Summary
Rubrik closed fiscal 2026 with a fourth quarter that kept revenue growth high. Revenue for the quarter ended January 31, 2026 was $377.68 million, up 46.3% from the prior-year quarter. Full fiscal year revenue reached $1.32 billion, up 48.5% from $886.54 million. The February 4, 2026 press release focused on a leadership change: Jesse Green was promoted to Chief Revenue Officer, succeeding Brian McCarthy. Green previously led Rubrik Americas. Management also pointed to the company’s platform across cyber resilience and AI agent operations, including the RAC suite that became commercially available in February 2026. The company noted its recent recognition as a Leader in the IDC MarketScape for Worldwide Cyber-Recovery 2025. The press release described the fourth-quarter results as preliminary and subject to revision.
Margins expanded sharply on a GAAP basis. Fourth-quarter gross profit was $307.99 million, up 54.3%, and full-year gross profit was $1.05 billion, up 69.8%. Gross margin rose to 81.5% in the quarter from 77.4%, and full-year gross margin was 80.1%, up from 70.0%. Operating loss narrowed to $82.38 million in the quarter from $116.12 million. Operating margin improved to -21.8% from -45.0%. Net loss narrowed to $86.97 million from $114.89 million. For the full year, net loss was $348.83 million, compared with $1.15 billion, and diluted loss per share was $1.78, compared with $7.48. The improvement reflects the revenue mix shifting toward RSC subscriptions and lower stock-based compensation tied to the prior-year IPO.
Cash generation improved. Operating cash flow was $93.04 million in the fourth quarter, up 11.3%, and $282.91 million for the full fiscal year, up 486.6%. Capital expenditures were $18.54 million in the quarter, up 231.8%, and $29.63 million for the full year, up 75.5%. Free cash flow, a non-GAAP measure, was $237.8 million for the fiscal year. Deferred revenue rose to $1.07 billion, up 37.5% from the prior-year quarter. Remaining performance obligations reached $2.40 billion, up 32.5%.
Key business metrics stayed strong. Subscription ARR ended the year at $1.46 billion, up 34% from $1.09 billion. Cloud ARR was $1.29 billion, up 48%. The average subscription dollar-based net retention rate was over 120%. Customers with $100,000 or more in Subscription ARR totaled 2,805, up 25% from 2,246. Subscription ARR Contribution Margin was 12% for the 12 months ended January 31, 2026, compared with 2% in the prior-year period.
For the full fiscal year 2027, Rubrik expects the RSC suite to remain the majority of revenue and the main driver of Subscription ARR growth, while RAC ramps after its February 2026 launch. The company expects subscription revenue to benefit from customers exercising or forfeiting Subscription Credits through fiscal 2027, although those benefits should reduce sequentially. It expects other revenue as a percentage of total revenue to decline and gross margin to fluctuate through fiscal 2027. Operating expenses are expected to rise, though operating expenses excluding stock-based compensation should generally decrease as a percentage of revenue over the long term.
The company called out the sales and revenue leadership transition, its ability to retain sales talent, limited operating history, market growth rate, and ability to sustain growth. Other named risks include new product introductions, competition, international expansion, use of AI in products, and integration of acquisitions such as Predibase and Laminar. Macroeconomic conditions, cost-conscious IT budgets, supply chain constraints, chip shortages, and higher server prices could lengthen sales cycles and affect customer purchasing decisions and deployment timelines. Rubrik also noted its expectation to continue incurring operating losses and that operating cash flows may fluctuate between positive and negative amounts for the foreseeable future.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2026 | Q3 FY2026 | QoQ | Q4 FY2025 | YoY |
|---|---|---|---|---|---|
| Revenue | $377.7M | $350.2M | +7.9% | $258.1M | +46.3% |
| Gross profit | $308.0M | $282.0M | +9.2% | $199.6M | +54.3% |
| Gross margin | 81.5% | 80.5% | +1.0 pp | 77.3% | +4.2 pp |
| Research & development | $102.2M | $97.6M | +4.7% | $80.0M | +27.8% |
| Sales & marketing | $223.9M | $193.2M | +15.9% | $161.4M | +38.8% |
| General & administrative | $64.3M | $66.8M | -3.7% | $74.4M | -13.6% |
| Total operating expenses | $390.4M | $357.5M | +9.2% | $315.8M | +23.6% |
| Operating income (loss) | -$82.4M | -$75.5M | -9.1% | -$116.1M | +29.1% |
| Operating margin | -21.8% | -21.6% | -0.3 pp | -45.0% | +23.2 pp |
| Net income (loss) | -$87.0M | -$63.8M | -36.2% | -$114.9M | +24.3% |
| Net margin | -23.0% | -18.2% | -4.8 pp | -44.5% | +21.5 pp |
| Diluted EPS | -$0.44 | -$0.32 | -$0.12 | -$0.74 | +$0.30 |
| Net retention rate | 120.0% | 120.0% | ±0.0 pp | 120.0% | ±0.0 pp |
Risks
Rubrik launched RAC in fiscal 2026 and it became commercially available in February 2026, but adoption of AI offerings is uncertain and competitive technologies may emerge. The company also uses generative and agentic AI tools, which create risks around third-party AI platform dependence, erroneous AI output, IP protection, open-source licensing and evolving AI regulation such as the EU AI Act.
MD&A discloses that higher cost-consciousness around IT budgets and constraints on compatible commodity server availability or pricing have lengthened sales cycles. Global chip shortages and allocation constraints have also caused extended lead times and increased server prices, which may delay customer purchases and deployments.
A large majority of customer enterprise data secured relies on Rubrik-branded Appliances built on servers supplied by Supermicro, and a limited number of manufacturers produce compatible commodity servers. Chip shortages, allocation constraints, tariffs or Supermicro disruptions could impair customer procurement and increase costs.
Subscription revenue benefited from non-recurring material rights associated with Subscription Credits, about $70.2 million in fiscal 2026. Management expects these benefits to significantly reduce sequentially through fiscal 2027, which may limit comparability and cause subscription revenue growth to fluctuate.
Rubrik relies on third-party cloud providers including GCP, Azure and AWS for substantially all infrastructure supporting its solutions. Capacity limits, outages, security compromises or unfavorable pricing could harm service availability and gross margins; hosting costs increased $26.9 million in fiscal 2026 due to SaaS adoption.
As a data security company Rubrik is specifically targeted by threat actors; in February 2025 it announced anomalous activity on a server containing log files accessed by an unauthorized actor, though no customer data or internal code was accessed. A future incident could cause reputational harm, customer loss and liability.
Customers have no renewal obligation after terms generally of three years and may shorten terms, select lower subscription editions or purchase less capacity. A decline in retention would pressure the average subscription dollar-based net retention rate, which was over 120% as of January 31, 2026, and could harm revenue.
In June 2025 Rubrik issued $1.15 billion of 0.00% convertible senior notes due 2030 and entered capped call transactions. The notes and capped calls may affect dilution and stock price, and the capped call counterparties expose Rubrik to counterparty credit risk.
SaaS KPIs
All quarters →Average Subscription Dollar-Based Net Retention Rate
Cloud ARR
Subscription ARR
Customers with $100,000 or More in Subscription ARR
Summary, forecast, risks and KPIs are extracted from Rubrik, Inc.'s SEC filings for Q4 FY2026 (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.