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Yahoo
4 days ago
- Business
- Yahoo
Rubrik Reports First Quarter Fiscal Year 2026 Financial Results
Results exceeded all guided metrics First quarter subscription ARR grew 38% year-over-year to $1.18 billion First quarter revenue grew 49% year-over-year to $278.5 million 2,381 customers with $100K or more in Subscription ARR, up 28% year-over-year PALO ALTO, Calif., June 05, 2025--(BUSINESS WIRE)--Rubrik, Inc. (NYSE: RBRK), the cyber resilience company, today announced financial results for the first quarter fiscal year 2026, ended April 30, 2025. "Our outstanding first-quarter results not only surpassed all guided metrics but also underscore the power of our focused innovation and execution. We are winning the cyber resilience market, and I believe that our opportunity is bigger than ever," said Bipul Sinha, Rubrik's Chief Executive Officer, Chairman, and Co-Founder. Commenting on the company's financial results, Kiran Choudary, Rubrik's Chief Financial Officer, added, "Q1 was a strong start to our second fiscal year as a public company, with another quarter of solid top-line growth at scale and continued improvement towards profitability." First Quarter Fiscal 2026 Financial Highlights Subscription Annual Recurring Revenue (ARR): Subscription ARR was up 38% year-over-year, growing to $1.18 billion as of April 30, 2025. Revenue: Subscription revenue was $265.7 million, a 54% increase, compared to $172.2 million in the first quarter of fiscal 2025. Total revenue was $278.5 million, a 49% increase, compared to $187.3 million in the first quarter of fiscal 2025. Gross Margin: GAAP gross margin was 78.3%, compared to 48.8% in the first quarter of fiscal 2025. This includes $4.8 million in stock-based compensation expense, compared to $48.9 million in the first quarter of fiscal 2025. The change in stock-based compensation expense is due to the vesting of certain equity awards as a result of the completion of our initial public offering in the first quarter of fiscal 2025. Non-GAAP gross margin was 80.5%, compared to 75.4% in the first quarter of fiscal 2025. Subscription ARR Contribution Margin: Subscription ARR Contribution Margin was 8.0% compared to (10.6)% in the first quarter of fiscal 2025, reflecting the strong net new subscription ARR in the quarter and an improvement in operating leverage in the business. Net Loss per Share: GAAP net loss per share was $(0.53), compared to $(11.48) in the first quarter of fiscal 2025. GAAP net loss includes $73.5 million in stock-based compensation expense, compared to $630.3 million in the first quarter of fiscal 2025. The change in stock-based compensation expense is due to the vesting of certain equity awards as a result of the completion of our initial public offering in the first quarter of fiscal 2025. Non-GAAP net loss per share was $(0.15), compared to $(1.58) in the first quarter of fiscal 2025. Cash Flow from Operations: Cash flow from operations was $39.7 million, compared to $(31.4) million in the first quarter of fiscal 2025. Free cash flow was $33.3 million, compared to $(37.1) million in the first quarter of fiscal 2025. Cash, Cash Equivalents, and Short-Term Investments: Cash, cash equivalents, and short-term investments were $762.1 million as of April 30, 2025. Recent Business Highlights As of April 30, 2025, Rubrik had 2,381 customers with Subscription ARR of $100,000 or more, up 28% year-over-year. Partnered with Google Cloud and Mandiant to develop a cloud-based isolated recovery solution on Google Cloud, featuring secure backup and replication to Google Cloud via Rubrik's Secure Vault. Upcoming capabilities include new threat analytics and expanded protection for Google Cloud Engine, Google Cloud SQL, and Google Workspace. Announced Rubrik Annapurna will integrate with Google Agentspace, allowing customers to securely access, mobilize, govern, and protect AI data on Google Cloud. By using Annapurna as a data source within Agentspace, AI models can securely access enterprise-wide data. Organizations can control access through policy-based governance and accelerate AI application development with simplified workflows. Announced a strategic alliance with Deloitte to deliver advanced data security and management solutions. By combining Rubrik's Zero Trust Data Security™ platform with Deloitte's extensive technical knowledge in cybersecurity, risk management, and digital transformation, this alliance will offer solutions designed to help clients safeguard their data and enhance operational performance. Announced an expanded global strategic partnership with NTT Data for comprehensive ransomware protection. NTT DATA will offer advisory and consulting services, implementation and integration support, and managed services powered by Rubrik to prepare cybersecurity responses before, during, and after a cyber incident or ransomware attack. Partnered with Rackspace to launch the "Rackspace Cyber Recovery Cloud powered by Rubrik," a fully managed isolated recovery service for enterprises. This service aims to enhance cyber resilience and ensure business continuity through rapid workload restoration, thereby reducing operational risk and addressing a critical market need for advanced cyber resilience. Appointed Kavitha Mariappan as its Chief Transformation Officer, a new role focused on enhancing executive engagement and accelerating cyber resilience for global enterprises and public sector organizations. Mariappan has extensive experience in enterprise software and cybersecurity, having held executive roles at Zscaler, Databricks, and Cisco, most recently as EVP of Customer Experience and Transformation at Zscaler. Recognized as 2025 Google Cloud Partner of the Year: Infrastructure Modernization – Backup and Disaster Recovery, for achievements in delivering cyber resilience and recovery capabilities for joint customers in the Google Cloud ecosystem. Second Quarter and Fiscal Year 2026 Outlook Rubrik is providing the following guidance for the second quarter of fiscal year 2026 and the full fiscal year 2026: Second Quarter Fiscal 2026 Outlook: Revenue of $281 million to $283 million. Non-GAAP Subscription ARR contribution margin of 4.5% to 5.5%. Non-GAAP EPS of $(0.35) to $(0.33). Weighted-average shares outstanding of approximately 196 million. Full Year 2026 Outlook: Subscription ARR between $1,380 million and $1,388 million. Revenue of $1,179 million to $1,189 million. Non-GAAP Subscription ARR contribution margin of approximately 6.0%. Non-GAAP EPS of $(1.02) to $(0.96). Weighted-average shares outstanding of approximately 198 million. Free cash flow of $65 million to $75 million. Additional information on Rubrik's reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Rubrik's results computed in accordance with GAAP. For example, stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of Rubrik's Class A common stock, and Rubrik's future hiring and retention needs, all of which are difficult to predict and subject to constant change. Conference Call Information Rubrik will host a conference call to discuss results for the first quarter of fiscal year 2026, as well as its financial outlook for the second quarter of fiscal year 2026 and full fiscal year 2026 today at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. Open to the public, analysts and investors may access the webcast, results press release, and investor presentation on Rubrik's investor relations website at A replay of the webcast will also be accessible from Rubrik's investor relations website a few hours after the conclusion of the live event. Rubrik uses its investor relations website and may use certain social media accounts including X (formerly Twitter) (@rubrikInc and @bipulsinha) and LinkedIn ( and as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Forward-Looking Statements This press release and the related conference call contain express and implied "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Rubrik's financial outlook for the second quarter of fiscal year 2026 and full fiscal year 2026, Rubrik's market position, market opportunities, and growth strategy, product initiatives, go-to-market motions and market trends. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "will," "would," "should," "could," "can," "predict," "potential," "target," "explore," "continue," "outlook," "guidance," or the negative of these terms, where applicable, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond Rubrik's control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements. Risks include but are not limited to Rubrik's limited operating history, the growth rate of the market in which Rubrik competes, Rubrik's ability to effectively manage and sustain its growth, Rubrik's ability to introduce new products on top of its platform, Rubrik's ability to compete with existing competitors and new market entrants, Rubrik's ability to expand internationally and its ability to utilize AI successfully in its current and future products. