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what it is
Rubrik helps companies back up data, spot threats, and recover fast after cyberattacks or outages.
how it gets paid
Last year Rubrik made $887M in revenue. Subscription was the main engine at $0.82B, or 93% of sales.
why it's growing
Revenue grew 41.2% last year. The key number was $1.35 billion of subscription ARR because it shows future recurring revenue is building faster than the income statement suggests.
what just happened
Rubrik posted $0.10 EPS against a -$0.17 estimate, showing losses are shrinking faster than expected.
At a glance
B balance sheet — gets the job done, barely
12.0% return on capital — nothing to write home about
-$0.25 fy2026 eps est
$2B fy2028 rev est
n/a operating margin
xvary composite: 50/100 — below average
What they do
Rubrik helps companies back up data, spot threats, and recover fast after cyberattacks or outages.
Your backups are the last thing you want failing during a breach. That makes switching painful. Subscription revenue was 93% of fiscal 2024 sales, and subscription ARR (annual recurring revenue → contracted yearly revenue → money that tends to stick) reached $1.35 billion, up 34%, which gives Rubrik a sticky base to sell more security tools into.
How they make money
$887M
annual revenue · their business grew +41.2% last year
Subscription
$0.82B
+41.2%
Maintenance
$0.02B
flat
Other
$0.04B
flat
The products that matter
enterprise cyber recovery platform
Rubrik Security Cloud
core platform · 79.5% gross margin backdrop
It sits at the center of a business that grew 41% to $887M last year. The appeal is simple: backup, threat detection, and recovery in one platform.
platform story
recurring software revenue
Subscription & Support
$~710M · about 80% of revenue
This is the engine that matters. At roughly $710M, it accounts for most of the business and ties directly to the $1.35B subscription ARR base.
arr engine
implementation and customer onboarding
Professional Services & Other
$~177M · about 20% of revenue
This bucket is useful for landing and expanding customers, but it is not the main event. The money story still lives in software, not services.
supporting role
Key numbers
$2.0B
2028 revenue goal
The 2028 revenue estimate is more than 2.2x today's roughly $886 million TTM revenue, so the stock price assumes Rubrik keeps compounding hard for years.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Operating margin → profit after running the business → so what: Rubrik still loses more than a dollar for each dollar of revenue at the operating line.
$1.35B
subscription ARR
ARR → contracted yearly revenue → so what: this is the clearest proof customers are sticking around and expanding.
79.5%
gross margin
Gross margin → what is left after direct costs → so what: the product is software-rich and has room for profit if spending ever comes down.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- long-term debt $1.1B (7% of capital)
- net profit margin 5.8% — keeps 6 cents of every dollar in revenue
- return on equity 135% — $1.35 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for RBRK right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Rubrik posted $0.10 EPS against a -$0.17 estimate, showing losses are shrinking faster than expected.
Revenue rose to $939 million in the latest quarter, while gross margin hit 79.5%. Subscription revenue did the lifting, with a 52% increase to $336 million in fiscal Q3 2025.
$939M
revenue
$0.10
eps
79.5%
gross margin
the number that mattered
The key number was $1.35 billion of subscription ARR because it shows future recurring revenue is building faster than the income statement suggests.
-
rubrik reported sharply improved results for its fiscal third-quarter 2025. (year ends january 31, 2026.) revenues for the data security provider soared 48% vs. prior year, to just over $350 million, topping our estimate by roughly $30 million.
-
subscription revenues accounted for the majority of the increase, rising 52%, to $336 million.
-
also of note, subscription annual recurring revenue (arr) grew 34%, to $1.35 billion.meanwhile, the bottom line (on an adjusted basis) swung from a loss of $0.21 per share in the third quarter of fiscal 2024, to a profit of $0.10 in the most recent interim, versus our and wall street’s expectations for a deficit of $0.17.
-
the company likely closed the year on an up note.
-
based on the better-than-expected results and management’s raised outlook for the remainder of fiscal 2025, we have increased our full-year revenue estimate by $50 million, to $1.28 billion, indicating a 44% annual advance.also, we have revised our bottom-line forecast from a loss of $0.50 per share to a deficit of $0.20.
source: company earnings report, 2026
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What could go wrong
the top threat is enterprise security bundling by Microsoft and CrowdStrike.
med
platform bundling
Rubrik is selling into a market where larger security vendors can package backup, endpoint, identity, and cloud tools together.
At $16B of market value against $887M of trailing revenue, even a modest slowdown would pressure the multiple before the income statement catches up.
med
sales leadership transition
The President of Global Sales left in February 2026 during an important scaling phase.
When a company growing 41% changes field leadership, you watch execution first and branding spin second.
med
profitability still thin
This snapshot still shows a -$0.25 EPS figure even with 79.5% gross margins and strong subscription growth.
That gap means operating expenses are still doing a lot of damage. If growth cools before margins scale, the story gets less forgiving.
med
expectations risk
The stock has traded between $28 and $103 over the last 52 weeks. That's what high-expectation software names do when sentiment shifts.
You are not just underwriting the business. You are underwriting how much future growth the market is willing to prepay for.
Rubrik's risk profile is concentrated, not diversified: competition can hit growth, leadership changes can hit execution, and a premium valuation can magnify both.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
subscription arr growth
$1.35B is strong. The next question is whether growth stays closer to 34% than 20%. That gap will decide how much of the premium multiple survives.
calendar
next earnings report
Q1 FY2027 is expected in June 2026. You want subscription growth, ARR, and any sign that the margin story is still improving.
trend
institutional demand
Institutions have been net buyers for three straight quarters. If that reverses while growth slows, the tape can get ugly quickly.
risk
sales execution after the leadership change
A February 2026 departure in global sales leadership is not fatal. It is, however, exactly the kind of thing that shows up in guidance before it shows up in headlines.
Analyst rankings
target midpoint
$105
That sits about 35% above the current price near $78. In human-speak, analysts still see upside if the growth story holds together.
target range
$85–$125
A $40 spread is wide. The street agrees on the story's potential more than the exact value of the stock.
market read
50/100
Our composite score lands below average because fast growth and rich expectations can both be true at the same time.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 298 buyers vs. 163 sellers in 3q2025. total institutional holdings: 0.1B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$61
$148
$78
current price
$105
target midpoint · +35% from current · 3-5yr high: $125 (+60% · 13% ann'l return)
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