Slide 1: Investor Presentation Third Quarter Fiscal 2026
Investor Presentation Third Quarter Fiscal 2026 Copyright Copyright©©Rubrik Rubrik2025 2025 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 Rubrik 2025 2025 3
Slide 4: Cyber Resilience = AI Resilience
Cyberattacks are inevitable. Prevention & detection are not enough. Cyber Resilience = AI Resilience Copyright © Rubrik 2025 4
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 CONFIDENTI AL Copyright © Rubrik 2025 9 Copyright © Rubrik 2023
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 CONFIDENTI AL Copyright © Rubrik 2025 10 Copyright © Rubrik 2023
Slide 11: Rubrik Agent Cloud
Rubrik Agent Cloud Built to Accelerate AI Agent Adoption Rubrik Agent Cloud Agent Operations Platform Early Access VISIBILITY MONITOR & VALIDATE REMEDIATE & REWIND Agent Inventory Agent Guardrails | Policy Enforcement Agent Rewind Across Enterprise, Cloud, SaaS DATA IDENTITY Windows CONFIDENTI AL Co
Slide 12: Rubrik Agent Cloud is Built to Accelerate Agent Adoption
Rubrik Agent Cloud is Built to Accelerate Agent Adoption Gain Visibility Monitor & Validate 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 operat
Slide 13: The Security and AI Operations Company
The Security and AI Operations Company Copyright © Rubrik Rubrik 2025 2025 13
Slide 14: Financial Overview
Financial Overview CONFIDENTIAL Copyright Copyright © Copyright © Rubrik Rubrik 2025 2023 2025 14
Slide 15: High Growth Subscription Business at Scale
High Growth Subscription Business at Scale $1,347M $1,175M > 120% Subscription ARR Cloud ARR Average Subscription 53% YoY Dollar-Based NRR 34% YoY 2,638 83% >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 rpos
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 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 17: Rapid Subscription ARR Growth at Scale
Rapid Subscription ARR Growth at Scale 34% 1 YoY Growth (~1 pt benefit from subscription transition) $1,347 $1,252 $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 Q2 Q3 Note: FYE Ja nuary 31. Ple ase s
Slide 18: Subscription ARR and Cloud ARR Overview
Subscription ARR and Cloud ARR Overview Today Targeted Future Model2 Subscription ARR Subscription ARR $1,347 million1 Cloud ARR Cloud ARR $1,175 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 C
Slide 19: 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 19 19 Copyright © Copyright © Rubrik Rubrik 2025 2023
Slide 20: …Expanding and Extending…
…Expanding and Extending… Rubrik Security Cloud Enterprise Cloud SaaS Unstructured Data Identity Providers New Customers CONFIDENTIAL Copyright © Rubrik 2025 20 20 Copyright © Copyright © Rubrik Rubrik 2025 2023
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 CONFIDENTIAL Copyright © Rubrik 2025 Copyright © © Rubrik Rubrik 2025 2023 Note: FYE Ja nuary 31. Data as of October 31, 202 5. P leas
Slide 22: Strong Customer Growth and Expansion
Strong Customer Growth and Expansion Subscription ARR Cohort Analysis Customers with $100k or More in Subscription ARR 2,638 2,246 2,085 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 Q3 FY25 Q3 FY26 FY 2023 FY 2024 FY 2025 CONFIDEN
Slide 23: Subscription Revenue Driving Revenue Mix Shift
Subscription Revenue Driving Revenue Mix Shift $ in Millions $829 Subscription Revenue $538 Maintenance Revenue $385 $336 Other Products $222 Revenue $138 $39 $51 $39 $10 $12 $76 $18 $4 $2 FY 2023 FY 2024 FY 2025 Q3 FY25 Q3 FY26 Subscription Revenue as a % of Total Revenue 64% 86% 93% 94% 96% CONFID
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% 47% 39% 40% 38% 37% 37% 36% 36% 34% Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 CONFIDENTIAL Copyright © Rubrik 2025 Note: FYE Ja nuary