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption "Risk Factors" and elsewhere in our most recent filings with the Securities and Exchange Commission, including in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025. Forward-looking statements speak only as of the date the statements are made and are based on information available to Rubrik at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Rubrik assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law. Non-GAAP Financial Measures Rubrik has provided in this press release financial information that has not been prepared in accordance with GAAP. Rubrik uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Rubrik's financial results with other companies in its industry, many of which present similar non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Rubrik's condensed consolidated financial statements prepared in accordance with GAAP. A reconciliation of Rubrik's historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation. Free Cash Flow. Rubrik defines free cash flow as net cash provided by (used in) operating activities less cash used for purchases of property and equipment and capitalized internal-use software. Rubrik believes free cash flow is a helpful indicator of liquidity that provides information to management and investors about the amount of cash generated or used by Rubrik's operations that, after the investments in property and equipment and capitalized internal-use software, can be used for strategic initiatives, including investing in Rubrik's business and strengthening its financial position. One limitation of free cash flow is that it does not reflect Rubrik's future contractual commitments. Additionally, free cash flow is not a substitute for cash used in operating activities and the utility of free cash flow as a measure of Rubrik's liquidity is further limited as it does not represent the total increase or decrease in Rubrik's cash balance for a given period. Non-GAAP Subscription Cost of Revenue. Rubrik defines non-GAAP subscription cost of revenue as subscription cost of revenue, adjusted for amortization of acquired intangibles, stock-based compensation expense, stock-based compensation from amortization of capitalized internal-use software, and other non-recurring items. Non-GAAP Operating Expenses (Research and Development, Sales and Marketing, General and Administrative). Rubrik defines non-GAAP operating expenses as operating expenses (research and development, sales and marketing, general and administrative), adjusted for, as applicable, stock-based compensation expense, and other non-recurring items. Non-GAAP Gross Profit, Non-GAAP Operating Loss, and Non-GAAP Net Loss. Rubrik defines non-GAAP gross profit, non-GAAP operating loss, and non-GAAP net loss as the respective GAAP measure, adjusted for amortization of acquired intangibles, stock-based compensation expense, stock-based compensation from amortization of capitalized internal-use software other non-recurring items, and the related income tax effect of these adjustments. Non-GAAP Gross Margin. Rubrik defines non-GAAP gross margin as non-GAAP gross profit as a percentage of total revenue. Non-GAAP Net Loss Per Share, Basic and Diluted. Rubrik defines non-GAAP net loss per share, basic and diluted as non-GAAP net loss divided by the weighted-average number of shares of common stock outstanding during the period. Free Cash Flow and Free Cash Flow Margin. Rubrik defines free cash flow as net cash provided by (used in) operating activities less cash used for purchases of property and equipment and capitalized internal-use software. Free cash flow margin is calculated as free cash flow divided by total revenue. Subscription Annual Recurring Revenue ("ARR") Contribution Margin. Rubrik defines Subscription ARR Contribution Margin as Subscription ARR contribution divided by Subscription ARR at the end of the period. Rubrik defines Subscription ARR Contribution as Subscription ARR at the end of the period less: (i) non-GAAP subscription cost of revenue and (ii) non-GAAP operating expenses for the prior 12-month period ending on that date. Rubrik believes that Subscription ARR Contribution Margin is a helpful indicator of operating leverage. One limitation of Subscription ARR Contribution Margin is that the factors that impact Subscription ARR will vary from those that impact subscription revenue and, as such, may not provide an accurate indication of Rubrik's actual or future GAAP results. Additionally, the historical expenses in this calculation may not accurately reflect the costs associated with future commitments. Key Business Metrics Subscription ARR. Rubrik calculates Subscription ARR as the annualized value of our active subscription contracts as of the measurement date, based on our customers' total contract value, and assuming any contract that expires during the next 12 months is renewed on existing terms. Subscription contracts include offerings for our Rubrik Security Cloud ("RSC") platform and related data security SaaS solutions, term-based licenses for our RSC-Private platform and related products, prior sales of CDM sold as a subscription term-based license with associated support, and standalone sales of Rubrik's SaaS subscription products like Anomaly Detection and Sensitive Data Monitoring. Cloud ARR. Rubrik calculates Cloud ARR as the annualized value of its active cloud-based subscription contracts as of the measurement date, based on Rubrik's customers' total contract value, and assuming any contract that expires during the next 12 months is renewed on existing terms. Rubrik's cloud-based subscription contracts include RSC and RSC-Government (excluding RSC-Private). Cloud ARR also includes SaaS subscription products like Anomaly Detection and Sensitive Data Monitoring. Average Subscription Dollar-Based Net Retention Rate. Rubrik calculates Average Subscription Dollar-Based Net Retention Rate by first identifying subscription customers ("Prior Period Subscription Customers") which were subscription customers at the end of a particular quarter (the "Prior Period"). Rubrik then calculates the Subscription ARR from these Prior Period Subscription Customers at the end of the same quarter of the subsequent year (the "Current Period"). This calculation captures upsells, contraction, and attrition since the Prior Period. Rubrik then divides total Current Period Subscription ARR by the total Prior Period Subscription ARR for Prior Period Subscription Customers. Rubrik's Average Subscription Dollar-Based Net Retention Rate in a particular quarter is obtained by averaging the result from that particular quarter with the corresponding results from each of the prior three quarters. Customers with $100K or More in Subscription ARR. Customers with $100K or more in Subscription ARR represent the number of customers that contributed $100,000 or more in Subscription ARR as of period end. About Rubrik Rubrik (NYSE: RBRK) is on a mission to secure the world's data. With Zero Trust Data Security™, we help organizations achieve business resilience against cyberattacks, malicious insiders, and operational disruptions. Rubrik Security Cloud, powered by machine learning, secures data across enterprise, cloud, SaaS, unstructured data, and identity providers. We help organizations uphold data integrity, deliver data availability that withstands adverse conditions, continuously monitor data risks and threats, and restore businesses with their data when infrastructure is attacked. Rubrik, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended April 30, 2025 2024 Revenue Subscription $ 265,661 $ 172,195 Maintenance 2,330 5,667 Other 10,490 9,453 Total revenue 278,481 187,315 Cost of revenue Subscription 51,912 73,725 Maintenance 409 3,609 Other 8,162 18,645 Total cost of revenue 60,483 95,979 Gross profit 217,998 91,336 Operating expenses Research and development 81,815 285,379 Sales and marketing 169,993 379,329 General and administrative 59,281 151,465 Total operating expenses 311,089 816,173 Loss from operations (93,091 ) (724,837 ) Interest income 7,696 2,942 Interest expense (9,813 ) (10,624 ) Other income (expense), net (5,622 ) (623 ) Loss before income taxes (100,830 ) (733,142 ) Income tax expense (benefit) 1,274 (1,051 ) Net loss $ (102,104 ) $ (732,091 ) Net loss per share, basic and diluted $ (0.53 ) $ (11.48 ) Weighted-average shares used in computing net loss per share, basic and diluted 191,625 63,794 Rubrik, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) April 30, January 31, 2025 2025 Assets Current assets Cash and cash equivalents $ 283,998 $ 186,331 Short-term investments 478,059 518,813 Accounts receivable, net of allowances 165,596 177,627 Deferred commissions 95,352 91,919 Prepaid expenses and other current assets 93,890 102,951 Total current assets 1,116,895 1,077,641 Property and equipment, net 54,935 53,194 Deferred commissions, noncurrent 125,696 132,465 Goodwill 101,618 100,343 Other assets, noncurrent 75,462 59,331 Total assets $ 1,474,606 $ 1,422,974 Liabilities and stockholders' deficit Current liabilities Accounts payable $ 9,905 $ 10,439 Accrued expenses and other current liabilities 112,512 162,602 Deferred revenue 838,872 777,135 Total current liabilities 961,289 950,176 Deferred revenue, noncurrent 670,307 642,370 