Rubrik reported a strong QQ1 2026 performance, highlighted by material ARR expansion and improved profitability. Subscription ARR rose to approximately $1.18 billion, up 38% year over year, while subscription revenue climbed 54% to $266 million. Total revenue reached $278 million, up 49% year over year, supported by higher ARR and favorable cloud transformation dynamics. The company also posted a meaningful improvement in subscription ARR contribution margin, improving over 1,800 basis points year over year to positive 8% (12 months ended April 30), underscoring operating leverage at scale. Free cash flow was $33 million, reflecting better operating efficiency even as increases in annual and monthly payment terms modestly affected working capital dynamics. Rubrik is guiding to continued strength in QQ2 and full-year FY2026, with ARR expected to reach $1.38â$1.388 billion (up 26â27% YoY) and total revenue of $1.179â$1.189 billion (up ~33â34% YoY). Non-GAAP subscription ARR contribution margins are anticipated to be ~4.5â5.5% in Q2 and ~6% for the full year, with non-GAAP EPS of -$0.35 to -$0.33 in Q2 and -$1.02 to -$0.96 for FY2026. Management frames this as a multiyear platform strategy anchored in cyber resilience across data and identity, with ongoing investments in R&D and go-to-market to capitalize on a large and growing TAM. The narrative emphasizes a durable, long-term trajectory driven by a true platform that integrates data and identity, a persistent demand environment for cyber resilience, and a growing opportunity in identity resilience and GenAI-related initiatives (Annapurna).