Rubrik, Inc. (RBRK)
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Rubrik ranks 48th in our in-house Big Earnings Surprise screen (U.S. selection, data as of July 25, 2026): since its April 2024 IPO the company has beaten estimates in every single quarter, most recently by 633 percent. We read the Form 10-Q for the quarter ended April 30, 2026, the Form 10-K for fiscal 2026 and everything filed with the U.S. securities regulator, the SEC, since — and found three numbers that never make it into a headline: negative $481.3 million in stockholders equity, $73.4 million of stock-based compensation in a single quarter, and two distributors carrying 56 percent of revenue. Read along before you buy the headline.
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This stock currently matches 11 of our scanner strategies — each hit links to the scanner.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Sells AIRubrik verkauft KI als eigenes Produkt: Rubrik Agent Cloud ist seit Februar 2026 kommerziell verfügbar, dazu der KI-Agent Ruby und eine hauseigene KI-Bedrohungserkennung — alles im Geschäftsbericht 10-K für das Geschäftsjahr 2026 als Teil des Angebots beschrieben.
View the full file — quotes, sources, reviewed filings
„In fiscal 2026, we built Rubrik Agent Cloud (“RAC”), to accelerate enterprise AI transformation. RAC is designed to provide a comprehensive AI operations platform that can dynamically monitor, control, and remediate agentic actions. RAC became commercially available in February 2026."
Im Geschäftsjahr 2026 haben wir Rubrik Agent Cloud („RAC“) aufgebaut, um die KI-Transformation von Unternehmen zu beschleunigen. RAC soll eine umfassende Plattform für den KI-Betrieb bereitstellen, die Aktionen von Agenten dynamisch überwacht, steuert und korrigiert. RAC ist seit Februar 2026 kommerziell verfügbar.
„In addition, we offer Ruby, an AI agent for cyber resilience designed to help customers scale their data security operations through intelligent automation that increases productivity and bridges the users’ skills gap."
Darüber hinaus bieten wir Ruby an, einen KI-Agenten für Cyber-Resilienz, der Kunden helfen soll, ihren Datensicherheitsbetrieb durch intelligente Automatisierung zu skalieren, die die Produktivität steigert und die Qualifikationslücke der Anwender überbrückt.
„We have developed a proprietary machine learning and artificial intelligence-based data threat monitoring and management engine to surface anomalous activities and indicators of data breaches."
Wir haben eine eigene, auf maschinellem Lernen und künstlicher Intelligenz beruhende Maschine zur Überwachung und Steuerung von Datenbedrohungen entwickelt, die auffällige Aktivitäten und Anzeichen von Datenabflüssen sichtbar macht.
Filings Reviewed: 10-Q 2026-06-05 · 10-K 2026-03-19 · 10-Q 2025-12-08 · 10-Q 2025-09-10 · 10-Q 2025-06-09 · 10-K 2025-03-20
Rated on July 25, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -0.40 | – | 205 | 35.20 | -86.30 | -27 | -32 |
| 2024: Q4 | -0.21 | – | 236 | 42.60 | -55.40 | 23 | 16 |
| 2025: Q1 | -0.18 | 88.20 | 258 | 47.50 | -44.50 | 84 | 78 |
| 2025: Q2 | -0.15 | 90.50 | 279 | 48.70 | -36.70 | 40 | 37 |
| 2025: Q3 | -0.03 | 92.50 | 310 | 51.20 | -31.00 | 64 | 56 |
| 2025: Q4 | 0.10 | 147.60 | 350 | 48.30 | -18.20 | 87 | 84 |
| 2026: Q1 | 0.04 | 122.20 | 378 | 46.30 | -23.00 | 95 | 87 |
| 2026: Q2 | 0.16 | 206.70 | 387 | 39.00 | -10.80 | 82 | 74 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Revenue rose 48.5 percent to $1,316.2 million in fiscal 2026 and 39.0 percent to $387.1 million in the first quarter of fiscal 2027. Subscription ARR reached $1,565.1 million as of April 30, 2026, up 32 percent; 2,946 customers pay at least $100,000 a year and existing customers expand at roughly 120 percent net retention.
Operating cash flow swung from negative $4.5 million in fiscal 2024 through positive $48.2 million in fiscal 2025 to positive $282.9 million in fiscal 2026; free cash flow reached $253.3 million after $31.3 million. As of April 30, 2026 the company held $1.75 billion in cash and short-term investments.
As of April 30, 2026 stockholders equity stood at negative $481.3 million against an accumulated deficit of $3.23 billion; the company itself labels the statement a stockholders deficit. On top sits $1.15 billion of 0.00 percent convertible notes due June 15, 2030 with a conversion price of $124.76.
