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Rubrik (RBRK) delivered strong upside for Q2 FY26 and raised full-year guidance. However, shares are pulling back today in a “sell-the-news” reaction after a 14% rally since last Friday.

• Subscription Annual Recurring Revenue (ARR) rose 36% yr/yr to $1.25 bln, slightly below the prior quarter’s 38%, but still strong.
• Net new subscription ARR was $71 mln, driven by robust new customer acquisition and recurring expansion from existing accounts.
• The number of customers with $100,000+ in subscription ARR grew 27% yr/yr to 2,505, reflecting increased enterprise adoption.
• Subscription ARR contribution margin improved significantly to +9.4% from -8.2% a year ago.
• Key margin drivers included operating leverage, cost efficiencies, a one-time hosting credit, and debt refinancing.
• Non-GAAP EPS improved to $(0.03) from $(0.40) in the year-ago period, approaching breakeven.

Briefing.com Analyst Insight:

RBRK delivered solid Q2 results with strength across core metrics and a notable margin turnaround. Still, the stock is selling off after a big run-up, which suggests investors may have priced in much of the good news. While ARR growth and profitability trends are moving in the right direction, the quarter doesn’t quite erase broader concerns. RBRK remains in the early innings of proving it can scale efficiently over time. With strong demand for cyber resilience solutions, the fundamentals look promising, but this isn't necessarily a name to chase aggressively just yet.