Rubrik (RBRK) Q1 2027 earnings summary

Executive summary

• Achieved record Q1 results, exceeding all guided metrics, with revenue up 39% to $387.1 million and subscription ARR up 32% to $1.57 billion, driven by strong momentum in cyber resilience and AI-driven security solutions.

• Cloud ARR reached $1.39 billion, growing 43% year-over-year, and customer base with $100K+ in subscription ARR expanded 24% to 2,946.

• Net loss narrowed to $41.9 million from $102.1 million, reflecting improved operating leverage and higher sales.

• Raised full-year outlook due to increased demand for cyber resilience amid rising AI-driven threats and customer adoption of new products.

• Identity and AI security offerings are driving new customer wins and expanding the addressable market.

Financial highlights

• Subscription revenue was $374.2 million, up 41% year-over-year; total revenue was $387.1 million, up 39%.

• Non-GAAP gross margin was 83% in Q1 FY27, up from 81% in Q1 FY26; GAAP gross margin improved to 80.5%.

• Free cash flow was $73.6 million, more than doubling year-over-year; operating cash flow margin reached 21%, and free cash flow margin was 19%.

• Subscription ARR contribution margin improved to 13.2% from 8% year-over-year.

• Strong cash position: $1.75 billion in cash, cash equivalents, and short-term investments; $1.1–$1.15 billion in convertible debt.

Outlook and guidance

• Q2 revenue guidance: $395–$397 million; non-GAAP net income per share: $0.03–$0.05.

• Full-year FY27 subscription ARR expected at $1.854–$1.862 billion; total revenue $1.638–$1.648 billion.

• Non-GAAP EPS guidance: $0.25–$0.35 for FY27; free cash flow for FY27 expected at $293–$303 million.

• Guidance implies normalized revenue growth of ~30–31% year-over-year, excluding material rights.

• Continued investment in R&D and go-to-market, especially for Identity Resilience and Rubrik Agent Cloud.