Slide 1: Investor Presentation Fourth Quarter Fiscal 2026
Investor Presentation Fourth Quarter Fiscal 2026 Copyright Copy right©©Rubrik Rubrik2026 2026 11
Slide 2: Important Notice and Disclaimers
Important Notice and Disclaimers Forward-Looking Statements This press release 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 outloo
Slide 3: Our Mission
Our Mission We secure and accelerate the world’s AI transformation. Copyright © Rubrik 2026 3 Copyright © Rubrik 2026
Slide 4: Cyberattacks are inevitable. Prevention & detection are not enough.
Cyberattacks are inevitable. Prevention & detection are not enough. Cyber Resilience = AI Resilience Copyright © Rubrik 2026 4 Copyright © Rubrik 2026
Slide 5: Our Platform Delivers Exceptional Customer Outcomes
Our Platform Delivers Exceptional Customer Outcomes Cyber Resilience True Platform Multi-Product Offerings One platform to manage Fast cyber recovery with Data + Security + AI = Enterprise, Cloud, Unstructured Data, Preemptive Recovery Engine Critical commercial solutions SaaS, and Identity Provider
Slide 6: Cyber Resilience Across Data + Identity
Enterprise On-premises Cyber Resilience Across Data + Identity CYBER INTEGRATIONS Windows Palo Alto Networks Cloud Cloud Zscaler Enterprise DSPM SaaS Anomaly Detection Threat Containment SaaS Unstructured Threat Monitoring Identity Resilience Orchestrated Recovery Identity Provider Turbo Threat Hunt
Slide 7: Our Cloud Innovation Solves Key Customer Challenges
Our Cloud Innovation Solves Key Customer Challenges Cyberattacks Target Cloud Multi-Cloud Leads to Complexity Cloud Bloats Costs Comprehensive Cyber Resilience Multi-Cloud Operational Simplicity Cloud Cost Savings • Rapid cyber recovery times • Single pane to manage IaaS, PaaS, • Unique, patent-pend
Slide 8: We’re Leading the Charge in Identity Resilience
We’re Leading the Charge in Identity Resilience Attackers don’t break in. They log in. 90% of IT and security leaders agree identity- driven cyberattacks are the single largest threat1 Rubrik’s Identity Resilience delivers: • Orchestrated identity recovery across AD, Entra ID, and Okta across hybrid
Slide 9: We understand the critical components to AI readiness.
We understand the critical Data Identity components to AI readiness. Apps CONFIDENTIAL Copyright Copy right © Rubrik Rubrik 2023 2026 9
Slide 10: Two Complementary Product Suites – Built on the Same Platform
Two Complementary Product Suites – Built on the Same Platform Data Identity Rubrik Agent Cloud Apps Rubrik Security Cloud For AI Resilience and For Cyber Resilience and accelerated AI agent adoption accelerated cloud adoption CONFIDENTIAL Copyright Copy right © Rubrik Rubrik 2023 2026 10
Slide 11: Rubrik Agent Cloud
Rubrik Agent Cloud Built to Accelerate AI Agent Adoption Rubrik Agent Cloud Agent Operations Platform MONITOR CONTROL REMEDIATE & REWIND Agent Inventory Agent Guardrails | Policy Enforcement Agent Rewind Across Enterprise, Cloud, SaaS DATA IDENTITY Windows CONFIDENTIAL Copyright right©©Rubrik Copyri
Slide 12: Rubrik Agent Cloud is Built to Accelerate Agent Adoption
Rubrik Agent Cloud is Built to Accelerate Agent Adoption Monitor Control Remediate & Rewind Action Data Data Action Identity Action What agents do I have and what are What data is accessed? What When agents go awry, can I undo? they doing? identities are assumed? Are agents operating within the set
Slide 13: The Security and AI Operations Company
The Security and AI Operations Company Copyright © Rubrik 2026 Copyright © Rubrik 2026 13
Slide 14: Financial Overview
Financial Overview CON FIDEN TIAL Copyright Copy right © Rubrik Rubrik 2026 2023 2026 14
Slide 15: High Growth Subscription Business at Scale
High Growth Subscription Business at Scale $1,462M $1,293M > 120% Subscription ARR Cloud ARR Average Subscription 48% YoY Dollar-Based NRR 34% YoY 2,805 84% >80 Customers with $100K+ Non-GAAP Gross Margin 2 Net Promoter Score1 in Subscription ARR Note: Numbers are rounded for presentation purposes.
