On this page of StockholderLetter.com we present the latest annual shareholder letter from Rubrik, Inc. — ticker symbol RBRK. Reading current and past RBRK letters to shareholders can bring important insights into the investment thesis.

 •  5/13/2025 Letter Continued (Full PDF)
 •  More "Application Software" Category Stockholder Letters
 •  RBRK Benford's Law Stock Score = 64

RBRK Shareholder/Stockholder Letter Transcript:

Annual Report
Fiscal 2025

culture from the ground up, I felt strongly
that Rubrik should have a collaborative,
trusting, maximal thinking and risktolerant culture     in other words,
a culture hospitable to outsiders.
Our Culture
Dear Fellow
Shareholders,
Last fiscal was an electrifying year
for us. We not only became a publicly
traded company in April 2024 but also
finished at over $1.0 billion in Subscription
ARR, growing 39% year-over-year
while making significant leaps toward
profitability. Rubrik delivered the rare
combination of high top-line growth and
fast-growing free cash flow margins.
But here   s what really matters.
We   re building a generational company.
We aspire Rubrik to be a truly exceptional
company with no finish line. Then the
question is: how do you build an enduring
institution? You need great talent and
ever-evolving products, all governed
by strong cultural values and unlimited
company ambition.
I   ve been an outsider all my life.
Whether immigrating to the U.S. from
India, working at companies like Oracle,
attending Wharton, or becoming
a venture capitalist, I was entering
unfamiliar territory. It was only once I
co-founded Rubrik that I moved from
   outsider    to    insider.    As we created our
Our culture is encapsulated as RIVET    
Relentless, Integrity, Velocity, Excellence
and Transparency. These values serve
as our compass even when the map
changes. What does culture really mean
though? It   s not what is written on the
wall but what really happens when the
founders are not in the room. How do
we work with each other to produce
exemplary work? How do we not let
the past cloud our judgment for the
future? How do we consistently raise our
collective ambition for the company?
In our weekly Executive Leadership Team
meeting my Co-Founder Arvind and I
often debate why we are building, what
we   re building or why we aren   t moving
even faster. Our conversations can
get heated but it   s important to us that
other leaders in the company see this.
That we have an open and transparent
dialogue in which we challenge each
other to uncover edge-case insights
and solutions. Fostering this type of
environment is how we can make highquality decisions and reduce blind spots
when we   re operating at high speeds.
Age of Acceleration
Speed matters especially in an age of
technology acceleration. Microsoft took
20 years to become a household name,
Google 5 years, Facebook 2 years and
ChatGPT just 3 months. Rapid technology
changes means businesses must reorient
constantly. The product-market fit is now

effectively dead and zero-to-one must
happen every few months. The traditional
   Executive Mode    of top-down command
and control playbooks no longer work.
By the time you come up with a plan,
delegate it and then let it cascade
through the ranks, the plan no longer
works. That   s why I ask my leaders to live
at the edge of innovation and obsessively
keep their ears to the ground. Last year,
I traveled around the world doing over
400 customer meetings to ensure we
continuously adjust our strategy to stay
ahead of technology shifts.
Lateral Motion
Forward Motion
we   re managing innovations at different
points on various S-curves.
The key to success in the age of
technology acceleration is to maintain
maximal momentum while preparing
for what   s coming next. To do this, we
use the combination of Forward Motion,
scaling current successes, and Lateral
Motion, building and exploring new
opportunities. Our Forward Motion is
taking our cyber resilient Data Protection
business from scale to super-scale.
We do this by expanding our data
protection solutions across new
applications and workloads that span
enterprise, cloud and SaaS environments
while exploring new routes to market,
accelerating distribution networks,
serving new customers and expanding
our value proposition within our customer
base. Our investments in data security
    years before ransomware became a
headline topic     have resulted in scaled
businesses with broad adoption today.
This is how we   ve been able to transform
the legacy backup and recovery budget
into a data security investment that
delivers cyber resilience.
But you can   t just rely on Forward Motion
to achieve sustained success. Failing to
innovate or explore new opportunities
could lead to eventual stagnation. In other
words, by the time one product is scaling,
it   s already time to start building the next
product strategy. We allocate resources
    time, talent and money     across a
portfolio of innovation initiatives as the
Lateral Motion to unlock the next S-curve.
If you don   t build a Lateral Motion, you
risk falling behind. Furthermore, we take a
portfolio approach to S-curves, in which
Market Transitions
To do this, we have a dedicated team
staffed with folks who excel at going
from zero to one     finding new productmarket fit. This helps us operate a
multi-product portfolio while reducing
complexity. Within a product discipline,
we often deploy different go-to-market
teams to establish higher positions on an
S-curve while we   re still adding and finetuning new capabilities. This is how we
go faster in developing new markets with
significant upside and in leading
market transitions.
Just like any portfolio of risks, some bets
work, some don   t. When they work, the
mission becomes going from one to scale
by combining both Lateral and Forward
Motions. We   ve used this approach to
build, for example, our M365 Protection
solution into a scale business. We   re using
the same approach to introduce new
Identity Resilience solutions that bring
data context and identity together for the

