Rubrik (RBRK) Q2 2027 earnings summary

Executive summary

• Delivered outstanding Q2 FY27 results, exceeding all guided metrics and raising full-year guidance for all key metrics.

• Subscription ARR grew 33% year-over-year to $1.66 billion, with cloud ARR up 39% to $1.48 billion and 89% of Subscription ARR now cloud-based.

• Total revenue increased 38% year-over-year to $427.3 million, with normalized revenue up 43%.

• Free cash flow margin reached 15%, and operating cash flow margin was 18%.

• Net loss narrowed to $103.6 million for the six months ended July 31, 2026, a significant improvement from the prior year.

Financial highlights

• Subscription ARR reached $1.66 billion (+33% YoY); Cloud ARR reached $1.48 billion (+39% YoY).

• Subscription revenue totaled $407.2 million, up 37% year-over-year.

• Total revenue was $427.3 million, up 38% year-over-year.

• Free cash flow for Q2 FY27 was $65.7 million, with a margin of 15%.

• Cash, cash equivalents, and short-term investments totaled $1.75 billion as of July 31, 2026.

Outlook and guidance

• Q3 FY27 revenue guidance: $429–$431 million; non-GAAP net income per share: $0.07–$0.09.

• FY27 revenue guidance: $1,685–$1,693 million; subscription ARR: $1,880–$1,885 million.

• FY27 free cash flow projected at $323–$333 million; non-GAAP subscription ARR contribution margin expected at 15.5%.

• Non-recurring revenue from material rights expected to be ~$18 million in FY27.

• FY27 non-GAAP net income per share: $0.47–$0.53.