Free cash flow has turned positive at a 19.0% margin in 2027Q1, though this is partially supported by $34.1 million in working capital inflows.
| Cash from Operations | 326.85M | 282.91M | 48.23M | -4.52M | 19.29M | -82.78M | -58.74M |
| Operating CF Margin % | - | 21.49% | 5.44% | -0.72% | 3.22% | -16.36% | -15.15% |
| Operating CF Growth % | 729.46% | 486.61% | 1167.46% | -123.43% | 123.3% | -40.93% | - |
| Net Income | -288.58M | -348.83M | -1.15B | -354.16M | -277.75M | -254.4M | -213.09M |
| Depreciation & Amortization | 20.5M | 37.12M | 28.87M | 18.41M | 103.65M | 104.66M | 82.08M |
| Stock-Based Compensation | 73.37M | 329.37M | 913.91M | 5.71M | 6.95M | 45.07M | 43.98M |
| Deferred Taxes | 2.48M | 4.01M | 1.24M | 1.94M | 4.45M | 2.92M | 913K |
| Other Non-Cash Items | 633.8M | 113.06M | 117.31M | 388.45M | 7.47M | 2.53M | 2.81M |
| Working Capital Changes | 147.14M | 148.18M | 141.72M | -64.87M | 174.51M | 16.45M | 24.56M |
| Change in Receivables | -34.39M | -79.79M | -44.26M | 17.16M | 8.75M | -51.37M | -6.26M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 4.11M | 4.48M | 4.48M | -1.01M | -7.49M | 3.66M | 265K |
| Cash from Investing | -900.44M | -830.09M | -383.44M | -93.62M | -125.19M | 8.42M | -1.6M |
| Capital Expenditures | -38.54M | -29.63M | -16.89M | -20.01M | -34.3M | -20.45M | -15.88M |
| CapEx % of Revenue | 2.7% | 2.25% | 1.9% | 3.19% | 5.72% | 4.04% | 4.1% |
| Acquisitions | -19.28M | -21.26M | 0 | -90.33M | 0 | 0 | -1.5M |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -8.29M | -15.44M | -9.71M | 0 | 0 | 0 | 0 |
| Cash from Financing | 736.47M | 736.5M | 398.02M | 95.95M | 171.82M | 22.87M | 137.51M |
| Debt Issued (Net) | 707.87M | 709.78M | -475K | 96.3M | 170.74M | 0 | 0 |
| Equity Issued (Net) | 125.68M | 33.06M | 831.24M | -351K | 1.08M | 22.87M | 137.51M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 13.49M | 0 | 0 | 0 | -6K | -1.31M | -529K |
| Other Financing | -98.26M | -6.34M | -432.75M | 0 | 0 | 0 | 0 |
| Net Change in Cash | 149.53M | 199.15M | 56.53M | -3.55M | 64.79M | -51.25M | 77.39M |
| Free Cash Flow | 306.46M | 253.28M | 31.34M | -16.85M | -15.01M | -103.23M | -74.62M |
| FCF Margin % | 21.51% | 19.24% | 3.54% | -2.68% | -2.5% | -20.4% | -19.25% |
| FCF Growth % | 211.54% | 708.08% | 286% | -12.26% | 85.46% | -38.34% | - |
| FCF per Share | 1.50 | 1.29 | 0.20 | -0.10 | -0.09 | -0.59 | -0.42 |
| FCF Conversion (FCF/Net Income) | -1.06x | -0.81x | -0.04x | 0.01x | -0.07x | 0.33x | 0.28x |
| Interest Paid | 2.51M | 0 | 15.03M | 9.52M | 4.95M | 0 | 0 |
| Taxes Paid | 2.55M | 0 | 11.94M | 5.05M | 6.02M | 2.5M | 0 |
High Operating Loss Burn
As reported in recent financial statements, Rubrik exhibits a persistent divergence between net losses and operating cash flow, with the company generating $81.7 million in OCF against a $41.9 million net loss in 2027Q1, highlighting a significant reliance on non-cash adjustments to bridge the profitability gap.
The consistent negative OCF/NI ratio suggests that the company's reported net income is heavily burdened by non-cash expenses, primarily stock-based compensation. Investors should interpret this as a signal that while the business is becoming cash-generative, the underlying GAAP profitability remains elusive and heavily dependent on accounting treatments.
Based on quarterly filings, Rubrik has demonstrated a notable improvement in free cash flow trajectory, moving from a negative 19.8% FCF margin in 2025Q1 to a positive 19.0% margin by 2027Q1, indicating a successful transition toward self-sustaining operational cash generation despite ongoing heavy investment cycles.
This trend suggests that the company is successfully scaling its subscription model, allowing it to cover its capital requirements through internal cash generation. However, the volatility in quarterly FCF margins warrants caution, as it may reflect the timing of large enterprise contract renewals rather than a permanent shift in operational efficiency.
According to recent SEC filings, Rubrik's working capital changes have consistently contributed positively to operating cash flow, with a $34.1 million inflow in 2027Q1, suggesting that the company is effectively managing its deferred revenue and collection cycles to bolster its short-term liquidity position.
The reliance on working capital inflows to support cash flow indicates that the company is benefiting from upfront payments typical of its subscription model. Analysts should monitor whether this trend persists, as any deceleration in new bookings could quickly reverse these working capital benefits and pressure the cash position.
Analysis of the cash flow statement reveals that stock-based compensation remains a material non-cash expense, with $73.4 million recorded in 2027Q1, which significantly masks the true economic cost of talent acquisition and complicates the assessment of the company's underlying operational burn rate.
By adding back such substantial SBC amounts to arrive at operating cash flow, the company presents a more favorable liquidity picture than the GAAP net income suggests. Investors should consider adjusting FCF metrics to account for this dilution, as the current cash flow profile is heavily reliant on the non-cash nature of these compensation packages.
Quick answers to the most common questions about buying RBRK stock.
Rubrik, Inc. (RBRK) generated $282.9M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Rubrik, Inc. (RBRK) generated $253.3M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Rubrik, Inc. (RBRK) spent $29.6M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.