Rubrik (RBRK) investor relations material

Executive summary

• Achieved record third quarter results, exceeding all guided metrics, with subscription ARR reaching $1.35 billion, up 34% year-over-year, and cloud ARR at $1.18 billion, up 53% year-over-year.

• Subscription revenue was $336.4 million, up 52% year-over-year, now representing 96% of total revenue.

• Customer base with $100K+ in subscription ARR grew 27% year-over-year to 2,638, with net retention rates above 120%.

• Launched new AI and identity security products, expanded partnerships, and enhanced offerings in data protection and cyber resilience.

• Record free cash flow generation and strong liquidity position, with $1.6 billion in cash and equivalents.

Financial highlights

• Subscription ARR: $1.35 billion (+34% YoY); cloud ARR: $1.18 billion (+53% YoY); net new subscription ARR: $94 million (record high).

• Subscription revenue: $336.4 million (+52% YoY); total revenue: $350.2 million (+48% YoY).

• Non-GAAP gross margin: 83% (up from 79% YoY); GAAP gross margin: 80.5% (up from 76.2% YoY).

• Subscription ARR contribution margin improved to 10.3% from (3.3)% YoY.

• Free cash flow: $76.9 million (up from $15.6 million YoY); free cash flow margin: 22% for the quarter.

Outlook and guidance

• Q4 revenue expected at $341–$343 million; subscription ARR guidance: $1,439–$1,443 million.

• Full year FY26 revenue guidance: $1,280–$1,282 million; non-GAAP EPS: $(0.20) to $(0.16); free cash flow: $194–$202 million.

• FY27 reported revenue growth expected to lag subscription ARR growth due to reduced material rights revenue.