Name: Rubrik, Inc. Fair Value Disclosure
Creator: Rubrik, Inc.
License: https://creativecommons.org/publicdomain/mark/1.0/

Note 5 – Fair Value of Financial Instruments

The Company classifies its financial instruments within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. Three levels of input may be used to measure fair value:

•Level 1 – Observable inputs are unadjusted quoted prices in active markets for identical assets or liabilities.

•Level 2 – Observable inputs are quoted for similar assets and liabilities in active markets or inputs other than quoted prices which are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments.

•Level 3 – Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. These inputs will be based on the Company’s own assumptions and will require significant management judgment or estimation.

The Company did not have any level 3 investments as of January 31, 2026 and 2025. The following table summarizes the Company’s cash and available-for-sale marketable securities’ amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value by significant investment category reported as cash and cash equivalents or short-term investments (in thousands):


									Reported as
January 31, 2026	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash and Cash Equivalents		Short-Term Investments
Cash:	$	66,674	$	—	$	—	$	66,674	$	66,674	$	—
Level 1:
Money market funds	294,365		—		—		294,365		294,365		—
U.S. Treasuries	539,437		627		(101)		539,963		6,054		533,909
Subtotal	833,802		627		(101)		834,328		300,419		533,909
Level 2:
Certificate of deposit	19,949		8		—		19,957		9,816		10,141
Commercial paper	39,994		16		—		40,010		3,287		36,723
Corporate bonds	702,250		1,958		(4)		704,204		—		704,204
U.S. government agencies	10,585		17		—		10,602		—		10,602
Subtotal	772,778		1,999		(4)		774,773		13,103		761,670
Total	$	1,673,254	$	2,626	$	(105)	$	1,675,775	$	380,196	$	1,295,579


									Reported as
January 31, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash and Cash Equivalents		Short-Term Investments
Cash:	$	75,541	$	—	$	—	$	75,541	$	75,541	$	—
Level 1:
Money market funds	96,423		—		—		96,423		96,423		—

U.S. Treasuries	259,327		345		(76)		259,596		—		259,596
Subtotal	355,750		345		(76)		356,019		96,423		259,596
Level 2:
Commercial paper	88,732		8		(3)		88,737		14,367		74,370
Corporate bonds	184,742		195		(90)		184,847		—		184,847

Subtotal	273,474		203		(93)		273,584		14,367		259,217
Total	$	704,765	$	548	$	(169)	$	705,144	$	186,331	$	518,813

The following table summarizes the estimated fair value of the Company’s investments by their remaining contractual maturity dates (in thousands):


	January 31,
	2026
Due within one year	$	722,559
Due between one to two years	573,020
Total	$	1,295,579

For available-for-sale debt securities that have unrealized losses, the Company evaluates whether (i) the Company has the intention to sell any of these investments, (ii) it is not more likely than not that the Company will be required to sell any of these available-for-sale debt securities before recovery of the entire amortized cost basis, and (iii) the decline in the fair value of the investment is due to credit or non-credit related factors. Based on this evaluation, the Company determined that for its short-term investments there were no material credit or non-credit related impairments as of January 31, 2026 and 2025.

Convertible Notes

As of January 31, 2026, the total estimated fair value of the Convertible Notes was $1.04 billion. The fair value was determined based on the quoted price of the Convertible Notes in an inactive market on the last trading day of the reporting period and is classified within Level 2 of the fair value hierarchy. See Note 8 Debt.

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About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.

Rubrik, Inc. Fair Value Disclosure

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