Other liabilities, noncurrent 76,719 61,821 Debt, noncurrent 322,821 322,341 Total liabilities 2,031,136 1,976,708 Stockholders' deficit Preferred stock — — Class A common stock 3 3 Class B common stock 2 2 Additional paid-in capital 2,382,345 2,291,829 Accumulated other comprehensive income (loss) 557 (8,235 ) Accumulated deficit (2,939,437 ) (2,837,333 ) Total stockholders' deficit (556,530 ) (553,734 ) Total liabilities and stockholders' deficit $ 1,474,606 $ 1,422,974 Rubrik, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three Months Ended April 30, 2025 2024 Cash flows from operating activities: Net loss $ (102,104 ) $ (732,091 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 8,075 7,190 Stock-based compensation 73,540 630,330 Amortization of deferred commissions 24,785 20,377 Non-cash interest — 9,700 Deferred income taxes 604 (990 ) Other (375 ) 863 Changes in operating assets and liabilities: Accounts receivable 12,031 36,175 Deferred commissions (21,449 ) (23,201 ) Prepaid expenses and other assets (7,824 ) (13,920 ) Accounts payable (489 ) 2,748 Accrued expenses and other liabilities (36,813 ) (22,055 ) Deferred revenue 89,674 53,493 Net cash provided by (used in) operating activities 39,655 (31,381 ) Cash flows from investing activities: Purchases of property and equipment (2,850 ) (3,639 ) Capitalized internal-use software (3,465 ) (2,103 ) Purchases of investments (120,162 ) (42,688 ) Sale of investments — 27,978 Maturities of investments 162,617 61,189 Payment for business combination (1,975 ) — Net cash provided by investing activities 34,165 40,737 Cash flows from financing activities: Proceeds from initial public offering, net of underwriting discounts and commissions — 710,264 Taxes paid related to net share settlement of equity awards — (350,444 ) Proceeds from exercise of stock options 1,849 3,618 Proceeds from issuance of common stock under employee stock purchase plan 13,492 — Payments for deferred offering costs, net — (775 ) Payments for debt discount costs — (475 ) Payments for debt issuance costs — (6 ) Net cash provided by financing activities 15,341 362,182 Effect of exchange rate on cash, cash equivalents, and restricted cash 8,751 (489 ) Net increase in cash, cash equivalents, and restricted cash 97,912 371,049 Cash, cash equivalents, and restricted cash, beginning of year 193,594 137,059 Cash, cash equivalents, and restricted cash, end of year $ 291,506 $ 508,108 Rubrik, Inc. GAAP to Non-GAAP Reconciliations (in thousands, except percentages and per share data) (unaudited) Three Months Ended April 30, 2025 2024 Reconciliation of GAAP total gross profit to non-GAAP total gross profit: Total gross profit on a GAAP basis $ 217,998 $ 91,336 Add: Stock-based compensation expense 4,825 48,899 Add: Stock-based compensation from amortization of capitalized internal-use software 349 15 Add: Amortization of acquired intangibles 960 903 Non-GAAP total gross profit $ 224,132 $ 141,153 GAAP total gross margin 78 % 49 % Non-GAAP total gross margin 81 % 75 % Reconciliation of GAAP operating expenses to non-GAAP operating expenses: Research and development operating expense on a GAAP basis $ 81,815 $ 285,379 Less: Stock-based compensation expense 19,812 224,149 Non-GAAP research and development operating expense $ 62,003 $ 61,230 Sales and marketing operating expense on a GAAP basis $ 169,993 $ 379,329 Less: Stock-based compensation expense 24,144 239,888 Non-GAAP sales and marketing operating expense $ 145,849 $ 139,441 General and administrative operating expense on a GAAP basis $ 59,281 $ 151,465 Less: Stock-based compensation expense 24,759 117,394 Non-GAAP general and administrative operating expense $ 34,522 $ 34,071 Reconciliation of GAAP operating loss to non-GAAP operating loss: Operating loss on a GAAP basis $ (93,091 ) $ (724,837 ) Add: Stock-based compensation expense 73,540 630,330 Add: Stock-based compensation from amortization of capitalized internal-use software 349 15 Add: Amortization of acquired intangibles 960 903 Non-GAAP operating loss $ (18,242 ) $ (93,589 ) Reconciliation of GAAP net loss to non-GAAP net loss: Net loss on a GAAP basis $ (102,104 ) $ (732,091 ) Add: Stock-based compensation expense 73,540 630,330 Add: Stock-based compensation from amortization of capitalized internal-use software 349 15 Add: Amortization of acquired intangibles 960 903 Income tax expenses effect related to the above adjustments (1,428 ) (118 ) Non-GAAP net loss $ (28,683 ) $ (100,961 ) GAAP net loss per share, basic and diluted $ (0.53 ) $ (11.48 ) Weighted-average shares used to compute GAAP net loss per share, basic and diluted 191,625 63,794 Non-GAAP net loss per share, basic and diluted $ (0.15 ) $ (1.58 ) Weighted-average shares used to compute non-GAAP net loss per share, basic and diluted 191,625 63,794 The following table presents a reconciliation of free cash flow to net cash provided by (used in) operating activities, the most directly comparable GAAP measure, for each of the periods indicated (unaudited, in thousands, except percentages): Three Months Ended April 30, 2025 2024 Net cash provided by (used in) operating activities $ 39,655 $ (31,381 ) Less: Purchases of property and equipment (2,850 ) (3,639 ) Less: Capitalized internal-use software (3,465 ) (2,103 ) Free cash flow $ 33,340 $ (37,123 ) Operating cash flow margin 14 % (17 )% Free cash flow margin 12 % (20 )% Net cash provided by investing activities $ 34,165 $ 40,737 Net cash provided by financing activities $ 15,341 $ 362,182 The following table presents the calculation of Subscription ARR Contribution Margin for the periods presented as well as a reconciliation of (i) non-GAAP subscription cost of revenue to cost of revenue and (ii) non-GAAP operating expenses to operating expenses (in thousands, except percentages): Twelve Months Ended April 30, 2025 2024 Subscription cost of revenue $ 193,223 $ 150,015 Stock-based compensation expense (18,289 ) (35,236 ) Stock-based compensation from amortization of capitalized internal-use software (607 ) (106 ) Amortization of acquired intangibles (3,730 ) (2,579 ) Non-GAAP subscription cost of revenue $ 170,597 $ 112,094 Operating expenses $ 1,249,744 $ 1,421,164 Stock-based compensation expense (334,156 ) (586,660 ) Non-GAAP operating expenses $ 915,588 $ 834,504 Subscription ARR $ 1,181,269 $ 856,051 Non-GAAP subscription cost of revenue (170,597 ) (112,094 ) Non-GAAP operating expenses (915,588 ) (834,504 ) Subscription ARR Contribution $ 95,084 $ (90,547 ) Subscription ARR Contribution Margin 8 % (11 )% View source version on Contacts Investor Relations Contact Melissa FranchiVP, Head of Investor Relations, Rubrik781.367.0733IR@ Public Relations Contact Jessica MooreVP, Global Communications, Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
4 days ago
- Business
- Business Wire
Rubrik Reports First Quarter Fiscal Year 2026 Financial Results
PALO ALTO, Calif.--(BUSINESS WIRE)-- Rubrik, Inc. (NYSE: RBRK), the cyber resilience company, today announced financial results for the first quarter fiscal year 2026, ended April 30, 2025. 'Our outstanding first-quarter results not only surpassed all guided metrics but also underscore the power of our focused innovation and execution. We are winning the cyber resilience market, and I believe that our opportunity is bigger than ever,' said Bipul Sinha, Rubrik's Chief Executive Officer, Chairman, and Co-Founder. Commenting on the company's financial results, Kiran Choudary, Rubrik's Chief Financial Officer, added, 'Q1 was a strong start to our second fiscal year as a public company, with another quarter of solid top-line growth at scale and continued improvement towards profitability.' First Quarter Fiscal 2026 Financial Highlights Subscription Annual Recurring Revenue (ARR): Subscription ARR was up 38% year-over-year, growing to $1.18 billion as of April 30, 2025. Revenue: Subscription revenue was $265.7 million, a 54% increase, compared to $172.2 million in the first quarter of fiscal 2025. Total revenue was $278.5 million, a 49% increase, compared to $187.3 million in the first quarter of fiscal 2025. Gross Margin: GAAP gross margin was 78.3%, compared to 48.8% in the first quarter of fiscal 2025. This includes $4.8 million in stock-based compensation expense, compared to $48.9 million in the first quarter of fiscal 2025. The change in stock-based compensation expense is due to the vesting of certain equity awards as a result of the completion of our initial public offering in the first quarter of fiscal 2025. Non-GAAP gross margin was 80.5%, compared to 75.4% in the first quarter of fiscal 2025. Subscription ARR Contribution Margin: Subscription ARR Contribution Margin was 8.0% compared to (10.6)% in the first quarter of fiscal 2025, reflecting the strong net new subscription ARR in the quarter and an improvement in operating leverage in the business. Net Loss per Share: GAAP net loss per share was $(0.53), compared to $(11.48) in the first quarter of fiscal 2025. GAAP net loss includes $73.5 million in stock-based compensation expense, compared to $630.3 million in the first quarter of fiscal 2025. The change in stock-based compensation expense is due to the vesting