Rubrik (RBRK) Q2 2026 earnings summary

Executive summary

• Subscription ARR reached $1.25B in Q2 FY26, up 36% year-over-year, with Cloud ARR at $1.06B, up 57% year-over-year.

• Revenue for Q2 FY26 was $310M, up 51% year-over-year, and subscription revenue was $297M, up 55% year-over-year.

• Free cash flow was $57.5M in Q2 FY26, a turnaround from -$32M prior year, with a 19% free cash flow margin.

• Over 2,500 customers have $100K+ in Subscription ARR, up 27% year-over-year.

• Acquisition of Predibase completed to accelerate AI capabilities and product innovation.

Financial highlights

• Subscription ARR: $1.25B (+36% YoY); Cloud ARR: $1.06B (+57% YoY); net new subscription ARR: $71M.

• Subscription revenue: $297M (+55% YoY); total revenue: $310M (+51% YoY); subscription revenue is 96% of total revenue.

• Non-GAAP gross margin: 82% in Q2 FY26; GAAP gross margin: 79.5%; subscription ARR contribution margin: 9% for LTM Q2 FY26.

• Free cash flow: $57.5M in Q2 FY26; cash, cash equivalents, and short-term investments: $1.52B as of July 31, 2025.

• Customers with $100K+ ARR: 2,505 (+27% YoY), now 85% of subscription ARR.

Outlook and guidance

• Q3 FY26 revenue guidance: $319M–$321M; non-GAAP EPS: -$0.18 to -$0.16.

• FY26 subscription ARR guidance: $1.408B–$1.416B (+29%–30% YoY); total revenue: $1.227B–$1.237B (+38%–40% YoY); free cash flow: $145M–$155M.

• FY26 non-GAAP subscription ARR contribution margin: ~7%.

• Material rights and subscription credits contributed to revenue growth in Q2 but are expected to have minimal impact in FY27.

• Transition of maintenance customers to SaaS expected to be largely completed by end of FY26.