gain on derivative contract, tax benefit		0.1
Amount reclassified from Accumulated comprehensive income (loss) into earnings, tax expense	1.5	2.9
Interest expense	26.2	19.4
Reclassification out of Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Interest expense	4.0	11.4
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	7.5	24.1
Ending balance	(1.8)	19.1
Accumulated Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	5.0	(10.2)
Foreign currency translation adjustments, net of tax expense	(6.8)	3.6
Unrealized loss on derivative contracts, net of tax benefit		0.0
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax expense	0.0	0.0
Ending balance	(1.8)	(6.6)
Accumulated Gain on Derivative Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	2.5	34.3
Foreign currency translation adjustments, net of tax expense	0.0	0.0
Unrealized loss on derivative contracts, net of tax benefit		(0.1)
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax expense	(2.5)	(8.5)
Ending balance	$ 0.0	$ 25.7

Debt - Term Loan Facility (Details) - USD ($)	3 Months Ended
Debt - Term Loan Facility (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025	Feb. 09, 2021
Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
One- Month Duration Term
Debt Instrument [Line Items]
Credit spread adjustment	0.11%
Three- Month Duration Term
Debt Instrument [Line Items]
Credit spread adjustment	0.26%
Six- Months Duration Term
Debt Instrument [Line Items]
Credit spread adjustment	0.43%
Term loan facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate floor	0.75%
Interest payment period (not exceed)	90 days
Term loan facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.75%
Term loan facility \| Base rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Term Loan Facility \| Term loan facility
Debt Instrument [Line Items]
Aggregate principal amount			$ 2,300,000,000
Effective interest rate	6.54%	6.60%
Quarterly principal payment	$ 200,000
Fair value of debt	$ 20,400,000

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Debt consisted of the following:


(In millions, except %)		December 31, 2025			March 31, 2026
Debt Instrument	Maturity Date	Interest Rate(1)	Amount		Interest Rate(1)	Amount
FLSO Term Loan Facility	May 15, 2028	6.61%	$	1,610.0	6.54%	$	1,605.8
FLFO Term Loan Facility	May 15, 2028	10.11%	270.2		10.04%	269.5
Term Loan Facility	February 15, 2028	6.60%	61.1		6.54%	60.9
Revolving Credit Facility	May 15, 2028	6.73%	60.0		6.67%	150.0

3.50% FLSO Senior Secured Notes	May 15, 2028	3.50%	318.6		3.50%	250.3
3.50% Senior Secured Notes	February 15, 2028	3.50%	43.9		3.50%	42.6
5.375% Senior Notes	December 1, 2028	5.375%	125.4		5.375%	98.5

Total principal amount outstanding			2,489.2			2,477.6
Unamortized debt issuance costs, debt premium, and debt discount			256.8			230.9
Total debt			2,746.0			2,708.5
Less: current portion of debt			(27.3)			(26.6)
Debt, excluding current portion			$	2,718.7		$	2,681.9

(1) Contractual interest rate as of each respective balance sheet date. The Revolving Credit Facility interest rate is the weighted average interest rate of borrowings outstanding as of the balance sheet date.

Senior Facilities

On March 12, 2024, Rackspace Finance Holdings, LLC (“Rackspace Finance Holdings”), Rackspace Finance, LLC ( “Rackspace Finance”), the lenders and issuing banks party thereto and Citibank, N.A., as the administrative agent and collateral agent, entered into the credit agreement governing the FLSO Term Loan Facility, FLFO Term Loan Facility and Revolving Credit Facility (together, the “Senior Facilities”) (the “First Lien Credit Agreement”).

FLSO Term Loan Facility

Rackspace Finance issued the FLSO Term Loan Facility in an aggregate principal amount of $1,687.2 million. The FLSO Term Loan Facility matures on May 15, 2028. Borrowings under the FLSO Term Loan Facility bear interest at an annual rate equal to Term Secured Overnight Financing Rate ( “SOFR”) equal to the forward-looking term rate, based on the secured overnight financing rate as administered by the Federal Reserve Bank of New York, for the interest period relevant to such borrowing, plus a credit spread adjustment of 0.11% for an interest period of one-month’s duration, 0.26% for an interest period of three-month duration, and 0.43% for an interest period of six-month duration, subject to a 0.75% floor, plus an applicable margin of 2.75%.

As of March 31, 2026, the contractual interest rate on the FLSO Term Loan Facility was 6.54%. We are required to make quarterly principal payments of $4.2 million.

Affiliates of Apollo are FLSO Term Loan Facility lenders under the First Lien Credit Agreement. As of March 31, 2026, the outstanding principal amount of the FLSO Term Loan Facility was $1,605.8 million, of which $79.4 million, or 4.9%, is due to Apollo affiliates.

Rackspace Finance may prepay some or all of the FLSO Term Loan Facility, together with accrued and unpaid interest, without prepayment premium or penalty.

The fair value of the FLSO Term Loan Facility as of March 31, 2026 was $722.6 million, based on quoted market prices for identical assets that are traded in over-the-counter secondary markets that are not considered active. The fair value of the FLSO Term Loan Facility is classified as Level 2 within the fair value hierarchy.

The FLSO Term Loan Facility contains certain customary affirmative covenants, negative covenants, and events of default.

FLFO Term Loan Facility

Rackspace Finance issued the FLFO Term Loan Facility in an initial aggregate principal amount of $275.0 million. The FLFO Term Loan Facility matures on May 15, 2028. Borrowings under the FLFO Term Loan Facility bear interest at an annual rate equal to Term SOFR equal to the forward-looking term rate, based on the secured overnight financing rate as administered by the Federal Reserve Bank of New York, for the interest period relevant to such borrowing, plus a credit spread adjustment of 0.11% for an interest period of one-month’s duration, 0.26% for an interest period of three-month duration, and 0.43% for an interest period of six-month duration, subject to a 0.75% floor, plus an applicable margin of 6.25% and were issued with 1.00% of original issue discount.

As of March 31, 2026, the contractual interest rate on the FLFO Term Loan Facility was 10.04%. We are required to make quarterly principal payments of $0.7 million.

On or after September 12, 2025 but prior to September 12, 2027, Rackspace Finance may prepay some or all of the FLFO Term Loan Facility, together with accrued and unpaid interest, subject to a prepayment fee equal to (x) 3.00% of the principal amount of the FLFO Term Loan Facility so prepaid prior to September 12, 2026 and (y) 1.00% of the principal amount of the FLFO Term Loan Facility so prepaid on or after September 12, 2026 but prior to September 12, 2027. On or after September 12, 2027, Rackspace Finance may prepay some or all of the FLFO Term Loan Facility, together with accrued and unpaid interest, without prepayment premium or penalty.

The fair value of the FLFO Term Loan Facility as of March 31, 2026 was $268.2 million, based on quoted market prices for identical assets that are traded in over-the-counter secondary markets that are not considered active. The fair value of the FLFO Term Loan Facility is classified as Level 2 within the fair value hierarchy.

The FLFO Term Loan Facility contains certain customary affirmative covenants, negative covenants, and events of default.

Revolving Credit Facility

Rackspace Finance established the Revolving Credit Facility in an aggregate principal amount of $375.0 million of commitments. The Revolving Credit Facility matures on May 15, 2028 and bears interest at an annual rate equal to Term SOFR equal to the forward-looking term rate, based on the secured overnight financing rate as administered by the Federal Reserve Bank of New York, for the interest period relevant to such borrowing, subject to a 1.00% floor, plus an applicable margin of initially 3.00%. The applicable margin is subject to a net first lien leverage-based pricing grid as set forth in the First Lien Credit Agreement. In addition to paying interest on the outstanding principal under the Revolving Credit Facility, Rackspace Finance is required to pay a commitment fee equal to initially 0.50% per annum to the lenders under the Revolving Credit Facility in respect of the unutilized commitments thereunder. The commitment fee is subject to a net first lien leverage-based pricing grid as set forth in the First Lien Credit Agreement. Rackspace Finance may prepay loans incurred under the Revolving Credit Facility, together with accrued and unpaid interest, without prepayment premium or penalty.

