Rubrik (RBRK) Q4 2026 earnings summary

Executive summary

• Achieved record Q4 and fiscal year 2026 results, exceeding all guided metrics for top line and profitability, with subscription ARR reaching $1.46 billion, up 34% year-over-year, and Cloud ARR at $1.29 billion, up 48%.

• Subscription revenue for Q4 was $365 million, up 50% year-over-year, comprising 97% of total revenue.

• Free cash flow for fiscal 2026 was $237.8 million, more than 10x the prior year, with a margin of 18%.

• Customer base with $100K+ in subscription ARR grew 25% year-over-year to 2,805.

• Strong competitive win rates above 90% in Q4, with rapid growth in identity and AI-related offerings and continued expansion in large enterprise accounts.

Financial highlights

• Subscription ARR grew from $1.09 billion in Q4 FY25 to $1.46 billion in Q4 FY26, a 34% increase year-over-year; net new subscription ARR reached a record $115 million in Q4.

• Cloud ARR increased 48% year-over-year to $1.29 billion, now 88% of total subscription ARR.

• Non-GAAP gross margin reached 84% in Q4 and 82% for FY26, up from 78% in FY25.

• Free cash flow for FY26 was $237.8 million, with a margin of 18%.

• Subscription ARR contribution margin improved to 12% in FY26 from 2% in FY25.

Outlook and guidance

• Q1 fiscal 2027 revenue expected at $365–$367 million; full year subscription ARR guidance: $1.83–$1.84 billion; total revenue guidance: $1.60–$1.61 billion.

• FY27 non-GAAP EPS expected at $0.07–$0.27; free cash flow guidance: $265–$275 million.

• Revenue growth for FY27, normalized for material rights, implied at 27–28% year-over-year.

• Continued investment in R&D and go-to-market, especially in data security, AI, and identity resilience.