Slide 1: Investor Presentation Fourth Quarter Fiscal 2025
Investor Presentation Fourth Quarter Fiscal 2025 Copyright © Rubrik 2025 11 Copyright © Rubrik 2025
Slide 2: Important Notice and Disclaimers
Important Notice and Disclaimers Forward-Looking Statements This presentation includes express and implied forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on Rubrik, Inc.'s ("Rubrik" or the "Company") management’s beliefs and ass
Slide 3: Our Mission: Securing the World's Data
Our Mission Securing the World’s Data Copyright © Copyright © Rubrik Rubrik 2025 2025 3
Slide 4: Q4 FY25 Rubrik by the Numbers
Q4 FY25 Rubrik by the Numbers $1,093M 39% >120% 2,246 Subscription ARR Subscription ARR YoY Average Subscription Customers with $100K+ Growth Dollar-Based NRR in Subscription ARR 1 $53 billion projected market opportunity by 2027 Note: Numbers are round ed for pr ese nta tion pu rposes. Please see A
Slide 5: Despite High Security Spend, Attacks Continue to Surge
Despite High Security Spend, Attacks Continue to Surge Worldwide Information Security Spend is Up 1 Ransomware on a Tear 2 Ransomware Attacks $210+ Bn 620+ Million Worldwide Spend 2024 2021 1. Gartner Forecast: Information Security and Risk Management, Worldwide, 2022-2028, 1Q24 Update, March 2024.
Slide 6: Plenty of focus on Attack Prevention. Not enough on Cyber Recovery.
Plenty of focus on Attack Prevention. Not enough on Cyber Recovery. Copyright © Rubrik 2025 Copyright 2025 66
Slide 7: A New Architecture Purpose-Built for Cyber Resilience
A New Architecture Purpose-Built for Cyber Resilience R RESILIE E NC CYB E e ry Cy v co be rs Re ec p & ur u ity Back Copyright © Rubrik 2025 Copyright 2025 77
Slide 8: Introducing Rubrik Security Cloud
Introducing Rubrik Security Cloud Data Risk Data Threat Cyber Recovery Automated Data Security Cloud Native Platform Zero Trust Design Secure data uniformly across enterprise, cloud, and SaaS Unique metadata and data converged architecture Business resilience to withstand cyber breaches Copyright ©
Slide 9: Rubrik Security Cloud: Holistic Cyber Resilience
Rubrik Security Cloud: Holistic Cyber Resilience Enterprise Cloud Cloud Sa aS Enterprise Enterprise U ser U ser Sa aS Cloud Sa aS Cloud Cloud Enterprise Copyright © Rubrik 2025 99
Slide 10: Cyber Resilience Across Data & Identity
Cyber Resilience Across Data & Identity Enterprise On-prem CYBER INTEGRATIONS Windows Palo Alto Networks Cloud SaaS Anomaly Orchestrated AD Data Protection Detection Forest Recovery Cloud Identity Provider Threat Sensitive Data Threat Data Protection Protection Monitoring Monitoring Containment Zsca
Slide 11: We believe GenAI is a significant catalyst for our growth
AI Data Trust LLM / AI adoption requires data security. Enterprises need user access and content We believe GenAI is a sensitivity. significant catalyst for our growth. New Data Security Products AI drives new products for evolving threat landscape. Copyright © Rubrik 2025 11 11
Slide 12: Cyber Resilience is the Future of Cybersecurity
Cyber Resilience is the Future of Cybersecurity PREVENTION RESILIENCE NETWORK CLOUD ENDPOINT DATA Copyright © Rubrik 2025 12 12
Slide 13: Financial Overview
Financial Overview CONFIDENTIAL Copyright Copyright © Copyright © Rubrik Rubrik 2025 2023 2025 13
Slide 14: High Growth Subscription Business at Scale
High Growth Subscription Business at Scale $1,093M $876M > 120% Subscription ARR Cloud ARR Average Subscription 67% YoY Dollar-Based NRR 39% YoY 2,246 78% >80 Customers with $100K+ Non-GAAP Gross Margin2 Net Promoter Score1 in Subscription ARR Note: Numbers are round ed for pr ese nta tion pu rposes
Slide 15: Our Business Model
ARR Revenue Profitability Metrics Gross Margin Our Free Cash Flow Subscription Business Subscription ARR Revenue Subscription ARR Model Contribution Margin Copyright © Rubrik 2025 Note: Plea se see Appen dix for descr iptio ns of Fre e Cash Flow, Su bscription ARR, and Sub scription ARR Contribution
Slide 16: Rapid Subscription ARR Growth at Scale
Rapid Subscription ARR Growth at Scale 39% 1 YoY Growth (2 pts benefit from subscription transition) $1,093 $1,002 $919 $856 $784 $725 $655 $587 $533 $460 $382 $316 $272 $215 Subscription ARR $184 $153 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Note: FYE Ja nuary 31. Ple ase
Slide 17: Subscription ARR and Cloud ARR Overview
Subscription ARR and Cloud ARR Overview Today Targeted Future Model2 Subscription ARR Subscription ARR $1,093 million1 Cloud ARR Cloud ARR $876 million1 RSC, SaaS/Cloud Data Protection, Data Security Products Note: FYE Ja nuary 31. Plea se see Appen dix for descr iptio n o f Subscription ARR and Clo
Slide 18: Drivers of ARR Growth: Landing…
Drivers of ARR Growth: Landing… Rubrik Security Cloud Enterprise Cloud SaaS Unstructured Data New Customers CONFIDENTIAL Copyright © Rubrik 2025 18 18 Copyright © Copyright © Rubrik Rubrik 2025 2023
