Briefing #1 of 1

RBRK briefing — Rubrik, Inc.

Released: 2026-04-27 Briefing series: #1 of N Prior briefing: first in series Stock at release: $53.26 Inflection pattern: hyped_ipo

Price history with reaction-annotated news events

Chart: Price history with material news events annotated. Green dots = positive market reaction, red dots = negative, sized by reaction magnitude. Methodology: market-adjusted abnormal return over 2-day event window. Full dataset available at tickerdossier.com.

What changed since the last briefing

(This is the first briefing in the series.)

Company snapshot

Ticker: RBRK
Name: Rubrik, Inc.
What they do: Rubrik develops and sells the Rubrik Security Cloud (RSC), a Zero Trust Data Security platform for cyber resilience — enabling enterprises to protect data across on-premises, cloud, and SaaS environments, detect anomalies, and recover from cyberattacks. The platform covers enterprise data protection, cloud-native security, SaaS application protection, unstructured data security, and identity security. In FY2026, the company launched RAC (Rubrik AI Agent operations suite) to address AI-era security needs. Sold primarily as a cloud-native SaaS subscription on 3-year terms. (10-K FY2026, filed 2026-03-19)
IPO date: 2024-04-25 (NYSE: RBRK)
Market cap at release: $11.03B
Sector / Industry: Technology / Cybersecurity / Data Security
HQ: Palo Alto, CA, United States
CEO / Founder status: Bipul Sinha, co-founder and CEO — founder-led
Key executives: Kiran Choudary, CFO | Jesse Green, Chief Revenue Officer (promoted from SVP, January 2026, following President of Global Sales Brian McCarthy's resignation)
Profitable?: No on net income basis — net loss of $348.8M in FY2026 (year ended January 31, 2026), improving sharply from $1,154.8M loss in FY2025. Free cash flow turned positive: $237.8M in FY2026 vs. $21.6M in FY2025. (10-K FY2026, filed 2026-03-19)
Total shares outstanding: ~202.2M (Class A: 157,370,648 + Class B: 44,871,492 as of filing date) (10-K FY2026, filed 2026-03-19)
Shares short: 13.1M
Employees: 3,797
Fiscal year end: January 31

The arc

| Date | Event | Source | |------|-------|--------| | 2026-02-04 | Brian McCarthy (President, Global Sales) resigned effective February 6, 2026; Jesse Green promoted to Chief Revenue Officer. Company also announced preliminary Q4 FY2026 results. | 8-K, filed 2026-02-04 | | 2026-01-31 | FY2026 ended (January 31, 2026). Subscription ARR reached $1,462M (▲34% YoY). Cloud ARR reached $1,293M (▲48% YoY). NRR exceeded 120%. FCF $237.8M. Revenue $1,316.2M (▲48.5% YoY). | 10-K FY2026, filed 2026-03-19 | | 2025 | Rubrik launched RAC (AI agent operations suite) in FY2026 (commercially available February 2026). | 10-K FY2026, filed 2026-03-19 | | 2025 | Company completed transition of legacy CDM customers to RSC subscription platform; subscription credit utilization expected to taper through FY2027. | 10-K FY2026, filed 2026-03-19 | | 2024-04-25 | Initial public offering (IPO) on the New York Stock Exchange (NYSE: RBRK). | 10-K FY2026, filed 2026-03-19 | | 2024-01-31 | FY2025 ended: revenue $886.5M (▲41% YoY from $627.9M in FY2024). Net loss $1,154.8M (including large non-cash stock-based compensation). FCF $21.6M. | 10-K FY2026, filed 2026-03-19 |

Current state

Year-over-year changes (FY2025 → FY2026)

| Metric | FY2025 (yr end Jan 31, 2025) | FY2026 (yr end Jan 31, 2026) | Change | |--------|------|------|--------| | Revenue ($M) | 886.5 | 1,316.2 | ▲48.5% | | Subscription revenue ($M) | 886.5 | 1,264.0 | — | | Subscription ARR ($M) | 1,092.6 | 1,462.1 | ▲34.0% | | Cloud ARR ($M) | 873 (est.) | 1,293.0 | ▲48.2% | | Net loss ($M) | (1,154.8) | (348.8) | ▲70% improvement | | Free cash flow ($M) | 21.6 | 237.8 | ▲$216M | | NRR (%) | >120% | >120% | Stable | | Customers $100K+ ARR | 2,247 (est.) | 2,805 | ▲25% |Source: 10-K FY2026 filed 2026-03-19.

