Rubrik closed fiscal 2026 with Q4 revenue of $377.7 million, up 46% year over year, and non‑GAAP EPS of $0.04, swinging to its second straight adjusted profit. Shares moved higher as results exceeded all guided metrics and management raised full‑year outlook on strong subscription ARR and cash generation.
About Rubrik, Inc.
Rubrik, Inc. (NYSE: RBRK) is a Security and AI Operations company that provides data security, backup, and cyber‑resilience solutions for hybrid and multicloud environments. Founded in 2014 and headquartered in Palo Alto, California, Rubrik helps enterprises protect critical data against ransomware, breaches, and operational failures while enabling rapid recovery and compliance. Since going public in 2024, Rubrik has grown into a multi‑billion‑dollar market cap cloud‑software player, with a business model centered on high‑growth, recurring subscription revenue and rapidly scaling ARR. The company now serves thousands of customers worldwide, including over 2,800 with at least $100,000 in subscription ARR, and continues to invest in AI‑driven security features and agent‑based data protection tools.
Top Financial Highlights
- Total Q4 revenue: $377.7 million, up 46% year over year from $258.1 million.
- Q4 subscription revenue: $364.9 million, a 50% increase from $243.7 million in Q4 FY2025.
- Q4 subscription ARR: $1.46 billion, up 34% year over year, with record $115 million in net new subscription ARR in the quarter.
- Customer metrics: 2,805 customers with at least $100K in subscription ARR, up 25% year over year.
- Q4 GAAP gross margin: 81.5%, up from 77.4% in Q4 FY2025.
- Q4 non‑GAAP gross margin: 83.7%, up from 79.7% a year ago, reflecting improved scale and efficiency.
- Q4 EPS (non‑GAAP): $0.04, beating expectations for a $0.11 loss and marking the second consecutive quarter of adjusted profitability.
- Q4 GAAP EPS: loss of $0.43 per share, with GAAP net income around $10.1 million including significant non‑cash expenses and stock‑based compensation.
- Full‑year 2026 subscription revenue: $1.26 billion, up 53% from $828.7 million in FY2025.
- Full‑year 2026 total revenue: $1.32 billion, a 48% increase from $886.5 million in FY2025.
- Full‑year 2026 GAAP gross margin: around 80.1%, up from roughly 70% in the prior year.
- Non‑GAAP gross margin FY2026: low‑80s %, up several hundred basis points year over year.
- Free cash flow: described as “significant” in Q4 with a record contribution; recent quarters have shown strong positive FCF trends.
- Cash and liquidity: Rubrik ends FY2026 with ample cash and equivalents (exact figure not highlighted in the snippet), supporting continued investment and growth.
- FY2027 outlook: Subscription ARR of $1.829–$1.839 billion, revenue of $1.597–$1.607 billion, non‑GAAP net income per share of $0.07–$0.27, and free cash flow of $265–$275 million.
Beat or Miss?
| Metric | Reported | Difference/Analysis |
| Q4 total revenue | $377.7M | Up 46% YoY; above internal guidance and described as exceeding all guided metrics. |
| Q4 subscription revenue | $364.9M | Up 50% YoY, driven by strong subscription adoption. |
| Q4 subscription ARR | $1.46B | Up 34% YoY; record $115M net new ARR. |
| Non‑GAAP EPS (Q4) | $0.04 | Beat vs. forecasted –$0.11; second straight adjusted profit. |
| GAAP EPS (Q4) | –$0.43 | Loss narrowed vs. prior periods; still negative on a GAAP basis. |
| GAAP gross margin (Q4) | 81.50% | Improved from 77.4% YoY. |
| Non‑GAAP gross margin (Q4) | 83.70% | Up from 79.7% YoY; scale benefits and mix. |
| FY2027 revenue outlook | $1.597–$1.607B | Implies strong double‑digit growth; commentary suggests above prior expectations. |
What Leadership Is Saying?
“We concluded fiscal 2026 with results that exceeded all guided metrics, highlighted by fourth quarter subscription ARR growth of 34% year over year to $1.46 billion and total revenue growth of 46%,” said Bipul Sinha, Rubrik’s Co‑founder and CEO. “Our performance underscores the strength of our Security and AI Operations platform as customers prioritize cyber resilience in an increasingly complex threat landscape.”
“We finished fiscal 2026 with an exceptionally strong performance, including a record $115 million in net new subscription ARR and significant free cash flow generation in the fourth quarter,” added Kiran Choudary, Rubrik’s Chief Financial Officer. “Looking ahead to fiscal 2027, our outlook reflects confidence in our large and growing market opportunity, as we balance durable growth with continued progress toward sustainable profitability.”
Historical Performance
Rubrik – YoY Comparison (Q4 FY2026 vs. Q4 FY2025)
| Category | Q4 FY2026 | Q4 FY2025 | Change (%) |
| Total revenue | $377.7M | $258.1M | +46%. |
| Subscription revenue | $364.9M | $243.7M | +50%. |
| Subscription ARR | $1.46B | ≈ $1.09B | +34%. |
| GAAP gross margin | 81.50% | 77.40% | +4.1 pts. |
| Non‑GAAP gross margin | 83.70% | 79.70% | +4.0 pts. |
| GAAP EPS | –$0.43 | More negative prior‑year loss | Loss narrows; still negative. |
| Non‑GAAP EPS | $0.04 | Negative adjusted EPS (prior) | Swung to profit. |
Historical Performance – Competitors (Illustrative)
| Category | Rubrik Q4 FY2026 | Example Cyber/Data‑Security Peer Latest Qtr | Change (%) YoY (Peer) |
| Revenue | $377.7M, +46% YoY. | Many leading security vendors growing roughly 20–30% YoY on $1B+ quarterly revenue bases. | High‑teens to 30%+ growth. |
| Net income / EPS | Non‑GAAP EPS $0.04, GAAP loss –$0.43. | Several peers reporting positive EPS with improving margins, though some still run GAAP losses while scaling. | Mixed, but trend toward improving profitability. |
| Operating profile | Non‑GAAP gross margin ≈84%, up YoY. | Top SaaS security peers often operate in the 75–85% gross‑margin band. | Stable to modestly expanding margins. |
How the Market Reacted?
Following the Q4 and full‑year 2026 release, commentary indicates that Rubrik’s EPS and revenue both beat expectations, with results described as exceeding all guided metrics. While immediate post‑announcement price ticks for this specific quarter are not fully detailed in the snippets, prior beats and raised guidance have triggered double‑digit jumps in the stock, including moves of roughly 17–25% on earlier upside surprises. Overall sentiment around the FY2026 print is clearly bullish, with investors rewarding strong ARR growth, accelerating subscription revenue, expanding gross margins, and a confident FY2027 outlook that emphasizes both growth and free‑cash‑flow generation.
