01—Abstract
Summary
Summary of the 10-K filed March 20, 2025. Cited figures are marked; the original filing is the authoritative source.
Rubrik, Inc. (NYSE: RBRK) reported fiscal 2025 (year ended January 31, 2025) total revenue of $886.5 milliona, up from $627.9 million in fiscal 2024 and $599.8 million in fiscal 2023, with subscription revenue rising to $828.7 million.
Net loss widened to $1,154.8 millionb from $354.2 million, driven largely by $913.9 million of stock-based compensation, much of it recognized after the company's April 2024 IPO. Subscription ARR reached $1,092.6 million (versus $784.0 million a year earlier), Cloud ARR reached $875.6 million, and customers with $100,000 or more in Subscription ARR grew to 2,246 from 1,742. Management states that Rubrik Security Cloud (RSC) now represents a majority of total revenue, and that the company is migrating existing customers from legacy Cloud Data Management to RSC, a transition expected to keep affecting revenue recognition and growth rates through fiscal 2027.
Cash, cash equivalents and short-term investments totaled $705.1 millionc at January 31, 2025, against $322.3 million of debt under the Amended Credit Facility maturing in August 2028. Free cash flow was $21.6 million in fiscal 2025, compared with $(24.5) million in fiscal 2024, and net cash provided by operating activities was $48.2 million. The company states that its existing cash will be sufficient to fund operations for at least the next 12 months.
Accumulated deficit increased to $2,837.3 milliond. The filing highlights concentrated risks: two channel partners accounted for 34% and 29% of fiscal 2025 revenue, a dual-class structure gives Class B holders about 95% of voting power, the company relies on Supermicro for Rubrik-branded appliance servers, and it discloses a Department of Justice investigation related to government contracts and two security incidents (March 2023 and February 2025).
02—Key points
Key Highlights
- Total revenue of $886.5 million for fiscal 2025, up from $627.9 million in fiscal 2024; subscription revenue was $828.7 million.
- Net loss of $1,154.8 million for fiscal 2025, compared with $354.2 million in fiscal 2024, including $913.9 million of stock-based compensation.
- Subscription ARR of $1,092.6 million (up 39% from $784.0 million) and Cloud ARR of $875.6 million (up 67%) as of January 31, 2025.
- Average subscription dollar-based net retention rate was over 120% as of January 31, 2025, down from over 130% a year earlier.
- Free cash flow was $21.6 million in fiscal 2025 versus $(24.5) million in fiscal 2024; operating cash flow was $48.2 million.
- Cash, cash equivalents and short-term investments of $705.1 million against $322.3 million of debt maturing in fiscal 2029 under the Amended Credit Facility.
- Dual-class structure gives Class B holders approximately 95% of voting power; the company is an emerging growth company and does not plan to pay dividends.
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2025, Rubrik lost $0.00.
- Revenue$886.5M100.0%
- Cost of revenue−$265.7M30.0%
- Gross profit$620.8M70.0%
- Operating costs−$1.75B197.9%
- Operating income−$1.13B127.9%
- Interest, other & tax$1.13B127.8%
- Net income−$1.1M0.1%
04—Financials
Financial Highlights
Figures from 10-KFY2025filed March 20, 2025Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $886.54M$627.89M | +41.2% |
| Cost of Revenue | $265.75M$144.96M | +83.3% |
| Gross Profit | $620.80M$482.93M | +28.5% |
| R&D Expenses | $531.62M$206.53M | +157.4% |
| Operating Expenses | $1.75B$789.44M | +122.3% |
| Operating Income | -$1.13B-$306.51M | −270.0% |
| Interest Expense | $41.25M$30.30M | +36.2% |
| Net Income | -$1.15M-$354.16M | +99.7% |
| EPS (Basic) | $-7.48$-5.84 | −28.1% |
| EPS (Diluted) | $-7.48$-5.84 | −28.1% |
| Shares Outstanding (Basic) | 154.29M60.63M | +154.5% |
| Shares Outstanding (Diluted) | 154.29M60.63M | +154.5% |
05—Questions
Frequently Asked Questions
How much of Rubrik's revenue came from its Rubrik Security Cloud platform?
The filing states that as of the end of fiscal 2024, RSC represented a majority of total revenue. It does not give a specific fiscal 2025 RSC revenue figure, but says it expects an increasing share of software revenue to be recognized ratably as customers transition to RSC.
Why did net loss increase so significantly in fiscal 2025?
The filing attributes much of the increase to stock-based compensation of $913.9 million, compared with $5.7 million in fiscal 2024, largely recognized after the April 2024 IPO. Operating expenses also rose, with research and development up to $531.6 million and sales and marketing up to $867.5 million.
How concentrated is Rubrik's customer and partner base?
Sales flow largely through channel partners. Three largest channel partners, Arrow Enterprise Computing Solutions, Exclusive Networks, and Ingram Micro Inc., and their affiliates collectively generated approximately 73% of revenue in fiscal 2025 and 76% in fiscal 2024. Two partners individually accounted for 34% and 29% of fiscal 2025 revenue.
What are the main risks from the company's voting structure and legal matters?
Class B holders, including executives and directors, hold about 95% of voting power, limiting other shareholders' influence. The company also discloses an ongoing DOJ investigation related to government contracts, which it says could result in substantial fines, penalties, and exclusion from federal contracting, though it is not presently party to litigation it believes would have a material adverse effect.
Does Rubrik expect to need additional capital?
The company states that existing cash and cash equivalents will be sufficient to fund operating and capital needs for at least the next 12 months. Longer-term, it says it may require additional equity or debt financing, and its operating cash flows may fluctuate between positive and negative amounts.
06—Continue