FY2026 revenue and ARR narrative. Revenue grew 48.5% to $1,316.2M in FY2026, driven by subscription revenue of $1,264.0M (96% of total) plus other revenue of $52.3M. Subscription ARR of $1,462M reflects 34% growth, while Cloud ARR of $1,293M reflects 48% growth — the difference indicating that cloud-based RSC is becoming a larger share of the total subscription base. NRR exceeded 120% in both periods, meaning existing customers are expanding their Rubrik spend at a rate greater than 20% annually on average. Customers with $100K+ ARR grew 25% to 2,805; customers with $1M+ ARR grew to [DATA NEEDED — confirm in full 10-K]. (10-K FY2026, filed 2026-03-19.)

FCF improvement. Free cash flow improved from $21.6M (FY2025) to $237.8M (FY2026), a $216M improvement driven by increasing revenue on a largely fixed cost base and the high upfront cash collection from multi-year subscription contracts. Deferred revenue on the balance sheet was $1,845.3M ($1,069M current + $777M noncurrent) at January 31, 2026 — representing the subscription commitments already contracted but not yet revenue-recognized. (10-K FY2026, filed 2026-03-19.)

Net loss improvement. The net loss narrowed dramatically from $1,154.8M (FY2025) to $348.8M (FY2026), but the $1,154.8M FY2025 figure reflects IPO-related stock-based compensation. The accumulated deficit stood at $3,186.2M at January 31, 2026. The path to GAAP profitability requires continued revenue growth on flat or declining stock-based compensation and G&A, and growing contribution margin from the subscription business. Subscription ARR Contribution Margin improved from (12%) in FY2024 to 2% in FY2025 to 12% in FY2026. (10-K FY2026, filed 2026-03-19.)

Sales leadership change. On February 4, 2026, Brian McCarthy (President, Global Sales) resigned effective February 6, 2026. Jesse Green was promoted to Chief Revenue Officer, consolidating go-to-market responsibility. The departure of the President of Global Sales during a period of rapid growth is material — McCarthy had been overseeing a sales force that drove 48% revenue growth. Management simultaneously announced preliminary Q4 FY2026 results, suggesting the resignation may have been managed to limit market impact. (8-K, filed 2026-02-04.)

Balance sheet. Total assets of $2,766.5M, including short-term investments of $1,295.6M. Convertible senior notes of $1,130.7M represent the primary debt obligation. Class A and Class B dual-class share structure: 157.4M Class A + 44.9M Class B ≈ 202.2M total shares. (10-K FY2026, filed 2026-03-19.)

Key numbers

| Metric | FY2024 (Jan 2024) | FY2025 (Jan 2025) | FY2026 (Jan 2026) | |--------|--------|--------|--------| | Revenue ($M) | 627.9 | 886.5 | 1,316.2 | | Subscription ARR ($M) | 786 (est.) | 1,092.6 | 1,462.1 | | Cloud ARR ($M) | [DATA NEEDED] | ~873 | 1,293.0 | | NRR (%) | >120% | >120% | >120% | | Net loss ($M) | (354.2) | (1,154.8) | (348.8) | | Free cash flow ($M) | (24.5) | 21.6 | 237.8 | | Deferred revenue ($M) | 627.9 | 886.5 | 1,845.3 | | Shares outstanding (M) | [DATA NEEDED] | [DATA NEEDED] | ~202.2 |Source: 10-K FY2026 filed 2026-03-19. FY2024 subscription ARR estimated from ARR growth rates; verify against FY2025 10-K.

Ownership

Insider ownership: 2.5%
Institutional ownership: 74.1%
Dual-class structure: Class A shares (1 vote/share) and Class B shares (10 votes/share); founders and early investors hold Class B shares, concentrating voting control

Note: Ownership table data requires reading the DEF 14A or 10-K beneficial ownership section.

Peers

VEEAM (private) — The largest data protection and backup software vendor; competes directly with Rubrik in enterprise backup and recovery but is private. Revenue estimated at $1.5B+.

COMMV (Commvault Systems) — Legacy enterprise backup software company; directly competes with Rubrik's RSC platform in data protection and recovery. Market cap: ~$4B.

ZS (Zscaler, Inc.) — Cloud security platform; adjacent competitor in the zero-trust security space, though focused on network security rather than data security. Market cap: ~$20B.

CRWD (CrowdStrike Holdings) — Leading endpoint security and threat intelligence platform; overlaps with Rubrik in cyber resilience positioning. Market cap: ~$80B.

DDOG (Datadog, Inc.) — Cloud observability and security monitoring; adjacent in the enterprise security data platform space. Market cap: ~$40B.

Recent news (last 6 months)

| Date | Headline | Source | Market reaction | |------|----------|--------|-----------------| | 2026-02-04 | Brian McCarthy (President, Global Sales) resigns; Jesse Green promoted to CRO; company releases preliminary Q4 FY2026 results | 8-K | -5.6% | | 2026-03-19 | FY2026 10-K filed: revenue $1,316M (▲48.5%), FCF $237.8M, ARR $1,462M (▲34%) | 10-K | [DATA NEEDED] |

Note: Market reaction data unavailable — RBRK.json file too large to parse with available tools. RBRK IPO'd in April 2024, so the price history covers approximately 2 years.