The Revolving Credit Facility contains certain customary affirmative covenants, negative covenants, and events of default. In addition, the Revolving Credit Facility contains a financial covenant which limits the super-priority net senior secured leverage ratio to a maximum of 5.00 to 1.00; however, this covenant is only applicable and tested if the aggregate amount of outstanding borrowings under the Revolving Credit Facility and letters of credit issued thereunder (excluding $25.0 million of undrawn letters of credit and cash collateralized letters of credit) as of the last day of a fiscal quarter is greater than 35% of the Revolving Credit Facility commitments as of the last day of such fiscal quarter.

During the three months ended March 31, 2026, we borrowed $125.0 million and repaid $35.0 million on the Revolving Credit Facility. As of March 31, 2026, we had total commitments of $375.0 million, $150.0 million of outstanding borrowings under the Revolving Credit Facility, and $23.5 million of letters of credit issued thereunder. As such, as of March 31, 2026, we had $201.5 million of available commitments remaining.

As of March 31, 2026, we were in compliance with all covenants under the Senior Facilities.

3.50% FLSO Senior Secured Notes due 2028

On March 12, 2024, Rackspace Finance issued $267.3 million initial aggregate principal amount of the 3.50% FLSO Senior Secured Notes. On April 2, 2024 and April 16, 2024, Rackspace Finance issued additional 3.50% FLSO Senior Secured Notes in an aggregate principal amount of $93.3 million and $3.6 million, respectively. The 3.50% FLSO Senior Secured Notes will mature on May 15, 2028 and bear interest at an annual fixed rate of 3.50%. Interest is payable semiannually on February 15 and August 15. The 3.50% FLSO Senior Secured Notes are not subject to registration rights.

Rackspace Finance may redeem the 3.50% FLSO Senior Secured Notes at its option, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the 3.50% FLSO Senior Secured Notes redeemed, plus accrued and unpaid interest, if any, to but excluding the redemption date.

During the three months ended March 31, 2026, Rackspace Finance repurchased and surrendered for cancellation $68.3 million principal amount of the 3.50% FLSO Senior Secured Notes for $34.5 million, including accrued interest and fees of $0.4 million. In connection with these repurchases, we recorded a gain, included in "Gain on debt extinguishment", of $39.1 million, in our Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2026, which includes $5.1 million of unamortized debt premium write-offs.

The indenture governing the 3.50% FLSO Senior Secured Notes (the “3.50% FLSO Senior Secured Notes Indenture”) contains covenants that, among other things, limit our ability to incur certain additional debt, incur certain liens securing debt, pay certain dividends or make other restricted payments, make certain investments, make certain asset sales and enter into certain transactions with affiliates. These covenants are subject to a number of exceptions, limitations, and qualifications as set forth in the 3.50% FLSO Senior Secured Notes Indenture. Additionally, upon the occurrence of a change of control (as defined in the 3.50% FLSO Senior Secured Notes Indenture), we will be required to make an offer to repurchase all of the outstanding 3.50% FLSO Senior Secured Notes at a price in cash equal to 101.000% of the aggregate principal amount, plus accrued and unpaid interest, if any, to, but not including the purchase date. The 3.50% FLSO Senior Secured Notes Indenture also contains customary events of default.

As of March 31, 2026, we were in compliance with all covenants under the 3.50% FLSO Senior Secured Notes Indenture.

The fair value of the 3.50% FLSO Senior Secured Notes as of March 31, 2026 was $120.1 million based on quoted market prices for identical assets that are traded in over-the-counter secondary markets that are not considered active. The fair value of the 3.50% FLSO Senior Secured Notes are classified as Level 2 within the fair value hierarchy.

Term Loan Facility

On February 9, 2021, Rackspace Technology Global amended and restated the credit agreement governing the $2,300.0 million Term Loan Facility. The Term Loan Facility matures on February 15, 2028.

Borrowings under the Term Loan Facility bear interest at an annual rate equal to an applicable margin plus, at our option, either (a) Term SOFR equal to the forward-looking term rate, based on the secured overnight financing rate as administered by the Federal Reserve Bank of New York, for the interest period relevant to such borrowing, plus a credit spread adjustment of 0.11% for an interest period of one-month's duration, 0.26% for an interest period of three-month duration, and 0.43% for an interest period of six-month duration, subject to a 0.75% floor or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate last quoted by The Wall Street Journal and (iii) adjusted Term SOFR for a one-month tenor plus 1.00%.

The applicable margin for the Term Loan Facility is 2.75% for SOFR loans and 1.75% for base rate loans. Interest is due at the end of each interest period elected, not exceeding 90 days, for SOFR loans and at the end of every calendar quarter for base rate loans.

As of March 31, 2026, the contractual interest rate on the Term Loan Facility was 6.54%. We are required to make quarterly principal payments of $0.2 million.

In addition to the quarterly amortization payments discussed above, the Term Loan Facility requires us to make certain mandatory prepayments, including using (i) a portion of annual excess cash flow, as defined in the credit agreement governing the Term Loan Facility, to prepay the Term Loan Facility, (ii) net cash proceeds of certain non-ordinary assets sales or dispositions of property to prepay the Term Loan Facility and (iii) net cash proceeds of any issuance or incurrence of debt not permitted under the Term Loan Facility to prepay the Term Loan Facility. We may make voluntary prepayments at any time without penalty.

As of March 31, 2026, we were in compliance with all covenants under the credit agreement governing the Term Loan Facility.

The fair value of the Term Loan Facility as of March 31, 2026 was $20.4 million, based on quoted market prices for identical assets that are traded in over-the-counter secondary markets that are not considered active. The fair value of the Term Loan Facility is classified as Level 2 within the fair value hierarchy.

3.50% Senior Secured Notes due 2028

On February 9, 2021, Rackspace Technology Global issued $550.0 million aggregate principal amount of the 3.50% Senior Secured Notes. The 3.50% Senior Secured Notes will mature on February 15, 2028 and bear interest at an annual fixed rate of 3.50%. Interest is payable semiannually on February 15 and August 15. The 3.50% Senior Secured Notes are not subject to registration rights.

Rackspace Technology Global may redeem the 3.50% Senior Secured Notes at its option, in whole at any time or in part from time to time, at a redemption price equal to 100.000% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date. Notwithstanding the foregoing, Rackspace Technology Global may redeem during each twelve-month period, commencing with February 9, 2021, up to 10.0% of the original aggregate principal amount of the 3.50% Senior Secured Notes at a redemption price of 103.000%, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date.

During the three months ended March 31, 2026, Rackspace Technology Global repurchased and surrendered for cancellation $1.3 million principal amount of the 3.50% Senior Secured Notes for $0.6 million. In connection with this repurchase, we recorded a gain, included in "Gain on debt extinguishment", of $0.7 million, in our Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2026.

The indenture governing the 3.50% Senior Secured Notes (the “3.50% Notes Indenture”) contains covenants that, among other things, limit our ability to incur certain additional debt, incur certain liens securing debt, pay certain dividends or make other restricted payments, make certain investments, make certain asset sales and enter into certain transactions with affiliates. These covenants are subject to a number of exceptions, limitations, and qualifications as set forth in the 3.50% Notes Indenture. Additionally, upon the occurrence of a change of control (as defined in the 3.50% Notes Indenture), we will be required to make an offer to repurchase all of the outstanding 3.50% Senior Secured Notes at a price in cash equal to 101.000% of the aggregate principal amount, plus accrued and unpaid interest, if any, to, but not including the purchase date.

As of March 31, 2026, Rackspace Technology Global was in compliance with all covenants under the 3.50% Notes Indenture.

The fair value of the 3.50% Senior Secured Notes as of March 31, 2026 was $16.6 million, based on quoted market prices for identical assets that are traded in over-the-counter secondary markets that are not considered active. The fair value of the 3.50% Senior Secured Notes are classified as Level 2 within the fair value hierarchy.

5.375% Senior Notes due 2028

On December 1, 2020, Rackspace Technology Global issued $550.0 million aggregate principal amount of the 5.375% Senior Notes. The 5.375% Senior Notes will mature on December 1, 2028 and bear interest at an annual fixed rate of 5.375%. Interest is payable semiannually on June 1 and December 1. The 5.375% Senior Notes are not subject to registration rights.

