Rubrik, Inc. · NYSE:RBRK

Rubrik — Q2 2027 Earnings Presentation

37 slides from Rubrik's earnings presentation, Aug 27, 2026

  1. Slide 1: Investor Presentation Second Quarter Fiscal 2027

    Investor Presentation Second Quarter Fiscal 2027 Copyright Copy right©©Rubrik Rubrik2026 2026 11

  2. Slide 2: Important Notice and Disclaimers

    Important Notice and Disclaimers Forward-Looking Statements This presentation and the related conference call contain express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Rubrik’s financial outlook

  3. Slide 3: We Secure and Accelerate the World's AI Transformation

    We Secure and Accelerate the World’s AI Transformation. © Rubrik 2026 3

  4. Slide 4: Rubrik by the Numbers

    Rubrik by the Numbers $1,661M 33% >80 Subscription ARR Subscription ARR YoY Growth Net Promoter Score1 80%+ $125B+ Non-GAAP Gross Margin2 Total Addressable Market in 20293 Note: Numbers a re round ed for pre se nta tion pu rposes. Except as noted, d ata as of Q2 FY 2027 . FYE Ja nuary 31. Pl ease se

  5. Slide 5: AI has Fundamentally Changed

    AI has Fundamentally Changed © Rubrik 2026 5

  6. Slide 6: The New World

    The New World Yesterday Today / Tomorrow X X Human Attackers Human Operators AI Attackers AI Operators © Rubrik 2026 6 6

  7. Slide 7: First Problem: AI Attackers

    First Problem: AI Attackers AI-speed breaches. AI ATTACKERS ENTERPRISE Human-speed recovery is no match. ` X © Rubrik 2026 7 7

  8. Slide 8: Second Problem: AI Operators

    Second Problem: AI Operators Compromised agents. ATTACKERS AI OPERATORS Human response cannot keep up. X ` © Rubrik 2026 8 8

  9. Slide 9: The New Cyber Landscape Requires Autonomous Agentic Orchestration

    The New Cyber Landscape Requires Autonomous Agentic Orchestration AI-speed Recovery Run-time Agent Guardrails © Rubrik 2026 9

  10. Slide 10: Cyber Resilience

    Cyber Resilience Product Suites Rubrik Security Cloud Rubrik Agent Cloud Rubrik Platform Policy & Risk Agentic Governance & Security Autonomous Action Rubrik Agent Orchestration Threat Identification Data & Identity Context Operating Intelligence Time-Series Data & Metadata © Rubrik 2026 10

  11. Slide 11: Our Market Opportunity

    Our Market Opportunity © Rubrik 2026 11

  12. Slide 12: Our Platform Catalyzes Complementary Network Effects

    Our Platform Catalyzes Complementary Network Effects AI Data Identity © Rubrik 2026 12

  13. Slide 13: Land and Expand Accelerated by Flywheel

    Land and Expand Accelerated by Flywheel © Rubrik 2026 13

  14. Slide 14: $125B+ Total Addressable Market

    $125B+ Total Addressable Market AI $40B+ Identity $10B+ Security/Resilience $45B+ Data Management $30B+ Note: Refer to App endix for TAM calculation methodol ogy an d sou rce s; 2 0% CA GR forecasted fro m 2026 -29 in agg regate across segments. © Rubrik 2026 2029 FIGURES 14

  15. Slide 15: Financial Overview

    Financial Overview CON FIDEN TIAL Copyright Copy right © Rubrik Rubrik 2026 2023 2026 15

  16. Slide 16: Our Business Model

    ARR Revenue Profitability Metrics Gross Margin Our Free Cash Flow Subscription Business Subscription ARR Revenue Subscription ARR Model Contribution Margin © Rubrik 2026 © Rubrik 2026 16 Note: Please see Appendix for descriptions of Free Cash Flow, Subscription ARR, and Subscription ARR Contribution