What moves this stock

[DATA NEEDED — RBRK.json events data unavailable due to file size constraints.]

Based on the filing record and business model, the categories most likely to drive material market reactions are:

| News type | Notes | |-----------|-------| | Subscription ARR and NRR | The primary valuation metric for software companies at this stage; ARR growth rate changes are high-impact | | Revenue beat/miss vs. consensus | 48% growth creates high expectations; deceleration would be severely punished | | FCF trajectory | FCF improvement from $21.6M to $237.8M is the path-to-profitability story; regression would be negative | | Customer count with $100K+ ARR | Enterprise customer land-and-expand metric; acceleration signals upmarket success | | Go-to-market leadership | The CRO/sales leadership departure (February 2026) is a negative signal in a growth company | | AI product traction | RAC launch (commercially available February 2026); early customer adoption data expected in FY2027 |

Open questions

Sales leadership departure impact: Brian McCarthy's resignation as President of Global Sales effective February 6, 2026 came during the company's highest-growth year to date (48.5% revenue growth). What caused the departure — performance, strategic differences, or personal reasons? How long was Jesse Green in his prior sales leadership role and what is his track record? Monitor the FY2027 first-quarter ARR print for any go-to-market disruption.
ARR growth deceleration: Subscription ARR grew 39% in FY2025 and 34% in FY2026 — a deceleration. At what ARR growth rate does the current valuation make sense, and when does the business model show operating leverage? The Rule of 40 score (revenue growth rate + FCF margin) requires knowing full-year revenue growth (48.5%) + FCF margin ($237.8M / $1,316.2M = 18%) = 66.5% — a strong score.
RAC commercial traction: The Rubrik AI Agent (RAC) suite became commercially available in February 2026, the same month as the CRO departure. Management states RAC will contribute to ARR growth but that RSC will remain the majority revenue driver through FY2027. What is the initial market reception and pipeline for RAC? Any customer case studies or ARR contribution by Q1 FY2027 earnings?
Subscription credit impact winding down: The company notes that "Subscription Credits" — customer options that create material rights — will benefit revenue through FY2027 but significantly reduce sequentially. This is a tailwind that diminishes. What portion of FY2026 revenue or ARR growth benefited from subscription credit utilization vs. genuine new contract wins?
Convertible note structure: $1,130.7M in convertible senior notes is a significant liability. What are the conversion terms, maturity dates, and coupon rates? If the stock price is below conversion price at maturity, the company must repay in cash. Verify terms in 10-K notes.
GAAP profitability timeline: Net loss improved from $1,154.8M (FY2025) to $348.8M (FY2026), but the company still has a $3.2B accumulated deficit. At current FCF generation ($237.8M) and assuming $100M+ annual stock-based compensation, when does the company reach GAAP profitability? Requires management guidance on operating expense trajectory.

Red flags / things to verify

Sales leadership timing: The resignation of the President of Global Sales just days after the fiscal year ended (effective February 6, 2026, with FY2026 ending January 31, 2026) raises a question about whether FY2026 results were achieved despite sales force friction. Monitor Q1 FY2027 ARR growth for any inflection.
FY2025 net loss distortion: The $1,154.8M net loss in FY2025 was approximately 3x the $348.8M loss in FY2026. Verify how much of the FY2025 loss reflects non-cash stock-based compensation associated with the April 2024 IPO vs. ongoing cash expenses. The jump from $354.2M loss in FY2024 to $1,154.8M in FY2025 is a red flag that requires footnote examination.
Deferred revenue as a leading indicator: The $1,845.3M deferred revenue balance implies high visibility into near-term revenue. However, if renewal rates or NRR deteriorate, this balance would not convert to revenue as expected. The >120% NRR is above the 100% level that indicates net expansion — but trend direction matters. Was NRR stable, improving, or declining between FY2025 and FY2026?
Dual-class share structure: Class B shares carry 10x votes, concentrating control with founders and early investors. Minority investors in Class A shares have limited governance rights. Monitor for any Class B conversion schedule as lock-up periods expire.
Convertible note maturity risk: $1,130.7M in convertible notes represents a significant future cash obligation. Refinancing risk is elevated if the stock price declines materially below conversion price, forcing cash repayment at a time when FCF may not cover it. Verify maturity dates and conversion prices from 10-K notes.

Sources

10-K (FY2026, year ended January 31, 2026): Filed 2026-03-19 — SEC EDGAR, Rubrik, Inc. (RBRK), accession 0001628280-26-019861 (estimated; verify on EDGAR)
8-K (Sales leadership change and preliminary Q4 results): Filed 2026-02-04 — SEC EDGAR, accession 0001104659-26-013015 (estimated; verify on EDGAR)