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 Copy right © Rubrik 2026 Note: Please see Appendix for descriptions of Free Cash Flow, Subscription ARR, and Subscription ARR Contribution Margi
Slide 17: Rapid Subscription ARR Growth at Scale
Rapid Subscription ARR Growth at Scale 34% 1 YoY Growth (~1 pt benefit from subscription transition) $1,462 $1,347 $1,252 $1,181 $1,093 $1,002 $919 $856 $784 $725 $655 $587 Subscription ARR Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Q4 Note: FYE January 31. Please see Appendix for description o
Slide 18: Subscription ARR and Cloud ARR Overview
Subscription ARR and Cloud ARR Overview Today Targeted Future Model 2 Subscription ARR Subscription ARR $1,462 million1 Cloud ARR Cloud ARR $1,293 million1 RSC, SaaS/Cloud Data Protection, Data Security Products Note: FYE January 31. Please see Appendix for description of Subscription ARR and Cloud
Slide 19: 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 19 19
Slide 20: …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 20 20
Slide 21: …Expanding and Extending…
…Expanding and Extending… > 120% 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. Data as of January 31, 2026. Please see Appendix for description of
Slide 22: Strong Customer Growth and Expansion
Strong Customer Growth and Expansion Subscription ARR Cohort Analysis Customers with $100k or More in Subscription ARR 2,805 2,246 Subscription ARR 1,742 1,204 628 309 137 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 CON FIDEN TIAL C
Slide 23: 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% 47% 46% 43% 39% 40% 38% 37% 37% 36% 36% 34% 34% Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Note: FYE January 31. CON FI
Slide 24: Subscription Revenue Comprises Vast Majority of Total Revenue
Subscription Revenue Comprises Vast Majority of Total Revenue $ in Millions $1,264 Subscription Revenue $829 Maintenance & Other Revenue $538 $365 $90 $244 $58 $52 $14 $13 FY 2024 FY 2025 FY 2026 Q4 FY25 Q4 FY26 Subscription Revenue as a % of Total Revenue 86% 93% 96% 94% 97% CON FIDEN TIAL Copy rig
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% 18 % 77% 78% 70% 2% (3)% (4)% FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 CON FIDEN TIAL Note: FYE January 31. Please see Appendix for reconciliation of non-GAAP metrics to most comparable GAA
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 12% (-) LTM Non-GAAP Subscription 2% Cost of Revenue LTM Non-GAAP (-) Operating Expenses (12)% Subscription ARR Contribution Margin Better indicator of operating leverag
Slide 27: Q1 FY27 and FY27 Guidance
Q1 FY27 and FY27 Guidance Q1 FY2027 FY2027 Subscription ARR $1,829M – $1,839M Total Revenue $365M – $367M $1,597M – $1,607M Subscription ARR ~10-11% ~13% Contribution Margin1 Non-GAAP EPS $(0.04) – $(0.02) $0.07 – $0.27 Weighted Average Shares 204M 232M Outstanding Free Cash Flow $265M – $275M LTM ≈
Slide 28: Additional Modeling Points
Additional Modeling Points Material Rights • Non-recurring revenue related to material rights added ~$18 million in revenue in Q4 FY26 compared to ~$7 million in Q4 FY25. • For the full year fiscal 2026, material rights added $70 million in revenue. For the full year fiscal 2025, the material Revenu
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) $18 $25 $14 $13 $7 $347 $312 $283 $252 $237 Q4'25A Q1'26A Q2'26A Q3'26A Q4'26A CON FIDEN TIAL 2023 Copy righ
Slide 30: Appendix
Appendix CON FIDEN TIAL 2023 Copy right © Rubrik 2026 30 30
Slide 31: Key Business Metrics Glossary
Key Business Metrics Glossary Subscription ARR Subscription ARR is calculated as the annualized value of our active subscriptions as of the measurement date, based on our customers’ total contract value, and assuming any contract that expires during the next 12 months is renewed on existing terms.
Slide 32: Explanation of Non-GAAP Financial Measures
Explanation of Non-GAAP Financial Measures Free Cash Flow Rubrik defines free cash flow as net cash provided by (used in) operating activities less cash used for purchases of property and equipment and capitalized internal-use software. Free cash flow margin is calculated as free cash flow divided b
Slide 33: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Gross Profit ($ in thousands) FY 2023 FY 2024 FY 2025 FY 2026 Q4 FY25 Q4 FY26 GAAP Gross Profit $ 417,805 $ 482,930 $ 620,796 $ 1,054,314 $ 199,645 $ 307,986 Amortization of Acquired Intangibles 822 1,676 3,673 7,488 924 2,907 Stock-based Compensation Expense 514 216
Slide 34: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Operating Expenses ($ in thousands) FY 2023 FY 2024 FY 2025 FY 2026 Q4 FY25 Q4 FY26 GAAP Research & Development Expense $ 175,057 $ 206,527 $ 531,615 $ 373,682 $ 79,958 $ 102,179 Stock-based Compensation Expense (3,044) (3,590) (297,051) (102,730) (21,489) (29,049) No
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 Q4 FY25 Q4 FY26 GAAP Loss from Operations $ (261,548) $ (306,506) $ (1,134,032) $ (345,416) $ (116,115) $ (82,379) Amortization of Acquired Intangibles 822 1,676 3,673 7,488 924 2,907 Stock-based Co
Slide 36: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Subscription ARR Contribution Margin ($ in thousands) FY 2023 FY 2024 FY 2025 FY 2026 GAAP Subscription Cost of Revenue $ 62,294 $ 97,927 $ 215,036 $ 229,741 Amortization of Acquired Intangibles (822) (1,676) (3,673) (7,488) Stock-based Compensation from Amortization
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 Q4 FY25 Q4 FY26 Net Cash Used in Operating Activities $ 19,287 $ (4,518) $ 48,228 $ 282,908 $ 83,597 $ 93,045 Purchase of Property and Equipment (25,017) (12,333) (16,885) (29,631) (5,589) (18,544) Capita