Rubrik Reports Fourth Quarter and Fiscal Year 2025 Financial Results

PALO ALTO, Calif., March 13, 2025 --( BUSINESS WIRE )-- Rubrik, Inc. (NYSE: RBRK) , a cybersecurity company, today announced financial results for the fourth quarter and fiscal year 2025, ended January 31, 2025.

"Fiscal 2025 was a milestone year for Rubrik. Our strong growth at scale demonstrates that we’re winning the cyber resilience market. However, we are still very early in Rubrik’s journey to achieve the company’s full potential and I’m confident that what's ahead of us is even more important and exciting," said Bipul Sinha, Rubrik’s Chief Executive Officer, Chairman, and Co-Founder.

Commenting on the company’s financial results, Kiran Choudary, Rubrik’s Chief Financial Officer, added, "Throughout the year, we consistently delivered strong results, including improving operating leverage and achieving our first year of positive free cash flow. We look forward to continuing to execute towards the large opportunity in cyber resilience in fiscal 2026 and beyond."

Fourth Quarter Fiscal 2025 Financial Highlights

Fiscal 2025 Financial Highlights

Recent Business Highlights

First Quarter and Fiscal Year 2026 Outlook

Rubrik is providing the following guidance for the first quarter of fiscal year 2026 and the full fiscal year 2026:

Additional information on Rubrik’s reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Rubrik’s results computed in accordance with GAAP. For example, stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of Rubrik’s Class A common stock, and Rubrik’s future hiring and retention needs, all of which are difficult to predict and subject to constant change.

Conference Call Information

Rubrik will host a conference call to discuss results for the fourth quarter of fiscal year 2025 and full fiscal year 2025, as well as its financial outlook for the first quarter of fiscal year 2026 and full fiscal year 2026 today at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. Open to the public, analysts and investors may access the webcast, results press release, and investor presentation on Rubrik’s investor relations website at https://ir.rubrik.com . A replay of the webcast will also be accessible from Rubrik’s investor relations website a few hours after the conclusion of the live event.

Rubrik uses its investor relations website and may use certain social media accounts including X (formerly Twitter) (@rubrikInc and @bipulsinha) and LinkedIn ( www.linkedin.com/company/rubrik-inc and www.linkedin.com/in/bipulsinha ) as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Forward-Looking Statements

This press release and the related conference call contain express and implied "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Rubrik’s financial outlook for the first quarter of fiscal year 2026 and full fiscal year 2026, Rubrik’s market position, market opportunities, and growth strategy, product initiatives, go-to-market motions and market trends. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "will," "would," "should," "could," "can," "predict," "potential," "target," "explore," "continue," "outlook," "guidance," or the negative of these terms, where applicable, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond Rubrik’s control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements. Risks include but are not limited to Rubrik’s limited operating history, the growth rate of the market in which Rubrik competes, Rubrik’s ability to effectively manage and sustain its growth, Rubrik’s ability to introduce new products on top of its platform, Rubrik’s ability to compete with existing competitors and new market entrants, Rubrik’s ability to expand internationally and its ability to utilize AI successfully in its current and future products. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption "Risk Factors" and elsewhere in our most recent filings with the Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended October 31, 2024. Forward-looking statements speak only as of the date the statements are made and are based on information available to Rubrik at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Rubrik assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Non-GAAP Financial Measures

Rubrik has provided in this press release financial information that has not been prepared in accordance with GAAP. Rubrik uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Rubrik’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures.

Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Rubrik’s condensed consolidated financial statements prepared in accordance with GAAP. A reconciliation of Rubrik’s historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.

