Summary
Rubrik closed fiscal 2025 with fourth-quarter revenue of $258.1 million, up 47.5% from the prior-year quarter. Total revenue for fiscal 2025 was $886.5 million, up 41.2%. Subscription ARR reached $1,092.6 million as of January 31, 2025, up 39% year over year. The company reported 2,246 customers with $100,000 or more in Subscription ARR, up 29% year over year. Cloud ARR was $875.6 million, up 67%, and the average subscription dollar-based net retention rate was over 120%, compared with over 130% a year earlier. Subscription ARR contribution margin was 2%, compared with (12)% in the prior-year period.
Profitability remained mixed. Fourth-quarter GAAP gross profit was $199.6 million, up 47.8%, and GAAP gross margin was 77.4%, up 0.2 percentage points. Non-GAAP gross margin was 79.7%, compared with 77.7%. GAAP operating loss was $116.1 million, and the loss widened 39.7% from the prior-year quarter. GAAP net loss was $114.9 million, and the loss widened 17.8%. The operating margin was negative 45.0%, up 2.5 percentage points from the prior-year quarter. For fiscal 2025, GAAP gross profit was $620.8 million, up 28.5%, but GAAP gross margin was 70.0%, down 6.9 percentage points. Full-year GAAP operating loss was $1.13 billion, and the loss widened 270.0%. Full-year GAAP net loss was $1.15 billion, and the loss widened 226.1%. Diluted GAAP net loss per share was negative $7.48 for fiscal 2025, and the loss widened 28.1% from the prior fiscal year. Full-year operating margin was negative 127.9%, down 79.1 percentage points. Stock-based compensation tied to IPO vesting drove much of the GAAP loss. Non-GAAP net loss per share was negative $0.18 for the quarter and negative $1.57 for the fiscal year.
Cash generation improved. Fourth-quarter operating cash flow was $83.6 million, up 554.6% from the prior-year quarter. Free cash flow, a non-GAAP measure, was $75.2 million, compared with $8.7 million in the prior-year quarter. For fiscal 2025, operating cash flow was $48.2 million, up 1167.5% from the prior fiscal year. Free cash flow was $21.6 million, compared with negative $24.5 million in fiscal 2024. Capital expenditures were $5.59 million in the fourth quarter, up 86.4%, and $16.88 million for fiscal 2025, up 36.9%. Deferred revenue, current portion, was $777.1 million as of January 31, 2025, up 47.6% from the prior-year quarter. Remaining performance obligations were $1.81 billion.
Guidance points to continued growth but also spending. For the first quarter of fiscal 2026, Rubrik guided to non-GAAP EPS of negative $0.33 to negative $0.31 and non-GAAP Subscription ARR contribution margin of approximately 4.0% to 5.0%. The company expects weighted-average shares outstanding of approximately 192 million. For the full fiscal year 2026, Rubrik guided to Subscription ARR of $1,350 million to $1,360 million, non-GAAP EPS of negative $1.23 to negative $1.13, and free cash flow of $45 million to $65 million. It expects weighted-average shares outstanding of approximately 198 million. Risks include limited operating history, the need to manage and sustain growth, competition, international expansion, and the use of AI in current and future products. The company also warned that revenue will fluctuate through fiscal 2027 because of the transition to Rubrik Security Cloud, RCDM-T licenses, Subscription Credits, and the maintenance transition. Free cash flow may remain volatile as customers move to annual or consumption payments.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2025 | Q3 FY2025 | QoQ | Q4 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $258.1M | $236.2M | +9.3% | — | — |
| Gross profit | $199.6M | $180.0M | +10.9% | — | — |
| Gross margin | 77.3% | 76.2% | +1.1 pp | — | — |
| Research & development | $80.0M | $80.0M | -0.1% | — | — |
| Sales & marketing | $161.4M | $158.9M | +1.5% | — | — |
| General & administrative | $74.4M | $65.9M | +13.0% | — | — |
| Total operating expenses | $315.8M | $304.8M | +3.6% | — | — |
| Operating income (loss) | -$116.1M | -$124.8M | +6.9% | — | — |
| Operating margin | -45.0% | -52.8% | +7.9 pp | — | — |
| Net income (loss) | -$114.9M | -$130.9M | +12.2% | — | — |
| Net margin | -44.5% | -55.4% | +10.9 pp | — | — |
| Diluted EPS | -$0.74 | -$0.71 | -$0.03 | — | — |
| Net retention rate | 120.0% | 120.0% | ±0.0 pp | — | — |
Risks
Rubrik is migrating existing customers from legacy CDM to RSC and expects some to use a mix of RSC and RCDM-T; this shifts revenue to ratable SaaS recognition, and the company says these transitions will limit and cause fluctuations in revenue growth through fiscal 2027, depending on migration timing.
Subscription ARR grew 39% to $1,092.6 million as of January 31, 2025 from $784.0 million as of January 31, 2024, slowing from 47% growth, while Cloud ARR growth slowed to 67% from 119% and average subscription dollar-based net retention rate was over 120% versus over 130%.
Customers have no obligation to renew after subscription terms generally of three years and may shorten terms, choose a lower edition, or purchase less capacity; Rubrik's initiatives to accelerate RSC migration, including enforcement of migration deadlines, may cause customer dissatisfaction or loss.
The data security market is intensely competitive, and many current and potential competitors are investing in AI to improve their data security products; larger competitors with greater financial and technical resources could cause price reductions, reduced profitability, and loss of market share.
Rubrik has been specifically targeted as a data security company; in March 2023 a malicious third party accessed information in a non-production testing environment, and in February 2025 anomalous activity was observed on a server containing log files. A future incident could be catastrophic and disproportionately harm reputation, customer trust, and results.
RSC relies on third-party public cloud infrastructure from GCP, Azure, and AWS for substantially all hosting, and Rubrik's costs and gross margins are influenced by negotiated prices; outages, capacity limits, or less favorable pricing could harm service commitments and margins, with FY2025 year-to-date gross margin down 6.9 percentage points.
Future success depends on growth of the early-stage data security market, and past adoption has been driven by ransomware activity; if cyberattacks are perceived to decline or customers prefer legacy data management or infrastructure security tools, demand and revenue could be adversely affected.
FY2025 year-to-date net loss widened to $1.15 billion and operating loss widened to $1.13 billion, driven in part by $913.9 million of stock-based compensation after the IPO; Rubrik expects operating expenses to increase and may not achieve or sustain profitability.
Use of third-party generative AI tools to generate code and materials creates risk that AI-created works may lack U.S. copyright or patent protection, that confidential inputs or customer data may leak, and that software vulnerabilities or IP claims arise; regulation includes the EU AI Act and Colorado AI Act.
SaaS KPIs
All quarters →Average Subscription Dollar-Based Net Retention Rate
Cloud ARR
Subscription ARR
Free Cash Flow
Free Cash Flow Margin
Customers with $100K or More in Subscription ARR
Summary, forecast, risks and KPIs are extracted from Rubrik, Inc.'s SEC filings for Q4 FY2025 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 2, 2026.