A GAAP loss of $(0.21) per share becomes an adjusted $0.16 once $73.4 million of stock-based compensation is removed — more than the $41.9 million net loss in the first quarter of fiscal 2027. As of April 30, 2026 there were 41.530 million potentially dilutive securities outstanding, roughly 20 percent of the 205.829 million shares.
The three largest channel partners generated roughly 68 percent of fiscal 2026 revenue, and two individual partners 27 and 29 percent in the first quarter of fiscal 2027 — under agreements terminable at any time. Class B shares with 20 votes each hold about 85 percent of the voting power as of May 31, 2026.
A market capitalization of roughly $15.1 billion ($73.24 on July 24, 2026) equals about 10.6 times trailing revenue of $1,424.8 million and roughly 9.2 times the company's own fiscal 2027 guidance. There is no price-to-earnings ratio without earnings; 29 of 29 analyst opinions were positive as of July 25, 2026, at an average price target of $95.23.
Rubrik copies corporate data into backups nobody can alter afterward and sells that by subscription — a business that grew 48.5 percent to $1,316.2 million in fiscal 2026 and threw off $253.3 million of free cash flow for the first time. Since the April 2024 IPO, results have beaten estimates in every quarter, most recently at $0.16 versus an expected $(0.03) per share. Under U.S. accounting rules the same period shows a quarterly loss of $41.9 million, an accumulated deficit of $3.23 billion and equity of negative $481.3 million — the gap is stock-based compensation, $73.4 million in the first quarter alone. Add two distributors carrying 56 percent of quarterly revenue, a $1.15 billion convertible and a voting structure that puts about 85 percent of the power with Class B holders. Not investment advice.
- RBRK came onto our research list as 48th of 81 U.S. hits in our in-house Big Earnings Surprise screen (as of July 25, 2026, relative strength rating 54) — part of our series filling the top 50 of that screen with analyses. The screens are recalculated daily.
- The surprises in the streak are adjusted figures: in the first quarter of fiscal 2027, earnings per share under U.S. accounting rules were $(0.21) against an adjusted $0.16. The screen measures the deviation from expectations, not earning power.
- Fiscal year trap: Rubrik closes its books on January 31. Fiscal 2026 covers February 2025 through January 2026, and the first quarter of fiscal 2027 covers February through April 2026. Comparing the numbers with calendar years shifts them by eleven months.
- Recency note: the latest quarterly report (10-Q) is dated June 5, 2026. Everything filed since has been reviewed — the Form 8-K of June 5, 2026 (Item 5.07, results of the annual meeting held June 3, 2026) plus Forms 4 and 144 from June and July 2026; none of it changes the picture. There is no merger, acquisition or delisting under way.
- Easy to confuse: only the Class A share trades under RBRK. Share counts from data services frequently cover that class alone (160.957 million as of May 31, 2026) and omit the 44.872 million Class B shares — the market capitalization used in this analysis counts all 205.829 million shares.
About the Company
Rubrik, Inc. provides data security solutions to individuals and businesses worldwide. The company offers enterprise data protection, unstructured data protection, cloud data protection, SaaS data protection solutions, and identity provider services protection; data threat analytics; data security posture; identity recovery and resilience services; and cyber recovery solutions. It also provides RUBY, an AI agent for cyber resilience designed to scale data security operations through automation; SENTRYAI, a proprietary AI deep learning-based platform for system health monitoring; and RUBRIK UNIVERSITY, which includes instructor-led training with hands-on labs, on-demand e-learning courses, and certification exams, as well as offers cloud services. It serves financial, retail, trade, transportation, energy, industrial, healthcare and life science, education, technology, media, communications, services, and public sectors. Rubrik, Inc. has strategic collaboration with MEDITECH to offer native cyber resilience to MEDITECH self-hosted cloud and on-premises solutions. Rubrik, Inc. was formerly known as Scaledata, Inc. and changed its name to Rubrik, Inc. in October 2014. The company was incorporated in 2013 and is based in Palo Alto, California.
| Employees | 3,797 |
|---|---|
| Headquarters | Palo Alto, CA |
| Website | rubrik.com |
| IPO Date | 25. Apr 2024 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Bipul Sinha | Co-Founder, CEO & Chairman | 1973 |
| Arvind Nithrakashyap | Co-Founder, CTO & Director | 1974 |
| Kiran Kumar Choudary | Chief Financial Officer | 1975 |
| Arvind Jain | Co-Founder | – |
| Ajay Sabhlok | Chief Information Officer & Chief Data Officer | – |
| Melissa A. Franchi | Head of Investor Relations | – |
| Peter McGoff Esq. | Chief Legal Officer & Secretary | 1965 |
| Jessica Moore | Vice President of Communications | – |
| John Koo | Chief Marketing Officer | – |
| Mike Tornincasa | Chief Business Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.