Rackspace Technology Global may redeem the 5.375% Senior Notes at its option, in whole at any time or in part from time to time, at a redemption price equal to 100.000% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date.

During the three months ended March 31, 2026, Rackspace Technology Global repurchased and surrendered for cancellation $26.9 million principal amount of the 5.375% Senior Secured Notes for $11.3 million, including accrued interest and fees of $0.5 million. In connection with this repurchase, we recorded a gain, included in "Gain on debt extinguishment", of $15.9 million, in our Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2026, which includes $0.1 million of unamortized debt issuance costs write-offs.

The indenture governing the 5.375% Senior Notes (the “5.375% Notes Indenture”) contains covenants that, among other things, limit our ability to incur certain additional debt, incur certain liens securing debt, pay certain dividends or make other restricted payments, make certain investments, make certain asset sales and enter into certain transactions with affiliates. These covenants are subject to a number of exceptions, limitations, and qualifications as set forth in the 5.375% Notes Indenture. Additionally, upon the occurrence of a change of control (as defined in the 5.375% Notes Indenture), we will be required to make an offer to repurchase all of the outstanding 5.375% Senior Notes at a price in cash equal to 101.000% of the aggregate principal amount, plus accrued and unpaid interest, if any, to, but not including the purchase date.

As of March 31, 2026, Rackspace Technology Global was in compliance with all covenants under the 5.375% Notes Indenture.

The fair value of the 5.375% Senior Notes as of March 31, 2026 was $38.4 million, based on quoted market prices for identical assets that are traded in over-the-counter secondary markets that are not considered active. The fair value of the 5.375% Senior Notes are classified as Level 2 within the fair value hierarchy.

Subsequent Debt Repurchases

Subsequent to March 31, 2026 and through May 8, 2026, we repurchased and surrendered for cancellation an additional $11.2 million aggregate principal amount of 3.50% FLSO Senior Secured Notes and 5.375% Senior Notes for $4.8 million, including accrued interest and fees of $0.2 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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+ Details

Debt - FLSO Term Loan Facility (Details) - USD ($) $ in Millions		3 Months Ended
	Mar. 12, 2024	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Principal balance		$ 2,477.6	$ 2,489.2
Term loan facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate floor		0.75%
Principal balance		$ 2,327.6
FLSO Term Loan Facility \| Term loan facility
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,687.2
Debt instrument, basis spread on variable rate floor	0.75%
Debt instrument, basis spread on variable rate	2.75%
Effective interest rate		6.54%	6.61%
Quarterly principal payment		$ 4.2
Principal balance		1,605.8	$ 1,610.0
Fair value of debt		722.6
FLSO Term Loan Facility \| Term loan facility \| Apollo Global Management Inc \| Affiliated entity
Debt Instrument [Line Items]
Principal balance		$ 79.4
Percentage of debt due to related party		4.90%
FLSO Term Loan Facility \| Term loan facility \| One- Month Duration SOFR
Debt Instrument [Line Items]
Credit spread adjustment	0.11%
FLSO Term Loan Facility \| Term loan facility \| Three- Month Duration SOFR
Debt Instrument [Line Items]
Credit spread adjustment	0.26%
FLSO Term Loan Facility \| Term loan facility \| Six- Months Duration SOFR
Debt Instrument [Line Items]
Credit spread adjustment	0.43%

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash Flows From Operating Activities
Net income (loss)	$ 8.3	$ (71.5)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	71.8	73.9
Reduction in carrying amount of operating right-of-use assets	16.4	16.6
Deferred income taxes	(3.0)	(1.3)
Share-based compensation expense	6.6	12.0
Gain on debt extinguishment	(55.8)	0.0
Loss on investments, net	0.1	0.1
Provision for bad debts and accrued customer credits	0.8	0.0
Amortization of debt issuance costs and debt discount and premium	1.6	1.5
Other operating activities	(1.7)	1.2
Changes in operating assets and liabilities:
Accounts receivable	(0.3)	30.2
Prepaid expenses and other current assets	(34.5)	(13.2)
Accounts payable, accrued expenses, and other current liabilities	(23.3)	(17.3)
Deferred revenue	35.6	(9.3)
Operating lease liabilities	(14.1)	(20.3)
Other non-current assets and liabilities	(3.4)	10.0
Net cash provided by operating activities	5.1	12.6
Cash Flows From Investing Activities
Purchases of property, equipment and software	(14.5)	(8.3)
Other investing activities	3.0	(0.5)
Net cash used in investing activities	(11.5)	(8.8)
Cash Flows From Financing Activities
Proceeds from borrowings under long-term debt arrangements	125.0	30.0
Payments on long-term debt	(104.5)	(26.1)
Payments on financing component of interest rate swap	(3.0)	(4.3)
Principal payments of finance lease liabilities	(13.5)	(13.2)
Principal payments of financing obligations	(8.1)	(7.0)
Net cash used in financing activities	(4.1)	(20.6)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(1.5)	0.9
Decrease in cash, cash equivalents, and restricted cash	(12.0)	(15.9)
Cash, cash equivalents, and restricted cash at beginning of period	108.0	147.0
Cash, cash equivalents, and restricted cash at end of period	96.0	131.1
Supplemental Cash Flow Information
Cash payments for interest, net of amount capitalized	27.8	22.2
Cash payments for income taxes, net of refunds	1.8	1.2
Non-cash Investing and Financing Activities
Acquisition of property, equipment and software by finance leases	10.0	23.5
Acquisition of property, equipment and software by financing obligations	3.7	0.0
Increase (decrease) in property, equipment and software accrued in liabilities	6.5	(5.1)
Non-cash purchases of property, equipment and software	20.2	18.4
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	93.6	128.0
Restricted cash included in other non-current assets	2.4	3.1
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 96.0	$ 131.1

Goodwill and Intangible Assets - Schedule of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 1,960.6	$ 1,962.1
Accumulated amortization	(1,433.5)	(1,403.8)
Net carrying amount	527.1	558.3
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross carrying amount	2,100.6	2,102.1
Accumulated amortization	(1,433.5)	(1,403.8)
Net carrying amount	667.1	698.3
Trade name (indefinite-lived)
Indefinite-lived Intangible Assets [Line Items]
Trade name (indefinite-lived)	140.0	140.0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,934.0	1,935.4
Accumulated amortization	(1,407.5)	(1,377.6)
Net carrying amount	526.5	557.8
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	(1,407.5)	(1,377.6)
Other
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	26.6	26.7
Accumulated amortization	(26.0)	(26.2)
Net carrying amount	0.6	0.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ (26.0)	$ (26.2)

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt consisted of the following:


(In millions, except %)		December 31, 2025			March 31, 2026
Debt Instrument	Maturity Date	Interest Rate(1)	Amount		Interest Rate(1)	Amount
FLSO Term Loan Facility	May 15, 2028	6.61%	$	1,610.0	6.54%	$	1,605.8
FLFO Term Loan Facility	May 15, 2028	10.11%	270.2		10.04%	269.5
Term Loan Facility	February 15, 2028	6.60%	61.1		6.54%	60.9
Revolving Credit Facility	May 15, 2028	6.73%	60.0		6.67%	150.0

3.50% FLSO Senior Secured Notes	May 15, 2028	3.50%	318.6		3.50%	250.3
3.50% Senior Secured Notes	February 15, 2028	3.50%	43.9		3.50%	42.6
5.375% Senior Notes	December 1, 2028	5.375%	125.4		5.375%	98.5

Total principal amount outstanding			2,489.2			2,477.6
Unamortized debt issuance costs, debt premium, and debt discount			256.8			230.9
Total debt			2,746.0			2,708.5
Less: current portion of debt			(27.3)			(26.6)
Debt, excluding current portion			$	2,718.7		$	2,681.9

