01—Abstract
Summary
Summary of the 10-Q filed June 5, 2026. Cited figures are marked; the original filing is the authoritative source.
Rubrik, Inc. reported revenue of $387.1 milliona for the three months ended April 30, 2026, up 39% from $278.5 million a year earlier.
Subscription revenue rose 41% to $374.2 millionb, and total gross margin improved to 81% from 78%. Net loss narrowed to $41.9 million from $102.1 million, and loss from operations narrowed to $52.6 million from $93.1 million. Subscription ARR grew 32% to $1.57 billion, and Cloud ARR grew 43% to $1.39 billion.
The company stated an average subscription dollar-based net retention rate of approximately 120%, and customers with $100,000c or more in Subscription ARR increased 24% to 2,946. Cash flow and liquidity improved. Net cash provided by operating activities was $81.7 million, compared with $39.7 million, and free cash flow was $73.6 million, compared with $33.3 million.
The company held $1.75 billiond in cash, cash equivalents and short-term investments as of April 30, 2026. Its $1.15 billion of 0.00% convertible senior notes due 2030 remain outstanding, and the accumulated deficit stood at $3.23 billion, leaving a total stockholders' deficit of $481.3 million.
Total remaining performance obligations were approximately $2.44 billion, with about 53% expected to be recognized over the next 12 months. The filing also states that Class B holders, including executive officers and directors, hold approximately 85% of the voting power.
02—Key points
Key Highlights
- Revenue rose 39% to $387.1 million, with subscription revenue up 41% to $374.2 million.
- Gross margin reached 81%, up from 78%, and loss from operations narrowed to $52.6 million from $93.1 million.
- Net loss was $41.9 million versus $102.1 million; loss per share was $(0.21) versus $(0.53).
- Subscription ARR grew 32% to $1.57 billion, and Cloud ARR grew 43% to $1.39 billion.
- Average subscription dollar-based net retention rate was approximately 120%, and customers with $100,000 or more in Subscription ARR increased 24% to 2,946.
- Free cash flow was $73.6 million versus $33.3 million, and operating cash flow was $81.7 million versus $39.7 million.
- Remaining performance obligations were approximately $2.44 billion, with about 53% expected to be recognized over the next 12 months; the company had a $1.75 billion cash and investments balance.
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q1 FY2027, Rubrik lost $0.11.
- Revenue$387.1M100.0%
- Cost of revenue−$75.3M19.5%
- Gross profit$311.8M80.5%
- Operating costs−$364.4M94.1%
- Operating income−$52.6M13.6%
- Interest, other & tax$10.8M2.8%
- Net income−$41.9M10.8%
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2027filed June 5, 2026Financial Statements
Q1 FY2027 against Q1 FY2026
| Line item | Q1 FY2027Q1 FY2026 | Change |
|---|---|---|
| Revenue | $387.07M$278.48M | +39.0% |
| Cost of Revenue | $75.28M$60.48M | +24.5% |
| Gross Profit | $311.78M$218.00M | +43.0% |
| R&D Expenses | $114.34M$81.81M | +39.8% |
| Operating Expenses | $364.42M$311.09M | +17.1% |
| Operating Income | -$52.63M-$93.09M | +43.5% |
| Interest Expense | $1.07M$9.81M | −89.1% |
| Net Income | -$41.85M-$102.10M | +59.0% |
| EPS (Basic) | $-0.21$-0.53 | +60.4% |
| EPS (Diluted) | $-0.21$-0.53 | +60.4% |
| Shares Outstanding (Basic) | 203.67M191.63M | +6.3% |
| Shares Outstanding (Diluted) | 203.67M191.63M | +6.3% |
05—Questions
Frequently Asked Questions
What drove the revenue growth this quarter?
The filing attributes subscription revenue growth to growth in Subscription ARR and to benefits as customers exercised or forfeited Subscription Credits. Non-recurring revenue tied to those material rights accounted for approximately $8.5 million of subscription revenue in the quarter, and the company expects these benefits to decline significantly sequentially through fiscal 2027.
Is Rubrik closer to profitability?
The company narrowed its losses but remains unprofitable. Net loss was $41.9 million for the quarter, compared with $102.1 million a year earlier, and the accumulated deficit reached $3.23 billion. The filing states the company expects to continue incurring operating losses, and operating cash flows may fluctuate between positive and negative amounts.
What are the company's convertible notes and capped calls?
Rubrik has $1.15 billion of 0.00% convertible senior notes due June 15, 2030, with an unamortized discount and issuance costs of $18.2 million. The company paid $88.6 million for capped call transactions with a cap price initially equal to $175.10 per share, intended to reduce potential dilution or offset cash payments in excess of principal upon conversion. The conditions allowing holders to convert had not been met as of April 30, 2026.
How concentrated is the company's revenue and voting control?
Two partners individually accounted for 10% or more of revenue: Partner A at 27% and Partner B at 29% for the quarter. Separately, Class B holders, including executive officers, directors and their affiliates, hold approximately 85% of voting power, and the dual-class structure concentrates control with them.
06—Continue