Free Cash Flow . Rubrik defines free cash flow as net cash provided by (used in) operating activities less cash used for purchases of property and equipment and capitalized internal-use software. Rubrik believes free cash flow is a helpful indicator of liquidity that provides information to management and investors about the amount of cash generated or used by Rubrik’s operations that, after the investments in property and equipment and capitalized internal-use software, can be used for strategic initiatives, including investing in Rubrik’s business and strengthening its financial position. One limitation of free cash flow is that it does not reflect Rubrik’s future contractual commitments. Additionally, free cash flow is not a substitute for cash used in operating activities and the utility of free cash flow as a measure of Rubrik’s liquidity is further limited as it does not represent the total increase or decrease in Rubrik’s cash balance for a given period.

Non-GAAP Subscription Cost of Revenue . Rubrik defines non-GAAP subscription cost of revenue as subscription cost of revenue, adjusted for amortization of acquired intangibles, stock-based compensation expense, stock-based compensation from amortization of capitalized internal-use software, and other non-recurring items.

Non-GAAP Operating Expenses (Research and Development, Sales and Marketing, General and Administrative). Rubrik defines non-GAAP operating expenses as operating expenses (research and development, sales and marketing, general and administrative), adjusted for, as applicable, stock-based compensation expense, and other non-recurring items.

Subscription Annual Recurring Revenue ("ARR") Contribution Margin . Rubrik defines Subscription ARR Contribution Margin as Subscription ARR contribution divided by Subscription ARR at the end of the period. Rubrik defines Subscription ARR Contribution as Subscription ARR at the end of the period less: (i) non-GAAP subscription cost of revenue and (ii) non- GAAP operating expenses for the prior 12-month period ending on that date. Rubrik believes that Subscription ARR Contribution Margin is a helpful indicator of operating leverage. One limitation of Subscription ARR Contribution Margin is that the factors that impact Subscription ARR will vary from those that impact subscription revenue and, as such, may not provide an accurate indication of Rubrik’s actual or future GAAP results. Additionally, the historical expenses in this calculation may not accurately reflect the costs associated with future commitments.

Key Business Metrics

Subscription ARR. Rubrik calculates Subscription ARR as the annualized value of our active subscription contracts as of the measurement date, assuming any contract that expires during the next 12 months is renewed on existing terms. Subscription contracts include cloud-based contracts for Rubrik’s subscription offerings and products sold on top of its Rubrik Security Cloud ("RSC") platform, prior sales of CDM sold as a subscription term-based license with associated support, and standalone sales of Rubrik’s SaaS subscription products like Anomaly Detection (previously known as Ransomware Monitoring & Investigation) and Sensitive Data Monitoring (previously known as Sensitive Data Monitoring & Management).

Cloud ARR. Rubrik calculates Cloud ARR as the annualized value of its active cloud-based subscription contracts as of the measurement date, based on Rubrik’s customers’ total contract value and, assuming any contract that expires during the next 12 months is renewed on existing terms. Rubrik’s cloud-based subscription contracts include RSC and RSC-Government (excluding RSC-Private) and SaaS subscription products like Ransomware Monitoring & Investigation (now known as Anomaly Detection) and Sensitive Data Monitoring & Management (now known as Sensitive Data Monitoring).

Average Subscription Dollar-Based Net Retention Rate. Rubrik calculates Average Subscription Dollar-Based Net Retention Rate by first identifying subscription customers ("Prior Period Subscription Customers") which were subscription customers at the end of a particular quarter (the "Prior Period"). Rubrik then calculates the Subscription ARR from these Prior Period Subscription Customers at the end of the same quarter of the subsequent year (the "Current Period"). This calculation captures upsells, contraction, and attrition since the Prior Period. Rubrik then divides total Current Period Subscription ARR by the total Prior Period Subscription ARR for Prior Period Subscription Customers. Rubrik’s Average Subscription Dollar-Based Net Retention Rate in a particular quarter is obtained by averaging the result from that particular quarter with the corresponding results from each of the prior three quarters.

Customers with $100K or More in Subscription ARR. Customers with $100K or more in Subscription ARR represent the number of customers that contributed $100,000 or more in Subscription ARR as of period end.

