Rubrik (RBRK) Q4 2025 earnings summary

Executive summary

• Q4 and fiscal 2025 ended with record results, surpassing guidance, driven by strong demand for cyber resilience solutions and significant customer expansion.

• Subscription ARR reached $1,093M–$1,093.6M, up 39% year-over-year; Cloud ARR was $876M, up 67%.

• Customer base with $100K+ in subscription ARR grew 29% to 2,246; $1M+ customers rose 64% to 162.

• Subscription revenue grew 54% year-over-year to $244M in Q4, representing 94% of total revenue.

• Launched new AI and security features, including Rubrik Annapurna, Turbo Threat Hunting, and full DSPM integration.

Financial highlights

• Q4 subscription revenue: $244M, +54% year-over-year; total revenue: $258M, +47% year-over-year.

• Non-GAAP gross margin: 78%–80% in Q4, up from 77%–78% a year ago.

• Free cash flow: $75M in Q4, $21.6M–$22M for the year; cash position: $705M, debt: $322M.

• Non-GAAP subscription ARR contribution margin improved to 2% in Q4/FY25, up over 1,400 basis points year-over-year.

• Positive free cash flow margin of 2% in FY25, compared to (4)% in FY24.

Outlook and guidance

• FY26 subscription ARR guidance: $1,350M–$1,360M, ~24%–25% growth year-over-year.

• FY26 total revenue guidance: $1,145M–$1,161M, ~30% growth.

• Q1 FY26 revenue expected at $259M–$261M, up 38%–39% year-over-year; non-GAAP EPS $(0.33) to $(0.31).

• FY26 non-GAAP subscription ARR contribution margin guidance: 4.5%–5.5%; non-GAAP EPS $(1.23) to $(1.13).

• Free cash flow for FY26 expected at $45M–$65M.