Rubrik launches AI agent suite, raises $1.15B in convertible notes, improves margins

Filed June 5, 2026 · Period ending April 30, 2026 · Compared to 10-Q Jun 9, 2025 · ~2 min read

Key Changes

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  Company launched RAC, an AI agent operations suite, in fiscal 2026 to monitor and audit agentic actions, enforce real-time guardrails, and undo agent mistakes. While commercially available since February 2026, RSC remains the primary revenue driver for fiscal 2027.

  MD&A: RAC product launch verify on EDGAR →
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  Raised $1.15 billion through 0% convertible senior notes due 2030 in June 2025. Net proceeds of $1.13 billion used to repay prior credit facility ($327.9M), fund capped call transactions ($88.6M) to mitigate dilution, with remainder for general corporate purposes including potential acquisitions.

  MD&A: Convertible Notes issuance verify on EDGAR →
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  Subscription ARR grew 32% year-over-year to $1.57B (April 2026), down from 38% prior year. Cloud ARR grew 43% to $1.39B, down from 60% prior year. Growth deceleration reflects maturing business and completion of one-time transitions.

  MD&A: Subscription ARR growth verify on EDGAR →