Slides
Page 1
1 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 1Copyright © Rubrik 2026 Investor Presentation Second Quarter Fiscal 2027 Copyright © Rubrik 2026
Page 2
2 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 2Copyright © Rubrik 2026 Important Notice and Disclaimers Forward-Looking Statements This presentation and the related conference call contain express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Rubrik’s financial outlook for the third quarter of fiscal year 2027 and full fiscal year 2027, changes to Rubrik’s global revenue organization and the impact on continued growth, Rubrik’s market position, market opportunities, and growth strategy, product initiatives, go-to-market motions and market trends. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” “outlook,” “guidance,” or the negative of these terms, where applicable, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond Rubrik’s control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements. Risks include but are not limited to Rubrik’s limited operating history, the growth rate of the market in which Rubrik competes, Rubrik’s ability to effectively manage and sustain its growth, Rubrik’s ability to introduce new products on top of its platform, Rubrik’s ability to compete with existing competitors and new market entrants, Rubrik’s ability to effectively manage the leadership transition in its global revenue organization, Rubrik’s ability to expand internationally, its ability to utilize AI successfully in its current and future products, Rubrik’s ability to successfully integrate acquisitions into its business and operations, and international conflict, global security concerns and their potential impact on regional and global economies and supply chains. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our most recent filings with the Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended July 31, 2026. Forward-looking statements speak only as of the date the statements are made and are based on information available to Rubrik at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Rubrik assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law. Certain information contained in this presentation relates to or is based on studies, publications, surveys, and other data obtained from third-party sources and the Rubrik's own internal estimates and research. This presentation also contains estimates and information concerning Rubrik's industry, including market size and growth of the market in which the Company participates, that are based on industry publications and reports. While Rubrik believes these third-party sources to be reliable as of the date of this presentation, it has not independently verified the information. Neither Rubrik nor any other person makes any representation as to the accuracy or completeness of such information or undertakes any obligation to update such information after the date of this presentation. In addition, projections, assumptions, and estimates of Rubrik's future performance and the future performance of the markets in which the Company operates are necessarily subject to a high degree of uncertainty and risk. In light of the foregoing, you are urged not to rely on any forward-looking statement or third-party information in reaching any conclusion or making any investment decision about any securities of the Company. The Rubrik design logo, “Rubrik,” and the Company’s other registered or common law trademarks, service marks, or trade names appearing in this presentation are the property of the Company. This presentation contains additional trademarks, trade names, and service marks of other companies that are the property of their respective owners. The Company does not intend its use or display of other companies’ trademarks, trade names, or service marks to imply relationships with, or endorsement or sponsorship of the Company by, these other companies. Non-GAAP Financial Measures and Key Operational Metrics This presentation contains non-GAAP financials measures, including free cash flow, which are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with U.S. generally accepted accounting principles (“GAAP”) and other key operational metrics used by management to evaluate Rubrik's business. These measures have limitations as an analytical tool and should not be considered in isolation, or as a substitute for the Company’s results as reported under GAAP. Because not all companies calculate non-GAAP financial information identically (or at all) or use the same methodology for certain key operational metrics, the presentations herein may not be comparable to other similarly titled measures used by other companies. The Company’s presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company’s future results will be unaffected by other unusual or non-recurring items. Further, such non-GAAP financial information of the Company should be considered in addition to, and not as superior to or as a substitute for, the historical consolidated financial statements of the Company prepared in accordance with GAAP. See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for descriptions of certain of our key operational metrics.
Page 3
© Rubrik 2026 © Rubrik 2026 We Secure and Accelerate the World’s AI Transformation. 3
Page 4
© Rubrik 2026 © Rubrik 2026 $1,661M Subscription ARR 4 Rubrik by the Numbers 33% Subscription ARR YoY Growth $125B+ Total Addressable Market in 20293 80%+ Non-GAAP Gross Margin2 >80 Net Promoter Score1 Note: Numbers are rounded for presentation purposes. Except as noted, data as of Q2 FY 2027. FYE January 31. Please see Appen dix for a description of Subscription ARR. 1. Source: 2025 Customer Relationship Management Institute LLC 2. Please see Appendix for reconciliation of non -GAAP metrics to most comparable GAAP metrics. 3. Please see Appendix for TAM calculation methodology and sources.
