What Rubrik, Inc. told the SEC could break it.

A vast majority of Rubrik's sales flow through Channel Partners, and its three largest — Arrow Enterprise Computing Solutions, Exclusive Networks and Ingram Micro — collectively generated ~68% of FY2026 revenue (down from 73%). The agreements are non-exclusive, renew in one-year increments and are terminable by either party at any time, so the loss of a major partner could disrupt distribution.

“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. Our agreements with our Channel Partners, including our agreements with our three largest Channel Partners, are non-exclusive, renew automatically in one-year term increments, and may be terminated by either party at any time.”

A significant portion of Rubrik's software engineers — critical to developing/maintaining its complex solutions — are concentrated in Palo Alto, California and Bangalore, India (with R&D leadership also in Tel Aviv, Israel), exposing the company to continuity risk if these specific locations are disrupted by natural disasters, political unrest or infrastructure failures.

“In addition, a significant portion of our software engineers are located in Palo Alto, California and Bangalore, India. These locations offer access to a deep pool of highly skilled professionals, which is crucial for the development and maintenance of our complex solutions. However, this concentration also exposes us to potential continuity risk if these specific locations are negatively impacted by unforeseen events, such as natural disasters, political unrest, or disruptions in critical infrastructure.”

Tariffs and other restrictive trade policies — particularly on hardware and technology infrastructure from China — have had and may continue to have an indirect impact on the total price customers pay for Rubrik's products and may affect production and supply of its Rubrik-branded Appliances and compatible commodity servers, potentially harming demand and competitiveness.

“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.”