Slide 19: …Expanding and Extending…
…Expanding and Extending… Rubrik Security Cloud Enterprise Cloud SaaS Unstructured Data New Customers CONFIDENTIAL Copyright © Rubrik 2025 19 19 Copyright © Copyright © Rubrik Rubrik 2025 2023
Slide 20: …Expanding and Extending…
…Expanding and Extending… Average Subscription > 120% Dollar-Based NRR Rubrik Security Cloud Enterprise Cloud SaaS Unstructured Data New Customers CONFIDENTIAL Copyright © Rubrik 2025 Copyright © © Rubrik Rubrik 2025 2023 Note: FYE Ja nuary 31. Data as of Januar y 31, 202 5. P lease see App endix fo
Slide 21: Strong Customer Growth and Expansion
Strong Customer Growth and Expansion Subscription ARR Cohort Analysis Customers with $100k or More in Subscription ARR 2,246 1,742 1,204 628 309 23 137 FY 2019 FY 2020 FY 2021 FY 2022 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 CONFIDENTIAL Copyright © Rubrik 2025
Slide 22: Subscription Revenue Driving Revenue Mix Shift
Subscription Revenue Driving Revenue Mix Shift $ in Millions $829 Subscription Revenue $538 Maintenance Revenue $385 $244 Other Products Revenue $138 $39 $51 $159 $39 $9 $11 $76 $18 $7 $3 FY 2023 FY 2024 FY 2025 Q4 FY 2024 Q4 FY 2025 Subscription Revenue as a % of Total Revenue 64% 86% 93% 91% 94% C
Slide 23: Strong Gross Margins And Positive Free Cash Flow
Strong Gross Margins And Positive Free Cash Flow Non-GAAP Gross Margin (%) Non-GAAP FCF1 Margin (%) 77% 78% 71% 70% 2% (3)% (4)% (20)% FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Note: FYE Ja nuary 31. Ple ase see Appe ndix for reconciliation of no n-GA AP me trics to most comparable G AAP metr ics. CON
Slide 24: Operating Leverage Continues to Improve with Scale & Efficiency
Operating Leverage Continues to Improve with Scale & Efficiency Non-GAAP Subscription ARR Contribution Margin (%) Subscription ARR (-) LTM Non-GAAP Subscription 2% Cost of Revenue (12)% LTM Non-GAAP (-) (38)% Operating Expenses Subscription ARR Contribution Margin Better indicator of operating lever
Slide 25: Q1 FY26 and FY26 Guidance
Q1 FY26 and FY26 Guidance Q1 FY2026 FY2026 Subscription ARR $1,350M-$1,360M Total Revenue $259M-$261M $1,145M-$1,161M Subscription ARR 4% - 5% 4.5% - 5.5% Contribution Margin1 Non-GAAP EPS $(0.33) - $(0.31) $(1.23) - $(1.13) Weighted Average Shares 192M 198M Outstanding Free Cash Flow LTM ≈ $45M - $
Slide 26: Appendix
Appendix CONFIDENTIAL Copyright © Copyright © Rubrik Rubrik 2025 2023 26 26
Slide 27: Key Business Metrics Glossary
Key Business Metrics Glossary Subscription ARR Subscription ARR is calculated as the annualized value of our active subscription contracts as of the measurement date, assuming any contract that expires during the next 12 months is renewed on existing terms. Subscription contracts include offerings
Slide 28: Explanation of Non-GAAP Financial Measures
Explanation of Non-GAAP Financial Measures Free Cash Flow Rubrik defines free cash flow as net cash provided by (used in) operating activities less cash used for purchases of property and equipment and capitalized internal-use software. Rubrik believes free cash flow is a helpful indicator of liquid
Slide 29: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Gross Profit ($ in thousands) FY 2022 FY 2023 FY 2024 FY 2025 Q4 FY24 Q4 FY25 GAAP Gross Profit $ 353,185 $ 417,805 $ 482,930 $ 620,796 $135,040 $199,645 Amortization of Acquired Intangibles 944 822 1,676 3,673 923 924 Stock-based Compensation Expense 2,737 514 216 67
Slide 30: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Operating Expenses ($ in thousands) FY 2022 FY 2023 FY 2024 FY 2025 Q4 FY24 Q4 FY25 GAAP Research & Development Expense $ 159,576 $ 175,057 $ 206,527 $ 531,615 $ 59,127 $ 79,958 Stock-based Compensation Expense (16,064) (3,044) (3,590) (297,051) (2,596) (21,489) Non-G
Slide 31: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Loss from Operations ($ in thousands) FY 2022 FY 2023 FY 2024 FY 2025 Q4 FY24 Q4 FY25 GAAP Loss from Operations $ (249,790) $ (261,548) $ (306,506) $ (1,134,032) $ (83,111) $ (116,115) Amortization of Acquired Intangibles 944 822 1,676 3,673 923 924 Stock-based Compen
Slide 32: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Subscription ARR Contribution Margin ($ in thousands) FY 2022 FY 2023 FY 2024 FY 2025 GAAP Subscription Cost of Revenue $ 32,385 $ 62,294 $ 97,927 $215,036 Amortization of Acquired Intangibles (944) (822) (1,676) (3,673) Stock-based Compensation from Amortization of (
Slide 33: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Free Cash Flow ($ in thousands) FY 2022 FY 2023 FY 2024 FY 2025 Q4 FY24 Q4 FY25 Net Cash Used in Operating Activities $ (82,785) $ 19,287 $ (4,518) $ 48,228 $ 12,770 $ 83,597 Purchase of Property and Equipment (14,986) (25,017) (12,333) (16,885) (2,998) (5,589) Capita