Rubrik, Inc. Q1 FY2026 earnings call

• Exceeded all guided metrics across top line and profitability. - Subscription ARR reached ~$1.2B, growing 38% YOY; net new subscription ARR $89M. - Subscription revenue $266M, up 54% YOY; NRR above 120%. - Customers with $100k+ ARR at 2,381, up 28%. - Subscription ARR contribution margin up over 1,800 basis points. - Free cash flow $33M. - Differentiated product and comprehensive offering for cyber resilience. - True platform enabling multiproduct leverage. - Unique innovation engine delivering new products. - Raised guidance for the year. - Cloud innovations include code-to-cloud cyber resilience, advanced protection for cloud relational databases, expanded cyber resilience for Google Cloud, and Rubrik for Oracle Cloud Infrastructure. - Identity resilience initiatives with momentum, transforming identity recovery times. - Annapurna project to enable secure GenAI deployment.

Rubrik's first quarter results were strong. Subscription ARR reached approximately $1.2 billion, growing 38% year-over-year. Net new subscription ARR was $89 million. Subscription revenue was $266 million, up 54% year-over-year. Subscription NRR remained above 120%. Customers with $100,000 or more in subscription ARR were 2,381, growing 28% year-over-year. Subscription ARR contribution margin improved over 1,800 basis points year-over-year. Free cash flow was over $33 million. Cloud ARR was $972 million, up 60%. Customers with $100k+ ARR contribute 85% of subscription ARR.

• Q2 revenue expected $281M-$283M, up 37%-38%; non-GAAP subscription ARR contribution margin 4.5%-5.5%; EPS negative $0.35 to -$0.33. - Full year 2026: Subscription ARR $1.380B-$1.388B, up 26%-27%; total revenue $1.179B-$1.189B, up 33%-34%; non-GAAP subscription ARR contribution margin ~6%; EPS negative $1.02 to -$0.96; free cash flow $65M-$75M.

Q: How long of a runway do you think the share shift from legacy to next gen has?

A: Rubrik is a true platform company with a preemptive recovery engine, winning in head-to-head competition, and identity resilience expanding the TAM. For example, a cancer medical center replaced legacy vendors with Rubrik.

Q: How are sales cycles and replacement cycles of older legacy technology?

A: In a market where generative AI is pushing infrastructure modernization, Rubrik is on the front end of a long secular trend. A Japanese industrial company replaced multiple native cloud backup tools with Rubrik for cost savings and cyber resilience.

Q: Is the integration with Laminar complete for identity resilience? Can customers replace point products?

A: DSPM Laminar is integrated, and combining identity with data context creates a new world of data security. A healthcare organization recovered faster with Rubrik after an Entra ID outage.

Q: How to characterize the demand environment despite macro uncertainty?

A: Cyber resilience is the top cybersecurity priority, and Rubrik's comprehensive platform is a quantum shift. Demand is strong, not market constrained.

Q: Size of identity opportunity and contribution to ARR?

A: Identity is a large opportunity with identity-based attacks rising. DSPM ARR up over 300% YOY, but identity is early, with updates to come.

Q: Incremental investment in identity resilience and marketing?

A: Identity is an investment focus, combining data and identity security. Evolution and innovation will continue in this space.

Q: Why conservative guide despite tailwinds?

A: Guide considers ARR as the best metric, with strong Q1 growth but guidance reflects accounting concepts and strategic investments.

Q: Evolution of cyber resilience market and Rubrik's priorities?

A: Rubrik's platform strategy focuses on a single preemptive recovery engine across data and identity. Priorities include creating a unified platform for cyber resilience.

Q: Sustainability of expansion and NRR?

A: NRR over 120% past 4 quarters, but NRR may moderate with larger product landings, but remains strong.

Q: Percent of large enterprise accounts on Proactive Edition and sales approach?

A: Strategy is to deliver cyber resilience with risk and recovery components, leading to strong product adoption.

Q: Technical advantages of Rubrik in identity security?

A: Combines identity and data security in a single platform, stops malware reintroduction, and enables hybrid cloud identity recovery in minutes.

Q: Differentiation in identification and classification for GenAI?

A: Rubrik's platform combines data security and AI, with Annapurna project to enable secure GenAI deployment, early stage but long-term focus.