Rubrik Q4 Results Exceed Guidance; Profitability Improves
Rubrik Q4 results showed accelerating subscription ARR, wider margins and stronger cash flow, likely drawing investor interest in AI-era data resilience.
KEY TAKEAWAYS
- Subscription ARR reached $1.46B, up 34% year over year.
- Q4 revenue was $378M, up 46% year over year.
- Non-GAAP gross margin expanded to 83.7% and subscription contribution margin rose to 11.6%.
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Rubrik Inc. (NYSE: RBRK) reported stronger-than-expected fourth-quarter fiscal 2026 results on March 12, 2026. The company said accelerating subscription growth and margin improvement position it as a platform for AI-era data resilience.
Quarter Results and Margins
Rubrik posted fourth-quarter fiscal 2026 total revenue of $378 million, up 46% year over year, with subscription revenue rising 50% to $365 million. Non-GAAP net income per diluted share was $0.04, compared with a loss of $(0.18) a year earlier. Non-GAAP gross margin expanded to 83.7% from 79.7%, while the contribution margin from subscription annual recurring revenue (ARR) increased to 11.6% from 2.1%. These gains reflect improving unit economics as subscription scale grows across the business.
Customers, Cash Flow, and Guidance
Subscription ARR reached $1.5 billion as of January 31, 2026, a 34% increase year over year. Customers with at least $100,000 in subscription ARR totaled 2,805, up 25%. For fiscal 2026, Rubrik reported total revenue of $1.3 billion, up 48%, with subscription revenue rising 53% to $1.3 billion. The company attributed the results to broad demand for its subscription products.
Operating cash flow jumped to $283 million for fiscal 2026 from $48 million a year earlier, boosting liquidity. Cash, cash equivalents, and short-term investments totaled $1.7 billion as of January 31, 2026. Management noted significant free cash flow for the year.
Rubrik’s guidance for the first quarter of fiscal 2027 projects revenue between $365 million and $367 million, a non-GAAP contribution margin on ARR of 10% to 11%, and a non-GAAP net loss per share between $(0.04) and $(0.02) on roughly 204 million weighted-average shares. For fiscal 2027, the company targets subscription ARR of $1.83 billion to $1.84 billion and revenue of $1.6 billion, with an expected contribution margin near 13% and non-GAAP net income per share between $0.07 and $0.27. The midpoint of the ARR range implies about 25% growth from the current level.
Management described the quarter’s subscription momentum and margin expansion as evidence of Rubrik’s growing role in enterprise data resilience for AI and other critical workloads. The outlook signals expectations that scale will further enhance profitability and cash generation.
