Analysis: Rubrik, Inc. announces Q1 FY2026 financial results

Rubrik, Inc. has announced financial results for the first quarter of FY2026 (ending 30^th April 2025) on 5^th June 2025. Revenue for the period rose 48.7% to $278.5 million compared to Q1 FY2024. Overall net loss was $102 million, significantly down from Q1 FY2025 and on a downward trend. With 28% more customers of $100,000 ARR or greater than last year, Rubrik appears to be building a substantial data protection business.

Background

Rubrik, Inc. reported financial data for Q1 FY2026 (the period ending 30^th April 2025) on 5^th June 2025. Revenue increased by 48.7% to $278.5 million, of which $265.6 million was subscriptions-based, up 54.3% on the same period in FY2025. The company reported a net loss of $102 million, which continues a sequential downward trend. Losses are significantly lower than Q1 FY2024. However, this period was an outlier, with substantial costs declared in the first quarter after IPO.

We present the data in four graphs labelled Figures 1 to 4.

Rinse and Repeat

For now, at least, Rubrik continues along the playbook of growing revenue and reducing expenses. As Figure 1 shows, the growth trend of the last twelve months is predictably consistent and upwards. The data shown in Figure 3 highlights a trend towards “hockey stick” growth, although we would hasten to add that the past is no predictor of the future. Figures 2 and 4 illustrate control over expenses, reducing both in real terms and as a percentage of revenue.

Partnerships

What is driving growth for Rubrik?

Firstly, we should discuss what growth means. The company provides some detail, highlighting the number of customers with annual subscriptions of $100,000 or greater. In Q1 FY2025 that number was 1859; in the current period that has risen 28.1% to 2381.

In addition, Rubrik continues to announce partnerships, including new solutions with Rackspace and Google Cloud. The company recently announced greater protection for Google Cloud databases and a capability to use Google Cloud to build isolated recovery environments (analogous to Commvault’s Cleanroom technology).

The Architect’s View®

The Rubrik growth story continues. Whilst there are new features and capabilities being announced by the company, we see the increasing number (and depth) of partnerships as a key measure of success.

Data protection is no longer just a product but an ecosystem of interconnected solutions. The connectivity works on multiple levels. Rubrik’s platform, for example, integrates with public cloud and server virtualisation platforms to provide data protection and add-on capabilities such as anomaly detection.

Acquisitions such as Laminar provide the capability to widen the portfolio into data security as well as data protection (a move we highlighted in 2022). This strategy has also been adopted by Commvault, which made two significant acquisitions in the last 12 months.

Data protection and data security needs to pervade all aspects of the private and public data centre. Modern business is highly digitised and cannot survive without technology. In parallel, the challenges on IT departments have never been greater, including data exfiltration and ransomware.

Rubrik exemplifies modern data protection, integrating across hardware and software platforms. This is a long-term strategy that will continue to pay dividends for the company.

Background

Rinse and Repeat

Partnerships

The Architect’s View®

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