Detailed financial statements for Rubrik, Inc. (RBRK): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Rubrik, Inc. operates as a global provider of advanced data security solutions, catering to a wide range of individuals and businesses. The company's comprehensive suite of offerings addresses various aspects of data protection, including securing enterprise data, unstructured data, cloud environments, and Software-as-a-Service (SaaS) applications.
Analysis Summary
Rubrik, Inc. reported revenue of $1.32B in the most recent fiscal year, growing at a 5-year CAGR of 27.7%.
Trailing-twelve-month margins: gross margin 80.2%, operating margin -18.3%, net margin -16.5%.
At the current price of $118.58, RBRK has negative trailing earnings (P/E not meaningful) and an ROE of 50.26%. Market capitalisation stands at $24.4B, placing it among large-cap names.
Balance sheet quality for RBRK: current ratio of 1.7, net cash position of $545.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue | $387.8M | $506.1M | $599.8M | $627.9M | $886.5M | $1.32B |
| Cost of Revenue | $170.6M | $236.3M | $279.6M | $238.2M | $265.7M | $261.9M |
| Gross Profit | $217.2M | $269.9M | $320.3M | $389.7M | $620.8M | $1.05B |
| Research & Development | $127.4M | $159.6M | $158.8M | $189.8M | $531.6M | $373.7M |
| Selling, General & Admin | $298.9M | $360.1M | $423.0M | $506.4M | $1.22B | $1.03B |
| Operating Expenses | $426.3M | $519.7M | $581.8M | $696.2M | $1.75B | $1.40B |
| Operating Income | -$209.1M | -$249.8M | -$261.5M | -$306.5M | -$1.13B | -$345.4M |
| EBITDA | -$125.5M | -$144.9M | -$153.8M | -$196.3M | -$1.08B | -$162.2M |
| Interest Expense | 0 | 0 | $11.7M | $30.3M | $41.3M | $17.2M |
| Pre-tax Income | -$207.6M | -$249.6M | -$269.1M | -$327.5M | -$1.15B | -$326.5M |
| Income Tax | $5.5M | $4.8M | $8.6M | $26.7M | $6.4M | $22.4M |
| Net Income | -$213.1M | -$254.4M | -$277.7M | -$354.2M | -$1.15B | -$348.8M |
| EPS | $-1.21 | $-1.45 | $-1.58 | $-2.01 | $-7.48 | $-1.78 |
| EPS (Diluted) | $-1.21 | $-1.45 | $-1.58 | $-2.01 | $-7.48 | $-1.78 |
| Shares Outstanding (Diluted) | $175.9M | $175.9M | $175.9M | $175.9M | $154.3M | $196.5M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Revenue | $350.2M | $377.7M | $387.1M | $427.3M |
| Gross Profit | $284.4M | $305.6M | $311.8M | $335.1M |
| Operating Income | -$75.5M | -$82.4M | -$52.6M | -$71.9M |
| EBITDA | -$49.9M | -$58.8M | -$24.1M | -$52.4M |
| Net Income | -$63.8M | -$87.0M | -$41.9M | -$61.8M |
| EPS | $-0.32 | $-0.44 | $-0.21 | $-0.30 |
| EPS (Diluted) | $-0.32 | $-0.44 | $-0.21 | $-0.30 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | $120.1M | $71.0M | $135.8M | $130.0M | $186.3M | $380.2M |
| Short-term Investments | $97.2M | $67.8M | $160.1M | $149.2M | $518.8M | $1.30B |
| Receivables | $119.6M | $167.5M | $155.9M | $139.9M | $182.2M | $260.6M |
| Inventory | $3.4M | $4.4M | $9.5M | $4.8M | $4.2M | $5.7M |
| Total Current Assets | $361.1M | $331.0M | $507.3M | $548.7M | $1.08B | $2.22B |
| Property, Plant & Equipment | $34.1M | $65.8M | $83.0M | $77.7M | $53.2M | $83.8M |
| Goodwill | $4.2M | $4.2M | $4.2M | $100.3M | $100.3M | $199.6M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $509.9M | $519.0M | $769.2M | $873.6M | $1.42B | $2.77B |
| Accounts Payable | $10.2M | $14.1M | $8.1M | $6.9M | $10.4M | $15.3M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $231.7M | $337.3M | $435.4M | $656.3M | $950.2M | $1.31B |
| Long-term Debt | 0 | 0 | $179.7M | $287.0M | $322.3M | $1.13B |
| Total Liabilities | $430.0M | $623.6M | $1.14B | $1.58B | $1.98B | $3.29B |