of certain equity awards as a result of the completion of our initial public offering in the first quarter of fiscal 2025. Non-GAAP net loss per share was $(0.15), compared to $(1.58) in the first quarter of fiscal 2025. Cash Flow from Operations: Cash flow from operations was $39.7 million, compared to $(31.4) million in the first quarter of fiscal 2025. Free cash flow was $33.3 million, compared to $(37.1) million in the first quarter of fiscal 2025. Cash, Cash Equivalents, and Short-Term Investments: Cash, cash equivalents, and short-term investments were $762.1 million as of April 30, 2025. Recent Business Highlights As of April 30, 2025, Rubrik had 2,381 customers with Subscription ARR of $100,000 or more, up 28% year-over-year. Partnered with Google Cloud and Mandiant to develop a cloud-based isolated recovery solution on Google Cloud, featuring secure backup and replication to Google Cloud via Rubrik's Secure Vault. Upcoming capabilities include new threat analytics and expanded protection for Google Cloud Engine, Google Cloud SQL, and Google Workspace. Announced Rubrik Annapurna will integrate with Google Agentspace, allowing customers to securely access, mobilize, govern, and protect AI data on Google Cloud. By using Annapurna as a data source within Agentspace, AI models can securely access enterprise-wide data. Organizations can control access through policy-based governance and accelerate AI application development with simplified workflows. Announced a strategic alliance with Deloitte to deliver advanced data security and management solutions. By combining Rubrik's Zero Trust Data Security™ platform with Deloitte's extensive technical knowledge in cybersecurity, risk management, and digital transformation, this alliance will offer solutions designed to help clients safeguard their data and enhance operational performance. Announced an expanded global strategic partnership with NTT Data for comprehensive ransomware protection. NTT DATA will offer advisory and consulting services, implementation and integration support, and managed services powered by Rubrik to prepare cybersecurity responses before, during, and after a cyber incident or ransomware attack. Partnered with Rackspace to launch the "Rackspace Cyber Recovery Cloud powered by Rubrik," a fully managed isolated recovery service for enterprises. This service aims to enhance cyber resilience and ensure business continuity through rapid workload restoration, thereby reducing operational risk and addressing a critical market need for advanced cyber resilience. Appointed Kavitha Mariappan as its Chief Transformation Officer, a new role focused on enhancing executive engagement and accelerating cyber resilience for global enterprises and public sector organizations. Mariappan has extensive experience in enterprise software and cybersecurity, having held executive roles at Zscaler, Databricks, and Cisco, most recently as EVP of Customer Experience and Transformation at Zscaler. Recognized as 2025 Google Cloud Partner of the Year: Infrastructure Modernization – Backup and Disaster Recovery, for achievements in delivering cyber resilience and recovery capabilities for joint customers in the Google Cloud ecosystem. Second Quarter and Fiscal Year 2026 Outlook Rubrik is providing the following guidance for the second quarter of fiscal year 2026 and the full fiscal year 2026: Second Quarter Fiscal 2026 Outlook: Revenue of $281 million to $283 million. Non-GAAP Subscription ARR contribution margin of 4.5% to 5.5%. Non-GAAP EPS of $(0.35) to $(0.33). Weighted-average shares outstanding of approximately 196 million. Full Year 2026 Outlook: Subscription ARR between $1,380 million and $1,388 million. Revenue of $1,179 million to $1,189 million. Non-GAAP Subscription ARR contribution margin of approximately 6.0%. Non-GAAP EPS of $(1.02) to $(0.96). Weighted-average shares outstanding of approximately 198 million. Free cash flow of $65 million to $75 million. Additional information on Rubrik's reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Rubrik's results computed in accordance with GAAP. For example, stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of Rubrik's Class A common stock, and Rubrik's future hiring and retention needs, all of which are difficult to predict and subject to constant change. Conference Call Information Rubrik will host a conference call to discuss results for the first quarter of fiscal year 2026, as well as its financial outlook for the second quarter of fiscal year 2026 and full fiscal year 2026 today at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. Open to the public, analysts and investors may access the webcast, results press release, and investor presentation on Rubrik's investor relations website at A replay of the webcast will also be accessible from Rubrik's investor relations website a few hours after the conclusion of the live event. Rubrik uses its investor relations website and may use certain social media accounts including X (formerly Twitter) (@rubrikInc and @bipulsinha) and LinkedIn ( and as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Forward-Looking Statements This press release and the related conference call contain express and implied 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Rubrik's financial outlook for the second quarter of fiscal year 2026 and full fiscal year 2026, Rubrik's market position, market opportunities, and growth strategy, product initiatives, go-to-market motions and market trends. In some cases, you can identify forward-looking statements by terms such as 'anticipate,' 'believe,' 'estimate,' 'expect,' 'intend,' 'may,' 'might,' 'plan,' 'project,' 'will,' 'would,' 'should,' 'could,' 'can,' 'predict,' 'potential,' 'target,' 'explore,' 'continue,' 'outlook,' 'guidance,' or the negative of these terms, where applicable, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond Rubrik's control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements. Risks include but are not limited to Rubrik's limited operating history, the growth rate of the market in which Rubrik competes, Rubrik's ability to effectively manage and sustain its growth, Rubrik's ability to introduce new products on top of its platform, Rubrik's ability to compete with existing competitors and new market entrants, Rubrik's ability to expand internationally and its ability to utilize AI successfully in its current and future products. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption 'Risk Factors' and elsewhere in our most recent filings with the Securities and Exchange Commission, including in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025. Forward-looking statements speak only as of the date the statements are made and are based on information available to Rubrik at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Rubrik assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law. Non-GAAP Financial Measures Rubrik has provided in this press release financial information that has not been prepared in accordance with GAAP. Rubrik uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Rubrik's financial results with other companies in its industry, many of which present similar non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Rubrik's condensed consolidated financial statements prepared in accordance with GAAP. A reconciliation of Rubrik's historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation. Free Cash Flow. Rubrik defines free cash flow as net cash provided by (used in) operating activities less cash used for purchases of property and equipment and capitalized internal-use software. Rubrik believes free cash flow is a helpful indicator of liquidity that provides information to management and investors about the amount of cash generated or used by Rubrik's operations that, after the investments in property and equipment and capitalized internal-use software, can be used for strategic initiatives, including investing in Rubrik's business and strengthening its financial position. One limitation of free cash flow is that it does not reflect Rubrik's future contractual commitments. Additionally, free cash flow is not a substitute for cash used in operating activities and the utility of free cash flow as a measure of Rubrik's liquidity is further limited as it does not represent the total increase or decrease in Rubrik's cash balance for a given period. Non-GAAP Subscription Cost of Revenue. Rubrik defines non-GAAP subscription cost of revenue as subscription cost of revenue, adjusted for amortization of acquired intangibles, stock-based compensation expense, stock-based compensation from amortization of capitalized internal-use software, and other non-recurring items. Non-GAAP Operating Expenses (Research and Development, Sales and Marketing, General and Administrative). Rubrik defines non-GAAP operating expenses as operating expenses (research and development, sales and marketing, general and administrative), adjusted for, as applicable, stock-based compensation expense, and other non-recurring items. Non-GAAP Gross Profit, Non-GAAP Operating Loss, and Non-GAAP Net Loss. Rubrik defines non-GAAP gross