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Jul 31
Rubrik Inc Q2 2026 Earnings Report
Rubrik reported strong Q2 growth with record revenue and improving margins, despite posting a net loss.
Key Takeaways
Rubrik delivered strong top-line growth in Q2 FY26, with subscription revenue up 55% YoY. Despite a GAAP net loss, the company demonstrated improved efficiency with significantly better cash flow and raised its outlook for the full fiscal year.
Total revenue grew 51% YoY to $309.9M
Subscription revenue reached $297.0M, up from $191.3M last year
Free cash flow improved to $57.5M from a loss of $32.0M in Q2 FY25
Subscription ARR rose 36% YoY to $1.25B
Rubrik Inc
Rubrik Inc
Rubrik Inc Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comMaintenance Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Rubrik raised its FY26 outlook, citing strong customer demand and improved operational efficiency following the Predibase acquisition.
Positive Outlook
- Guiding FY26 revenue between $1.227B and $1.237B
- Subscription ARR guidance increased to up to $1.416B
- Positive free cash flow forecast of $145M to $155M
- Predibase acquisition expected to drive GenAI acceleration
- Improved non-GAAP subscription ARR contribution margin to 7.0%
Challenges Ahead
- Continued GAAP net losses expected in near term
- Margin compression due to increased R&D and S&M expenses
- High stock-based compensation expenses impacting GAAP results
- Ongoing competition in the data security and AI markets
- Exposure to volatility in enterprise software demand
Revenue & Expenses
Visualization of income flow from segment revenue to net income