The strong beat and raised guidance across revenue, EPS, and FCF confirm accelerating operating leverage. Watch for continued subscription ARR growth and margin expansion in Q2 guidance (revenue $395M-$397M, non-GAAP EPS $0.03-$0.05). The raised FY2027 FCF guidance ($293M-$303M) implies ~18% FCF margin, a key profitability milestone for a growth SaaS company.
Price Chart
Executive Summary
Rubrik reported Q1 FY2027 results that exceeded all guided metrics, with total revenue of $387.1M (+39% YoY) and subscription ARR of $1.57B (+32% YoY). The company raised its full-year FY2027 guidance across revenue, EPS, and free cash flow, signaling accelerating operating leverage and durable growth.
Key Financial Metrics
Key Facts
- Total revenue $387.1M, +39% YoY (vs $278.5M), above consensus of $366.3M
- Subscription revenue $374.2M, +41% YoY
- Subscription ARR $1.57B, +32% YoY
- GAAP net loss per share $(0.21), improved from $(0.53) YoY
- Non-GAAP net income per share $0.16, vs non-GAAP net loss per share $(0.15) YoY
- Operating cash flow $81.7M, +106% YoY; Free cash flow $73.6M, +121% YoY
- Raised FY2027 guidance: revenue $1.638B-$1.648B, non-GAAP EPS $0.25-$0.35, FCF $293M-$303M
- Subscription ARR contribution margin improved to 13.2% from 8.0% YoY
- Cash and investments $1.75B as of April 30, 2026
Financial Impact
Revenue beat consensus by ~5.7% ($387.1M vs $366.3M); non-GAAP EPS of $0.16 vs consensus of -$0.44 represents a 136% beat on the Street-convention metric. Full-year guidance raised across all metrics.
Risk Factors
- Stock-based compensation remains elevated at $73.4M for the quarter, diluting GAAP profitability
- Macroeconomic uncertainty could slow enterprise subscription adoption
- Competitive pressure in cyber resilience and data protection market
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001943896-26-000041 |
| Document: 0001943896-26-000041-index.html | 0001943896-26-000041 |
| Document: 0001943896-26-000041.txt | 0001943896-26-000041 |
| 8-K Data (Synthetic) | 0001943896-26-000041 |
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