  17. Slide 17: Rapid Subscription ARR Growth at Scale

    Rapid Subscription ARR Growth at Scale 33% YoY Growth $1,661 $1,565 $1,462 $1,347 $1,252 $1,181 $1,093 $1,002 $919 $856 $784 $725 $655 Subscription ARR Q2 2024 Q3 Q4 Q1 Q2 2025 Q3 Q4 Q1 Q2 2026 Q3 Q4 Q1 Q2 2027 Copy right © Rubrik 2026 Note: Fiscal Quarter End July 31. Data as of July 31, 2026. Plea

  18. Slide 18: Cloud Transformation Nears Completion

    Cloud Transformation Nears Completion Subscription ARR ($M) Cloud ARR ($M) Cloud ARR as a % of Subscription ARR $1,661 $1,565 88% 89% 89% $1,462 80% $1,483 67% $1,394 $1,093 $1,293 $784 $876 $525 FY 2024 FY 2025 FY 2026 Q1 FY Q2 FY FY 2024 FY 2025 FY 2026 Q1 FY Q2 FY 2027 2027 2027 2027 FY 2024 FY 2

  19. Slide 19: Cloud Net New ARR Growth Reflects Migrations Largely Complete

    Cloud Net New ARR Growth Reflects Migrations Largely Complete Calculated Cloud Net New ARR ($M) Adjusted Cloud Net New ARR - ex. Migrations ($M) $14 0 50% $14 0 50% $119 45% $111 $110 $12 0 $12 0 40% 40% $101 $99 $10 0 $96 $93 $10 0 $94 $89 35% 30% $82 $86 $72 30% $80 28% $80 30% 20% 28% 25% 22% 19%

  20. Slide 20: Drivers of ARR Growth: Landing…

    Drivers of ARR Growth: Landing… Rubrik Security Cloud Enterprise Cloud SaaS Unstructured Data Identity Providers New Customers CON FIDEN TIAL 2023 Copy right © Rubrik 2026 20 20

  21. Slide 21: …Expanding and Extending…

    …Expanding and Extending… Rubrik Security Cloud Enterprise Cloud SaaS Unstructured Data Identity Providers New Customers CON FIDEN TIAL 2023 Copy right © Rubrik 2026 21 21

  22. Slide 22: …Expanding and Extending…

    …Expanding and Extending… >119% Average Subscription Dollar-Based NRR Rubrik Security Cloud Enterprise Cloud SaaS Unstructured Data Identity Providers New Customers CON FIDEN TIAL 2023 Copy right © Rubrik 2026 Note: FYE January 31. Fiscal Quarter End July 31. Data as of July 31, 2026. Please see App

  23. Slide 23: Strong Customer Growth and Expansion

    Strong Customer Growth and Expansion Subscription ARR Cohort Analysis Customers with $100k or More in Subscription ARR 3,084 2,805 2,505 2,246 Subscription ARR 1,742 1,204 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2023 FY 2024 FY 2025 FY 2026 1H FY26 1H FY27 CON FIDEN TIAL Copy righ

  24. Slide 24: Strong Top-Line Growth

    Strong Top-Line Growth Subscription ARR, Year-Over-Year Growth Revenue, Year-Over-Year Growth Reported Revenue Normalized Revenue 1 51% 49% 48% 46% 43% 43% 43% 40% 39% 38% 37% 38% 36% 36% 34% 34% 33% 32% Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27

  25. Slide 25: Strong Non-GAAP Gross Margin And Positive Free Cash Flow

    Strong Non-GAAP Gross Margin And Positive Free Cash Flow Non-GAAP Gross Margin (%) Non-GAAP FCF1 Margin (%) 82% 81% 82% 18% 77% 78% 17% 15% 70% 2% (3)% (4)% FY23 FY24 FY25 FY26 1H FY26 1H FY27 FY23 FY24 FY25 FY26 1H FY26 1H FY27 CON FIDEN TIAL Note: FYE January 31. Fiscal Quarter End July 31. Data a

  26. Slide 26: Operating Leverage Continues to Improve with Scale & Efficiency

    Operating Leverage Continues to Improve with Scale & Efficiency Non-GAAP Subscription ARR Contribution Margin (%) Subscription ARR 14% 12% (-) LTM Non-GAAP Subscription 2% Cost of Revenue LTM Non-GAAP (-) Operating Expenses (12)% Subscription ARR Contribution Margin Better indicator of (38)% operati

