Rubrik (RBRK) investor relations material

Executive summary

• Achieved record Q4 and fiscal year 2026 results, significantly exceeding expectations across all guided metrics for top line and profitability.

• Subscription ARR reached $1.46 billion in Q4 FY26, up 34% year-over-year, with net new subscription ARR at a record $115 million.

• Subscription revenue comprised 97% of total revenue in Q4 FY26, reflecting a successful transition to a subscription-based model.

• Free cash flow for FY26 was $237.8 million, more than 10x the prior year, with $70 million generated in Q4.

• Strong competitive win rates above 90% in Q4, with continued expansion in large enterprise accounts and rapid growth in identity and AI-related offerings.

Financial highlights

• Cloud ARR rose 48% to $1.29 billion, now 88% of total subscription ARR.

• Customers with $100K+ in subscription ARR grew 25% to 2,805, representing 87% of subscription ARR.

• Added a record 32 customers with $1M+ in subscription ARR, driving over 50% growth in this segment.

• Non-GAAP gross margin improved to 83.7% in Q4 and 82.3% for FY26, up from 78% in FY25.

• Free cash flow margin for FY26 was 18%.

Outlook and guidance

• Q1 FY27 revenue expected at $365–$367 million, up 31–32% (36–37% normalized for material rights).

• FY27 subscription ARR guidance: $1.829–$1.839 billion, up 25–26% year-over-year.

• FY27 total revenue guidance: $1.597–$1.607 billion, up 27–28% normalized.

• FY27 non-GAAP EPS expected between $0.07 and $0.27; free cash flow projected at $265–$275 million.

• Q1 FY27 non-GAAP net loss per share guidance: $(0.04) to $(0.02).