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Treasury Stock, at Cost
Beginning balance (in shares) at Dec. 31, 2024		232.2
Beginning balance at Dec. 31, 2024	$ (1,004.2)	$ 2.3	$ 2,682.8	$ 24.1	$ (3,682.4)	$ (31.0)
Beginning balance (in shares) at Dec. 31, 2024						3.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and release of stock awards (in shares)		8.2
Exercise of stock options and release of stock awards	0.0	$ 0.1	(0.1)
Share-based compensation expense for equity classified awards	7.6		7.6
Net (loss) income	(71.5)				(71.5)
Other comprehensive loss	(5.0)			(5.0)
Ending balance (in shares) at Mar. 31, 2025		240.4
Ending balance at Mar. 31, 2025	$ (1,073.1)	$ 2.4	2,690.3	19.1	(3,753.9)	$ (31.0)
Ending balance (in shares) at Mar. 31, 2025						3.1
Beginning balance (in shares) at Dec. 31, 2025	245.3	248.4
Beginning balance at Dec. 31, 2025	$ (1,219.5)	$ 2.5	2,709.7	7.5	(3,908.2)	$ (31.0)
Beginning balance (in shares) at Dec. 31, 2025	3.1					3.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and release of stock awards (in shares)		3.8
Exercise of stock options and release of stock awards	$ 0.0
Share-based compensation expense for equity classified awards	3.8		3.8
Net (loss) income	8.3				8.3
Other comprehensive loss	$ (9.3)			(9.3)
Ending balance (in shares) at Mar. 31, 2026	249.1	252.2
Ending balance at Mar. 31, 2026	$ (1,216.7)	$ 2.5	$ 2,713.5	$ (1.8)	$ (3,899.9)	$ (31.0)
Ending balance (in shares) at Mar. 31, 2026	3.1					3.1

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The following table sets forth the changes in the carrying amounts of goodwill by reportable segment.


(In millions)	Public Cloud		Private Cloud		Total
Gross goodwill as of December 31, 2025	$	597.5	$	1,566.3	$	2,163.8
Less: impairment charges	(454.6)		(969.1)		(1,423.7)
Goodwill, net as of December 31, 2025	142.9		597.2		740.1




Foreign currency translation	(0.4)		(0.9)		(1.3)
Goodwill, net as of March 31, 2026	$	142.5	$	596.3	$	738.8

Gross goodwill as of March 31, 2026	$	597.1	$	1,565.4	$	2,162.5
Less: accumulated impairment charges (1)	(454.6)		(969.1)		(1,423.7)
Goodwill, net as of March 31, 2026	$	142.5	$	596.3	$	738.8

(1) On a consolidated basis, gross and net goodwill as of March 31, 2026 was $3,044.4 million and $738.8 million, respectively. Accumulated impairment charges on a consolidated basis was $2,305.6 million as of March 31, 2026.

The following table provides information regarding our intangible assets other than goodwill:


	December 31, 2025						March 31, 2026
(In millions)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer relationships	$	1,935.4	$	(1,377.6)	$	557.8	$	1,934.0	$	(1,407.5)	$	526.5

Other	26.7		(26.2)		0.5		26.6		(26.0)		0.6
Total definite-lived intangible assets	1,962.1		(1,403.8)		558.3		1,960.6		(1,433.5)		527.1
Trade name (indefinite-lived)	140.0		—		140.0		140.0		—		140.0
Total intangible assets other than goodwill	$	2,102.1	$	(1,403.8)	$	698.3	$	2,100.6	$	(1,433.5)	$	667.1

Customer Contracts - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Capitalized Contract Cost [Line Items]
Revenue recognized included in deferred revenue	$ 60.1	$ 49.6
Remaining performance obligation	$ 575.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Capitalized Contract Cost [Line Items]
Remaining performance obligation expected to be recognized, percentage	39.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Cost To Obtain A Contract
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	$ 30.2		$ 30.8
Cost To Fulfill A Contract
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	$ 16.7		$ 16.3

Sale of Receivables	3 Months Ended
Sale of Receivables	Mar. 31, 2026
Transfers and Servicing [Abstract]
Sale of Receivables	Sale of Receivables On September 29, 2023, Rackspace US, Inc. and Rackspace Receivables II, LLC, a bankruptcy-remote special purpose vehicle (“SPV”), each an indirect subsidiary of the company, entered into an accounts receivable purchase agreement with PNC Bank, National Association (“PNC”) and other parties thereto. On February 12, 2024, the accounts receivable purchase agreement was amended to include certain international subsidiaries of the company as parties to the agreement and Rackspace Receivables Canada Limited, a Canadian indirect subsidiary of the company, was established as a SPV. In connection with accounts receivable sold during the three months ended March 31, 2025 and 2026, we recorded $5.0 million and $4.6 million of yield charges and fees, respectively, within “Other expense, net” in the Condensed Consolidated Statements of Comprehensive Loss. The outstanding portfolio of sold accounts receivable derecognized from our Condensed Consolidated Balance Sheet as of December 31, 2025 and March 31, 2026 was $253.8 million and $251.4 million, respectively. The SPVs hold unsold accounts receivable of $65.3 million as of March 31, 2026 that are pledged as collateral to PNC.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

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+ Details

Property, Equipment and Software, net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property, Equipment, and Software, Net

Property, equipment and software, net, consisted of the following:


(In millions)	December 31, 2025		March 31, 2026
Computers and equipment	$	1,114.5	$	1,101.6
Software	428.6		437.1
Furniture and fixtures	7.3		7.2
Buildings and leasehold improvements	416.6		413.7
Property, equipment and software, at cost	1,967.0		1,959.6
Less: Accumulated depreciation	(1,377.7)		(1,378.2)
Work in process	7.0		5.7
Property, equipment and software, net	$	596.3	$	587.1

The table below presents depreciation expense included in segment operating profit above for the three months ended March 31, 2025 and 2026.


	Three Months Ended March 31,
(In millions)	2025		2026
Public Cloud	$	1.7	$	1.8
Private Cloud	29.7		33.8

Corporate functions	5.1		5.0
Total depreciation expense	$	36.5	$	40.6

Share-Based Compensation - Schedule of Share Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax share-based compensation expense	$ 6.6	$ 12.0
Less: Income tax benefit	(1.4)	(2.5)
Total share-based compensation expense, net of tax	5.2	9.5
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax share-based compensation expense	0.9	1.8
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax share-based compensation expense	$ 5.7	$ 10.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Reporting - Schedule of Reconciliation of Revenue and Gross Profits from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 678.1	$ 665.4
Cost of revenue	(559.0)	(538.5)
Loss from operations	(17.8)	(38.4)
Share-based compensation expense	(6.6)	(12.0)
Interest expense	(26.2)	(19.4)
Loss on investments, net	(0.1)	(0.1)
Gain on debt extinguishment	55.8	0.0
Other expense, net	(3.5)	(5.4)
Income (loss) before income taxes	8.2	(63.3)
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	678.1	665.4
Loss from operations	78.6	78.3
Corporate and Reconciling Items
Segment Reporting, Revenue Reconciling Item [Line Items]
Loss from operations	47.9	52.7
Share-based compensation expense	(6.6)	(12.0)
Transaction-related adjustments, net	(1.6)	(1.5)
Restructuring and transformation expenses	(9.0)	(13.1)
Amortization of intangible assets	(31.3)	(37.4)
Public Cloud \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	443.4	415.6
Cost of revenue	(353.9)	(326.4)
Other cost of revenue	(50.2)	(49.7)
Other segment items	(18.6)	(22.2)
Loss from operations	20.7	17.3
Private Cloud \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	234.7	249.8
Cost of revenue	(150.2)	(157.2)
Other segment items	(26.6)	(31.6)
Loss from operations	$ 57.9	$ 61.0

Net Earnings (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net earnings (loss) per share:


	Three Months Ended March 31,
(In millions, except per share data)	2025		2026
Basic net earnings (loss) per share:
Net income (loss) attributable to common stockholders	$	(71.5)	$	8.3
Weighted average shares outstanding:
Common stock	231.9		246.3
Number of shares used in per share computations	231.9		246.3
Net earnings (loss) per share	$	(0.31)	$	0.03

Diluted net earnings (loss) per share:
Net income (loss) attributable to common stockholders	$	(71.5)	$	8.3
Weighted average shares outstanding:
Common stock	231.9		246.3
Effect of dilutive securities	—		3.4
Number of shares used in per share computations	231.9		249.7
Net earnings (loss) per share	$	(0.31)	$	0.03

Share-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

2020 Incentive Plan

During the three months ended March 31, 2026, we granted 1.3 million restricted stock units (“RSUs”) under the Rackspace Technology, Inc. 2020 Equity Incentive Plan (the “2020 Incentive Plan”) with a weighted-average grant date fair value of $2.19. The majority of the RSUs were granted as part of our promotion and recruitment process and vest ratably over a three-year period, subject to continued service.