  27. Slide 27: Q3 FY27 and FY27 Guidance

    Q3 FY27 and FY27 Guidance Q3 FY 2027 FY 2027 Subscription ARR $1,880M – $1,885M Total Revenue $429M - $431M $1,685M - $1,693M Subscription ARR ~14% ~15.5% Contribution Margin Non-GAAP EPS $0.07 - $0.09 $0.47 - $0.53 Weighted Average Shares 230M 228M Outstanding Free Cash Flow $323M - $333M LTM ≈ Not

  28. Slide 28: Additional Modeling Points

    Additional Modeling Points Material Rights • Non-recurring revenue related to material rights added ~$4.7 million in revenue in Q2 FY27 compared to ~$14.2 million in Q2 FY26. • We expect ~$2-3 million in non-recurring revenue related to material rights in Q3 FY27. Revenue • We expect ~$18 million in

  29. Slide 29: Material Rights Contribution to Revenue: Last 5 Quarters

    Material Rights Contribution to Revenue: Last 5 Quarters Subscription Revenue, $ in Millions Revenue related to Material Rights Revenue related to Subscription Revenue (excl. Material Rights) $5 $9 $18 $25 $14 $13 $403 $366 $347 $312 $283 $252 Q1'26A Q2'26A Q3'26A Q4'26A Q1'27A Q2'27A CON FIDEN TIAL

  30. Slide 30: Appendix

    Appendix CON FIDEN TIAL 2023 Copy right © Rubrik 2026 30 30

  31. Slide 31: Key Business Metrics Glossary

    Key Business Metrics Glossary Subscription ARR​ Subscription ARR is calculated as the annualized value of our active subscriptions as of the measurement date, based on our customers’ total contract value, and assuming any contract that expires during the next 12 months is renewed on existing terms.

  32. Slide 32: 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. Free cash flow margin is calculated as free cash flow divided b

  33. Slide 33: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation Gross Profit ($ in thousands) FY 2023 FY 2024 FY 2025 FY 2026 Q2 FY26 Q2 FY27 GAAP Gross Profit $ 417,805 $ 482,930 $ 620,796 $ 1,054,314 $ 246,301 $335,123 Amortization of Acquired Intangibles 822 1,676 3,673 7,488 1,223 3,193 Stock-based Compensation Expense 514 216

  34. Slide 34: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation Operating Expenses ($ in thousands) FY 2023 FY 2024 FY 2025 FY 2026 Q2 FY26 Q2 FY27 GAAP Research & Development Expense $ 175,057 $ 206,527 $ 531,615 $ 373,682 $ 92,107 $ 126,863 Stock-based Compensation Expense (3,044) (3,590) (297,051) (102,730) (24,734) (36,578) No

  35. Slide 35: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation Loss from Operations ($ in thousands) FY 2023 FY 2024 FY 2025 FY 2026 Q2 FY26 Q2 FY27 GAAP Loss from Operations $ (261,548) $ (306,506) $ (1,134,032) $ (345,416) $ (94,463) $ (71,902) Amortization of Acquired Intangibles 822 1,676 3,673 7,488 1,223 3,193 Stock-based C

  36. Slide 36: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation Subscription ARR Contribution Margin ($ in thousands) FY 2024 FY 2025 FY 2026 LTM Q2 FY27 GAAP Subscription Cost of Revenue $ 97,927 $ 215,036 $ 229,741 $ 262,667 Amortization of Acquired Intangibles (1,676) (3,673) (7,488) (11,300) Stock-based Compensation from Amort

  37. Slide 37: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation Free Cash Flow ($ in thousands) FY 2023 FY 2024 FY 2025 FY 2026 Q2 FY26 Q2 FY27 Net Cash Used in Operating Activities $ 19,287 $ (4,518) $ 48,228 $ 282,908 $ 64,724 $ 76,846 Purchase of Property and Equipment (25,017) (12,333) (16,885) (29,631) (3,498) (5,599) Capital

Rubrik — Q2 2027 Earnings Presentation on 6ix