profit, non-GAAP operating loss, and non-GAAP net loss as the respective GAAP measure, adjusted for amortization of acquired intangibles, stock-based compensation expense, stock-based compensation from amortization of capitalized internal-use software other non-recurring items, and the related income tax effect of these adjustments. Non-GAAP Gross Margin. Rubrik defines non-GAAP gross margin as non-GAAP gross profit as a percentage of total revenue. Non-GAAP Net Loss Per Share, Basic and Diluted. Rubrik defines non-GAAP net loss per share, basic and diluted as non-GAAP net loss divided by the weighted-average number of shares of common stock outstanding during the period. Free Cash Flow and Free Cash Flow Margin. Rubrik defines free cash flow as net cash provided by (used in) operating activities less cash used for purchases of property and equipment and capitalized internal-use software. Free cash flow margin is calculated as free cash flow divided by total revenue. Subscription Annual Recurring Revenue ('ARR') Contribution Margin. Rubrik defines Subscription ARR Contribution Margin as Subscription ARR contribution divided by Subscription ARR at the end of the period. Rubrik defines Subscription ARR Contribution as Subscription ARR at the end of the period less: (i) non-GAAP subscription cost of revenue and (ii) non-GAAP operating expenses for the prior 12-month period ending on that date. Rubrik believes that Subscription ARR Contribution Margin is a helpful indicator of operating leverage. One limitation of Subscription ARR Contribution Margin is that the factors that impact Subscription ARR will vary from those that impact subscription revenue and, as such, may not provide an accurate indication of Rubrik's actual or future GAAP results. Additionally, the historical expenses in this calculation may not accurately reflect the costs associated with future commitments. Key Business Metrics Subscription ARR. Rubrik calculates Subscription ARR as the annualized value of our active subscription contracts as of the measurement date, based on our customers' total contract value, and assuming any contract that expires during the next 12 months is renewed on existing terms. Subscription contracts include offerings for our Rubrik Security Cloud ('RSC') platform and related data security SaaS solutions, term-based licenses for our RSC-Private platform and related products, prior sales of CDM sold as a subscription term-based license with associated support, and standalone sales of Rubrik's SaaS subscription products like Anomaly Detection and Sensitive Data Monitoring. Cloud ARR. Rubrik calculates Cloud ARR as the annualized value of its active cloud-based subscription contracts as of the measurement date, based on Rubrik's customers' total contract value, and assuming any contract that expires during the next 12 months is renewed on existing terms. Rubrik's cloud-based subscription contracts include RSC and RSC-Government (excluding RSC-Private). Cloud ARR also includes SaaS subscription products like Anomaly Detection and Sensitive Data Monitoring. Average Subscription Dollar-Based Net Retention Rate. Rubrik calculates Average Subscription Dollar-Based Net Retention Rate by first identifying subscription customers ('Prior Period Subscription Customers') which were subscription customers at the end of a particular quarter (the 'Prior Period'). Rubrik then calculates the Subscription ARR from these Prior Period Subscription Customers at the end of the same quarter of the subsequent year (the 'Current Period'). This calculation captures upsells, contraction, and attrition since the Prior Period. Rubrik then divides total Current Period Subscription ARR by the total Prior Period Subscription ARR for Prior Period Subscription Customers. Rubrik's Average Subscription Dollar-Based Net Retention Rate in a particular quarter is obtained by averaging the result from that particular quarter with the corresponding results from each of the prior three quarters. Customers with $100K or More in Subscription ARR. Customers with $100K or more in Subscription ARR represent the number of customers that contributed $100,000 or more in Subscription ARR as of period end. About Rubrik Rubrik (NYSE: RBRK) is on a mission to secure the world's data. With Zero Trust Data Security™, we help organizations achieve business resilience against cyberattacks, malicious insiders, and operational disruptions. Rubrik Security Cloud, powered by machine learning, secures data across enterprise, cloud, SaaS, unstructured data, and identity providers. We help organizations uphold data integrity, deliver data availability that withstands adverse conditions, continuously monitor data risks and threats, and restore businesses with their data when infrastructure is attacked. Rubrik, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) January 31, 2025 2025 Assets Current assets Cash and cash equivalents $ 283,998 $ 186,331 Short-term investments 478,059 518,813 Accounts receivable, net of allowances 165,596 177,627 Deferred commissions 95,352 91,919 Prepaid expenses and other current assets 93,890 102,951 Total current assets 1,116,895 1,077,641 Property and equipment, net 54,935 53,194 Deferred commissions, noncurrent 125,696 132,465 Goodwill 101,618 100,343 Other assets, noncurrent 75,462 59,331 Total assets $ 1,474,606 $ 1,422,974 Liabilities and stockholders' deficit Current liabilities Accounts payable $ 9,905 $ 10,439 Accrued expenses and other current liabilities 112,512 162,602 Deferred revenue 838,872 777,135 Total current liabilities 961,289 950,176 Deferred revenue, noncurrent 670,307 642,370 Other liabilities, noncurrent 76,719 61,821 Debt, noncurrent 322,821 322,341 Total liabilities 2,031,136 1,976,708 Stockholders' deficit Preferred stock — — Class A common stock 3 3 Class B common stock 2 2 Additional paid-in capital 2,382,345 2,291,829 Accumulated other comprehensive income (loss) 557 (8,235 ) Accumulated deficit (2,939,437 ) (2,837,333 ) Total stockholders' deficit (556,530 ) (553,734 ) Total liabilities and stockholders' deficit $ 1,474,606 $ 1,422,974 Expand Rubrik, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three Months Ended April 30, 2025 2024 Cash flows from operating activities: Net loss $ (102,104 ) $ (732,091 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 8,075 7,190 Stock-based compensation 73,540 630,330 Amortization of deferred commissions 24,785 20,377 Non-cash interest — 9,700 Deferred income taxes 604 (990 ) Other (375 ) 863 Changes in operating assets and liabilities: Accounts receivable 12,031 36,175 Deferred commissions (21,449 ) (23,201 ) Prepaid expenses and other assets (7,824 ) (13,920 ) Accounts payable (489 ) 2,748 Accrued expenses and other liabilities (36,813 ) (22,055 ) Deferred revenue 89,674 53,493 Net cash provided by (used in) operating activities 39,655 (31,381 ) Cash flows from investing activities: Purchases of property and equipment (2,850 ) (3,639 ) Capitalized internal-use software (3,465 ) (2,103 ) Purchases of investments (120,162 ) (42,688 ) Sale of investments — 27,978 Maturities of investments 162,617 61,189 Payment for business combination (1,975 ) — Net cash provided by investing activities 34,165 40,737 Cash flows from financing activities: Proceeds from initial public offering, net of underwriting discounts and commissions — 710,264 Taxes paid related to net share settlement of equity awards — (350,444 ) Proceeds from exercise of stock options 1,849 3,618 Proceeds from issuance of common stock under employee stock purchase plan 13,492 — Payments for deferred offering costs, net — (775 ) Payments for debt discount costs — (475 ) Payments for debt issuance costs — (6 ) Net cash provided by financing activities 15,341 362,182 Effect of exchange rate on cash, cash equivalents, and restricted cash 8,751 (489 ) Net increase in cash, cash equivalents, and restricted cash 97,912 371,049 Cash, cash equivalents, and restricted cash, beginning of year 193,594 137,059 Cash, cash equivalents, and restricted cash, end of year $ 291,506 $ 508,108 Expand Rubrik, Inc. G AAP to Non-GAAP Reconciliations (in thousands, except percentages and per share data) (unaudited) Three Months Ended April 30, 2025 2024 Reconciliation of GAAP total gross profit to non-GAAP total gross profit: Total gross profit on a GAAP basis $ 217,998 $ 91,336 Add: Stock-based compensation expense 4,825 48,899 Add: Stock-based compensation from amortization of capitalized internal-use software 349 15 Add: Amortization of acquired intangibles 960 903 Non-GAAP total gross profit $ 224,132 $ 141,153 GAAP total gross margin 78 % 49 % Non-GAAP total gross margin 81 % 75 % Reconciliation of GAAP operating expenses to non-GAAP operating expenses: Research and development operating expense on a GAAP basis $ 81,815 $ 285,379 Less: Stock-based compensation expense 19,812 224,149 Non-GAAP research and development operating expense $ 62,003 $ 61,230 Sales and marketing operating expense on a GAAP basis $ 169,993 $ 379,329 Less: Stock-based compensation expense 24,144 239,888 Non-GAAP sales and marketing operating expense $ 145,849 $ 139,441 General and administrative operating expense on a