Rubrik, Inc.

International and currency · Foreign exchange and currency exposure

We are exposed to fluctuations in currency exchange rates, which could negatively affect our results of operations. A strengthening of the U.S. dollar could increase the real cost of our solutions to our customers outside of the United States and negatively impact sales to foreign customers.

Market and investment · Market volatility and economic cycles

Our revenue growth also depends on a number of factors, including our ability to expand the features and functionality of our data security products... If the assumptions that we use to plan our business are incorrect or if we are unable to maintain consistent revenue or revenue growth, our stock price could be volatile and we may not be able to achieve and maintain profitability.

Credit and liquidity · Access to capital and financing

We may require additional capital to support the growth of our business, and this capital might not be available on acceptable terms, if at all. We cannot be certain when or if our operations will generate sufficient cash to fully fund our ongoing operations or the growth of our business.

Stakeholder relations · Employee engagement and culture

Our company values have contributed to our success. If we cannot maintain these values as we grow, we could lose certain benefits we derive from them, and our employee turnover could increase, which could harm our business.

Corporate governance · Internal controls and risk management

As a result of being a public company, we are obligated to develop and maintain proper and effective internal controls over financial reporting, and any failure to maintain the adequacy of these internal controls may adversely affect investor confidence in our company and, as a result, the value of our Class A common stock.

Stakeholder relations · Supplier and vendor relationships

If we are unable to maintain successful relationships with our Channel Partners and technology alliance partners, or if our Channel Partners or technology alliance partners fail to perform, our ability to market, sell, and distribute our solutions will be limited, and our business, financial condition, and results of operations will be harmed.

Digital transformation and innovation · Technology obsolescence and evolution

If we fail to adapt and respond effectively to rapidly changing technology, including technologies related to AI, evolving industry standards, changing regulations, or to changing customer needs, requirements, or preferences, our solutions may become less competitive.

Technology infrastructure · Cloud services and data center operations

We rely upon third-party cloud providers to host our solutions, and any disruption of, or interference with, our use of third-party cloud products would adversely affect our business, financial condition, and results of operations. Customers of RSC and our other cloud services need to be able to access our solutions at any time, without interruption or degradation of performance.

Customer and revenue · Changing customer preferences and behavior

Our customers have no obligation to renew their subscription for our data security solutions after the expiration of their contractual subscription period, which is generally three years, and in the normal course of business, some customers have elected not to renew their subscriptions.

Market position and competition · Market cyclicality and demand volatility

Demand for our platform and data security products is affected by a number of factors, including increased market acceptance by new and existing customers, increased market acceptance of our AI offerings, such as Rubrik Agent Cloud, increased activity by or prevalence of cybersecurity bad actors, including the use of ransomware.

Market position and competition · Disruptive competitors and new market entrants

In addition, we expect to encounter new competitors, including public cloud providers and SaaS companies that build native data security and management solutions, as we expand in current markets or enter new markets.

Strategic execution · Merger acquisition and divestiture risks

Acquisitions, strategic investments, joint ventures, or alliances could be difficult to identify, pose integration challenges, divert the attention of management, disrupt our business and culture, dilute stockholder value, and adversely affect our business, financial condition, and results of operations.

Strategic execution · Geographic expansion and market entry

If we are not successful in expanding our operations and customer base internationally, our business and results of operations could be negatively affected. Customers outside the United States generated 30% and 31% of our total revenue for fiscal 2026 and 2025, respectively.

Market position and competition · Competitive pressure and market share loss

The markets in which we participate are competitive, and if we do not compete effectively, our business, financial condition, and results of operations could be harmed. The data security market is new and intensely competitive, characterized by rapidly changing technology and evolving standards, changing customer requirements, and frequent new product introductions.

Innovation and product development · Intellectual property protection and infringement

Our intellectual property rights may not adequately protect our business. To be successful, we must protect our technology, know-how, and brand in the United States and other jurisdictions through trademarks, trade secrets, patents, copyrights, service marks, invention assignments, contractual restrictions, and other intellectual property rights and confidentiality procedures.

Tax and financial reporting · Tax compliance and changes in tax law

Changes in tax laws or regulations, or changes in interpretations of existing laws and regulations, could materially affect our financial condition and results of operations. Legislation commonly referred to as the One Big Beautiful Bill Act (the 'OBBBA'), as well as the Tax Cuts and Jobs Act (the 'Tax Act'), the Coronavirus Aid, Relief, and Economic Security Act, and the Inflation Reduction Act made many significant changes to the U.S. tax laws.

Data and privacy · Cross border data transfer regulations

We may also transfer personal data from Europe and other jurisdictions to the United States or other countries. Europe and other jurisdictions have enacted laws regulating the cross-border transfer of personal data from Europe to other countries, and, in particular, the European Economic Area and the United Kingdom, or UK, have significantly restricted the cross-border transfer of personal data to the United States, unless the entity has achieved compliance under the Data Privacy Framework.

Industry regulation · Regulatory compliance and changes

We will face risks associated with the growth of our business with certain heavily regulated industry verticals. We market and sell our solutions to customers in heavily regulated industry verticals, including the banking, healthcare, and financial services industries. As a result, we face additional regulatory scrutiny, risks, and burdens from the governmental entities and agencies that regulate those industries.

Project and contract management · Large contract concentration

Our three largest Channel Partners, Arrow Enterprise Computing Solutions, Exclusive Networks, and Ingram Micro Inc., and their respective affiliates collectively generated approximately 68% and 73% of our revenue for fiscal 2026 and 2025, respectively.

Geopolitical and trade · Trade policies tariffs and sanctions

Tariffs and other restrictive trade policies, such as those regarding hardware and technology infrastructure from China, have had and may continue to have an indirect impact on the total price customers pay for our products and may also impact production and supply of our Rubrik-branded Appliances and the commodity servers compatible with our solutions.