Page 5
© Rubrik 2026 © Rubrik 2026 AI has Fundamentally Changed 5
Page 6
6 6 © Rubrik 2026 The New World 6© Rubrik 2026 Yesterday Human OperatorsHuman Attackers X Today / Tomorrow AI OperatorsAI Attackers X
Page 7
7 7 © Rubrik 2026 ` 7 © Rubrik 2026 Human-speed recovery is no match. First Problem: AI Attackers AI-speed breaches. AI ATTACKERS X ENTERPRISE
Page 8
8 8 © Rubrik 2026 8 © Rubrik 2026 Human response cannot keep up. Compromised agents. Second Problem: AI Operators ` ATTACKERS AI OPERATORS X
Page 9
© Rubrik 2026© Rubrik 2026 The New Cyber Landscape Requires 9 Autonomous Agentic Orchestration AI-speed Recovery Run-time Agent Guardrails
Page 10
© Rubrik 2026© Rubrik 2026 10 Cyber Resilience Operating Intelligence Time-Series Data & Metadata Data & Identity Context Threat Identification Agentic Governance & Security Policy & Risk Product Suites Rubrik Security Cloud Rubrik Agent Cloud Rubrik Platform Rubrik Agent Orchestration Autonomous Action
Page 11
© Rubrik 2026 © Rubrik 2026 Our Market Opportunity 11
Page 12
© Rubrik 2026 © Rubrik 2026 Our Platform Catalyzes Complementary Network Effects 12 AI Data Identity
Page 13
© Rubrik 2026© Rubrik 2026 Land and Expand Accelerated by Flywheel 13
Page 14
© Rubrik 2026 © Rubrik 2026 14 Data Management $30B+ Security/Resilience $45B+ Identity $10B+ AI $40B+ $125B+ Total Addressable Market 2029 FIGURES Note: Refer to Appendix for TAM calculation methodology and sources; 20% CAGR forecasted from 2026 -29 in aggregate across segmen ts.
Page 15
15 CON FIDEN TIAL Copyright © Rubrik 2023 15Copyright © Rubrik 2026 15Copyright © Rubrik 2026 Financial Overview
Page 16
© Rubrik 2026 16 16© Rubrik 2026 Subscription ARR Our Business Model Subscription Revenue Gross Margin Free Cash Flow Subscription ARR Contribution Margin Profitability MetricsARR Revenue Note: Please see Appendix for descriptions of Free Cash Flow, Subscription ARR, and Subscription ARR Contribution Margin. Please see Appendix for reconciliation of non-GAAP metrics to most comparable GAAP metrics.
Page 17
17 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 17Copyright © Rubrik 2026 Rapid Subscription ARR Growth at Scale $655 $725 $784 $856 $919 $1,002 $1,093 $1,181 $1,252 $1,347 $1,462 $1,565 $1,661 Q2 2024 Q3 Q4 Q1 Q2 2025 Q3 Q4 Q1 Q2 2026 Q3 Q4 Q1 Q2 2027 Subscription ARR 33% YoY Growth Note: Fiscal Quarter End July 31. Data as of July 31, 2026. Please see Appendix for description of Subscription ARR
Page 18
© Rubrik 2026 18 18© Rubrik 2026 Cloud Transformation Nears Completion Note: FYE January 31. Please see Appendix for definition of Subscription ARR and Cloud ARR. Subscription ARR ($M) $784 $1,093 $1,462 $1,565 $1,661 FY 2024 FY 2025 FY 2026 Q1 FY 2027 Q2 FY 2027 Cloud ARR ($M) $525 $876 $1,293 $1,394 $1,483 FY 2024 FY 2025 FY 2026 Q1 FY 2027 Q2 FY 2027 Cloud ARR as a % of Subscription ARR 67% 80% 88% 89% 89% FY 2024 FY 2025 FY 2026 FQ1 2027 FQ2 2027
Page 19
© Rubrik 2026 19 19© Rubrik 2026 Cloud Net New ARR Growth Reflects Migrations Largely Complete Adjusted Cloud Net New ARR - ex. Migrations ($M) $82 $72 $94 $110 $99 $86 23% 28% 21% 30% 20% 20% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% $0 $20 $40 $60 $80 $10 0 $12 0 $14 0 FQ1 2026 FQ2 2026 FQ3 2026 FQ4 2026 FQ1 2027 FQ2 2027 Adj. Net New Cloud ARR % Y/Y Growth Note: FYE January 31. Please see Appendix for definition of Cloud ARR. Adjusted net new Cloud ARR excludes impact related to migrations, including existing non-Cloud ARR customers flipping into hosted products and maintenance customers buying our subscription products. Calculated Cloud Net New ARR ($M) $96 $93 $111 $119 $101 $89 19% 28% 22% 11% 5% (4%) ( 10% ) 0% 10% 20% 30% 40% 50% $0 $20 $40 $60 $80 $10 0 $12 0 $14 0 FQ1 2026 FQ2 2026 FQ3 2026 FQ4 2026 FQ1 2027 FQ2 2027 Net New Cloud ARR % Y/Y Growth