GAAP basis $ 59,281 $ 151,465 Less: Stock-based compensation expense 24,759 117,394 Non-GAAP general and administrative operating expense $ 34,522 $ 34,071 Reconciliation of GAAP operating loss to non-GAAP operating loss: Operating loss on a GAAP basis $ (93,091 ) $ (724,837 ) Add: Stock-based compensation expense 73,540 630,330 Add: Stock-based compensation from amortization of capitalized internal-use software 349 15 Add: Amortization of acquired intangibles 960 903 Non-GAAP operating loss $ (18,242 ) $ (93,589 ) Reconciliation of GAAP net loss to non-GAAP net loss: Net loss on a GAAP basis $ (102,104 ) $ (732,091 ) Add: Stock-based compensation expense 73,540 630,330 Add: Stock-based compensation from amortization of capitalized internal-use software 349 15 Add: Amortization of acquired intangibles 960 903 Income tax expenses effect related to the above adjustments (1,428 ) (118 ) Non-GAAP net loss $ (28,683 ) $ (100,961 ) GAAP net loss per share, basic and diluted $ (0.53 ) $ (11.48 ) Weighted-average shares used to compute GAAP net loss per share, basic and diluted 191,625 63,794 Non-GAAP net loss per share, basic and diluted $ (0.15 ) $ (1.58 ) Weighted-average shares used to compute non-GAAP net loss per share, basic and diluted 191,625 63,794 Expand The following table presents a reconciliation of free cash flow to net cash provided by (used in) operating activities, the most directly comparable GAAP measure, for each of the periods indicated (unaudited, in thousands, except percentages): The following table presents the calculation of Subscription ARR Contribution Margin for the periods presented as well as a reconciliation of (i) non-GAAP subscription cost of revenue to cost of revenue and (ii) non-GAAP operating expenses to operating expenses (in thousands, except percentages):
Yahoo
14-03-2025
- Business
- Yahoo
Rubrik Reports Fourth Quarter and Fiscal Year 2025 Financial Results
Results exceeded all guided metrics Fourth quarter subscription ARR grew 39% year-over-year to $1,092.6 million Fourth quarter revenue grew 47% year-over-year to $258.1 million 2,246 customers with $100K or more in Subscription ARR, up 29% year-over-year PALO ALTO, Calif., March 13, 2025--(BUSINESS WIRE)--Rubrik, Inc. (NYSE: RBRK), a cybersecurity company, today announced financial results for the fourth quarter and fiscal year 2025, ended January 31, 2025. "Fiscal 2025 was a milestone year for Rubrik. Our strong growth at scale demonstrates that we're winning the cyber resilience market. However, we are still very early in Rubrik's journey to achieve the company's full potential and I'm confident that what's ahead of us is even more important and exciting," said Bipul Sinha, Rubrik's Chief Executive Officer, Chairman, and Co-Founder. Commenting on the company's financial results, Kiran Choudary, Rubrik's Chief Financial Officer, added, "Throughout the year, we consistently delivered strong results, including improving operating leverage and achieving our first year of positive free cash flow. We look forward to continuing to execute towards the large opportunity in cyber resilience in fiscal 2026 and beyond." Fourth Quarter Fiscal 2025 Financial Highlights Subscription Annual Recurring Revenue (ARR): Subscription ARR was up 39% year-over-year, growing to $1,092.6 million as of January 31, 2025. Revenue: Subscription revenue was $243.7 million, a 54% increase, compared to $158.7 million in the fourth quarter of fiscal 2024. Total revenue was $258.1 million, a 47% increase, compared to $175.0 million in the fourth quarter of fiscal 2024. Gross Margin: GAAP gross margin was 77.4%, compared to 77.2% in the fourth quarter of fiscal 2024. This includes $5.1 million in stock-based compensation expense, compared to $0.1 million in the year ago period, due to the vesting of certain equity awards after and as a result of the completion of our initial public offering. Non-GAAP gross margin was 79.7%, compared to 77.7% in the fourth quarter of fiscal 2024. Subscription ARR Contribution Margin: Subscription ARR Contribution Margin was 2% compared to (12)% in the fourth quarter of fiscal 2024, reflecting the improvement in operating leverage in the business. Net Loss per Share: GAAP net loss per share was $(0.61), compared to $(1.59) in the fourth quarter of fiscal 2024. GAAP net loss includes $86.0 million in stock-based compensation expense, compared to $3.4 million in the year ago period, due to the vesting of certain equity awards after and as a result of the completion of our initial public offering. Non-GAAP net loss per share was $(0.18), compared to $(1.52) in the fourth quarter of fiscal 2024. Cash Flow from Operations: Cash flow from operations was $83.6 million, compared to $12.8 million in the fourth quarter of fiscal 2024. Free cash flow was $75.2 million, compared to $8.7 million in the fourth quarter of fiscal 2024. Cash, Cash Equivalents, and Short-Term Investments: Cash, cash equivalents, and short-term investments were $705.1 million as of January 31, 2025. Fiscal 2025 Financial Highlights Revenue: Subscription revenue was $828.7 million, a 54% increase, compared to $537.9 million in fiscal 2024. Total revenue was $886.5 million, a 41% increase, compared to $627.9 million in fiscal 2024. Gross Margin: GAAP gross margin was 70.0%, compared to 76.9% in fiscal 2024. This includes $67.0 million in stock-based compensation expense, compared to $0.1 million in the year ago period, due to the vesting of certain equity awards after and as a result of the completion of our initial public offering. Non-GAAP gross margin was 78.0%, compared to 77.2% in fiscal 2024. Net Loss per Share: GAAP net loss per share was $(7.48), compared to $(5.84) in fiscal 2024. GAAP net loss includes $913.9 million in stock-based compensation expense, compared to $5.7 million in the year ago period, due to the vesting of certain equity awards after and as a result of the completion of our initial public offering. Non-GAAP net loss per share was $(1.57), compared to $(5.72) in fiscal 2024. Cash Flow from Operations: Cash flow from operations was $48.2 million, compared to $(4.5) million in fiscal 2024. Free cash flow was $21.6 million, compared to $(24.5) million in fiscal 2024. Recent Business Highlights As of January 31, 2025, Rubrik had 2,246 customers with Subscription ARR of $100,000 or more, up 29% year-over-year. Announced Rubrik Annapurna to accelerate development of GenAI applications. Annapurna API service will allow customers to have ready-to-go access to all business data to quickly build more powerful and trusted GenAI applications. Annapurna will also deliver secure data embeddings powered by Rubrik Security Cloud (RSC) and leverage all enterprise data and metadata in RSC to easily set and manage data access controls for AI applications. Announced Rubrik Security Cloud – Government has received Federal Risk and Authorization Management Program (FedRAMP®) authorization at the Moderate Impact Level. The National Nuclear Security Administration (NNSA), an Office of the U.S. Department of Energy, served as the agency sponsor for Rubrik's FedRAMP authorization. Announced that Rubrik Security Cloud now combines Data Security Posture Management (DSPM) and Cyber Recovery capabilities within a single, trusted Cyber Resilience platform. Rubrik DSPM allows existing Rubrik customers to simply activate DSPM capabilities within their current Rubrik environment, providing near real-time views into data proliferation to reduce sensitive data exposure risk. Debuted Rubrik Turbo Threat Hunting, a new feature designed to dramatically accelerate cyber recovery and enable organizations to locate clean recovery points across their entire data estate. Turbo Threat Hunting enables organizations to scan up to 75,000 backups in less than 60 seconds. Named to CRN's 2025 Cloud 100 List, for excellence in cloud storage. First Quarter and Fiscal Year 2026 Outlook Rubrik is providing the following guidance for the first quarter of fiscal year 2026 and the full fiscal year 2026: First Quarter Fiscal 2026 Outlook: Revenue of $259 million to $261 million. Non-GAAP Subscription ARR contribution margin of approximately 4.0% to 5.0%. Non-GAAP EPS of $(0.33) to $(0.31). Weighted-average shares outstanding of approximately 192 million. Full Year 2026 Outlook: Subscription ARR between $1,350 million and $1,360 million. Revenue of $1,145 million to $1,161 million. Non-GAAP Subscription ARR contribution margin of approximately 4.5% to 5.5%. Non-GAAP EPS of $(1.23) to $(1.13). Weighted-average shares outstanding of approximately 198 million. Free cash flow of $45 million to $65 million. Additional information on Rubrik's reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Rubrik's results computed in accordance with GAAP. For example, stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of Rubrik's Class A common stock, and Rubrik's future hiring and retention needs, all of which are difficult to predict and subject to constant change. Conference Call Information Rubrik will host a conference call to discuss results for the fourth quarter of fiscal year 2025 and full fiscal year 2025, as well as its financial outlook for the first quarter of fiscal year 2026 and full fiscal year 2026 today at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. Open to the public, analysts and investors may access the webcast, results press release, and investor presentation on Rubrik's investor relations website at A replay of the webcast will also be accessible from Rubrik's investor relations website a few hours after the conclusion of the live event. Rubrik uses its investor relations website and may use certain social media accounts including X (formerly Twitter) (@rubrikInc and @bipulsinha) and LinkedIn ( and as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Forward-Looking Statements This press release and the related conference call contain express and implied "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Rubrik's financial outlook for the first quarter of fiscal year 2026 and full fiscal year 2026, Rubrik's market position, market opportunities, and growth strategy, product initiatives, go-to-market motions and market trends. