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Jul 31, 2025
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
Revenue by Segment
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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