About Rubrik

Rubrik (NYSE: RBRK) is on a mission to secure the world’s data. With Zero Trust Data Security™, we help organizations achieve business resilience against cyberattacks, malicious insiders, and operational disruptions. Rubrik Security Cloud, powered by machine learning, secures data across enterprise, cloud, and SaaS applications. We help organizations uphold data integrity, deliver data availability that withstands adverse conditions, continuously monitor data risks and threats, and restore businesses with their data when infrastructure is attacked.

Rubrik, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

Three Months Ended January 31,

Year Ended January 31,

2025

2024

2025

2024

Revenue

Subscription

$

243,719

$

158,652

$

828,740

$

537,869

Maintenance

3,381

6,884

18,408

38,745

Other

11,000

9,477

39,396

51,278

Total revenue

258,100

175,013

886,544

627,892

Cost of revenue

Subscription

49,030

30,389

215,036

97,927

Maintenance

595

1,054

6,068

6,472

Other

8,830

8,530

44,644

40,563

Total cost of revenue

58,455

39,973

265,748

144,962

Gross profit

199,645

135,040

620,796

482,930

Operating expenses

Research and development

79,958

59,127

531,615

206,527

Sales and marketing

161,355

128,708

867,518

482,532

General and administrative

74,447

30,316

355,695

100,377

Total operating expenses

315,760

218,151

1,754,828

789,436

Loss from operations

(116,115

)

(83,111

)

(1,134,032

)

(306,506

)

Interest income

7,665

2,920

25,353

11,216

Interest expense

(10,074

)

(9,584

)

(41,253

)

(30,295

)

Other income (expense), net

4,886

(310

)

1,480

(1,884

)

Loss before income taxes

(113,638

)

(90,085

)

(1,148,452

)

(327,469

)

Income tax expense

1,251

7,412

6,368

26,689

Net loss

$

(114,889

)

$

(97,497

)

$

(1,154,820

)

$

(354,158

)

Net loss per share attributable to common stockholders, basic and diluted

$

(0.61

)

$

(1.59

)

$

(7.48

)

$

(5.84

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

188,048

61,229

154,294

60,628

Rubrik, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

January 31, 2025

January 31, 2024

Assets

Current assets

Cash and cash equivalents

$

186,331

$

130,031

Short-term investments

518,813

149,220

Accounts receivable, net of allowances

177,627

133,544

Deferred commissions

91,919

72,057

Prepaid expenses and other current assets

102,951

63,861

Total current assets

1,077,641

548,713

Property and equipment, net

53,194

47,873

Deferred commissions, noncurrent

132,465

113,814

Goodwill

100,343

100,343

Other assets, noncurrent

59,331

62,867

Total assets

$

1,422,974

$

873,610

Liabilities, redeemable convertible preferred stock and stockholders’ deficit

Current liabilities

Accounts payable

$

10,439

$

6,867

Accrued expenses and other current liabilities

162,602

122,934

Deferred revenue

777,135

526,480

Total current liabilities

950,176

656,281

Deferred revenue, noncurrent

642,370

579,781

Other liabilities, noncurrent

61,821

55,050

Debt, noncurrent

322,341

287,042

Total liabilities

1,976,708

1,578,154

Redeemable convertible preferred stock

-

714,713

Stockholders’ deficit

Preferred stock

-

-

Common stock

-

1

Convertible founders stock

-

-

Class A common stock

3

-

Class B common stock

2

-

Additional paid-in capital

2,291,829

265,494

Accumulated other comprehensive loss

(8,235

)

(2,239

)

Accumulated deficit

(2,837,333

)

(1,682,513

)

Total stockholders’ deficit

(553,734

)

(1,419,257

)

Total liabilities, redeemable convertible preferred stock and stockholders’ deficit

$

1,422,974

$

873,610

Rubrik, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

Year Ended January 31,

2025

2024

Cash flows from operating activities:

Net loss

$

(1,154,820

)

$

(354,158

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization

28,868

24,305

Stock-based compensation

913,913

5,715

Amortization of deferred commissions

90,303

76,530

Non-cash interest

34,256

10,117

Deferred income taxes

1,241

1,937

Other

(7,249

)

