Core Insights - Rubrik (RBRK) is experiencing significant growth in subscription revenue, reaching $297 million in Q2 of fiscal 2026, a 55% year-over-year increase [1][10] - The company's Annual Recurring Revenue (ARR) surpassed $1.25 billion, reflecting a 36% year-over-year growth, with $71 million in net new subscription ARR added in Q2 [2][10] - Cloud ARR grew 57% year-over-year to $1.1 billion, driven by the adoption of Rubrik Security Cloud and new offerings [3][10] Subscription Revenue Growth - Subscription revenue reached $297 million in Q2 fiscal 2026, marking a 55% increase year-over-year [1][10] - The subscription ARR surpassed $1.25 billion, with a 36% year-over-year increase and $71 million in net new subscription ARR added in Q2 [2][10] - Customers with over $100K in subscription ARR grew by 27% year-over-year, totaling 2,505, contributing 85% of total subscription ARR [2] Cloud Solutions and Product Expansion - Rubrik's focus on cloud-based solutions has significantly bolstered subscription revenue, with Cloud ARR growing 57% year-over-year to $1.1 billion [3][10] - The company announced expanded immutability for Amazon RDS for PostgreSQL and comprehensive protection for Amazon DynamoDB, reinforcing its leadership in cloud data protection [3] - The launch of Rubrik Okta Recovery provides automated, immutable backups and granular recovery for Okta Identity Provider environments, extending identity protection capabilities [4] Competitive Landscape - Rubrik faces competition from various data management and protection vendors, including Commvault and IBM [5] - Commvault launched Clumio for Apache Iceberg on AWS, enhancing data lakehouse protection and compliance [6] - IBM's growth is expected to be driven by analytics, cloud computing, and security, with a focus on hybrid and multi-cloud environments [7] Stock Performance and Valuation - RBRK shares have gained 20.3% year-to-date, outperforming the broader Zacks Computer & Technology sector's return of 23% [8] - RBRK is considered overvalued, with a forward 12-month Price/Sales ratio of 10.7X compared to the sector's 6.92X [11] - The Zacks Consensus Estimate for fiscal 2026 loss is pegged at 49 cents per share, unchanged over the past 30 days [13]