Rubrik, Inc. · NYSE:RBRK

Rubrik — Q1 2026 Earnings Presentation

39 slides from Rubrik's earnings presentation, Jun 5, 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 6: Comprehensive Cyber Resilience
Enterprise On-prem Comprehensive Cyber Resilience Across Data & Identity CYBER INTEGRATIONS Windows Palo Alto Networks Cloud Data Discovery & Zscaler Enterprise Anomaly Detection Identity Recovery Classification Cloud SaaS Data Risk Mgmt Threat Monitoring Threat Containment Data Access Turbo Threat
Slide 7: 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 9: Businesses now run in the cloud.
Businesses now run in the cloud. Cyber resilience is a must. Customer Accounts Financial Records Intellectual Property CONFIDENTI AL Copyright © Rubrik 2025 9 Copyright © Rubrik 2023
Slide 10: We deliver cyber resilience for organizations around the world.
CODE TO CLOUD CYBER RESILIENCE We deliver cyber resilience for organizations around the Elastic Compute world. Cloud Database Unstructured Data From first line of code to full- stack application. CONFIDENTI AL Copyright © Rubrik 2025 10 Copyright © Rubrik 2023
Slide 11: 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 • Full-stack data protection with rapid • Single pane to manage IaaS, PaaS, • Unique,
Slide 13: Attackers don't break in. They log in.
Hi Tom. Welcome Back. Attackers don’t break in. tom@company.com They log in. Remember me Forget Password? Sign in CONFIDENTI AL Copyright © Rubrik 2025 13 Copyright © Rubrik 2023
Slide 16: Identity Recovery for Active Directory and Entra ID
Identity Recovery for Active Directory and Entra ID Identity Recovery for Hybrid Cloud Customer Challenges • Complex and lengthy recovery • Risk of malware reinfection • Inability to recover in hybrid cloud mode Rubrik Solution • Orchestrated 5-step quick recovery • Clean Room Recovery to prevent re
Slide 17: Cyber Resilience is the Future of Cybersecurity
Cyber Resilience is the Future of Cybersecurity PREVENTION RESILIENCE NETWORK CLOUD ENDPOINT DATA & IDENTITY CONFIDENTI AL Copyright © Rubrik 2025 17 Copyright © Rubrik 2023
Slide 19: High Growth Subscription Business at Scale
High Growth Subscription Business at Scale $1,181M $972M > 120% Subscription ARR Cloud ARR Average Subscription 60% YoY Dollar-Based NRR 38% YoY 2,381 81% >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 20: 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 21: Rapid Subscription ARR Growth at Scale
Rapid Subscription ARR Growth at Scale 38% 1 YoY Growth (<2 pts benefit from subscription transition) $1,181 $1,093 $1,002 $919 $856 $784 $725 $655 $587 $533 $460 $382 $316 Subscription ARR Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Note: FYE Ja nuary 31. Ple ase see Appe ndix for de
Slide 22: Subscription ARR and Cloud ARR Overview
Subscription ARR and Cloud ARR Overview Today Targeted Future Model2 Subscription ARR Subscription ARR $1,181 million1 Cloud ARR Cloud ARR $972 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 23: Drivers of ARR Growth: Landing…
Drivers of ARR Growth: Landing… Rubrik Security Cloud Enterprise Cloud SaaS Unstructured Data Identity Providers New Customers CONFIDENTIAL Copyright © Rubrik 2025 23 23 Copyright © Copyright © Rubrik Rubrik 2025 2023
Slide 24: …Expanding and Extending…
…Expanding and Extending… Rubrik Security Cloud Enterprise Cloud SaaS Unstructured Data Identity Providers New Customers CONFIDENTIAL Copyright © Rubrik 2025 24 24 Copyright © Copyright © Rubrik Rubrik 2025 2023
Slide 25: …Expanding and Extending…
…Expanding and Extending… > 120% Average Subscription Dollar-Based NRR Rubrik Security Cloud Enterprise Cloud SaaS Unstructured Data Identity Providers New Customers CONFIDENTIAL Copyright © Rubrik 2025 Copyright © © Rubrik Rubrik 2025 2023 Note: FYE Ja nuary 31. Data as of Apr il 30, 202 5. P lease
Slide 26: Strong Customer Growth and Expansion
Strong Customer Growth and Expansion Subscription ARR Cohort Analysis Customers with $100k or More in Subscription ARR 2,381 2,246 1,859 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 Q1 FY25 Q1 FY26 FY 2023 FY 2024 FY 2025 CONFIDEN