Share-Based Compensation Expense

Total share-based compensation expense is comprised of the following equity and liability classified award amounts:


	Three Months Ended March 31,
(In millions)	2025		2026
Equity classified awards	$	7.6	$	3.8
Liability classified awards	4.4		2.8
Total share-based compensation expense	$	12.0	$	6.6

Total share-based compensation expense recognized was as follows:


	Three Months Ended March 31,
(In millions)	2025		2026
Cost of revenue	$	1.8	$	0.9
Selling, general and administrative expenses	10.2		5.7
Pre-tax share-based compensation expense	12.0		6.6
Less: Income tax benefit	(2.5)		(1.4)
Total share-based compensation expense, net of tax	$	9.5	$	5.2

As of March 31, 2026, there was $22.2 million of total unrecognized compensation cost related to RSUs, performance stock units, stock options, and the ESPP, which will be recognized using the service period or over our best estimate of the period over which the performance condition will be met, as applicable. Additionally, as of March 31, 2026 there was $7.2 million of total unrecognized expense related to long-term incentive cash awards, which will be recognized over the remaining service period. The expense ultimately recognized is dependent on the fair value of the award as of the end of the performance periods.

Derivatives - Narrative (Details)	Feb. 12, 2021 USD ($)
Interest rate swaps
Derivative [Line Items]
Fixed interest rate	2.3415%
Derivative, floor interest rate	0.75%
Interest rate swaps \| Variable Rate Component One
Derivative [Line Items]
Debt instrument, variable interest rate, type flag	Three- Month LIBOR [Member]
Pay-fixed interest rate swap
Derivative [Line Items]
Notional amount	$ 1,350,000,000

Net Earnings (Loss) Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Anti-dilutive potential common shares excluded from computation of dilutive net income (loss) per share (in shares)	13.8	19.4

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) consisted of the following:


(In millions)	Accumulated Foreign Currency Translation Adjustments		Accumulated Gain on Derivative Contracts		Accumulated Other Comprehensive Income
Balance at December 31, 2024	$	(10.2)	$	34.3	$	24.1
Foreign currency translation adjustments, net of tax expense of $0.6	3.6		—		3.6
Unrealized loss on derivative contracts, net of tax benefit of $0.1	—		(0.1)		(0.1)
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax expense of $2.9 (1)	—		(8.5)		(8.5)
Balance at March 31, 2025	$	(6.6)	$	25.7	$	19.1

(1) Includes a reduction to interest expense recognized of $11.4 million related to the cash flow hedge gain for the three months ended March 31, 2025.


(In millions)	Accumulated Foreign Currency Translation Adjustments		Accumulated Gain on Derivative Contracts		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2025	$	5.0	$	2.5	$	7.5
Foreign currency translation adjustments, net of tax expense of $2.4	(6.8)		—		(6.8)

Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax expense of $1.5 (1)	—		(2.5)		(2.5)
Balance at March 31, 2026	$	(1.8)	$	—	$	(1.8)

(1) Includes a reduction to interest expense recognized of $4.0 million related to the cash flow hedge gain for the three months ended March 31, 2026.

Derivatives

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

We utilize derivative instruments, including interest rate swap agreements, to manage our exposure to interest rate risk. We only hold such instruments for economic hedging purposes, not for speculative or trading purposes. Our derivative instruments are transacted only with highly-rated institutions, which reduces our exposure to credit risk in the event of nonperformance.

Interest Rate Swaps

We are exposed to interest rate risk associated with fluctuations in interest rates on the floating-rate Term Loan Facility, FLSO Term Loan Facility, and FLFO Term Loan Facility. The objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we have entered into interest rate swap agreements as part of our interest rate risk management strategy. Interest rate swaps involve the receipt of variable amounts from a counterparty in exchange for the company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

On February 9, 2021, we entered into a $1.35 billion pay-fixed interest rate swap that matured in February 2026. The pay-fixed interest rate swap qualified as a hybrid instrument in accordance with ASC No. 815, Derivatives and Hedging, consisting of a loan and an embedded at-market derivative that was designated as a cash flow hedge. The loan was accounted for at amortized cost over the life of the swap while the embedded at-market derivative was accounted for at fair value. The $1.35 billion swap was indexed to one-month Term SOFR and net settled on a monthly basis with the counterparty for the difference between the fixed rate of 2.34150% and the variable rate based upon one-month Term SOFR (subject to a floor of 0.75%) as applied to the notional amount of the swap. The cash flows related to the portion treated as debt was classified as financing activities in the Condensed Consolidated Statements of Cash Flows while the portion treated as an at-market derivative was classified as operating activities.

Our interest rate swap agreement, excluding the portion treated as debt, was recognized at fair value in the Condensed Consolidated Balance Sheets and was valued using pricing models that rely on market observable inputs such as yield curve data, which are classified as Level 2 inputs within the fair value hierarchy.

As of December 31, 2025 the cash flow hedge was highly effective. Our interest rate swap matured on February 9, 2026. Therefore, as of March 31, 2026, we do not have any interest rate swaps outstanding.

Fair Values of Derivatives on the Condensed Consolidated Balance Sheets

The fair value of our derivative and its location on the Condensed Consolidated Balance Sheets as of December 31, 2025 was as follows:


		December 31, 2025
(In millions)		Assets		Liabilities












Derivatives designated as hedging instruments	Location
Interest rate swaps	Other current assets	$	4.0	$	—

Interest rate swaps	Other current liabilities (1)	—		3.0

Total		$	4.0	$	3.0

(1) The entire balance is comprised of the financing component of the pay-fixed interest rate swap.


	December 31, 2025
(In millions)	Gross Amounts on Balance Sheet		Effects of Counterparty Netting		Net Amounts
Assets
Interest rate swaps	$	4.0	$	(3.0)	$	1.0



Liabilities
Interest rate swaps	$	3.0	$	(3.0)	$	—

Effect of Derivatives on the Condensed Consolidated Statements of Comprehensive Loss

The effect of our derivative and its location on the Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2025 and 2026 was as follows:


		Three Months Ended March 31,
(In millions)		2025		2026





Derivatives designated as hedging instruments	Location
Interest rate swaps	Interest income (expense)	$	11.4	$	4.0

See Note 12, "Accumulated Other Comprehensive Income (Loss)," for information regarding changes in fair value of our derivatives designated as hedging instruments.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Apr. 16, 2024	Apr. 02, 2024	Mar. 12, 2024	Feb. 09, 2021	Dec. 01, 2020
Debt Instrument [Line Items]
Amount	$ 2,477.6	$ 2,489.2
Unamortized debt issuance costs, debt premium, and debt discount	230.9	256.8
Total debt	2,708.5	2,746.0
Less: current portion of debt	(26.6)	(27.3)
Debt, excluding current portion	2,681.9	$ 2,718.7
Term loan facility
Debt Instrument [Line Items]
Amount	$ 2,327.6
Line of credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate	6.67%	6.73%
Amount	$ 150.0	$ 60.0
FLSO Term Loan Facility \| Term loan facility
Debt Instrument [Line Items]
Interest Rate	6.54%	6.61%
Amount	$ 1,605.8	$ 1,610.0
FLSO Term Loan Facility \| Senior notes
Debt Instrument [Line Items]
Interest Rate					3.50%
FLFO Term Loan Facility \| Term loan facility
Debt Instrument [Line Items]
Interest Rate	10.04%	10.11%			1.00%
Amount	$ 269.5	$ 270.2
Term Loan Facility \| Term loan facility
Debt Instrument [Line Items]
Interest Rate	6.54%	6.60%
Amount	$ 60.9	$ 61.1
3.50% FLSO Senior Secured Notes \| Senior notes
Debt Instrument [Line Items]
Amount	$ 250.3	$ 318.6	$ 3.6	$ 93.3
Interest Rate	3.50%	3.50%			3.50%
3.50% Senior Secured Notes \| Senior notes
Debt Instrument [Line Items]
Amount	$ 42.6	$ 43.9
Interest Rate	3.50%	3.50%				3.50%
5.375% Senior Notes \| Senior notes
Debt Instrument [Line Items]
Amount	$ 98.5	$ 125.4
Interest Rate	5.375%	5.375%					5.375%

