Rubrik, Inc.

What they do

Rubrik sells subscriptions to Rubrik Security Cloud (RSC), a Zero Trust data security suite that protects and recovers data across enterprise, cloud, SaaS, unstructured data and identity providers. It also offers RSC-Private (self-managed) and RSC-Government (U.S. public sector SaaS), plus a newer Rubrik Agent Cloud (RAC) platform for managing AI agent lifecycle in enterprises, commercially available February 2026. The company sells primarily through its own sales team and partner network using a land-and-expand model, with most subscriptions on three-year terms billed upfront. It exited legacy perpetual and appliance sales in prior years and now recognizes most RSC revenue ratably.

Revenue drivers

• Rubrik Security Cloud (RSC) — The core subscription suite, sold on subscription terms (mostly three-year, upfront) and recognized ratably; it has represented a majority of total revenue since the end of fiscal 2024, and total revenue reached $1.32B in fiscal 2026.
• Cloud ARR — Cloud ARR grew 39% year-over-year to $1.48B as of July 31, 2026; the company reports adjusted net new Cloud ARR growth of 20% year-over-year in Q2 FY2027.
• Large customers (Subscription ARR >= $100,000) — 3,084 customers with Subscription ARR of $100,000 or more as of July 31, 2026, up 23% year-over-year, reflecting the land-and-expand expansion motion.
• RSC-Private and RSC-Government — RSC-Private is a self-managed edition for customers with stringent data control policies, with revenue partly recognized on delivery; RSC-Government is a specialized SaaS offering for U.S. public sector organizations.

Recent performance

For Q2 FY2027 ended July 31, 2026, total revenue was $427.3M, up 38% year-over-year, and subscription revenue was $407.2M, up 37%. Subscription ARR grew 33% year-over-year to $1.66B, with net new Subscription ARR up 35%, and Cloud ARR grew 39% to $1.48B. GAAP gross margin was 78.4% versus 79.5% a year earlier; GAAP net loss per share was $(0.30) versus $(0.49), and non-GAAP diluted net income per share was $0.20 versus a $(0.03) loss. Cash flow from operations was $76.8M (18% margin) and free cash flow was $65.7M (15% margin); cash, equivalents and short-term investments were $1.75B.

Strategy

Management frames the strategy around Agentic Cyber Resilience — combining machine-speed cyber recovery with runtime security for AI agents. Fiscal 2026 development built Rubrik Agent Cloud, and in Q2 FY2027 the company launched Rubrik AI, an agentic layer spanning RSC and RAC, plus Rubrik Agent Cloud for Anthropic's Claude Code. It also introduced Autonomous Business Recovery for cloud applications powered by the Preemptive Recovery Engine, and announced Project Hourglass, a GSI alliance with Cognizant, Deloitte, HCLTech, NTT DATA and Wipro. The stated direction is to land customers on one of five data types (enterprise, unstructured, identity, cloud, SaaS) and expand via data growth, new applications/identities, and additional security products.

Risks

• Growth rate may slow — The company states its recent rapid growth may not be indicative of future growth and that revenue growth rates will fluctuate, with past revenue growth not to be relied upon as an indication of future performance.
• Subscription Credit benefit unwind — Subscription revenue is expected to benefit from customers exercising or forfeiting Subscription Credits through fiscal 2027, but the company expects these benefits to significantly reduce sequentially.
• Transition comparability — The completed shift from legacy CDM/perpetual and appliance sales to RSC has caused fluctuations in total revenue growth and limits comparability with past performance.
• Negative shareholder equity — As of July 31, 2026, total liabilities of $3.35B exceeded total assets of $2.85B, producing shareholder equity of $(499.4M), and GAAP net income was negative in each of fiscal 2023 through 2026.

Outlook

In the August 27, 2026 release, Rubrik said results exceeded all guided metrics and that it is raising guidance for all guided metrics for fiscal year 2027. The CFO cited 33% Subscription ARR growth, expanding Subscription ARR contribution margins, and entering the second half of fiscal year 2027 from a position of strength. CEO Bipul Sinha said the company is in the early innings of the AI acceleration opportunity.