Rubrik (RBRK) Q4 2025 earnings summary

Executive summary

• Q4 and fiscal year 2025 ended with record results, exceeding all top-line and profitability guidance, driven by strong demand for cyber resilience solutions and significant customer expansion.

• Subscription ARR reached $1,093 million, up 39% year over year, with Cloud ARR at $876 million, up 67%.

• Subscription revenue grew 54% year over year to $244 million, and total revenue increased 47% to $258 million in Q4.

• Customer base with $100,000+ in subscription ARR grew 29% year over year to 2,246, reflecting strong enterprise adoption.

• Achieved first year of positive free cash flow; operating leverage improved significantly.

Financial highlights

• Subscription ARR: $1,093 million, up 39% year over year; net new subscription ARR: $90 million in Q4.

• Subscription revenue: $244 million in Q4, up 54% year over year; total revenue: $258 million, up 47%.

• Non-GAAP gross margin: 80% in Q4, up from 78% a year ago; fiscal 2025 non-GAAP gross margin was 78%.

• Subscription ARR contribution margin improved by over 1,400 basis points year over year, now positive 2% for the last 12 months.

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

Outlook and guidance

• Fiscal 2026 subscription ARR expected at $1,350–$1,360 million, ~24%–25% growth year over year.

• Total revenue guidance for fiscal 2026: $1,145–$1,161 million, ~30% growth.

• Non-GAAP subscription ARR contribution margin expected between 4.5% and 5.5%.

• Non-GAAP EPS for fiscal 2026: negative $1.23 to negative $1.13; free cash flow expected at $45–$65 million.

• Q1 2026 revenue guidance: $259–$261 million, up 38–39% year over year; non-GAAP EPS $(0.33) to $(0.31).