Rubrik, Inc.

rubrik.com

What Do They Do?

Sells data security software to businesses and public-sector organizations to protect and recover data across enterprise systems, cloud and SaaS applications. Also sells an AI operations platform for enterprises to monitor and control AI agents.

How Do They Make Money?

Customers buy RSC subscriptions, typically invoiced when the contract begins and paid upfront; some contracts are billed in installments. Other revenue includes appliance sales paid at shipment and professional services paid as the work is performed.

revenue

Segment	Share	Revenue	How money arrives
Subscription Recurring	96% FY2023: 64%		Recurring
Other	4.0% FY2023: 23%

Who Are Their Customers?

Organizations across industries and sizes, including businesses and public-sector bodies, buy mainly through distributors and resellers; smaller customers are served by inside sales, and SaaS offerings are also available through technology partners’ marketplaces.

Do Revenues Turn Into Profits?

Not on paper. It lost $348.8M in FY2026, but brought in more cash than it spent: $253.3M of free cash flow.

Operating income, FY2026

−26% of revenue

▼ −70% (Loss) vs FY2025 (−$1.1B, −128%)

Net income, FY2026

−27% of revenue

▼ −70% (Loss) vs FY2025 (−$1.2B, −130%)

Free cash flow, FY2026

19% of revenue

▲ +708% vs FY2025 ($31.3M, 4%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q2 FY2027, the three months to Jul 31, 2026

Revenue: ▲ +38%; vs $309.9M in Q2 FY2026
Net income: ▼ −36% (Loss); vs −$95.9M in Q2 FY2026

Subscription share of revenue vs 95.8% in Q2 FY2026

Aug 27, 2026 Raised fiscal 2027 guidance and acquired Strata.io The acquisition advanced Identity Resilience with Identity Roll Forward and Identity Continuity capabilities.

Revenue over time

Subscription Other Maintenance

$2B$1B$0

FY2023 FY2024 FY2025 FY2026

Who Do They Compete With?

Competes with Commvault, Dell EMC, IBM, Veeam, and Cohesity

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