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "will," "would," "should," "could," "can," "predict," "potential," "target," "explore," "continue," "outlook," "guidance," or the negative of these terms, where applicable, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond Rubrik's control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements. Risks include but are not limited to Rubrik's limited operating history, the growth rate of the market in which Rubrik competes, Rubrik's ability to effectively manage and sustain its growth, Rubrik's ability to introduce new products on top of its platform, Rubrik's ability to compete with existing competitors and new market entrants, Rubrik's ability to expand internationally and its ability to utilize AI successfully in its current and future products. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption "Risk Factors" and elsewhere in our most recent filings with the Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended October 31, 2024. Forward-looking statements speak only as of the date the statements are made and are based on information available to Rubrik at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Rubrik assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law. Non-GAAP Financial Measures Rubrik has provided in this press release financial information that has not been prepared in accordance with GAAP. Rubrik uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Rubrik's financial results with other companies in its industry, many of which present similar non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Rubrik's condensed consolidated financial statements prepared in accordance with GAAP. A reconciliation of Rubrik's historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation. Free Cash Flow. Rubrik defines free cash flow as net cash provided by (used in) operating activities less cash used for purchases of property and equipment and capitalized internal-use software. Rubrik believes free cash flow is a helpful indicator of liquidity that provides information to management and investors about the amount of cash generated or used by Rubrik's operations that, after the investments in property and equipment and capitalized internal-use software, can be used for strategic initiatives, including investing in Rubrik's business and strengthening its financial position. One limitation of free cash flow is that it does not reflect Rubrik's future contractual commitments. Additionally, free cash flow is not a substitute for cash used in operating activities and the utility of free cash flow as a measure of Rubrik's liquidity is further limited as it does not represent the total increase or decrease in Rubrik's cash balance for a given period. Non-GAAP Subscription Cost of Revenue. Rubrik defines non-GAAP subscription cost of revenue as subscription cost of revenue, adjusted for amortization of acquired intangibles, stock-based compensation expense, stock-based compensation from amortization of capitalized internal-use software, and other non-recurring items. Non-GAAP Operating Expenses (Research and Development, Sales and Marketing, General and Administrative). Rubrik defines non-GAAP operating expenses as operating expenses (research and development, sales and marketing, general and administrative), adjusted for, as applicable, stock-based compensation expense, and other non-recurring items. Subscription Annual Recurring Revenue ("ARR") Contribution Margin. Rubrik defines Subscription ARR Contribution Margin as Subscription ARR contribution divided by Subscription ARR at the end of the period. Rubrik defines Subscription ARR Contribution as Subscription ARR at the end of the period less: (i) non-GAAP subscription cost of revenue and (ii) non- GAAP operating expenses for the prior 12-month period ending on that date. Rubrik believes that Subscription ARR Contribution Margin is a helpful indicator of operating leverage. One limitation of Subscription ARR Contribution Margin is that the factors that impact Subscription ARR will vary from those that impact subscription revenue and, as such, may not provide an accurate indication of Rubrik's actual or future GAAP results. Additionally, the historical expenses in this calculation may not accurately reflect the costs associated with future commitments. Key Business Metrics Subscription ARR. Rubrik calculates Subscription ARR as the annualized value of our active subscription contracts as of the measurement date, assuming any contract that expires during the next 12 months is renewed on existing terms. Subscription contracts include cloud-based contracts for Rubrik's subscription offerings and products sold on top of its Rubrik Security Cloud ("RSC") platform, prior sales of CDM sold as a subscription term-based license with associated support, and standalone sales of Rubrik's SaaS subscription products like Anomaly Detection (previously known as Ransomware Monitoring & Investigation) and Sensitive Data Monitoring (previously known as Sensitive Data Monitoring & Management). Cloud ARR. Rubrik calculates Cloud ARR as the annualized value of its active cloud-based subscription contracts as of the measurement date, based on Rubrik's customers' total contract value and, assuming any contract that expires during the next 12 months is renewed on existing terms. Rubrik's cloud-based subscription contracts include RSC and RSC-Government (excluding RSC-Private) and SaaS subscription products like Ransomware Monitoring & Investigation (now known as Anomaly Detection) and Sensitive Data Monitoring & Management (now known as Sensitive Data Monitoring). Average Subscription Dollar-Based Net Retention Rate. Rubrik calculates Average Subscription Dollar-Based Net Retention Rate by first identifying subscription customers ("Prior Period Subscription Customers") which were subscription customers at the end of a particular quarter (the "Prior Period"). Rubrik then calculates the Subscription ARR from these Prior Period Subscription Customers at the end of the same quarter of the subsequent year (the "Current Period"). This calculation captures upsells, contraction, and attrition since the Prior Period. Rubrik then divides total Current Period Subscription ARR by the total Prior Period Subscription ARR for Prior Period Subscription Customers. Rubrik's Average Subscription Dollar-Based Net Retention Rate in a particular quarter is obtained by averaging the result from that particular quarter with the corresponding results from each of the prior three quarters. Customers with $100K or More in Subscription ARR. Customers with $100K or more in Subscription ARR represent the number of customers that contributed $100,000 or more in Subscription ARR as of period end. About Rubrik Rubrik (NYSE: RBRK) is on a mission to secure the world's data. With Zero Trust Data Security™, we help organizations achieve business resilience against cyberattacks, malicious insiders, and operational disruptions. Rubrik Security Cloud, powered by machine learning, secures data across enterprise, cloud, and SaaS applications. We help organizations uphold data integrity, deliver data availability that withstands adverse conditions, continuously monitor data risks and threats, and restore businesses with their data when infrastructure is attacked. Rubrik, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended January 31, Year Ended January 31, 2025 2024 2025 2024 Revenue Subscription $ 243,719 $ 158,652 $ 828,740 $ 537,869 Maintenance 3,381 6,884 18,408 38,745 Other 11,000 9,477 39,396 51,278 Total revenue 258,100 175,013 886,544 627,892 Cost of revenue Subscription 49,030 30,389 215,036 97,927 Maintenance 595 1,054 6,068 6,472 Other 8,830 8,530 44,644 40,563 Total cost of revenue 58,455 39,973 265,748 144,962 Gross profit 199,645 135,040 620,796 482,930 Operating expenses Research and development 79,958 59,127 531,615 206,527 Sales and marketing 161,355 128,708 867,518 482,532 General and administrative 74,447 30,316 355,695 100,377 Total operating expenses 315,760 218,151 1,754,828 789,436 Loss from operations (116,115 ) (83,111 ) (1,134,032 ) (306,506 ) Interest