Page 20
20 CON FIDEN TIAL Copyright © Rubrik 2023 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 20 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 CON FIDEN TIAL Copyright © Rubrik 2023 20 20Copyright © Rubrik 2026 Drivers of ARR Growth: Landing… New Customers Cloud SaaS Enterprise Unstructured Data Rubrik Security Cloud Identity Providers
Page 21
21 CON FIDEN TIAL Copyright © Rubrik 2023 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 21 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 CON FIDEN TIAL Copyright © Rubrik 2023 21 21Copyright © Rubrik 2026 …Expanding and Extending… New Customers Rubrik Security Cloud Cloud SaaS Enterprise Unstructured Data Identity Providers
Page 22
22 CON FIDEN TIAL Copyright © Rubrik 2023 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 22 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 CON FIDEN TIAL Copyright © Rubrik 2023 22 22Copyright © Rubrik 2026 Average Subscription Dollar-Based NRR>119% Note: FYE January 31. Fiscal Quarter End July 31. Data as of July 31, 2026. Please see Appendix for description of Average Subscription Dollar-Based NRR. New Customers Rubrik Security Cloud …Expanding and Extending… Cloud SaaS Enterprise Unstructured Data Identity Providers
Page 23
23 CON FIDEN TIAL Copyright © Rubrik 2023 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 23 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 Strong Customer Growth and Expansion Subscription ARR Cohort Analysis 23 Subscription ARR FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Note: FYE January 31. Fiscal Quarter End July 31. Data as of July 31, 2026 for Cohort Analysis.Please see Appendix for description of Subscription ARR and Customers with $100k or More in Subscription ARR.Copyright © Rubrik 2026 Customers with $100k or More in Subscription ARR 1,204 1,742 2,246 2,805 2,505 3,084 FY 2023 FY 2024 FY 2025 FY 2026 1H FY26 1H FY27
Page 24
24 CON FIDEN TIAL Copyright © Rubrik 2023 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 24 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 CON FIDEN TIAL Copyright © Rubrik 2023 24 24Copyright © Rubrik 2026 Strong Top-Line Growth 24Note: FYE January 31. Fiscal Quarter End July 31, Data as of July 31, 2026. 1. We define normalized revenue as revenue excluding impact related to material rights, i.e., the negative impact prior to Q4 FY25 and the positive impact in Q4 FY25 onwards. Please see Slide 29 for the material rights contribution to revenue each quarter. Copyright © Rubrik 2026 49% 51% 48% 46% 39% 38%37% 40% 36% 43% 43% 43% Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Reported Revenue Normalized Revenue Revenue, Year-Over-Year Growth 1 38% 36% 34% 34% 32% 33% Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Subscription ARR, Year-Over-Year Growth
Page 25
