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IT services · Technology · Fiscal year ends Dec 31
Rigetti Computing reported revenue of $7M in the fiscal year ended Dec 2025, down 34.3% from the year before. Operating income was −$85M, an operating margin of −1194.4%, and net income was −$216M. Operating cash flow of −$59M less capital expenditure of $19M left free cash flow of −$77M.
Ranks among the 36 it services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | – | 13.1 | 12.0 | 10.8 | 7.1 |
| Cost of revenue | – | 2.9 | 2.8 | 5.1 | 5.0 |
| Gross profit | – | 10.2 | 9.2 | 5.7 | 2.1 |
| Research & development | – | 60.0 | 52.8 | 49.8 | 61.3 |
| Selling, general & admin | – | 60.3 | – | – | – |
| Operating income | −4.9 | −109 | −72.3 | −68.5 | −84.7 |
| Interest expense | – | 5.3 | 5.8 | 3.3 | 0.0 |
| Pre-tax income | – | −71.5 | −75.1 | −201 | −216 |
| Income tax | – | 0.0 | 0.0 | 0.0 | 0.0 |
| Net income | −23.2 | −71.5 | −75.1 | −201 | −216 |
| Diluted EPS | – | −0.70 | −0.57 | −1.09 | −0.70 |
| Diluted shares | – | 102 | 132 | 185 | 310 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 11.7 | 57.9 | 21.4 | 67.7 | 44.9 |
| Receivables | 1.5 | 6.2 | 5.0 | 2.4 | 2.6 |
| Current assets | 18.1 | 154 | 108 | 207 | 455 |
| Net PP&E | 22.5 | 39.5 | 44.5 | 44.6 | 57.1 |
| Goodwill | 5.4 | 0.0 | – | – | – |
| Total assets | 46.4 | 203 | 160 | 285 | 667 |
| Payables | 2.0 | 1.9 | 5.8 | 1.6 | 3.5 |
| Deferred revenue | 1.0 | 1.0 | 0.3 | 0.1 | 0.8 |
| Current liabilities | 7.6 | 21.8 | 29.1 | 11.9 | 12.2 |
| Short-term debt | 0.6 | 8.3 | 12.2 | 0.0 | – |
| Long-term debt | 27.0 | 20.6 | 9.9 | 0.0 | – |
| Total liabilities | 36.4 | 53.2 | 50.3 | 158 | 120 |
| Shareholders' equity | −71.5 | 150 | 110 | 127 | 546 |
| Backlog (remaining obligations) | – | 9.7 | 3.0 | 2.2 | 3.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −1.0 | −62.7 | −50.6 | −50.6 | −58.5 |
| Capital expenditure | – | 22.7 | 9.1 | 11.1 | 18.7 |
| Free cash flow | – | −85.4 | −59.6 | −61.7 | −77.2 |
| Depreciation & amortisation | – | 7.0 | 7.4 | 6.9 | 8.1 |
| Stock-based compensation | – | 44.8 | 12.4 | 13.1 | 17.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | – | −8.3% | −10.1% | −34.3% |
| Gross margin | – | 78.1% | 76.7% | 52.8% | 29.1% |
| Operating margin | – | −832.5% | −602.1% | −634.9% | −1194.4% |
| Net margin | – | −545.9% | −625.5% | −1862.7% | −3050.4% |
| Return on equityBlank when equity is negative | – | −47.6% | −68.5% | −158.8% | −39.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −12.6% | −60.0% | −55.2% | −25.1% | −12.9% |
| Free cash flow margin | – | −652.0% | −496.7% | −572.1% | −1089.4% |
| Cash conversion (CFO ÷ net income) | 0.04x | 0.88x | 0.67x | 0.25x | 0.27x |
| Receivable days | – | 174 | 153 | 82 | 131 |
| Payable days | – | 246 | 752 | 114 | 253 |
| Interest cover | – | −20.6x | −12.5x | −21.0x | – |
| Debt ÷ equity | – | 0.19x | 0.20x | 0.00x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 15.8 | −29.0 | 0.7 | −67.7 | – |
| Current ratio | 2.39x | 7.10x | 3.71x | 17.4x | 37.4x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.