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 93.6	$ 105.8
Accounts receivable, net of allowance for credit losses and accrued customer credits of $12.2 and $10.7, respectively	265.8	266.5
Prepaid expenses	129.3	84.4
Other current assets	46.4	61.1
Total current assets	535.1	517.8
Property, equipment and software, net	587.1	596.3
Goodwill, net	738.8	740.1
Intangible assets, net	667.1	698.3
Operating right-of-use assets	133.0	144.6
Other non-current assets	104.3	102.7
Total assets	2,765.4	2,799.8
Current liabilities:
Accounts payable and accrued expenses	413.6	413.9
Accrued compensation and benefits	70.1	85.4
Deferred revenue	130.4	94.6
Debt	26.6	27.3
Accrued interest	5.2	5.4
Operating lease liabilities	53.8	54.7
Finance lease liabilities	52.8	48.0
Financing obligations	10.0	14.0
Other current liabilities	23.1	23.4
Total current liabilities	785.6	766.7
Non-current liabilities:
Debt	2,681.9	2,718.7
Operating lease liabilities	75.8	84.2
Finance lease liabilities	287.5	297.7
Financing obligations	38.9	39.3
Deferred income taxes	35.1	34.7
Other non-current liabilities	77.3	78.0
Total liabilities	3,982.1	4,019.3
Commitments and Contingencies (Note 8)
Stockholders' deficit:
Preferred stock, $0.01 par value per share: 5.0 shares authorized; no shares issued or outstanding	0.0	0.0
Common stock, $0.01 par value per share: 1,495.0 shares authorized; 248.4 and 252.2 shares issued; 245.3 and 249.1 shares outstanding, respectively	2.5	2.5
Additional paid-in capital	2,713.5	2,709.7
Accumulated other comprehensive income (loss)	(1.8)	7.5
Accumulated deficit	(3,899.9)	(3,908.2)
Treasury stock, at cost; 3.1 shares held	(31.0)	(31.0)
Total stockholders' deficit	(1,216.7)	(1,219.5)
Total liabilities and stockholders' deficit	$ 2,765.4	$ 2,799.8

Derivatives - Schedule of Fair Values of Derivatives on the Consolidated Balance Sheets (Details) $ in Millions	Dec. 31, 2025 USD ($)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	$ 4.0
Liabilities	3.0
Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Assets	4.0
Liabilities	3.0
Derivatives designated as hedging instruments \| Other current assets \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	4.0
Liabilities	0.0
Derivatives designated as hedging instruments \| Other current liabilities \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	0.0
Liabilities	$ 3.0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Customer Contracts - Schedule of Amortization of Capitalized Contract Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Amortization of capitalized sales commissions
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization	$ 5.7	$ 6.8
Amortization of capitalized implementation costs
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization	$ 2.6	$ 2.3

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

We have organized our operations into two operating segments, which correspond directly to our reportable segments: Public Cloud, a services-centric, capital-light model providing value-added cloud solutions through managed services, Elastic Engineering and professional services offerings for customer environments hosted on the Amazon Web Services (“AWS”), Microsoft Azure and Google Cloud public cloud platforms; and Private Cloud, a technology-forward, capital-intensive model providing managed service offerings for customer environments hosted in one of our data centers as well as in those owned by customers or by third parties such as colocation providers.

This two-business unit operating model allows for each segment to be managed separately based on the different service offerings and respective operational and marketing strategies, ensuring increased focus, delivery, and service quality for our customers.

Our segments are based upon a number of factors, including, the basis for our budgets and forecasts, organizational and management structure and the financial information regularly provided to our Chief Operating Decision Maker (“CODM”), who we have determined to be our Chief Executive Officer. The CODM is responsible for making key operating and strategic decisions to assess performance for each segment. We assess financial performance of our segments on the basis of revenue and segment operating profit. The CODM utilizes both revenue and segment operating profit or loss before interest and income taxes to allocate resources and assesses performance of each segment by comparing actual revenue and operating profit or loss results, respectively, to historical results and previously forecasted financial information. Segment operating profit includes expenses directly attributable to running the respective segments' business. This excludes any corporate overhead expenses. We have centralized corporate functions that provide services to the segments in areas such as accounting, information technology, marketing, legal and human resources. Corporate function costs that are not allocated to the segments are included in the row labeled "Corporate functions" in the table below.


	Three Months Ended March 31,
(In millions)	2025		2026
Public Cloud
Revenue	$	415.6	$	443.4
Third party infrastructure (1)	(326.4)		(353.9)
Other cost of revenue (2)	(49.7)		(50.2)
Other segment items (3)	(22.2)		(18.6)
Segment operating profit	$	17.3	$	20.7

Private Cloud
Revenue	$	249.8	$	234.7
Cost of revenue	(157.2)		(150.2)
Other segment items (3)	(31.6)		(26.6)
Segment operating profit	$	61.0	$	57.9

Total Consolidated
Revenue	$	665.4	$	678.1
Segment operating profit	$	78.3	$	78.6

Corporate functions	(52.7)		(47.9)
Share-based compensation expense	(12.0)		(6.6)
Transaction-related adjustments, net (4)	(1.5)		(1.6)
Restructuring and transformation expenses (5)	(13.1)		(9.0)

Amortization of intangible assets (6)	(37.4)		(31.3)




Interest expense	(19.4)		(26.2)
Loss on investments, net	(0.1)		(0.1)
Gain on debt extinguishment	—		55.8
Other expense, net	(5.4)		(3.5)
Total consolidated income (loss) before income taxes	$	(63.3)	$	8.2


(1)			Represents usage charges from public cloud infrastructure providers.
(2)			Other cost of revenue excludes third party infrastructure expenses and is comprised of certain license costs, labor, and other designated expenses.
(3)			Other segment items for each segment include directly allocable research and development expenses, sales and marketing expenses, and certain other general and administrative expenses.
(4)			Includes purchase accounting adjustments, exploratory acquisition and divestiture costs, and expenses related to financing activities.
(5)			Includes consulting and advisory fees related to business transformation and optimization activities, as well as associated severance, certain facility closure costs, and lease termination expenses. Also includes payroll taxes associated with the exercise of stock options and vesting of restricted stock.
(6)			All of our intangible assets are attributable to acquisitions, including the Rackspace Acquisition in 2016.

The table below presents depreciation expense included in segment operating profit above for the three months ended March 31, 2025 and 2026.


	Three Months Ended March 31,
(In millions)	2025		2026
Public Cloud	$	1.7	$	1.8
Private Cloud	29.7		33.8

Corporate functions	5.1		5.0
Total depreciation expense	$	36.5	$	40.6

Management does not use total assets by segment to evaluate segment performance or allocate resources. As such, total assets by segment are not disclosed.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Debt - 3.50% Senior Secured Notes due 2028 (Details) - USD ($)		3 Months Ended
	Feb. 09, 2021	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Debt Instrument [Line Items]
Repayment of debt		$ 104,500,000	$ 26,100,000
Gain on debt extinguishment		$ 55,800,000	$ 0
3.50% Senior Secured Notes \| Senior notes
Debt Instrument [Line Items]
Interest rate	3.50%	3.50%		3.50%
Aggregate principal amount	$ 550,000,000.0
Debt instrument, redemption, period	12 months
Principal amount repurchased and surrendered for cancellation		$ 1,300,000
Repayment of debt		600,000
Gain on debt extinguishment		700,000
Fair value of debt		$ 16,600,000
3.50% Senior Secured Notes \| Senior notes \| From February 15, 2026 and thereafter
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
3.50% Senior Secured Notes \| Senior notes \| Commencing with February 9, 2021
Debt Instrument [Line Items]
Redemption price, percentage	103.00%
Percent of redeemable debt (up to)	10.00%
3.50% Senior Secured Notes \| Senior notes \| Upon change of control
Debt Instrument [Line Items]
Redemption price, percentage	101.00%

