Rubrik Inc-A 2025年度报告

Fiscal 2026 Annual Letter to Shareholders We generated $237.8 million in free cashflow – more than 10 times the prior fiscalyear. We are accelerating growth whileimproving margins and growing freecash flow, which is a rare combinationat our scale. In fact, we are intentionallylaying the foundation of a highlyprofitable, durable growth business.In other words, we are focused oncreating significant shareholder valueover the long term. Rubrik Has No Finish Line Dear Fellow Shareholders, We aim to build Rubrik into agenerational company. We do this byrelentlessly delivering delightful productsto our customers. We have evolvedRubrik from a data protection companyinto a platform for cyber and AI resilienceacross data and identity, reflectingboth changing customer needs and ourcontinued expansion of the platform. We are firmly in the AI era, which istransforming both the scale of cyberthreats and how organizations defendagainst them. As AI-powered attacksbecome more sophisticated in targetingdata and identity, the prevention anddetection security model is dead.The need for true cyber resiliencehas never been greater. At Rubrik, we have built our strategy forthis moment. Our platform sits at theintersection of data, identity, and AI.By operating from this unique position,we deliver a series of interlocking orcomplementary products that provideindispensable value to our customers.As I wrote in my shareholder letter lastyear, we stack multiple S-curves bytaking a portfolio of products approachto manage innovations at different pointson various S-curves. From our earliest days, we haveoperated with a singular conviction: thatthe most enduring companies in historywere not those that captured a moment,but those that defined an era. They didnot simply respond to the world as itwas, but they continuously shaped theworld as it became. That is the standardwe hold ourselves to. Building a generational company isnot a destination. It is a commitmentto our customers and partners, to ourshareholders, to our mission, and to thebelief that the most important work wewill ever do is still ahead of us. This strategy is delivering strong results.Fiscal 2026 was a remarkable yearfor us with a number of milestones.Our subscription ARR reached $1.46billion, growing 34% year over year.We wrapped up the year with strongmomentum, accelerating net new ARRgrowth to a record $115 million in Q4. S-curves, the question becomes howdo you foster a relentless innovationculture? This is especially important inthe AI era, when software developmenttime is significantly compressed. Building a PlatformThat Compounds The most enduring competitiveadvantage in technology is not aproduct. It is a platform — one wherecustomer value multiplies. To be successful, we adhere to twoprinciples. Rubrik is built on the principle ofComplementary Network Effects:every product we build makes everyother product more powerful. When acustomer adopts Rubrik, they are notjust buying a solution. They are steppinginto an ecosystem where they get morevalue from their existing Rubrik productsas they adopt more Rubrik products. 1. Counter Consensus Ideas We are living in an age of technologyacceleration. AI is not only turbo-charging the pace of innovation, butalso compressing years-long productdevelopment cycles into weeks ormonths. In the AI era, durable businessadvantage lies in the product-marketreadiness time. This time goes beyondthe product development cycle.This is the time it takes to iterate withcustomers, absorb market and productfeedback, and scale a solution forwidespread adoption faster thananyone else. For example, when a Rubrik dataprotection customer adopts RubrikʼsIdentity Resilience product, they not onlyachieve cyber resilience across dataand identity but also gain a completeunderstanding of the blast radiusand characteristics of a cyberattackacross data and identity through theRubrik platform. This is the additionalplatform value. Contrast this to thealternative: customers requiring multiplesiloed products for data and identityprotection, plus requiring another thirdparty tool to surface insights across theirdata and identity silos to comprehendthe full scope of a cyberattack. The only way to win now is to start onproducts earlier than the market believesis necessary. That is where counterconsensus ideas come in. A counter consensus idea is one thatthe majority of market participants donot yet believe in, other than a small,conviction-driven minority. To most,these ideas feel uncomfortable. Theyinvite skepticism. They are, by definition,lonely positions to hold. Our compounding platform is thearchitecture of a generational company.Customers do not simply use Rubrik.They rely on it to deliver resilientminimum viable businesses. And themore they use it, the more indispensableit becomes. That is value creationthat endures. But if your culture encourages thepursuit of such ideas and if you havebuilt an organization that can live withuncer