Slide 27: Subscription Revenue Driving Revenue Mix Shift
Subscription Revenue Driving Revenue Mix Shift $ in Millions $829 Subscription Revenue $538 Maintenance Revenue $385 $266 Other Products $138 $39 $51 $172 Revenue $39 $76 $18 $6 $9 $2 $10 FY 2023 FY 2024 FY 2025 Q1 FY25 Q1 FY26 Subscription Revenue as a % of Total Revenue 64% 86% 93% 92% 95% CONFIDE
Slide 28: 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 (%) 81% 77% 78% 75% 71% 70% 12 % 2% (3)% (4)% (9)% (20)% (20)% FY22 FY23 FY24 FY25 Q1 FY25 Q1 FY25 Q1 FY26 FY22 FY23 FY24 FY25 Q1 FY25 Q1 FY26 Adj.2 Note: FYE Ja nuary 31. Ple ase see Appe ndix fo
Slide 29: Operating Leverage Continues to Improve with Scale & Efficiency
Operating Leverage Continues to Improve with Scale & Efficiency Non-GAAP Subscription ARR Contribution Margin (%) Subscription ARR 8% (-) LTM Non-GAAP Subscription 2% Cost of Revenue LTM Non-GAAP (-) Operating Expenses (12)% Subscription ARR Contribution Margin Better indicator of operating leverage
Slide 30: Q2 FY26 and FY26 Guidance
Q2 FY26 and FY26 Guidance Q2 FY2026 FY2026 Subscription ARR $1,380M-$1,388M Total Revenue $281M-$283M $1,179M-$1,189M Subscription ARR 4.5% - 5.5% ~6% Contribution Margin1 Non-GAAP EPS $(0.35) - $(0.33) $(1.02) - $(0.96) Weighted Average Shares 196M 198M Outstanding Free Cash Flow $65M - $75M LTM ≈
Slide 31: Additional Modeling Points for Fiscal 2026
Additional Modeling Points for Fiscal 2026 FY2026 • The conversion of maintenance to subscription added ~2 percentage points of growth to Subscription ARR in Q1. We expect minimal benefit for the full year FY26. Subscription ARR • We expect 1H of FY26 will contribute ~46% of the total net new subscr
Slide 33: Key Business Metrics Glossary
Key Business Metrics Glossary Subscription ARR Subscription ARR is calculated as the annualized value of our active subscription contracts as of the measurement date, based on our customers’ total contract value, and assuming any contract that expires during the next 12 months is renewed on existin
Slide 34: Explanation of Non-GAAP Financial Measures
Explanation of Non-GAAP Financial Measures Free Cash Flow Rubrik defines free cash flow as net cash provided by (used in) operating activities less cash used for purchases of property and equipment and capitalized internal-use software. Rubrik believes free cash flow is a helpful indicator of liquid
Slide 35: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Gross Profit ($ in thousands) FY 2023 FY 2024 FY 2025 Q1 FY25 Q1 FY26 GAAP Gross Profit $ 417,805 $ 482,930 $ 620,796 $ 91,336 $ 217,998 Amortization of Acquired Intangibles 822 1,676 3,673 903 960 Stock-based Compensation Expense 514 216 67,314 48,914 5,174 Non-GAAP
Slide 36: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Operating Expenses ($ in thousands) FY 2023 FY 2024 FY 2025 Q1 FY25 Q1 FY26 GAAP Research & Development Expense $ 175,057 $ 206,527 $ 531,615 $ 285,379 $ 81,815 Stock-based Compensation Expense (3,044) (3,590) (297,051) (224,149) (19,812) Non-GAAP Research & Developme
Slide 37: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Loss from Operations ($ in thousands) FY 2023 FY 2024 FY 2025 Q1 FY25 Q1 FY26 GAAP Loss from Operations $ (261,548) $ (306,506) $ (1,134,032) $ (724,837) $ (93,091) Amortization of Acquired Intangibles 822 1,676 3,673 903 960 Stock-based Compensation Expense 7,241 5,8
Slide 38: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Subscription ARR Contribution Margin ($ in thousands) FY 2023 FY 2024 FY 2025 LTM Q1 FY26 GAAP Subscription Cost of Revenue $ 62,294 $ 97,927 $ 215,036 $ 193,223 Amortization of Acquired Intangibles (822) (1,676) (3,673) (3,730) Stock-based Compensation from Amortizat
Slide 39: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Free Cash Flow ($ in thousands) FY 2023 FY 2024 FY 2025 Q1 FY25 Q1 FY26 Net Cash Used in Operating Activities $ 19,287 $ (4,518) $ 48,228 $ (31,381) $ 39,665 Purchase of Property and Equipment (25,017) (12,333) (16,885) (3,639) (2,850) Capitalized Internal-Use Softwar