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Revenue	$ 678.1	$ 665.4
Cost of revenue	(559.0)	(538.5)
Gross profit	119.1	126.9
Selling, general and administrative expenses	(136.9)	(165.3)
Loss from operations	(17.8)	(38.4)
Other income (expense):
Interest expense	(26.2)	(19.4)
Loss on investments, net	(0.1)	(0.1)
Gain on debt extinguishment	55.8	0.0
Other expense, net	(3.5)	(5.4)
Total other income (expense)	26.0	(24.9)
Income (loss) before income taxes	8.2	(63.3)
Benefit (provision) for income taxes	0.1	(8.2)
Net income (loss)	8.3	(71.5)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(6.8)	3.6
Unrealized loss on derivative contracts	0.0	(0.1)
Amount reclassified from accumulated other comprehensive income (loss) to earnings	(2.5)	(8.5)
Other comprehensive loss	(9.3)	(5.0)
Comprehensive loss	$ (1.0)	$ (76.5)
Net earnings (loss) per share:
Basic (in dollars per share)	$ 0.03	$ (0.31)
Diluted (in dollars per share)	$ 0.03	$ (0.31)
Weighted average number of shares outstanding:
Basic (in shares)	246.3	231.9
Diluted (in shares)	249.7	231.9

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amounts of Goodwill by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Goodwill [Line Items]
Gross goodwill	$ 2,162.5	$ 2,163.8
Less: impairment charges	(1,423.7)	(1,423.7)
Goodwill [Roll Forward]
Goodwill, beginning balance	740.1
Foreign currency translation	(1.3)
Goodwill, ending balance	738.8
Previously Reported
Goodwill [Line Items]
Gross goodwill	3,044.4
Less: impairment charges	(2,305.6)
Public Cloud
Goodwill [Line Items]
Gross goodwill	597.1	597.5
Less: impairment charges	(454.6)	(454.6)
Goodwill [Roll Forward]
Goodwill, beginning balance	142.9
Foreign currency translation	(0.4)
Goodwill, ending balance	142.5
Private Cloud
Goodwill [Line Items]
Gross goodwill	1,565.4	1,566.3
Less: impairment charges	(969.1)	$ (969.1)
Goodwill [Roll Forward]
Goodwill, beginning balance	597.2
Foreign currency translation	(0.9)
Goodwill, ending balance	$ 596.3

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense Recognized Under the Incentive Plan

Total share-based compensation expense is comprised of the following equity and liability classified award amounts:


	Three Months Ended March 31,
(In millions)	2025		2026
Equity classified awards	$	7.6	$	3.8
Liability classified awards	4.4		2.8
Total share-based compensation expense	$	12.0	$	6.6

Total share-based compensation expense recognized was as follows:


	Three Months Ended March 31,
(In millions)	2025		2026
Cost of revenue	$	1.8	$	0.9
Selling, general and administrative expenses	10.2		5.7
Pre-tax share-based compensation expense	12.0		6.6
Less: Income tax benefit	(2.5)		(1.4)
Total share-based compensation expense, net of tax	$	9.5	$	5.2

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Apr. 16, 2024	Apr. 02, 2024	Mar. 12, 2024	Feb. 09, 2021	Dec. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Principal balance	$ 2,477,600,000	$ 2,489,200,000
Cash and cash equivalents	93,600,000	105,800,000	$ 128,000,000.0
Term loan facility
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Principal balance	2,327,600,000
Term loan facility \| FLSO Term Loan Facility
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Principal balance	1,605,800,000	1,610,000,000
Senior notes \| 3.50% FLSO Senior Secured Notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Principal balance	$ 250,300,000	$ 318,600,000		$ 3,600,000	$ 93,300,000
Interest rate	3.50%	3.50%				3.50%
Senior notes \| FLSO Term Loan Facility
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest rate						3.50%
Senior notes \| 5.375% Senior Notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Principal balance	$ 98,500,000	$ 125,400,000
Interest rate	5.375%	5.375%						5.375%
Senior notes \| 3.50% Senior Secured Notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Principal balance	$ 42,600,000	$ 43,900,000
Interest rate	3.50%	3.50%					3.50%
Line of credit \| Revolving Credit Facility
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Principal balance	$ 150,000,000.0	$ 60,000,000.0
Maximum borrowing capacity	$ 375,000,000.0					$ 375,000,000.0	$ 375,000,000.0

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowance for doubtful accounts and accrued customer credits	$ 10.7	$ 12.2
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000.0	5,000,000.0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,495,000,000	1,495,000,000
Common stock, shares issued (in shares)	252,200,000	248,400,000
Common stock, shares outstanding (in shares)	249,100,000	245,300,000
Treasury stock, at cost (in shares)	3,100,000	3,100,000

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amounts of Goodwill by Reportable Segment

The following table sets forth the changes in the carrying amounts of goodwill by reportable segment.


(In millions)	Public Cloud		Private Cloud		Total
Gross goodwill as of December 31, 2025	$	597.5	$	1,566.3	$	2,163.8
Less: impairment charges	(454.6)		(969.1)		(1,423.7)
Goodwill, net as of December 31, 2025	142.9		597.2		740.1




Foreign currency translation	(0.4)		(0.9)		(1.3)
Goodwill, net as of March 31, 2026	$	142.5	$	596.3	$	738.8

Gross goodwill as of March 31, 2026	$	597.1	$	1,565.4	$	2,162.5
Less: accumulated impairment charges (1)	(454.6)		(969.1)		(1,423.7)
Goodwill, net as of March 31, 2026	$	142.5	$	596.3	$	738.8

Schedule of Finite-Lived Intangible Assets Other than Goodwill

The following table provides information regarding our intangible assets other than goodwill:


	December 31, 2025						March 31, 2026
(In millions)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer relationships	$	1,935.4	$	(1,377.6)	$	557.8	$	1,934.0	$	(1,407.5)	$	526.5

Other	26.7		(26.2)		0.5		26.6		(26.0)		0.6
Total definite-lived intangible assets	1,962.1		(1,403.8)		558.3		1,960.6		(1,433.5)		527.1
Trade name (indefinite-lived)	140.0		—		140.0		140.0		—		140.0
Total intangible assets other than goodwill	$	2,102.1	$	(1,403.8)	$	698.3	$	2,100.6	$	(1,433.5)	$	667.1

Schedule of Indefinite-Lived Intangible Assets Other than Goodwill

The following table provides information regarding our intangible assets other than goodwill:


	December 31, 2025						March 31, 2026
(In millions)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer relationships	$	1,935.4	$	(1,377.6)	$	557.8	$	1,934.0	$	(1,407.5)	$	526.5

Other	26.7		(26.2)		0.5		26.6		(26.0)		0.6
Total definite-lived intangible assets	1,962.1		(1,403.8)		558.3		1,960.6		(1,433.5)		527.1
Trade name (indefinite-lived)	140.0		—		140.0		140.0		—		140.0
Total intangible assets other than goodwill	$	2,102.1	$	(1,403.8)	$	698.3	$	2,100.6	$	(1,433.5)	$	667.1

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

Accumulated other comprehensive income (loss) consisted of the following:


(In millions)	Accumulated Foreign Currency Translation Adjustments		Accumulated Gain on Derivative Contracts		Accumulated Other Comprehensive Income
Balance at December 31, 2024	$	(10.2)	$	34.3	$	24.1
Foreign currency translation adjustments, net of tax expense of $0.6	3.6		—		3.6
Unrealized loss on derivative contracts, net of tax benefit of $0.1	—		(0.1)		(0.1)
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax expense of $2.9 (1)	—		(8.5)		(8.5)
Balance at March 31, 2025	$	(6.6)	$	25.7	$	19.1

(1) Includes a reduction to interest expense recognized of $11.4 million related to the cash flow hedge gain for the three months ended March 31, 2025.


(In millions)	Accumulated Foreign Currency Translation Adjustments		Accumulated Gain on Derivative Contracts		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2025	$	5.0	$	2.5	$	7.5
Foreign currency translation adjustments, net of tax expense of $2.4	(6.8)		—		(6.8)

Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax expense of $1.5 (1)	—		(2.5)		(2.5)
Balance at March 31, 2026	$	(1.8)	$	—	$	(1.8)

(1) Includes a reduction to interest expense recognized of $4.0 million related to the cash flow hedge gain for the three months ended March 31, 2026.

