01—Abstract
Summary
Summary of the 10-Q filed June 9, 2025. Cited figures are marked; the original filing is the authoritative source.
Rubrik, Inc. (RBRK) reported its Form 10-Q for the quarter ended April 30, 2025, showing total revenue of $278.5 milliona, up from $187.3 million in the prior-year quarter.
Subscription revenue was $265.7 millionb versus $172.2 million, and the filing attributes part of that growth to customers exercising or forfeiting Subscription Credits. Subscription ARR reached $1,181.3 million, up 38% from $856.1 million, and Cloud ARR reached $971.5 million, up 60%. Customers with $100,000 or more in Subscription ARR rose to 2,381 from 1,859.
The company remained unprofitable, with a net loss of $102.1 millionc compared with $732.1 million a year earlier, when results included large stock-based compensation charges tied to its IPO. Gross margin improved to 78% from 49%, and operating loss narrowed to $93.1 million from $724.8 million. Operating cash flow was $39.7 million, and free cash flow was $33.3 million, compared with negative $37.1 million a year earlier.
Cash, cash equivalents and short-term investments totaled $762.1 milliond, against an accumulated deficit of $2,939.4 million. The filing also flags continued risks, including a transition of existing customers to Rubrik Security Cloud that makes revenue recognition lumpy, a dual-class structure in which Class B holders control about 74% of voting power, ongoing U.S. Department of Justice investigations involving a former sales employee, and reliance on a few channel partners that together generated about 73% of fiscal 2025 revenue.
02—Key points
Key Highlights
- Total revenue of $278.5 million, up from $187.3 million for the three months ended April 30, 2024
- Subscription ARR of $1,181.3 million, up 38%; Cloud ARR of $971.5 million, up 60%
- Net loss narrowed to $102.1 million from $732.1 million, with stock-based compensation of $73.5 million versus $630.3 million a year earlier
- Gross margin of 78% compared with 49% in the prior-year period
- Free cash flow of $33.3 million versus negative $37.1 million a year earlier
- Cash, cash equivalents and short-term investments of $762.1 million as of April 30, 2025
- Average subscription dollar-based net retention rate over 120%; 2,381 customers with $100,000 or more in Subscription ARR
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q1 FY2026, Rubrik lost $0.37.
- Revenue$278.5M100.0%
- Cost of revenue−$60.5M21.7%
- Gross profit$218.0M78.3%
- Operating costs−$311.1M111.7%
- Operating income−$93.1M33.4%
- Interest, other & tax−$9.0M3.2%
- Net income−$102.1M36.7%
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed June 9, 2025Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $278.48M$187.31M | +48.7% |
| Cost of Revenue | $60.48M$95.98M | −37.0% |
| Gross Profit | $218.00M$91.34M | +138.7% |
| R&D Expenses | $81.81M$285.38M | −71.3% |
| Operating Expenses | $311.09M$816.17M | −61.9% |
| Operating Income | -$93.09M-$724.84M | +87.2% |
| Interest Expense | $9.81M$10.62M | −7.6% |
| Net Income | -$102.10M-$732.09M | +86.1% |
| EPS (Basic) | $-0.53$-11.48 | +95.4% |
| EPS (Diluted) | $-0.53$-11.48 | +95.4% |
| Shares Outstanding (Basic) | 191.63M63.79M | +200.4% |
| Shares Outstanding (Diluted) | 191.63M63.79M | +200.4% |
05—Questions
Frequently Asked Questions
What drove the large year-over-year change in operating expenses?
Operating expenses fell to $311.1 million from $816.2 million. The filing attributes the decrease mainly to a much lower stock-based compensation expense, which was higher in the prior-year quarter because of cumulative RSU expense recognized upon the company's IPO in April 2024.
How is the company's transition to Rubrik Security Cloud affecting revenue?
The filing states that existing customers moving to RSC, along with customers exercising or forfeiting Subscription Credits, cause revenue to fluctuate. Some customers consume a mix of RSC and a transitional license (RCDM-T) that recognizes a portion of revenue upfront, and the company expects these factors to limit and cause fluctuations in subscription revenue growth through fiscal 2027.
How much voting control do insiders hold?
As of April 30, 2025, Class B holders, including executive officers and directors and their affiliates, held about 92% of the voting power of outstanding capital stock. Directors, executive officers and affiliated stockholders beneficially owned about 31% of common stock but controlled about 74% of voting power.
Are there material legal or regulatory matters disclosed?
The filing discloses a October 2023 grand jury subpoena from the U.S. Department of Justice related to a former sales employee, and says the company is cooperating in ongoing investigations. The company states that it is not presently a party to any litigation expected to have a material adverse effect.
06—Continue