RBRK - Strong Beat-and-Raise, with Core Execution and Platform Expansion Driving the Story

研报英文原文证据摘录

RBRK - Strong Beat-and-Raise, with Core Execution and Platform Expansion Driving the Story

Truist Securities

Equity Research Report June 4, 2026

TMT: Security Software Rubrik, Inc. (RBRK)

RBRK - Strong Beat-and-Raise, with Core Execution and Platform Junaid Siddiqui

212-326-6141 Expansion Driving the Story

Junaid.Siddiqui@truist.com

Miller Jump Rubrik delivered a strong start to FY27, exceeding on top-line and profitability while

212-401-4427 raising the full-year outlook, which in our view should support continued confidence

Miller.Jump@truist.com in the durability of the story. Subscription ARR reached $1.57Bn (+32% YoY), better

than consensus expectations of $1.55Bn (+31% YoY). We continue to view Rubrik as

Jonathan Ngo one of the cleaner secular growth stories in security software, supported by large-

212-419-4482 enterprise consolidation, broadening platform adoption across data and identity, and

Jonathan.Ngo@truist.com an emerging AI governance/resilience opportunity. We reiterate our Buy rating and

raise our PT to $90 from $80.

Stock Rating BUY Strong 1Q27 Results: Rubrik’s 1Q27 results came in ahead of the prior baseline

Unchanged established after 4Q26, and the composition of the quarter looks healthy. Management

noted that revenue benefited from approximately $8.5M of material-rights revenue, but even

Price Target $90.00 normalizing for that, revenue growth still accelerated to 43%, suggesting the business is

↑ continuing to perform well as the cloud-transition accounting tailwind begins to roll off.

from Importantly, cloud ARR rose to $1.39Bn (+43% YoY) and now represents 89% of subscription

$80.00 ARR, underscoring that Rubrik is effectively at the tail end of its cloud transition, while

underlying demand across the platform remains strong.