25 CON FIDEN TIAL Copyright © Rubrik 2023 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 25 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 CON FIDEN TIAL Copyright © Rubrik 2023 25 25Copyright © Rubrik 2026 Strong Non-GAAP Gross Margin And Positive Free Cash Flow Note: FYE January 31. Fiscal Quarter End July 31. Data as of July 31, 2026. Please see Appendix for reconciliation of non-GAAP metrics to most comparable GAAP metrics. 1. FCF calculated as net cash provided by (used in) operating activities less Purchase of Property & Equipment and Capitalized Internal-Use Software. FCF Margin calculated as FCF as a percentage of total revenue. Copyright © Rubrik 2026 Non-GAAP Gross Margin(%) 25 Non-GAAP FCF1 Margin (%) (3)% (4)% 2% 18% 15% 17% FY23 FY24 FY25 FY26 1H FY26 1H FY27 70% 77% 78% 82% 81% 82% FY23 FY24 FY25 FY26 1H FY26 1H FY27
Page 26
26 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 Operating Leverage Continues toImprove with Scale &Efficiency Note: FYE January 31. Fiscal Quarter End July 31. Data as of July 31, 2026. Please see Appendix for reconciliation of non-GAAP metrics to most comparable GAAP metrics. Non-GAAP Subscription ARR Contribution Margin (%) (38)% (12)% 2% 12% 14% FY 2023 FY 2024 FY 2025 FY 2026 LTM Q2 FY27 26 Subscription ARR LTM Non-GAAP Subscription Cost of Revenue LTM Non-GAAP Operating Expenses Subscription ARR Contribution Margin Better indicator of operating leverage during Cloud transformation (-) (-) Copyright © Rubrik 2026
Page 27
27 CON FIDEN TIAL Copyright © Rubrik 2023 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 27 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 LTM ≈ Q3 FY27 and FY27 Guidance Note: FYE January 31. Fiscal Quarter End July 31. Data as of July 31, 2026. Please see Appendix for description of Subscription ARR, Subscription ARR Contribution Margin and non-GAAP financial measures. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Rubrik’s results computed in accordance with GAAP. For example, stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of Rubrik’s Class A common stock, and Rubrik’s future hiring and retention needs, all of which are difficult to predict and subject to constant change. 27Copyright © Rubrik 2026 Q3 FY 2027 FY 2027 Subscription ARR $1,880M – $1,885M Total Revenue $429M - $431M $1,685M - $1,693M Subscription ARR Contribution Margin ~14% ~15.5% Non-GAAP EPS $0.07 - $0.09 $0.47 - $0.53 Weighted Average Shares Outstanding 230M 228M Free Cash Flow $323M - $333M
Page 28
28 CON FIDEN TIAL Copyright © Rubrik 2023 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 28 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 LTM ≈ Additional Modeling Points Revenue Material Rights • Non-recurring revenue related to material rights added ~$4.7 million in revenue in Q2 FY27 compared to ~$14.2 million in Q2 FY26. • We expect ~$2-3 million in non-recurring revenue related to material rights in Q3 FY27. • We expect ~$18 million in non-recurring revenue related to material rights in FY27. Normalizing for material rights, our FY27 guidance implies revenue growth of ~34% Y/Y . Other Revenue • For 2H FY27, we expect other revenue to be 3-3.5% of total revenue. Subscription ARR • We expect Q3 FY27 to contribute ~24% of FY27 net new Subscription ARR. Cloud vs. Non- Cloud Subscription ARR • For 2H FY27, we expect net new non-cloud ARR to contribute low-to-mid single digits of total net new subscription ARR. Non-GAAP Gross Margins • For 2H FY27, we expect non-GAAP gross margins to be in the middle of our long-term range of 77-82%. Seasonality: Free Cash Flow • We expect Q3 FY27 to contribute 40-41% of 2H FY27 FCF. 28Copyright © Rubrik 2026 Note: FYE January 31. Fiscal Quarter End July 31. Data as of July 31, 2026. Please see Appendix for description of Subscription ARR, Subscription ARR Contribution Margin and non-GAAP financial measures.