income 7,665 2,920 25,353 11,216 Interest expense (10,074 ) (9,584 ) (41,253 ) (30,295 ) Other income (expense), net 4,886 (310 ) 1,480 (1,884 ) Loss before income taxes (113,638 ) (90,085 ) (1,148,452 ) (327,469 ) Income tax expense 1,251 7,412 6,368 26,689 Net loss $ (114,889 ) $ (97,497 ) $ (1,154,820 ) $ (354,158 ) Net loss per share attributable to common stockholders, basic and diluted $ (0.61 ) $ (1.59 ) $ (7.48 ) $ (5.84 ) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 188,048 61,229 154,294 60,628 Rubrik, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) January 31, 2025 January 31, 2024 Assets Current assets Cash and cash equivalents $ 186,331 $ 130,031 Short-term investments 518,813 149,220 Accounts receivable, net of allowances 177,627 133,544 Deferred commissions 91,919 72,057 Prepaid expenses and other current assets 102,951 63,861 Total current assets 1,077,641 548,713 Property and equipment, net 53,194 47,873 Deferred commissions, noncurrent 132,465 113,814 Goodwill 100,343 100,343 Other assets, noncurrent 59,331 62,867 Total assets $ 1,422,974 $ 873,610 Liabilities, redeemable convertible preferred stock and stockholders' deficit Current liabilities Accounts payable $ 10,439 $ 6,867 Accrued expenses and other current liabilities 162,602 122,934 Deferred revenue 777,135 526,480 Total current liabilities 950,176 656,281 Deferred revenue, noncurrent 642,370 579,781 Other liabilities, noncurrent 61,821 55,050 Debt, noncurrent 322,341 287,042 Total liabilities 1,976,708 1,578,154 Redeemable convertible preferred stock - 714,713 Stockholders' deficit Preferred stock - - Common stock - 1 Convertible founders stock - - Class A common stock 3 - Class B common stock 2 - Additional paid-in capital 2,291,829 265,494 Accumulated other comprehensive loss (8,235 ) (2,239 ) Accumulated deficit (2,837,333 ) (1,682,513 ) Total stockholders' deficit (553,734 ) (1,419,257 ) Total liabilities, redeemable convertible preferred stock and stockholders' deficit $ 1,422,974 $ 873,610 Rubrik, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Year Ended January 31, 2025 2024 Cash flows from operating activities: Net loss $ (1,154,820 ) $ (354,158 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 28,868 24,305 Stock-based compensation 913,913 5,715 Amortization of deferred commissions 90,303 76,530 Non-cash interest 34,256 10,117 Deferred income taxes 1,241 1,937 Other (7,249 ) (2,836 ) Changes in operating assets and liabilities: Accounts receivable (44,255 ) 17,157 Deferred commissions (128,816 ) (107,148 ) Prepaid expenses and other assets (48,818 ) 2,251 Accounts payable 4,479 (1,012 ) Accrued expenses and other liabilities 45,882 22,872 Deferred revenue 313,244 299,752 Net cash provided by (used in) operating activities 48,228 (4,518 ) Cash flows from investing activities: Purchases of property and equipment (16,885 ) (12,333 ) Capitalized internal-use software (9,714 ) (7,675 ) Purchases of investments (797,084 ) (246,004 ) Sale of investments 32,977 7,503 Maturities of investments 407,264 255,214 Payment for business combination, net of cash acquired - (90,328 ) Net cash used in investing activities (383,442 ) (93,623 ) Cash flows from financing activities: Proceeds from initial public offering and underwriters' exercise of over-allotment option, net of underwriting discounts and commissions 815,209 - Taxes paid related to net share settlement of equity awards (432,512 ) - Proceeds from exercise of stock options 8,515 3,383 Proceeds from issuance of common stock under employee stock purchase plan 11,064 - Payments for deferred offering costs, net (3,545 ) (3,734 ) Proceeds from issuance of debt, net of discount - 96,525 Payments for debt discount costs (475 ) - Payments for debt issuance costs (233 ) (225 ) Net cash provided by financing activities 398,023 95,949 Effect of exchange rate on cash, cash equivalents, and restricted cash (6,274 ) (1,355 ) Net increase (decrease) in cash, cash equivalents, and restricted cash 56,535 (3,547 ) Cash, cash equivalents, and restricted cash, beginning of year 137,059 140,606 Cash, cash equivalents, and restricted cash, end of year $ 193,594 $ 137,059 Rubrik, Inc. GAAP to Non-GAAP Reconciliations (in thousands, except percentages and per share data) (unaudited) Three Months Ended January 31, Year Ended January 31, 2025 2024 2025 2024 Reconciliation of GAAP total gross profit to non-GAAP total gross profit: Total gross profit on a GAAP basis $ 199,645 $ 135,040 $ 620,796 $ 482,930 Add: Stock-based compensation expense 5,141 5 67,041 63 Add: Stock-based compensation from amortization of capitalized internal-use software 124 14 273 153 Add: Amortization of acquired intangibles 924 923 3,673 1,676 Non-GAAP total gross profit $ 205,834 $ 135,982 $ 691,783 $ 484,822 GAAP total gross margin 77 % 77 % 70 % 77 % Non-GAAP total gross margin 80 % 78 % 78 % 77 % Reconciliation of GAAP operating expenses to non-GAAP operating expenses: Research and development operating expense on a GAAP basis $ 79,958 $ 59,127 $ 531,615 $ 206,527 Less: Stock-based compensation expense 21,489 2,596 297,051 3,590 Non-GAAP research and development operating expense $ 58,469 $ 56,531 $ 234,564 $ 202,937 Sales and marketing operating expense on a GAAP basis $ 161,355 $ 128,708 $ 867,518 $ 482,532 Less: Stock-based compensation expense 28,832 283 330,443 1,313 Non-GAAP sales and marketing operating expense $ 132,523 $ 128,425 $ 537,075 $ 481,219 General and administrative operating expense on a GAAP basis $ 74,447 $ 30,316 $ 355,695 $ 100,377 Less: Stock-based compensation expense 30,576 547 219,378 749 Non-GAAP general and administrative operating expense $ 43,871 $ 29,769 $ 136,317 $ 99,628 Reconciliation of GAAP operating loss to non-GAAP operating loss: Operating loss on a GAAP basis $ (116,115 ) $ (83,111 ) $ (1,134,032 ) $ (306,506 ) Add: Stock-based compensation expense 86,038 3,431 913,913 5,715 Add: Stock-based compensation from amortization of capitalized internal-use software 124 14 273 153 Add: Amortization of acquired intangibles 924 923 3,673 1,676 Non-GAAP operating loss $ (29,029 ) $ (78,743 ) $ (216,173 ) $ (298,962 ) Reconciliation of GAAP net loss to non-GAAP net loss: Net loss on a GAAP basis $ (114,889 ) $ (97,497 ) $ (1,154,820 ) $ (354,158 ) Add: Stock-based compensation expense 86,038 3,431 913,913 5,715 Add: Stock-based compensation from amortization of capitalized internal-use software 124 14 273 153 Add: Amortization of acquired intangibles 924 923 3,673 1,676 Income tax expenses effect related to the above adjustments (5,289 ) (144 ) (5,953 ) (250 ) Non-GAAP net loss $ (33,092 ) $ (93,273 ) $ (242,914 ) $ (346,864 ) GAAP net loss per share, basic and diluted $ (0.61 ) $ (1.59 ) $ (7.48 ) $ (5.84 ) Weighted-average shares used to compute GAAP net loss per share, basic and diluted 188,048 61,229 154,294 60,628 Non-GAAP net loss per share, basic and diluted $ (0.18 ) $ (1.52 ) $ (1.57 ) $ (5.72 ) Weighted-average shares used to compute non-GAAP net loss per share, basic and diluted 188,048 61,229 154,294 60,628 The following table presents a reconciliation of free cash flow to net cash provided by (used in) operating activities, the most directly comparable GAAP measure, for each of the periods indicated (unaudited, in thousands, except percentages): Three Months Ended January 31, Year Ended January 31, 2025 2024 2025 2024 Net cash provided by (used in) operating activities $ 83,597 $ 12,770 $ 48,228 $ (4,518 ) Less: Purchases of property and equipment (5,589 ) (2,998 ) (16,885 ) (12,333 ) Less: Capitalized internal-use software (2,812 ) (1,059 ) (9,714 ) (7,675 ) Free cash flow $ 75,196 $ 8,713 $ 21,629 $ (24,526 ) Operating cash flow margin 32 % 7 % 5 % (1 )% Free cash flow margin 29 % 5 % 2 % (4 )% Net cash provided by (used in) investing activities $ 4,158 $ 28,376 $ (383,442 ) $ (93,623 ) Net cash provided by (used in) financing activities $ 1,923 $ (493 ) $ 398,023 $ 95,949 The following table presents the calculation of Subscription ARR Contribution Margin for the periods presented as well as a reconciliation of (i) non-GAAP subscription cost of revenue to cost of revenue and (ii) non-GAAP operating expenses to operating expenses (in thousands, except percentages): Twelve Months Ended January 31, 2025 2024 Subscription cost of revenue $ 215,036 $ 97,927 Stock-based compensation expense (49,514 ) (45 ) Stock-based compensation from amortization of capitalized internal-use software (273 ) (153 ) Amortization of acquired intangibles (3,673 ) (1,676 ) Non-GAAP subscription cost of revenue $ 161,576 $ 96,053 Operating expenses $ 1,754,828 $ 789,436 Stock-based compensation expense (846,872 ) (5,652 ) Non-GAAP operating expenses $ 907,956 $ 783,784 Subscription ARR $ 1,092,584 $ 784,029 Non-GAAP subscription cost of revenue (161,576 ) (96,053 ) Non-GAAP operating expenses (907,956 ) (783,784 ) Subscription ARR Contribution $ 23,052 $ (95,808 ) Subscription ARR Contribution Margin 2 % (12 )% View source version on Contacts Investor Relations Contact Melissa FranchiVP, Head of Investor Relations, Rubrik 781.367.0733IR@ Public Relations Contact Jessica MooreVP, Global 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