(2,836

)

Changes in operating assets and liabilities:

Accounts receivable

(44,255

)

17,157

Deferred commissions

(128,816

)

(107,148

)

Prepaid expenses and other assets

(48,818

)

2,251

Accounts payable

4,479

(1,012

)

Accrued expenses and other liabilities

45,882

22,872

Deferred revenue

313,244

299,752

Net cash provided by (used in) operating activities

48,228

(4,518

)

Cash flows from investing activities:

Purchases of property and equipment

(16,885

)

(12,333

)

Capitalized internal-use software

(9,714

)

(7,675

)

Purchases of investments

(797,084

)

(246,004

)

Sale of investments

32,977

7,503

Maturities of investments

407,264

255,214

Payment for business combination, net of cash acquired

-

(90,328

)

Net cash used in investing activities

(383,442

)

(93,623

)

Cash flows from financing activities:

Proceeds from initial public offering and underwriters' exercise of over-allotment option, net of underwriting discounts and commissions

815,209

-

Taxes paid related to net share settlement of equity awards

(432,512

)

-

Proceeds from exercise of stock options

8,515

3,383

Proceeds from issuance of common stock under employee stock purchase plan

11,064

-

Payments for deferred offering costs, net

(3,545

)

(3,734

)

Proceeds from issuance of debt, net of discount

-

96,525

Payments for debt discount costs

(475

)

-

Payments for debt issuance costs

(233

)

(225

)

Net cash provided by financing activities

398,023

95,949

Effect of exchange rate on cash, cash equivalents, and restricted cash

(6,274

)

(1,355

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

56,535

(3,547

)

Cash, cash equivalents, and restricted cash, beginning of year

137,059

140,606

Cash, cash equivalents, and restricted cash, end of year

$

193,594

$

137,059

Rubrik, Inc.

GAAP to Non-GAAP Reconciliations

(in thousands, except percentages and per share data)

(unaudited)

Three Months Ended January 31,

Year Ended January 31,

2025

2024

2025

2024

Reconciliation of GAAP total gross profit to non-GAAP total gross profit:

Total gross profit on a GAAP basis

$

199,645

$

135,040

$

620,796

$

482,930

Add: Stock-based compensation expense

5,141

5

67,041

63

Add: Stock-based compensation from amortization of capitalized internal-use software

124

14

273

153

Add: Amortization of acquired intangibles

924

923

3,673

1,676

Non-GAAP total gross profit

$

205,834

$

135,982

$

691,783

$

484,822

GAAP total gross margin

77

%

77

%

70

%

77

%

Non-GAAP total gross margin

80

%

78

%

78

%

77

%

Reconciliation of GAAP operating expenses to non-GAAP operating expenses:

Research and development operating expense on a GAAP basis

$

79,958

$

59,127

$

531,615

$

206,527

Less: Stock-based compensation expense

21,489

2,596

297,051

3,590

Non-GAAP research and development operating expense

$

58,469

$

56,531

$

234,564

$

202,937

Sales and marketing operating expense on a GAAP basis

$

161,355

$

128,708

$

867,518

$

482,532

Less: Stock-based compensation expense

28,832

283

330,443

1,313

Non-GAAP sales and marketing operating expense

$

132,523

$

128,425

$

537,075

$

481,219

General and administrative operating expense on a GAAP basis

$

74,447

$

30,316

$

355,695

$

100,377

Less: Stock-based compensation expense

30,576

547

219,378

749

Non-GAAP general and administrative operating expense

$

43,871

$

29,769

$

136,317

$

99,628

Reconciliation of GAAP operating loss to non-GAAP operating loss:

Operating loss on a GAAP basis

$

(116,115

)

$

(83,111

)

$

(1,134,032

)

$

(306,506

)

Add: Stock-based compensation expense

86,038

3,431

913,913

5,715

Add: Stock-based compensation from amortization of capitalized internal-use software