Page 29
29 CON FIDEN TIAL Copyright © Rubrik 2023 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 29 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 CON FIDEN TIAL Copyright © Rubrik 2023 29 29Copyright © Rubrik 2026 Material Rights Contribution to Revenue: Last 5 Quarters Subscription Revenue, $ in Millions $252 $283 $312 $347 $366 $403 $13 $14 $25 $18 $9 $5 Q1'26A Q2'26A Q3'26A Q4'26A Q1'27A Q2'27A Revenue related to Material Rights Note: FQE July 31. Data as of July 31, 2026. Please see Appendix for description of Material Rights Revenue. Revenue related to Subscription Revenue (excl. Material Rights)
Page 30
30 CON FIDEN TIAL Copyright © Rubrik 2023 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 30 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 30 CON FIDEN TIAL Copyright © Rubrik 2023 30Copyright © Rubrik 2026 Appendix
Page 31
31 CON FIDEN TIAL Copyright © Rubrik 2023 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 31 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 CON FIDEN TIAL Copyright © Rubrik 2023 31 31Copyright © Rubrik 2026 Key Business Metrics Glossary Subscription ARR Subscription ARR is calculated as the annualized value of our active subscriptions as of the measurement date, based on our c ustomers’ total contract value, and assuming any contract that expires during the next 12 months is renewed on existing terms. Subscriptions include offerings for our RSC sui te and related data security SaaS solutions, term -based licenses for our RSC -Private suite and related products, prior sales of CDM sold as a subscription term -based license with assoc iated support and related SaaS products, and standalone sales of our SaaS subscription products like Anomaly Detection and Sensitive Data Monitoring. We believe Subscript ion ARR illustrates our success in acquiring new subscription customers and maintaining and expanding our relationships with existing subscription customers. Net new Subscrip tion ARR refers to the difference between Subscription ARR in the reported period and Subscription ARR in the prior quarter, and captures new logos and expansions, off set by contraction and attrition since the prior quarter. Cloud ARR Cloud ARR is calculated as the annualized value of our active cloud -based subscriptions as of the measurement date, based on our customers’ total contract value, and assuming any contract that expires during the next 12 months is renewed on existing terms. Our cloud -based subscriptions include RSC and RSC-Government (excluding RSC -Private). Cloud ARR also includes SaaS subscription products like Anomaly Detection and Sensitive Data Monitoring, which are sold standalone or with prior sales of term -based license offerings of CDM. We believe that Cloud ARR provides important information on new and existing customers purchasing new RSC subscription o fferings and existing subscription term -based license customers renewing with RSC subscription offerings. Average Subscription Dollar -Based NRR Our subscription dollar -based net retention rate compares our Subscription ARR from the same set of subscription customers acros s comparable periods. We calculate our subscription dollar -based net retention rate by first identifying subscription customers (the “Prior Period Subscription Custome rs”), which were subscription customers at the end of a particular quarter (the “Prior Period”). We then calculate the Subscription ARR from these Prior Period Subscription Customer s at the end of the same quarter of the subsequent year (the “Current Period”). This calculation captures upsells, contraction, and attrition since the Prior Period. We then divide total Current Period Subscription ARR by the total Prior Period Subscription ARR for Prior Period Subscription Customers. Our subscription dollar -based net retention rate in a particular quarter is obtained by averaging the result from that particular quarter with the corresponding results from each of the prior 3 quarters. Customers with $100k or More in Subscription ARR Represents count of active customers at the end of the period with $100,000 or more in Subscription ARR. Revenue related to Material Rights Rubrik offered subscription credits for RSC to qualified customers with Refresh Rights in exchange for relinquishing their rights to next -generation Rubrik appliances at no cost. These customer options are considered material rights. Our revenue fluctuates when qualified customers exercise or forfeit their Su bscription Credits upon expiration date. Revenue related to material rights is non -recurring.
Page 32
32 CON FIDEN TIAL Copyright © Rubrik 2023 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 32 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 CON FIDEN TIAL Copyright © Rubrik 2023 32 32Copyright © Rubrik 2026 Explanation of Non-GAAP Financial Measures Free Cash Flow Rubrik defines free cash flow as net cash provided by (used in) operating activities less cash used for purchases of property and equipment and capitalized internal -use software. Free cash flow margin is calculated as free cash flow divided by total revenue. Rubrik believes free cash flow is a helpful indicator of liquidity that provides information to management and investors about the amount of cash generated or used by Rubrik’s operations that, after the investments in property and e quipment and capitalized internal -use software, can be used for strategic initiatives, including investing in Rubrik’s business and strengthening its financial position. One limita tion of free cash flow is that it does not reflect Rubrik’s future contractual commitments and may fluctuate due to the timing of cash payments received from our customers and payments relative to expenses . Additionally, free cash flow is not a substitute for cash used in operating activities and the utility of free cash flow as a measure of Rubrik’s liquidity is furt her limited as it does not represent the total increase or decrease in Rubrik’s cash balance for a given period. FCF Margin calculated as FCF as a percentage of total revenue. Non-GAAP Subscription Cost of Revenue Rubrik defines non -GAAP subscription cost of revenue as subscription cost of revenue, adjusted for amortization of acquired inta ngibles, stock-based compensation expense, and stock-based compensation from amortization of capitalized internal -use software. Non-GAAP Gross Margin Rubrik defines non -GAAP gross margin as non -GAAP gross profit as a percentage of total revenue. Non-GAAP Operating Expenses (Research and Development, Sales and Marketing, General and Administrative) Rubrik defines non -GAAP operating expenses as operating expenses (research and development, sales and marketing, general and adm inistrative), adjusted for, as applicable, stock-based compensation expense. Subscription Annual Recurring Revenue (“ARR”) Contribution Margin Rubrik defines Subscription ARR Contribution Margin as Subscription ARR contribution divided by Subscription ARR at the end o f the period. Rubrik defines Subscription ARR Contribution as Subscription ARR at the end of the period less: ( i) non-GAAP subscription cost of revenue and (ii) non -GAAP operating expenses for the prior 12 -month period ending on that date. Rubrik believes that Subscription ARR Contribution Margin is a helpful indicator of operating leverage. One lim itation of Subscription ARR Contribution Margin is that the factors that impact Subscription ARR will vary from those that impact subscription revenue and, as such, may not provide an a ccurate indication of Rubrik’s actual or future GAAP results. Additionally, the historical expenses in this calculation may not accurately reflect the costs associated with futur e commitments. Non-GAAP Net Loss Per Share, Basic and Diluted Rubrik defines non -GAAP net income (loss) per share, basic and diluted as non -GAAP net income (loss) divided by the weighted -average number of shares of common stock outstanding during the period.
