# Rubrik, Inc. (RBRK) Q2 2026 Financial Results Summary
Palo Alto, California, September 9, 2025 – Rubrik, Inc. (NYSE: RBRK), the Security and AI company, announced its financial results for the second quarter of fiscal year 2026, ended July 31, 2025. The results exceeded all guided metrics.
### Financial Highlights for Q2 Fiscal 2026
– **Subscription Annual Recurring Revenue (ARR)**:
– Up 36% year-over-year to **$1.25 billion**.
– **Revenue**:
– Total revenue increased by 51% year-over-year to **$309.9 million**.
– Subscription revenue was **$297.0 million**, a 55% increase from **$191.3 million** in Q2 FY 2025.
– **Customer Growth**:
– Total customers with **$100K or more** in subscription ARR reached **2,505**, up 27% year-over-year.
– **Gross Margin**:
– GAAP gross margin was **79.5%**, compared to **73.1%** in Q2 FY 2025.
– Non-GAAP gross margin increased to **81.6%**, from **77.0%** in the prior year.
– **Subscription ARR Contribution Margin**:
– Improved to **9.4%** from **(8.2%)** in Q2 FY 2025.
– **Net Loss per Share**:
– GAAP net loss per share was **$(0.49)**, improved from **$(0.98)** a year ago.
– Non-GAAP net loss per share was **$(0.03)**, compared to **$(0.40)** in Q2 FY 2025.
– **Cash Flow**:
– Cash flow from operations recorded at **$64.7 million**, compared to **$(27.1 million)** in Q2 FY 2025.
– Free cash flow reached **$57.5 million**, up from **$(32.0 million)**.
– **Liquidity**:
– Cash, cash equivalents, and short-term investments stood at **$1.523 billion** as of July 31, 2025.
### Business Developments
– Rubrik completed the acquisition of **Predibase**, aiming to innovate secure and efficient GenAI solutions for customers.
– Launched **Agent Rewind** leveraging Predibase’s AI capabilities, allowing organizations to undo mistakes made by agentic AI.
– Enhanced cloud data protection capabilities, particularly for **Amazon RDS for PostgreSQL** and **DynamoDB**, reinforcing Rubrik’s market position.
– Rubrik was named a **Leader** in the **2025 Gartner Magic Quadrant** for Enterprise Backup and Recovery Software Solutions for the sixth consecutive year.
### Future Outlook
– **Third Quarter FY 2026 Guidance**:
– Revenue expected between **$319 million and $321 million**.
– Non-GAAP subscription ARR contribution margin forecasted at approximately **6.5%**.
– Non-GAAP net loss per share anticipated between **$(0.18) and $(0.16)**.
– **Full Year FY 2026 Guidance**:
– Subscription ARR forecasted to reach between **$1.408 billion and $1.416 billion**.
– Total revenue estimate of **$1.227 billion to $1.237 billion**.
– Non-GAAP subscription ARR contribution margin projected at approximately **7.0%**.
– Non-GAAP net loss per share anticipated between **$(0.50) and $(0.44)**.
– Free cash flow expected between **$145 million and $155 million**.
### Dividend and Share Repurchase
– The company did not declare a quarterly dividend or announce a share repurchase during this reporting period.
### Summary of Notable Metrics
– Subscription ARR growth of **36%** YOY.
– Total revenue up **51%** YOY.
– Significant cash flow improvement with free cash flow showing a turnaround to **$57.5 million** from a negative balance last year.
– Strong gross margins at **79.5%** (GAAP) and **81.6%** (non-GAAP), reflecting higher operational efficiency.
For additional financial information and performance summaries, Rubrik’s investor relations website hosts detailed resources and upcoming event announcements.
