In short: ARR picks up — and it accelerated before the acquisition contributes anything. Q2 revenue +38% Y/Y to $427M ($31M beat) with non-GAAP EPS of $0.20 ($0.16 beat); subscription ARR +33% Y/Y to $1.66B, accelerating from 32% in Q1, net retention above 119%, and customers spending $100K+ in ARR up 23% to 3,084. Rubrik Agent Cloud added support for Claude Code, and five major consulting firms joined Project Hourglass to deploy agent-security capabilities for enterprises. Rubrik also acquired Strata Identity — technology "designed to keep identity systems operational during cyberattacks" — but "importantly, Strata contributed no ARR in Q2 and is excluded from FY27 guidance." Profitability improved alongside: subscription ARR contribution margin +~460 bps to 14%, free cash flow $66M at a 15% margin. FY27 subscription ARR guidance raised ~$25M to $1.88B (~29% growth), revenue guidance raised ~$46M to $1.69B, FCF now expected at $323–$333M. Bottom Line: "Q2 was encouraging… The next test is whether these newer products can keep ARR growth near 30% as the base approaches $2 billion." A disclosed author holding.
Rubrik does backup and recovery — but the modern version, "cyber resilience": keeping a clean, immutable copy of a company's data so that when ransomware encrypts everything, the business can be restored rather than ransomed. It sells by subscription, so the number that matters is ARR (annual recurring revenue) — the annualized value of contracts currently running.
ARR grew 33%, and the important word is that it accelerated — last quarter it was 32%. Recurring-revenue businesses almost always decelerate as they get bigger, simply because the base is larger, so acceleration at $1.66 billion is unusual. Existing customers also spent more than 119% of what they spent a year earlier, meaning the average customer expands rather than churns.
There is a clean-accounting detail that strengthens the claim. Rubrik bought a company called Strata Identity during the quarter, and normally you would suspect an acquisition of flattering the growth number. It didn't: Strata contributed zero ARR and is excluded from next year's guidance entirely. So the acceleration is organic.
Profitability improved alongside growth — the margin on that recurring revenue rose about 4.6 percentage points and free cash flow reached $66 million — and guidance went up on ARR, revenue and cash flow. The question the author leaves is the arithmetic one: it gets progressively harder to grow 30% as the base approaches $2 billion. The author owns it. Analysis, not a recommendation.
In short: Q1 rev +39% to $387M; subscription ARR +32% to $1.57B; NRR ~120%; gross margin 81%; FCF margin 19%. Rubrik Agent Cloud GA with the Semantic AI Governance Engine (SAGE) + "Agent Rewind"; the American Hospital Association selected Rubrik as a preferred cybersecurity provider (~5,000 hospitals); joined Anthropic's Project Glasswing. The watch item: subscription ARR growth decelerating (34%→32%). Raised FY27 guide to ~$1.643B.
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