A rational function belongs to the Hardy space,
H
2
H^2
, of square-summable power series if and only if it is bounded in the complex unit disk. Any such rational function is necessarily analytic in a disk of radius greater than one. The inner-outer factorization of a rational function
r
∈
H
2
\mathfrak {r} \in H^2
is particularly simple: The inner factor of
r
\mathfrak {r}
is a (finite) Blaschke product and (hence) both the inner and outer factors are again rational.
We extend these and other basic facts on rational functions in
H
2
H^2
to the full Fock space over
C
d
\mathbb {C} ^d
, identified as the non-commutative (NC) Hardy space of square-summable power series in several NC variables. In particular, we characterize when an NC rational function belongs to the Fock space, we prove analogues of classical results for inner-outer factorizations of NC rational functions and NC polynomials, and we obtain spectral results for NC rational multipliers.