124

14

273

153

Add: Amortization of acquired intangibles

924

923

3,673

1,676

Non-GAAP operating loss

$

(29,029

)

$

(78,743

)

$

(216,173

)

$

(298,962

)

Reconciliation of GAAP net loss to non-GAAP net loss:

Net loss on a GAAP basis

$

(114,889

)

$

(97,497

)

$

(1,154,820

)

$

(354,158

)

Add: Stock-based compensation expense

86,038

3,431

913,913

5,715

Add: Stock-based compensation from amortization of capitalized internal-use software

124

14

273

153

Add: Amortization of acquired intangibles

924

923

3,673

1,676

Income tax expenses effect related to the above adjustments

(5,289

)

(144

)

(5,953

)

(250

)

Non-GAAP net loss

$

(33,092

)

$

(93,273

)

$

(242,914

)

$

(346,864

)

GAAP net loss per share, basic and diluted

$

(0.61

)

$

(1.59

)

$

(7.48

)

$

(5.84

)

Weighted-average shares used to compute GAAP net loss per share, basic and diluted

188,048

61,229

154,294

60,628

Non-GAAP net loss per share, basic and diluted

$

(0.18

)

$

(1.52

)

$

(1.57

)

$

(5.72

)

Weighted-average shares used to compute non-GAAP net loss per share, basic and diluted

188,048

61,229

154,294

60,628

The following table presents a reconciliation of free cash flow to net cash provided by (used in) operating activities, the most directly comparable GAAP measure, for each of the periods indicated (unaudited, in thousands, except percentages):

Three Months Ended January 31,

Year Ended January 31,

2025

2024

2025

2024

Net cash provided by (used in) operating activities

$

83,597

$

12,770

$

48,228

$

(4,518

)

Less: Purchases of property and equipment

(5,589

)

(2,998

)

(16,885

)

(12,333

)

Less: Capitalized internal-use software

(2,812

)

(1,059

)

(9,714

)

(7,675

)

Free cash flow

$

75,196

$

8,713

$

21,629

$

(24,526

)

Operating cash flow margin

32

%

7

%

5

%

(1

)%

Free cash flow margin

29

%

5

%

2

%

(4

)%

Net cash provided by (used in) investing activities

$

4,158

$

28,376

$

(383,442

)

$

(93,623

)

Net cash provided by (used in) financing activities

$

1,923

$

(493

)

$

398,023

$

95,949

The following table presents the calculation of Subscription ARR Contribution Margin for the periods presented as well as a reconciliation of (i) non-GAAP subscription cost of revenue to cost of revenue and (ii) non-GAAP operating expenses to operating expenses (in thousands, except percentages):

Twelve Months Ended January 31,

2025

2024

Subscription cost of revenue

$

215,036

$

97,927

Stock-based compensation expense

(49,514

)

(45

)

Stock-based compensation from amortization of capitalized internal-use software

(273

)

(153

)

Amortization of acquired intangibles

(3,673

)

(1,676

)

Non-GAAP subscription cost of revenue

$

161,576

$

96,053

Operating expenses

$

1,754,828

$

789,436

Stock-based compensation expense

(846,872

)

(5,652

)

Non-GAAP operating expenses

$

907,956

$

783,784

Subscription ARR

$

1,092,584

$

784,029

Non-GAAP subscription cost of revenue

(161,576

)

(96,053

)

Non-GAAP operating expenses

(907,956

)

(783,784

)

Subscription ARR Contribution

$

23,052

$

(95,808

)

Subscription ARR Contribution Margin

2

%

(12

)%

View source version on businesswire.com: https://www.businesswire.com/news/home/20250313570365/en/

Contacts

Investor Relations Contact
Melissa Franchi
VP, Head of Investor Relations, Rubrik 781.367.0733
[email protected]

Public Relations Contact
Jessica Moore
VP, Global Communications, Rubrik 415.244.6565
[email protected]

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