| Retained Earnings | -$796.2M | -$1.05B | -$1.33B | -$1.68B | -$2.84B | -$3.19B |
| Total Equity | $79.9M | -$104.6M | -$372.6M | -$704.5M | -$553.7M | -$519.6M |
| Total Debt | $6.0M | $33.2M | $216.0M | $309.3M | $350.8M | $1.13B |
| Net Debt | -$211.3M | -$105.6M | -$79.9M | $30.0M | -$354.3M | -$545.1M |
| Working Capital | $129.4M | -$6.4M | $71.9M | -$107.6M | $127.5M | $909.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Cash & Equivalents | $307.1M | $380.2M | $429.4M | $416.2M |
| Total Assets | $2.55B | $2.77B | $2.77B | $2.85B |
| Total Liabilities | $3.07B | $3.29B | $3.25B | $3.35B |
| Total Equity | -$524.4M | -$519.6M | -$481.3M | -$499.4M |
| Total Debt | $1.13B | $1.13B | $1.15B | $1.13B |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | -$213.1M | -$254.4M | -$277.7M | -$354.2M | -$1.15B | -$348.8M |
| Depreciation & Amortization | $82.1M | $104.7M | $103.7M | $18.4M | $28.9M | $37.1M |
| Stock-based Compensation | $44.0M | $45.1M | $7.0M | $5.7M | $913.9M | $329.4M |
| Change in Working Capital | $24.6M | $16.4M | $174.5M | -$64.9M | $141.7M | $148.2M |
| Operating Cash Flow | -$58.7M | -$82.8M | $19.3M | -$4.5M | $48.2M | $282.9M |
| Capital Expenditure | -$15.9M | -$20.4M | -$34.3M | -$12.3M | -$16.9M | -$29.6M |
| Acquisitions | -$1.5M | 0 | 0 | -$90.3M | 0 | -$21.3M |
| Stock Repurchased | -$529,000 | -$1.3M | -$6,000 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$74.6M | -$103.2M | -$15.0M | -$16.9M | $31.3M | $253.3M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Operating Cash Flow | $86.7M | $94.9M | $81.7M | $76.8M |
| Capital Expenditure | $2.4M | -$7.5M | -$8.1M | -$5.6M |
| Free Cash Flow | $89.1M | $87.4M | $73.6M | $71.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | $73.4M | 0 |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue Growth (YoY) | | +30.5% | +18.5% | +4.7% | +41.2% | +48.5% |
| Net Income Growth (YoY) | | -19.4% | -9.2% | -27.5% | -226.1% | +69.8% |
| EPS Growth (YoY) | | -19.4% | -9.2% | -27.5% | -271.6% | +76.2% |
| Shares Change (YoY) | | +0.0% | +0.0% | +0.0% | -12.3% | +27.3% |
| FCF Growth (YoY) | | -38.3% | +85.5% | -12.3% | +286.0% | +708.1% |
| Gross Margin | 56.0% | 53.3% | 53.4% | 62.1% | 70.0% | 80.1% |
| Operating Margin | -53.9% | -49.4% | -43.6% | -48.8% | -127.9% | -26.2% |
| EBITDA Margin | -32.4% | -28.6% | -25.6% | -31.3% | -121.6% | -12.3% |
| Net Margin | -55.0% | -50.3% | -46.3% | -56.4% | -130.3% | -26.5% |
| FCF Margin | -19.2% | -20.4% | -2.5% | -2.7% | 3.5% | 19.2% |
| Effective Tax Rate | -2.6% | -1.9% | -3.2% | -8.2% | -0.6% | -6.8% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF Per Share | $-0.42 | $-0.59 | $-0.09 | $-0.10 | $0.20 | $1.29 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $175.9M | $175.9M | $175.9M | $175.9M | $154.3M | $196.5M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 50.26% |
| Return on Invested Capital | -19.32% |
| Return on Assets | -8.94% |
| Gross Margin | 80.21% |
| Operating Margin | -18.31% |
| Net Margin | -16.50% |
Financial Health
| Debt / Equity | -2.27 |
| Current Ratio | 1.64 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.85 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | -30.55 | -25.59 | -23.44 | -18.38 | -9.80 | -31.43 |
| P/B | 81.50 | -62.21 | -17.47 | -9.24 | -20.42 | -21.16 |
| P/S | 16.79 | 12.86 | 10.85 | 10.37 | 12.75 | 8.35 |
| Gross Margin | 56.0% | 53.3% | 53.4% | 62.1% | 70.0% | 80.1% |
| Operating Margin | -53.9% | -49.4% | -43.6% | -48.8% | -127.9% | -26.2% |
| Net Margin | -55.0% | -50.3% | -46.3% | -56.4% | -130.3% | -26.5% |