Rubrik, Inc. Q4 FY2026 earnings call

• Bipul Sinha started by saying Q4 was spectacular, with accelerated net new subscription ARR growth to 115 million, and full fiscal year free cash flow of 238 million. - Rubrik is a multi-product company with a platform solving data, identity, and AI problems. - Rubrik Security Cloud has unique ability to bring together data, metadata, has a single policy engine and preemptive recovery engine for cyber resilience. - Secured major wins with Fortune 500 global hospitality company and leading European financial services firm. - SaaS protection had strong Q4, with over 50% of Rubrik M365 bookings attached to identity solutions. - Identity business is successful, announced protection for Okta identity, with customer wins like Fortune 500 U.S. financial services firm and major US healthcare provider. - Rubrik Agent Cloud is a comprehensive AI operations platform, generally available with POCs ongoing, acquired Predibase for AI firepower.

Subscription ARR reached 1.46 billion, growing 34% year-over-year. Subscription revenue was 365 million, growing 50% year-over-year. Subscription NRR remained above 120%. Customers with 100K or more in subscription ARR reached 2,805, growing 25% year-over-year. Subscription ARR contribution margin up over 950 basis points year-over-year. Cloud ARR was $1.29 billion up 48%, now representing 88% of subscription ARR. Revenue from the Americas grew 45% to $268 million; outside the Americas grew 51% to $109 million. Non gap gross margin was 84% in Q4. Free cash flow was $70 million in Q4 and $238 million for fiscal 2026.

• Q1 2027 expected revenue $365 million to $367 million, up ~31 - 32%, ~36 - 37% normalized for material rights. Material rights to contribute ~$4 million. Non-GAAP subscription ARR contribution margins 10 - 11%. Non-GAAP EPS negative 4 cents to negative 2 cents. - Full year 2027 expected subscription ARR 1,829 million to 1,839 million, up ~25 - 26%. Total revenue $1,497 million to $1,607 million, up ~27 - 28% normalized for material rights. Material rights to contribute ~$10 million. Non-GAAP subscription ARR contribution margins ~13% for full year. Non-GAAP EPS $0.07 to $0.27. Free cash flow $265 million to $275 million.

• Q: Pipal, you mentioned ongoing agent cloud POCs with the Fortune 500 and AI startups. Can you help us understand what those two customer sets are each trying to solve for and whether the early poll is showing up more around the monitoring and guardrail side or around remediate and rewind?

A: Matt, customers first want to understand all agents in the system, then what they are doing, then real-time dynamic guardrail to control, rewind is day two. - Q: Fatima Bulani asked about Sovereign Cloud opportunity.

A: Concerns about geopolitics, two flavors of sovereign infrastructure, engaged with customers, architectural shift requires adaptation, market evolving. - Q: John DeFucci asked on AI.

A: Rubrik is always thinking ahead, built identity solution, now building AI agentic guardrail platform, believes opportunity grows with AI. - Q: Eric Heath asked on memory pricing.

A: Kiran said software company, no significant impact seen, guidance reflects momentum, three businesses driving growth. - Q: Brad Zelnick asked on go-to-market leadership transition.

A: Jesse Green transitioned smoothly, team stable, multiple ways to land platform. - Q: Greg Moskowitz asked on data recovery and resilience automated by AI.

A: Rubrik is system of record of last resort, not disrupted by AI, data is foundation of AI, opportunity grows. - Q: Todd Coupland asked on Q4 pull forward.

A: Strong Q4, broad momentum, no Q4 impacting Q1, net new ARR growth guide stronger. - Q: Junaid Siddiqui asked on legacy replacement runway.

A: Early in legacy replacement, win rate north of 90%, expanding market into cloud, M365, identity, AI. - Q: Keith Bachman asked on agent cloud competition and go-to-market.

A: Agent control market new, traditional cybersecurity companies not suitable, CIO, CDO, CAO potential buyers, will update on progress. - Q: James Fish asked on data growth with agentic workloads and productivity.

A: AI has data growth, agentic deployment early, solving governance and security, learning process for Rubrik Agent Cloud. - Q: Baird asked on identity vs original expectations.

A: Identity was fastest growing product, exceeded expectations, Rubrik builds long-term with stacking S-curves.