Page 33
33 CON FIDEN TIAL Copyright © Rubrik 2023 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 33 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 CON FIDEN TIAL Copyright © Rubrik 2023 33 33Copyright © Rubrik 2026 GAAP to Non-GAAP Reconciliation Gross Profit ($ in thousands) Note: FYE January 31. Fiscal Quarter End July 31. Data as of July 31, 2026. FY 2023 FY 2024 FY 2025 FY 2026 Q2 FY26 Q2 FY27 GAAP Gross Profit $ 417,805 $ 482,930 $ 620,796 $ 1,054,314 $ 246,301 $335,123 Amortization of Acquired Intangibles 822 1,676 3,673 7,488 1,223 3,193 Stock-based Compensation Expense 514 216 67,314 21,086 5,260 7,671 Non-GAAP Gross Profit $ 419,141 $ 484,822 $ 691,783 $ 1,082,888 $ 252,784 $ 345,987 GAAP Gross Profit Margin 70% 77% 70% 80% 80% 78% Non-GAAP Gross Profit Margin 70% 77% 78% 82% 82% 81% Memo: Revenue $ 599,819 $ 627,892 $ 886,544 $ 1,316,191 $ 309,860 $427,260
Page 34
34 CON FIDEN TIAL Copyright © Rubrik 2023 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 34 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 CON FIDEN TIAL Copyright © Rubrik 2023 34 34Copyright © Rubrik 2026 GAAP to Non-GAAP Reconciliation Operating Expenses ($ in thousands) FY 2023 FY 2024 FY 2025 FY 2026 Q2 FY26 Q2 FY27 GAAP Research & Development Expense $ 175,057 $ 206,527 $ 531,615 $ 373,682 $ 92,107 $ 126,863 Stock-based Compensation Expense (3,044) (3,590) (297,051) (102,730) (24,734) (36,578) Non-GAAP Research & Development Expense $ 172,013 $ 202,937 $ 234,564 $ 270,952 $ 67,373 $ 90,285 % of Revenue 29% 32% 26% 21% 22% 21% GAAP Sales & Marketing Expense $ 417,542 $ 482,532 $ 867,518 $ 769,019 $ 181,985 $ 224,453 Stock-based Compensation Expense (2,399) (1,313) (330,443) (115,852) (29,638) (36,857) Non-GAAP Sales & Marketing Expense $ 415,143 $ 481,219 $ 537,075 $ 653,167 $ 152,347 $ 187,596 % of Revenue 69% 77% 61% 50% 49% 44% GAAP General & Administrative Expense $ 86,754 $ 100,377 $ 355,695 $ 257,029 $ 66,672 $ 55,709 Stock-based Compensation Expense (1,284) (749) (219,378) (91,862) (29,234) (21,086) Non-GAAP General & Administrative Expense $ 85,470 $ 99,628 $ 136,317 $ 165,167 $ 37,438 $ 34,623 % of Revenue 14% 16% 15% 13% 12% 8% Note: FYE January 31. Fiscal Quarter End July 31. Data as of July 31, 2026.