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Principles of Consolidation	The unaudited condensed consolidated financial statements include the accounts of Rackspace Technology, Inc. and our wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The unaudited condensed consolidated financial statements as of March 31, 2026, and for the three months ended March 31, 2025 and 2026, have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. Accordingly, certain financial information and disclosures required for financial statements prepared under GAAP have been omitted in accordance with the Securities and Exchange Commission ("SEC") disclosure rules and regulations that permit reduced disclosure for interim periods. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on March 6, 2026 ("Annual Report"). The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements included in our Annual Report and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of our financial position as of March 31, 2026, our results of operations, cash flows, and stockholders' deficit for the three months ended March 31, 2025 and 2026. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2026, or for any other interim period, or for any other future year.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities in the condensed consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to the allowance for credit losses, useful lives of property, equipment and software, software capitalization, incremental borrowing rates for lease liability measurement, fair values of intangible assets and reporting units, useful lives of intangible assets, share-based compensation, contingencies, and income taxes, among others. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from our estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Measurement of Credit Losses In July 2025, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2025-05, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 allows entities to apply a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions under Accounting Standards Codification (“ASC”) No. 606, Revenue from Contracts with Customers. We adopted this guidance on January 1, 2026 on a prospective basis. The adoption did not have a material impact on our consolidated financial statements.
Net Loss Per Share	Net Earnings (Loss) Per Share Basic net earnings (loss) per share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net earnings (loss) per share is calculated based on the weighted average number of shares of common stock plus the dilutive effect of potential common share equivalents outstanding during the period as determined under the treasury stock method. Potential common share equivalents consist of shares issuable upon the exercise of stock options, vesting of restricted stock or purchase under the Employee Stock Purchase Plan (the "ESPP"), as well as contingent shares associated with our acquisition of Datapipe Parent, Inc.
Derivatives	Derivatives We utilize derivative instruments, including interest rate swap agreements, to manage our exposure to interest rate risk. We only hold such instruments for economic hedging purposes, not for speculative or trading purposes. Our derivative instruments are transacted only with highly-rated institutions, which reduces our exposure to credit risk in the event of nonperformance. Interest Rate Swaps We are exposed to interest rate risk associated with fluctuations in interest rates on the floating-rate Term Loan Facility, FLSO Term Loan Facility, and FLFO Term Loan Facility. The objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we have entered into interest rate swap agreements as part of our interest rate risk management strategy. Interest rate swaps involve the receipt of variable amounts from a counterparty in exchange for the company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

- Definition

Disclosure of accounting policy for its derivative instruments and hedging activities.

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Net Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Share

Basic net earnings (loss) per share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net earnings (loss) per share is calculated based on the weighted average number of shares of common stock plus the dilutive effect of potential common share equivalents outstanding during the period as determined under the treasury stock method.

The following table sets forth the computation of basic and diluted net earnings (loss) per share:


	Three Months Ended March 31,
(In millions, except per share data)	2025		2026
Basic net earnings (loss) per share:
Net income (loss) attributable to common stockholders	$	(71.5)	$	8.3
Weighted average shares outstanding:
Common stock	231.9		246.3
Number of shares used in per share computations	231.9		246.3
Net earnings (loss) per share	$	(0.31)	$	0.03

Diluted net earnings (loss) per share:
Net income (loss) attributable to common stockholders	$	(71.5)	$	8.3
Weighted average shares outstanding:
Common stock	231.9		246.3
Effect of dilutive securities	—		3.4
Number of shares used in per share computations	231.9		249.7
Net earnings (loss) per share	$	(0.31)	$	0.03

Potential common share equivalents consist of shares issuable upon the exercise of stock options, vesting of restricted stock or purchase under the Employee Stock Purchase Plan (the "ESPP"), as well as contingent shares associated with our acquisition of Datapipe Parent, Inc. We excluded 19.4 million and 13.8 million potential common shares from the computation of dilutive earnings (loss) per share for the three months ended March 31, 2025 and 2026, respectively, because the effect would have been anti-dilutive.

Net Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Basic net earnings (loss) per share:
Net income (loss) attributable to common stockholders	$ 8.3	$ (71.5)
Weighted average shares outstanding:
Common stock, basic (in shares)	246.3	231.9
Net earnings (loss) per share (in dollars per share)	$ 0.03	$ (0.31)
Diluted net earnings (loss) per share:
Net income (loss) attributable to common stockholders	$ 8.3	$ (71.5)
Weighted average shares outstanding:
Effect of dilutive securities (in shares)	3.4	0.0
Number of shares used in per share computations (in shares)	249.7	231.9
Net earnings (loss) per share (in dollars per share)	$ 0.03	$ (0.31)

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We have contingencies that arise from various litigation, claims and commitments, none of which we consider to be material. From time to time, we may be party to various legal proceedings arising in the ordinary course of business. In addition, third parties may bring intellectual property claims against us asserting that certain of our offerings, services and technologies infringe, misappropriate or otherwise violate the intellectual property or proprietary rights of others. Adverse results in these lawsuits may include awards of substantial monetary damages, costly royalty or licensing agreements, or orders preventing us from offering certain features, products, or services, and may also cause us to change our business practices and require development of non-infringing products or technologies, which could result in a loss of revenue for us or otherwise harm our business. We record an accrual for a loss contingency when a loss is considered probable and reasonably estimable. As additional facts concerning a loss contingency become known, we reassess our position and make appropriate adjustments to a recorded accrual. The amount that will ultimately be paid related to a matter may differ from the recorded accrual, and the timing of such payments, if any, may be uncertain. We are not a party to any litigation, the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material and adverse effect on our business, financial position or results of operations.

Derivatives - Schedule of Effect of Derivatives on the Consolidated Statements of Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Interest rate swaps \| Interest income (expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives designated as hedging instruments	$ 4.0	$ 11.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Gajen Kandiah [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Gajen Kandiah, Chief Executive Officer. On March 17, 2026, Mr. Kandiah adopted a Rule 10b5-1 Plan in the form of a durable sell-to-cover instruction which provides for the sale of shares of common stock necessary to satisfy tax withholding obligations incurred in connection with the vesting or settlement of restricted stock units previously granted or that could in the future be granted by the company (whether vesting is based on the passage of time or the achievement of performance goals). The total number of shares of common stock that may be sold pursuant to the sell-to-cover instruction is not determinable and the sell-to-cover instructions will remain in place indefinitely unless revoked in writing.
Name	Gajen Kandiah
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 17, 2026
Kellie Teal-Guess [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Kellie Teal-Guess, Executive Vice President and Chief Human Resources Officer. On March 17, 2026, Ms. Teal-Guess adopted a Rule 10b5-1 Plan under which an aggregate of 200,000 shares of common stock may be sold prior to the expiration of the Rule 10b5-1 Plan on March 17, 2028.
Name	Kellie Teal-Guess
Title	Executive Vice President and Chief Human Resources Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 17, 2026
Expiration Date	March 17, 2028
Arrangement Duration	731 days
Aggregate Available	200,000

Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 22.2
Restricted Stock Units (RSUs) \| 2020 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted in period (in shares) \| shares	1,300,000
Weighted average grant date fair value, RSUs granted during period (in dollars per share) \| $ / shares	$ 2.19
Vesting period	3 years
Long-Term Incentive Cash Units (LTIC Units)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 7.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Customer Contracts - Schedule of Balances Related to Customer Contracts (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 265.8	$ 266.5
Current portion of contract assets	5.3	3.8
Non-current portion of contract assets	3.1	3.5
Current portion of deferred revenue	130.4	94.6
Non-current portion of deferred revenue	2.3	2.6
Allowance for doubtful accounts and accrued customer credits	$ 10.7	$ 12.2

Derivatives - Schedule of Derivatives Presented on a Net Asset and Net Liability basis (Details) - Interest rate swaps $ in Millions	Dec. 31, 2025 USD ($)
Assets
Gross Amounts on Balance Sheet	$ 4.0
Effects of Counterparty Netting	(3.0)
Net Amounts	1.0
Liabilities
Gross Amounts on Balance Sheet	3.0
Effects of Counterparty Netting	(3.0)
Net Amounts	$ 0.0

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+ Details