Research Report: Rubrik (Ticker: RBRK)

Overview
Rubrik (NASDAQ: RBRK) is a leading cloud data security company that provides enterprises with unified solutions for backup, disaster recovery, ransomware protection, and data observability. Founded in 2014, Rubrik helps organizations protect and manage their data across on-premises, cloud-native, and hybrid environments. Its mission is to secure the world’s data and simplify the complexity of data protection, especially in an era of accelerating cyber threats and expanding data footprints.

Market Position and Growth
Rubrik is positioned at the intersection of cybersecurity and cloud infrastructure—two of the fastest-growing areas in enterprise IT. The company serves over 6,000 customers globally, including more than 500 of the Fortune 2000. Its revenue growth has been strong, driven by rising demand for ransomware recovery solutions and compliance-ready data protection in regulated industries such as healthcare, finance, and government. Rubrik’s subscription-based model, combined with long-term enterprise contracts, provides high visibility into future revenue and strong customer retention.

Rubrik hits $100M in 2 years

Rubrik demonstrated remarkably fast growth to reach the $100 million Annual Recurring Revenue (ARR) milestone. 

Technological and Strategic Differentiators
Rubrik differentiates itself through its Zero Trust Data Security platform, which integrates immutable backups, policy-driven automation, and AI-based anomaly detection. The platform delivers visibility and control across fragmented environments, helping organizations detect threats early and recover clean data quickly. Its integration with Microsoft Azure, AWS, Google Cloud, and popular SaaS platforms (e.g., Microsoft 365) ensures flexibility and ease of deployment. Rubrik also offers a unified control plane that centralizes data protection policies across workloads, reducing administrative complexity and risk.

Key Developments and Strategic Moves
Rubrik’s IPO in early 2024 marked a major milestone, raising over $700 million and signaling strong investor confidence in the company's growth trajectory. Since going public, Rubrik has expanded its strategic alliances with Microsoft, Palo Alto Networks, and CrowdStrike to enhance its cyber resilience offerings. It has also launched new features, including Rubrik Security Cloud, a platform aimed at extending data observability and accelerating ransomware investigation workflows. In addition, Rubrik continues to expand internationally, targeting APAC and EMEA regions for further enterprise adoption.

Financial Performance
As of its most recent quarterly report (Q1 FY2026), Rubrik posted revenue of $180 million, representing 37% year-over-year growth. Annual recurring revenue (ARR) exceeded $750 million, underscoring the strength of its subscription base. Gross margins remain in the 75–80% range, consistent with high-margin SaaS peers. Rubrik is on a path toward cash flow breakeven, with disciplined cost management and a growing share of large enterprise accounts.

Source: company information

Risks and Challenges
Rubrik faces competition from established players such as Veeam, Cohesity, Commvault, and traditional backup vendors like Dell and Veritas. Maintaining technological differentiation and expanding into adjacent security markets will be critical. Macro uncertainty and elongated enterprise sales cycles may also impact growth in the near term. Furthermore, as a newly public company, Rubrik must continue to demonstrate execution, transparency, and predictable financial performance to sustain investor confidence.

Our View
Rubrik is well-positioned to benefit from secular trends in cloud adoption, cybersecurity, and data governance. Its focus on Zero Trust architecture and ransomware resilience resonates with CIOs and CISOs facing increasingly complex data security mandates. While execution risk remains, we view Rubrik as a compelling long-term opportunity in the cloud security stack. Its blend of mission-critical functionality, recurring revenue, and strategic partnerships makes RBRK a candidate for core infrastructure exposure within a modern enterprise software portfolio.

Further Reading

• Rubrik Investor Presentation (Q1 FY2026)

• Forrester Wave: Data Resilience Solutions Q1 2025

• Zero Trust and Ransomware: Emerging Best Practices

• Cloud Data Security Landscape Report (Gartner, 2025)