Rubrik Inc Q3 2026 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Saket Kalia, CFA - Barclays Services Corp - Analyst : Okay. Great. Nice quarter. Bipul, maybe for you. It's very clear that you're taking share in the core cyber resilience, right? The first of three pillars. But you're also growing other businesses, like Identity. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 04, 2025 / 10:00PM, RBRK.N - Q3 2026 Rubrik Inc Earnings Call And so I'm curious: How additive can Identity be to an average data protection deal? Maybe relatedly, is Identity replacing any established tools or is that creating new budget, as you sell increasingly to CISOs?

Question: Saket Kalia, CFA - Barclays Services Corp - Analyst : That's super helpful. I would love to squeeze in just one housekeeping question, Kiran, maybe if I can, for you. The SaaS ARR line really speaks for itself. But I was wondering if you could just comment on the non-SaaS ARR line, right? There's an element of there that's conversion. There's also some natural churn. Since we're all together here on the call, can you just talk about how we should think about modeling that going into Q4 and then, maybe into next year?

Question: Matthew Martino - Goldman Sachs Group Inc - Analyst : Bipul, though your comment that bookings from legacy replacement accelerated year over year stood out to me, from your perspective, what's driving the acceleration there? Is it the modernization ahead of AI that you flagged in the prepared remarks or maybe a growing recognition from CIOs that they simply can't wait to modernize due to the growing threat vectors out there?

Question: Fatima Boolani - Citi Infrastructure Investments LLC - Analyst : Bipul, this one, I want to direct to you. Since your IPO, there has been an absolute avalanche of new product introductions and new capabilities. You're showing and putting points on the board, with respect to installed base and new customer uptake in adoption. What I wanted to ask you was just, with respect to the platform having expanded so dramatically in the span of the last 18 months, I'm curious how that's influencing your overall sales strategy? Really, the spirit of the question here is, what's become very involved in, certainly, the companies we cover and the broader enterprise software is this notion of providing flex or consumption-oriented-type vehicles to enable customers to have a more fulsome and frictionless access to the full portfolio. So a long-winded way to ask you, is that something that you would potentially consider, just given how quickly and how robustly the platform's expanded? How would you idea around that?

Question: John DiFucci - Guggenheim Securities LLC - Analyst : This is an impressive quarter. I'd just like to congratulate the extended Rubrik team beyond even those on this call. Bipul, I want to go high-level with you on something because you hit something that everybody is hitting now. We are just trying to figure out. It seems really early when it comes to securing AI agents. But things can move really fast. It seems that everybody in security is saying they're best positioned to serve this role, which looks like it can be huge, right? Can you explain why Rubrik is well positioned to capture this opportunity; or maybe even just part of the opportunity? If that's the case, what else do customers -- what else will they need to have, beyond Rubrik, to solve this problem?

Question: John DiFucci - Guggenheim Securities LLC - Analyst : That is the first time I've heard anything about this described in a way that I can [stand]. So thank you very much.

Question: Brad Zelnick - Deutsche Bank AG - Analyst : Excellent. I echo my congrats, as well. What a great quarter. My question actually follows on what John just asked about Rubrik Agent Cloud, across monitor, govern, and remediate. I reflect on the announcement this week, adding Amazon Bedrock along with Copilot Studio support. Bipul, how are these partnerships structured with the AI platforms? Is there a co-investment in go-to-market and co-innovation on product? What are the ways you'll monetize Rubrik Agent Cloud, along with the platforms?

Question: Brad Zelnick - Deutsche Bank AG - Analyst : From a monetization standpoint, Bipul, these are dedicated SKUs that are incremental. The strategy isn't necessarily to migrate customers up different tiers of the core product. Is there anything we should know about the way that you'll monetize?

Question: Gregg Moskowitz - Mizuho Securities USA LLC - Analyst : Congratulations on the strong execution. I'd like to go back to Identity because Identity Recovery is off to a really strong start. By the way, the feedback was also positive at AWS re:Invent this week. Bipul, when you look ahead, Rubrik has many thousands of customers that you can potentially cross-sell into; and, as you've noted, you're already landing with identity, as well. When you look at Identity Recovery and now, Identity Resilience, in addition, how are you thinking about penetration rates for this part of the platform, going forward?

Question: Thomas Ingham - Canadian Imperial Bank of Commerce - Analyst : I wanted to ask about net new. That's been a little bit lumpy the last few quarters. I'm just wondering if the acceleration that you experienced this quarter and going into Q4 -- is that the new normal? Or should this still be considered an area of volatility, as we think about '27?

Question: Junaid Siddiqui - Truist Securities Inc - Analyst : Bipul, with cyber insurance requirements tightening and ransomware costs increasing, are you seeing Rubrik's platform play a role in lowering those insurance premiums for customers? Do you see this convergence of identity and data security becoming a differentiator for cyber insurance and compliance frameworks?

Question: Keith Bachman - Bank of Montreal - Analyst : I wanted to go back to the agent market. The Identity market seems like a tremendous opportunity in a natural adjacency. I still struggle a little bit with the opportunities associated with the agent market. And so I wanted to just ask it in maybe some different threads: Is the go-to-market going to be different for the Identity? That is to say, do you anticipate it being a different buyer in the agent market? It would seem to me that it's a different buyer but I just wanted to get your perspective. And b, how do you think the competitive landscape is going to shape up? It's super early. There's probably going to be more than one winner. And then, finally, is there any thoughts about when you might emerge from beta to actually have production environments or fit GA into the market?

Question: Shrenik Kothari - Robert W. Baird & Co Inc - Analyst : Many congrats on the great execution. Bipul, of course, you mentioned we're launching the Identity Resilience this quarter and already noted pretty strong early adoption. Can you speak to the uplift versus Identity Recovery? Just on that note, Kiran highlighted that security represents over 40% now and was a major contributor to sustaining [NRR] above 120%. Just with these modules that you're adding resilience and Agent Cloud adding more breadth, like, just how should we think about the durability of that NRR?

Question: Shrenik Kothari - Robert W. Baird & Co Inc - Analyst : Great. Very helpful. Thanks a lot. Congrats, again.