01—Abstract
Summary
Summary of the 10-K filed March 19, 2026. Cited figures are marked; the original filing is the authoritative source.
Rubrik, Inc. (NYSE: RBRK) reported revenue of $1.32 billiona for the fiscal year ended January 31, 2026, up from $886.5 million in fiscal 2025, with subscription revenue of $1.26 billion.
Subscription ARR grew 34% to $1.46 billionb and Cloud ARR grew 48% to $1.29 billion, while the number of customers with $100,000 or more in Subscription ARR rose to 2,805 from 2,246. The company remains unprofitable, with a net loss of $348.8 million (down from $1.15 billion in fiscal 2025, which included large stock-based compensation tied to its IPO), and an accumulated deficit of $3.19 billion. Operating cash flow was $282.9 million and free cash flow was $237.8 million.
The balance sheet was strengthened by a $1.15 billionc 0.00% convertible senior notes offering due June 2030, which was used in part to repay the $327.9 million Amended Credit Facility and fund $88.6 million of capped calls. Cash, cash equivalents and short-term investments totaled $1.68 billion as of January 31, 2026, and management states this is sufficient for at least the next 12 months. The company launched Rubrik Agent Cloud in February 2026 and acquired Predibase in July 2025 for a purchase consideration of $109.1 million.
Investors should note the dual-class structure: Class B shares carry 20 votes each, and holders of Class B stock, including executive officers, directors and affiliates, hold approximately 85%d of total voting power. The filing also discloses concentration in channel partners, with three largest partners generating approximately 68% of fiscal 2026 revenue, and an ongoing DOJ investigation related to a former sales employee and government contracts, which the company says it is cooperating with.
02—Key points
Key Highlights
- Total revenue rose to $1.32 billion in fiscal 2026 from $886.5 million in fiscal 2025, with subscription revenue at $1.26 billion.
- Subscription ARR reached $1.46 billion, up 34%, and Cloud ARR reached $1.29 billion, up 48%.
- Net loss narrowed to $348.8 million from $1.15 billion, and gross margin improved to 80% from 70%.
- Free cash flow was $237.8 million and operating cash flow was $282.9 million, compared with $21.6 million of free cash flow in fiscal 2025.
- Issued $1.15 billion of 0.00% convertible senior notes due June 2030 and repaid the $327.9 million Amended Credit Facility; cash and short-term investments total $1.68 billion.
- Dual-class structure gives Class B holders approximately 85% of voting power, limiting Class A shareholder influence.
- Three largest Channel Partners generated approximately 68% of fiscal 2026 revenue, and a DOJ grand jury investigation tied to a former sales employee remains ongoing.
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2026, Rubrik lost $0.00.
- Revenue$1.32B100.0%
- Cost of revenue−$261.9M19.9%
- Gross profit$1.05B80.1%
- Operating costs−$1.40B106.3%
- Operating income−$345.4M26.2%
- Interest, other & tax$345.1M26.2%
- Net income−$350,0000.0%
04—Financials
Financial Highlights
Figures from 10-KFY2026filed March 19, 2026Financial Statements
FY2026 against FY2025
| Line item | FY2026FY2025 | Change |
|---|---|---|
| Revenue | $1.32B$886.54M | +48.5% |
| Cost of Revenue | $261.88M$265.75M | −1.5% |
| Gross Profit | $1.05B$620.80M | +69.8% |
| R&D Expenses | $373.68M$531.62M | −29.7% |
| Operating Expenses | $1.40B$1.75B | −20.2% |
| Operating Income | -$345.42M-$1.13B | +69.5% |
| Interest Expense | $17.23M$41.25M | −58.2% |
| Net Income | -$350K-$1.15M | +69.6% |
| EPS (Basic) | $-1.78$-7.48 | +76.2% |
| EPS (Diluted) | $-1.78$-7.48 | +76.2% |
| Shares Outstanding (Basic) | 196.47M154.29M | +27.3% |
| Shares Outstanding (Diluted) | 196.47M154.29M | +27.3% |
05—Questions
Frequently Asked Questions
How fast is the company's recurring revenue growing?
Subscription ARR grew 34% to $1.46 billion as of January 31, 2026, and Cloud ARR grew 48% to $1.29 billion. The average subscription dollar-based net retention rate was over 120%, and customers with $100,000 or more in Subscription ARR increased to 2,805 from 2,246.
Is Rubrik profitable?
No. The company reported a net loss of $348.8 million for fiscal 2026, compared with $1.15 billion in fiscal 2025 and $354.2 million in fiscal 2024. Loss from operations was $345.4 million, and the accumulated deficit reached $3.19 billion. Management says it may not achieve or sustain profitability.
What is the company's debt position?
The company has $1.15 billion principal of 0.00% convertible senior notes due June 15, 2030, with a net carrying amount of $1.13 billion. The Amended Credit Facility was fully repaid in June 2025. Conversion price is approximately $124.76 per share, and capped calls cost $88.6 million.
Who controls voting power at Rubrik?
Holders of Class B common stock, which carries 20 votes per share, including executive officers, directors and their affiliates, hold approximately 85% of voting power as of January 31, 2026. Those insiders beneficially own about 23% of total common stock but control about 83% of the voting power.
How concentrated are the company's sales channels?
Sales are largely made through Channel Partners. The three largest, Arrow Enterprise Computing Solutions, Exclusive Networks and Ingram Micro Inc., generated approximately 68% of revenue for fiscal 2026, compared with 73% in fiscal 2025. These agreements are non-exclusive and can be terminated by either party at any time.
06—Continue