RBRK

Rubrik is executing a high-quality SaaS land-grab in data security and cyber-resilience (Rubrik Security Cloud), and the FY2026 numbers show real momentum: revenue grew 48.5% to $1.32B, gross profit rose 69.8% to $1.05B at an 80.1% gross margin, and — most importantly — the company flipped to $283M of operating cash flow, up 487% year over year. That FCF inflection alongside near-50% growth is the hallmark of a subscription model reaching scale, with RSC now representing a majority of revenue after the transition off legacy CDM/appliances.

The income statement is still red but improving fast: the net loss narrowed to $349M from $1.15B in FY2025 (the prior year was inflated by IPO-related stock compensation), and the diluted EPS loss of $1.78 improved 76%. The operating margin remains -26.2%, so GAAP profitability is not yet here. The balance sheet carries the scars of the buildout: stockholders' equity is negative at -$520M against a -$3.19B accumulated deficit, and total liabilities of $3.29B exceed assets — though much of that liability is deferred revenue typical of a subscription business, and cash doubled to $380M. The negative-equity-driven ROE (67.1%) and liabilities/equity (-6.32x) are arithmetic artifacts, not signals of health, and should not be read as quality metrics.