Rubrik — Q1 2026 Earnings Presentation on 6ix

Rubrik — Q1 2026 Earnings Presentation

Slide 1: Investor Presentation First Quarter Fiscal 2026

Slide 2: Important Notice and Disclaimers

Slide 3: Our Mission: Securing the World's Data

Slide 4: Rubrik has the most valuable real estate.

Slide 5: Cyberattacks are inevitable.

Slide 6: Comprehensive Cyber Resilience

Slide 7: Our Platform Delivers Exceptional Customer Outcomes

Slide 8: Cloud Resilience

Slide 9: Businesses now run in the cloud.

Slide 10: We deliver cyber resilience for organizations around the world.

Slide 11: Our Cloud Innovation Solves Key Customer Challenges

Slide 12: Identity Resilience

Slide 13: Attackers don't break in. They log in.

Slide 14: Cyber Resilience requires Identity Resilience.

Slide 15: We have the data. We connect data and identity.

Slide 16: Identity Recovery for Active Directory and Entra ID

Slide 17: Cyber Resilience is the Future of Cybersecurity

Slide 18: Financial Overview

Slide 19: High Growth Subscription Business at Scale

Slide 20: Our Business Model

Slide 21: Rapid Subscription ARR Growth at Scale

Slide 22: Subscription ARR and Cloud ARR Overview

Slide 23: Drivers of ARR Growth: Landing…

Slide 24: …Expanding and Extending…

Slide 25: …Expanding and Extending…

Slide 26: Strong Customer Growth and Expansion

Slide 27: Subscription Revenue Driving Revenue Mix Shift

Slide 28: Strong Non-GAAP Gross Margin And Positive Free Cash Flow

Slide 29: Operating Leverage Continues to Improve with Scale & Efficiency

Slide 30: Q2 FY26 and FY26 Guidance

Slide 31: Additional Modeling Points for Fiscal 2026

Slide 32: Appendix

Slide 33: Key Business Metrics Glossary

Slide 34: Explanation of Non-GAAP Financial Measures

Slide 35: GAAP to Non-GAAP Reconciliation

Slide 36: GAAP to Non-GAAP Reconciliation

Slide 37: GAAP to Non-GAAP Reconciliation

Slide 38: GAAP to Non-GAAP Reconciliation

Slide 39: GAAP to Non-GAAP Reconciliation