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% 77% 71% 70% 2% (3)% (4)% (5)% (9)% (20)% FY22 FY23 FY24 FY25 YTD YTD YTD FY22 FY23 FY24 FY25 YTD FY25 YTD FY26 FY25 2 FY25 Adj. FY26 Note: FYE Ja nuary 31. Ple ase see Appe nd
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 10% (-) 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: Q4 FY26 and FY26 Guidance
Q4 FY26 and FY26 Guidance Q4 FY2026 FY2026 Subscription ARR $1,439M-$1,443M Total Revenue $341M-$343M $1,280M-$1,282M Subscription ARR ~9.0% ~9.0% Contribution Margin1 Non-GAAP EPS $(0.12) –$(0.10) $(0.20) – $(0.16) Weighted Average Shares 201M 197M Outstanding Free Cash Flow $194M – $202M LTM ≈ Not
Slide 28: Additional Modeling Points
Additional Modeling Points Material Rights • Non-recurring revenue related to material rights added ~$25 million in revenue in Q3 FY26. We expect ~$16 million in non-recurring revenue related to material rights in Q4 FY26 compared to a contribution of ~$7 million in Q4 FY25. • Prior to Q4 FY25, mate
Slide 29: Material Rights Contribution to Revenue: Last 4 Quarters
Material Rights Contribution to Revenue: Last 4 Quarters Total Revenue, $ in Millions Revenue related to Material Rights $25 $14 $13 $7 $326 $296 $251 $265 Q4'25A Q1'26A Q2'26A Q3'26A CONFIDENTIAL Copyright © Copyright © Rubrik Rubrik 2025 2023 Note: FYE Ja nuary 31. Plea se see Appen dix for descr
Slide 30: Appendix
Appendix CONFIDENTIAL Copyright © Copyright © Rubrik Rubrik 2025 2023 30 30
Slide 31: Key Business Metrics Glossary
Key Business Metrics Glossary Subscription ARR Subscription ARR is calculated as the annualized value of our active subscriptions as of the measurement date, based on our customers’ total contract value, and assuming any contract that expires during the next 12 months is renewed on existing terms.
Slide 32: Explanation of Non-GAAP Financial Measures
Explanation of Non-GAAP Financial Measures Free Cash Flow Rubrik defines free cash flow as net cash provided by (used in) operating activities less cash used for purchases of property and equipment and capitalized internal-use software. Free cash flow margin is calculated as free cash flow divided b
Slide 33: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Gross Profit ($ in thousands) FY 2023 FY 2024 FY 2025 Q3 FY25 Q3 FY26 GAAP Gross Profit $ 417,805 $ 482,930 $ 620,796 $ 180,032 $ 282,029 Amortization of Acquired Intangibles 822 1,676 3,673 923 2,398 Stock-based Compensation Expense 514 216 67,314 6,074 5,110 Non-GAA
Slide 34: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Operating Expenses ($ in thousands) FY 2023 FY 2024 FY 2025 Q3 FY25 Q3 FY26 GAAP Research & Development Expense $ 175,057 $ 206,527 $ 531,615 $ 80,050 $ 97,581 Stock-based Compensation Expense (3,044) (3,590) (297,051) (23,088) (29,135) Non-GAAP Research & Development
Slide 35: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Loss from Operations ($ in thousands) FY 2023 FY 2024 FY 2025 Q3 FY25 Q3 FY26 GAAP Loss from Operations $ (261,548) $ (306,506) $ (1,134,032) $ (124,787) $ (75,483) Amortization of Acquired Intangibles 822 1,676 3,673 923 2,398 Stock-based Compensation Expense 7,241 5
Slide 36: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Subscription ARR Contribution Margin ($ in thousands) FY 2023 FY 2024 FY 2025 LTM Q3 FY26 GAAP Subscription Cost of Revenue $ 62,294 $ 97,927 $ 215,036 $ 216,808 Amortization of Acquired Intangibles (822) (1,676) (3,673) (5,505) Stock-based Compensation from Amortizat
Slide 37: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Free Cash Flow ($ in thousands) FY 2023 FY 2024 FY 2025 Q3 FY25 Q3 FY26 Net Cash Used in Operating Activities $ 19,287 $ (4,518) $ 48,228 $ 23,095 $ 85,484 Purchase of Property and Equipment (25,017) (12,333) (16,885) (5,069) (4,739) Capitalized Internal-Use Software