Page 35
35 CON FIDEN TIAL Copyright © Rubrik 2023 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 35 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 CON FIDEN TIAL Copyright © Rubrik 2023 35 35Copyright © Rubrik 2026 GAAP to Non-GAAP Reconciliation Loss from Operations ($ in thousands) FY 2023 FY 2024 FY 2025 FY 2026 Q2 FY26 Q2 FY27 GAAP Loss from Operations $ (261,548) $ (306,506) $ (1,134,032) $ (345,416) $ (94,463) $ (71,902) Amortization of Acquired Intangibles 822 1,676 3,673 7,488 1,223 3,193 Stock-based Compensation Expense 7,241 5,868 914,186 331,530 88,866 102,192 Non-GAAP Loss from Operations $ (253,485) $ (298,962) $ (216,173) $ (6,398) $ (4,374) $ 33,483 GAAP % of Revenue (44)% (49)% (128)% (26)% (30)% (17)% Non-GAAP % of Revenue (42)% (48)% (24)% (0.5)% (1)% 8% Note: FYE January 31. Fiscal Quarter End July 31. Data as of July 31, 2026.
Page 36
36 CON FIDEN TIAL Copyright © Rubrik 2023 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 36 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 CON FIDEN TIAL Copyright © Rubrik 2023 36 36Copyright © Rubrik 2026 GAAP to Non-GAAP Reconciliation Subscription ARR Contribution Margin ($ in thousands) FY 2024 FY 2025 FY 2026 LTM Q2 FY27 GAAP Subscription Cost of Revenue $ 97,927 $ 215,036 $ 229,741 $ 262,667 Amortization of Acquired Intangibles (1,676) (3,673) (7,488) (11,300) Stock-based Compensation from Amortization of Capitalized Internal-Use Software (153) (273) (2,156) (3,668) Stock-based Compensation Expense (45) (49,514) (16,374) (18,470) Non-GAAP Subscription Cost of Revenue $ 96,053 $ 161,576 $ 203,723 $ 229,229 Subscription ARR $ 784,029 $ 1,092,584 $ 1,462,092 $ 1,660,903 Non-GAAP Subscription Cost of Revenue (96,053) (161,576) (203,723) (229,229) Non-GAAP Operating Expenses (783,784) (907,956) (1,089,286) (1,198,572) Subscription ARR Contribution $ (95,808) $ 23,052 $ 169,083 $ 233,102 Non-GAAP Subscription ARR Contribution Margin (12)% 2% 12% 14% GAAP Operating Expenses $ 789,436 $ 1,754,828 $ 1,399,730 $ 1,519,319 Stock-based Compensation Expense (5,652) (846,872) (310,444) (320,747) Non-GAAP Operating Expenses $ 783,784 $ 907,956 $ 1,089,286 $ 1,198,572 Note: FYE January 31. Fiscal Quarter End July 31. Data as of July 31, 2026.
Page 37
37 CON FIDEN TIAL Copyright © Rubrik 2023 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 37 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 0-132-81 103-61-183 5-86-18530-19-74 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Copyright © Rubrik 2026 CON FIDEN TIAL Copyright © Rubrik 2023 37 37Copyright © Rubrik 2026 GAAP to Non-GAAP Reconciliation Free Cash Flow ($ in thousands) FY 2023 FY 2024 FY 2025 FY 2026 Q2 FY26 Q2 FY27 Net Cash Used in Operating Activities $ 19,287 $ (4,518) $ 48,228 $ 282,908 $ 64,724 $ 76,846 Purchase of Property and Equipment (25,017) (12,333) (16,885) (29,631) (3,498) (5,599) Capitalized Internal-Use Software (9,281) (7,675) (9,714) (15,437) (3,683) (5,575) Non-GAAP Free Cash Flow $ (15,011) $ (24,526) $ 21,629 $ 237,840 $ 57,543 $ 65,672 Operating Cash Flow Margin 3% (1)% 5% 21% 21% 18% Non-GAAP Free Cash Flow Margin (3)% (4)% 2% 18% 19% 15% Net Cash Provided by Investing Activities $ (125,188) $ (93,623) $ (383,442) $ (830,089) $ (735,877) $ (47,572) Net Cash Provided by Financing Activities 171,823 95,949 398,023 736,501 711,757 (52,412) Memo: Revenue $ 599,819 $ 627,892 $ 886,544 $ 1,316,191 $ 309,860 $ 427,260 Note: FYE January 31. Fiscal Quarter End July 31. Data as of July 31, 2026.