Rubrik, Inc. (RBRK) Earnings
Rubrik, Inc. is expected to report next earnings on December 3, 2026 (in NaN days), with a consensus EPS estimate of $0.05. RBRK has beaten EPS estimates in 10 of its last 10 reported quarters (average surprise +336.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 27, 2026 | $0.04 | $0.20 | +411.8% | $427M | +7.1% |
| Jun 4, 2026 | $-0.03 | $0.16 | +637.5% | $387M | +5.0% |
| Mar 12, 2026 | $-0.11 | $0.04 | +136.7% | $378M | +7.2% |
| Dec 4, 2025 | $-0.17 | $0.10 | +158.9% | $350M | +9.3% |
| Sep 9, 2025 | $-0.34 | $-0.03 | +91.1% | $310M | +9.8% |
| Jun 5, 2025 | $-0.32 | $-0.15 | +53.3% | $278M | +7.0% |
| Mar 13, 2025 | $-0.39 | $-0.18 | +53.7% | $258M | +10.7% |
| Dec 5, 2024 | $-0.40 | $-0.21 | +47.5% | $236M | +8.6% |
| Sep 9, 2024 | $-0.49 | $-0.40 | +17.7% | $205M | +4.5% |
| Jun 11, 2024 | $-1.83 | $-1.58 | +13.7% | $187M | -4.5% |
| Apr 29, 2023 | — | $-0.51 | — | $136M | — |
| Jan 30, 2023 | — | $-0.42 | — | $150M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2027 · August 27, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- **Agentic Cyber Resilience Strategy**: Management emphasized that AI agents are attacking at machine speed, rendering traditional human-speed prevention insufficient. Rubrik’s strategy focuses on 'agentic cyber resilience,' combining preemptive recovery (Security Cloud) with agent governance (Agent Cloud). - **Platform Consolidation & Network Effects**: Customers are consolidating onto the single Rubrik platform rather than buying point solutions. The ecosystem creates complementary network effects where adding modules (e.g., Identity, Agent Cloud) increases the value of existing data protection products. - **Rubrik Flex Adoption**: Introduced 'Rubrik Flex' as a unified one-license, one-contract vehicle for complete agentic cyber resilience. Early adoption is strong, with deals like a major US healthcare system expanding coverage to M365, cloud, and identity under this model. - **Identity Resilience Growth**: Identity resilience is described as one of the fastest-growing product lines. Recent capabilities include 'Identity Roll Forward' to restore clean states without losing legitimate changes. The acquisition of Estrata Identity accelerates orchestration capabilities. - **Rubrik Agent Cloud (RAC) Momentum**: RAC offers visibility, identity, runtime security (SAGE engine), and agent rewind. There are over 15 paying RAC customers, with successful PoCs converting to production deployments, particularly for securing coding and search agents. - **Geopolitical Impact on Non-Cloud Sales**: Sovereign cloud trends and geopolitical concerns regarding data containment are driving demand for non-cloud/on-premises deployments in regulated industries, defense, and government sectors.
Guidance
- **Q3 FY2027 Revenue**: Expected between $429 million and $431 million (up 23% YoY; up 31% normalized for material rights). Material rights contribution estimated at $2–$3 million. - **Q3 FY2027 Profitability**: Non-GAAP Subscription ARR Contribution Margin expected at ~14%. Non-GAAP EPS expected at $0.07–$0.09 based on ~$230 million in other revenue. - **Full Year FY2027 Subscription ARR**: Expected between $1.88 billion and $1.885 billion (~29% YoY growth). Guidance was raised by approximately $24–$25 million compared to the previous outlook. - **Full Year FY2027 Total Revenue**: Expected between $1.685 billion and $1.693 billion. Normalized revenue growth is expected to outpace ARR growth due to reduced material rights headwinds (full-year material rights contribution ~$18 million). - **Full Year FY2027 Profitability**: Non-GAAP Subscription ARR Contribution Margin expected at ~15.5%. Non-GAAP EPS expected at $0.47–$0.53 based on ~228 million weighted average shares. Free Cash Flow expected between $323 million and $333 million.
Segment performance
Subscription Revenue: $407.2 million (37% YoY growth). Total Revenue: $427.3 million (38% YoY growth). Subscription ARR: $1.66 billion (33% YoY growth), contributing the vast majority of revenue. Net New Subscription ARR: ~$96 million. Subscription Net Retention Rate (NRR): >119%. Large Customers (>=$100k ARR): 3,084 customers (23% YoY growth), representing 88% of subscription ARR.
Risks & headwinds
- **AI-Specific Threats**: Autonomous AI agents can exploit vulnerabilities via chaining and breach systems at machine speed, outpacing human response times. Additionally, enterprise AI agents may suffer from 'agentic overreach' or compromise, leading to insider-style attacks. - **Hardware Supply Chain**: While currently having no material impact on subscription ARR, rising hardware costs and supply constraints exist, though primarily affecting smaller hardware sales segments in regions like APAC. - **Market Adoption Pace**: Agentic AI adoption is still in early innings; while demand is growing, mass deployment of secure agents across enterprises is not yet ubiquitous, potentially slowing near-term ARR contributions from new products like RAC.
Analyst Q&A
Q: Analyst asked about the deceleration implied in back-half net new ARR guidance and factors driving it. /
A: CFO clarified that guidance was raised by $24-25M vs prior year. CEO noted zero inorganic ARR from Strata acquisition. They run on annual metrics and remain confident in pipeline execution despite mid-year timing.
Q: Analyst asked if Rubrik is ready for mass AI agent security when customers scale beyond current pilots. /
A: CEO stated the platform is fully ready, offering a comprehensive suite (visibility, identity, runtime security, rewind) unlike fragmented point solutions. Early adopters use it for coding/search agents to prevent destructive actions and ensure compliance.
Q: Analyst asked about the dynamics behind slower cloud net new ARR growth (20%) versus total ARR growth (35%). /
A: CFO explained migrations have largely concluded. CEO added that geopolitical tensions drive sovereign/non-cloud demand in regulated sectors, balancing the mix. Both cloud and non-cloud are key growth drivers.
Q: Analyst asked about RAC competition, customer count validity, and ARR contribution expectations. /
A: CEO confirmed 15+ paying customers and unique intent-based security. CFO stated minimum assumption of RAC ARR for this fiscal year, focusing on product-market fit first.
Q: Analyst asked what drives strength in Identity Resilience: incident-driven or proactive? /
A: CEO explained identity is the weakest link; attackers target it for persistence. Demand is both brownfield (displacing legacy) and white space, driven by recognition of identity as critical infrastructure needing rapid rollback/forward capabilities.