### Rubrik, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited)
| Three Months Ended July 2025 | Three Months Ended July 2024 | Six Months Ended July 2025 | Six Months Ended July 2024 | |
|---|---|---|---|---|
| Revenue | ||||
| Subscription | $ 296,957 | $ 191,315 | $ 562,618 | $ 363,510 |
| Maintenance | 1,960 | 5,018 | 4,290 | 10,685 |
| Other | 10,943 | 8,618 | 21,433 | 18,071 |
| Total revenue | 309,860 | 204,951 | 588,341 | 392,266 |
| Cost of revenue | ||||
| Subscription | 56,024 | 45,795 | 107,936 | 119,520 |
| Maintenance | 387 | 1,040 | 796 | 4,649 |
| Other | 7,148 | 8,333 | 15,310 | 26,978 |
| Total cost of revenue | 63,559 | 55,168 | 124,042 | 151,147 |
| Gross profit | 246,301 | 149,783 | 464,299 | 241,119 |
| Operating expenses | ||||
| Research and development | 92,107 | 86,228 | 173,922 | 371,607 |
| Sales and marketing | 181,985 | 167,927 | 351,978 | 547,256 |
| General and administrative | 66,672 | 63,921 | 125,953 | 215,386 |
| Total operating expenses | 340,764 | 318,076 | 651,853 | 1,134,249 |
| Loss from operations | -94,463 | -168,293 | -187,554 | -893,130 |
| Interest income | 12,193 | 7,278 | 19,889 | 10,220 |
| Interest expense | -5,241 | -10,245 | -15,054 | -20,869 |
| Loss on debt extinguishment | -6,653 | — | -6,653 | — |
| Other income (expense), net | 72 | -1,450 | -5,550 | -2,073 |
| Loss before income taxes | -94,092 | -172,710 | -194,922 | -905,852 |
| Income tax expense | 1,837 | 4,220 | 3,111 | 3,169 |
| Net loss | $ -95,929 | $ -176,930 | $ -198,033 | $ -909,021 |
| Net loss per share, basic and diluted | $ -0.49 | $ -0.98 | $ -1.02 | $ -7.42 |
| Weighted-average shares used in computing net loss per share, basic and diluted | 194,890 | 179,851 | 193,284 | 122,460 |
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### Rubrik, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited)
| Assets | July 31, 2025 | January 31, 2025 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | $ 322,702 | $ 186,331 |
| Short-term investments | 1,200,309 | 518,813 |
| Accounts receivable, net of allowances | 217,048 | 177,627 |
| Deferred commissions | 97,216 | 91,919 |
| Prepaid expenses and other current assets | 91,696 | 102,951 |
| Total current assets | 1,928,971 | 1,077,641 |
| Property and equipment, net | 58,335 | 53,194 |
| Deferred commissions, noncurrent | 125,416 | 132,465 |
| Goodwill | 194,531 | 100,343 |
| Other assets, noncurrent | 81,454 | 59,331 |
| Total assets | $ 2,388,707 | $ 1,422,974 |
| Liabilities and stockholders’ deficit | ||
| Current liabilities | ||
| Accounts payable | $ 13,983 | $ 10,439 |
| Accrued expenses and other current liabilities | 148,834 | 162,602 |
| Deferred revenue | 897,676 | 777,135 |
| Total current liabilities | 1,060,493 | 950,176 |
| Deferred revenue, noncurrent | 687,757 | 642,370 |
| Other liabilities, noncurrent | 76,254 | 61,821 |
| Convertible senior notes, net | 1,128,547 | — |
| Debt, noncurrent | — | 322,341 |
| Total liabilities | 2,953,051 | 1,976,708 |
| Stockholders’ deficit | ||
| Preferred stock | — | — |
| Class A common stock | 4 | 3 |
| Class B common stock | 1 | 2 |
| Additional paid-in capital | 2,473,597 | 2,291,829 |
| Accumulated other comprehensive loss | -2,580 | -8,235 |
| Accumulated deficit | -3,035,366 | -2,837,333 |
| Total stockholders’ deficit | -564,344 | -553,734 |
| Total liabilities and stockholders’ deficit | $ 2,388,707 | $ 1,422,974 |