first time in the industry. We   ll continue
using these Forward and Lateral Motion
teams to explore and scale horizontal
use cases from our vantage point at the
nexus of data, security and AI.
Finally, I am proud of the unwavering
customer focus and relentless disciplined
execution by all Rubrikans globally to
produce our phenomenal year for our
shareholders. An enduring company is
built off the backs of great people who
accept reality, think maximally and act
with a sense of urgency to transform
vision into reality. Below, I attach my
original letter published in our IPO
prospectus to explain my philosophy of
maximal thinking and business building.
As I often share with our team, what we
do matters and our future is bright. Thank
you to our customers and partners who
trust us to secure their data and business.
Thank you to our shareholders for your
support and trust.
We   re just getting started. The best is
yet to come.
BIPUL SINHA
CEO, Chairman & Co-Founder
P.S. My travels around the world allow me
to indulge my other passion in life: food.
Here are my top 5 bold eats
around the world.
1.
Ambassadors Clubhouse, London
Home to the best masala tea
2. Aga   s, Houston
The curries are top notch
3. Gulati Restaurant, New Delhi
Butter chicken to die for
4. Zou Zou   s, New York City
The ultimate fire-roasted lamb
5. Revolver, Singapore
Avant-garde Indian with a twist of fire

Letter from the CEO:
April 2024 (IPO Prospectus)
I believe in maximal thinking     constantly imagining a limitless, extraordinary future,
while accepting contradictions and maximizing present opportunities. By accepting
contradictions, we accept reality     that is the starting point for progress.
I have been fortunate to be able to sit on multiple sides of the table - from software
engineer to people manager to venture capitalist to founder and CEO. These
experiences have given me a unique perspective on how to weave together complex
software platforms, company culture, risk capital, value creation, and market
transitions to create durable businesses. When market transitions occur, opportunity
arises to transform and massively expand existing markets.
These disruptions allow new products to gain market relevance quickly and set the
agenda of the new market order. This is precisely why I left my venture partnership
to start Rubrik. The legacy backup and recovery market was ripe for such a
transformation into data security based on cloud and cybersecurity trends.
I believed there was an opportunity to build a lasting company.
Rubrik was founded on a vision to deliver business resilience by securing the most
critical asset of any organization - data. We built a distinct architecture to combine
data and metadata (application context) from business applications across the cloud
to ensure data security and availability irrespective of incidence. This allowed us to
transform backup data into a strategic asset that sits at the epicenter of security
and artificial intelligence. Our original architecture uniquely enables application of
artificial intelligence directly between data and security to deliver resilience against
cyberattacks. We aim to build an enduring institution underpinned by a unique
platform that delivers data security products to solve critical problems and delight
our customers. Our goal is to lead the data security market which we believe is the
future of cybersecurity.
Rubrik lives on the frontier of innovation, and our long-term success depends on
our ability to continuously create and commercialize pioneering products. However,
vision is useless by itself. We believe a strong culture and disciplined execution are



 5/13/2025 Letter Continued (Full PDF)