Rubrik, Inc.

Q1 fiscal 2027 subscription ARR was $1.57 billion, up 32% year over year, with $103 million of net new subscription ARR. Subscription revenue was $374 million, up 41%, and total revenue was $387 million, up 39%. Non-GAAP gross margin was 82.9% versus 80.5% a year ago, and subscription ARR contribution margin was 13.2% versus 8% in the year-ago period. Free cash flow was $74 million versus $33 million in Q1 fiscal 2026. For Q2, Rubrik guided to revenue of $395 million to $397 million, non-GAAP subscription ARR contribution margin of 11% to 12%, and non-GAAP EPS of $0.03 to $0.05. For full-year fiscal 2027, the company guided to subscription ARR of $1.854 billion to $1.862 billion, total revenue of $1.638 billion to $1.648 billion, non-GAAP subscription ARR contribution margin of about 14%, non-GAAP EPS of $0.25 to $0.35, and free cash flow of $293 million to $303 million.

Bipul Sinha framed the quarter as evidence that Rubrik’s cyber resilience platform is resonating in an AI-driven threat environment, where he said detection and prevention are no longer enough. He emphasized the company’s preemptive recovery engine, identity resilience momentum, and early traction in Rubrik Agent Cloud, including production conversions from initial POCs. His tone was highly optimistic and strategic, repeatedly saying Rubrik is positioned at the center of the shift toward agentic cyber resilience and calling the company ‘just getting started.’

Kiran Choudary highlighted that Rubrik exceeded all guided metrics and is raising its outlook for the year. He pointed to $1.57 billion in subscription ARR, $1.39 billion in cloud ARR, 89% cloud mix of subscription ARR, $374 million in subscription revenue, $387 million in total revenue, 82.9% non-GAAP gross margin, and 13.2% subscription ARR contribution margin. He also noted strong liquidity with $1.7 billion in cash, cash equivalents, restricted cash and marketable securities, offset by $1.1 billion in convertible debt, and said the company will keep investing in R&D and go-to-market while balancing growth and efficiency.

Analysts pressed on whether hardware inflation and supply-chain issues were affecting customer buying, but management said Rubrik had no material impact because it is primarily a software company and most customers buy across cloud, SaaS, identity, and other non-hardware-heavy products. Questions also focused on Rubrik Agent Cloud’s competition and go-to-market, where management said customers want a single end-to-end platform with monitoring, guardrails, and ‘Agent Rewind’ rather than point solutions, and that the product is being incubated by a dedicated lateral team. Analysts asked about cloud versus non-cloud mix and broader demand; management said cloud growth remained strong after adjusting for migrations, non-cloud should stabilize and potentially grow, and demand is being reinforced by Mythos and rising interest in AI agent security and governance.