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Oppenheimer says Rubrik’s solid results aided by non-recurring revenue benefit

Oppenheimer analyst Param Singh notes that Rubrik (RBRK) delivered a strong beat for Q1 and guided Q2/FY26 comfortably ahead of consensus. That said, the firm notes that much of the outperformance to the quarter revenue and guide came from non-recurring revenue, without which Rubrik would have performed below bullish buy-side expectations. With current valuation at 13-times EV/Sales, Oppenheimer believes it fully captures a mid-30s annual growth rate, and maintains a Perform rating on the shares.

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