Rubrik's 48% Cloud ARR Surge Leads Diverging Software Sector Growth
Cloud-metric disclosures across the sector show recurring revenue accelerating at some companies and cooling at others, even as risk-factor hedging on cloud adoption and renewal rates stayed largely unchanged.
Rubrik, Inc. (RBRK), the data-security software company, disclosed Cloud ARR of $1,293,300 thousand as of January 31, 2026, up 48% from $875,602 thousand a year earlier. That growth rate decelerated from the 67% pace Rubrik reported for the prior comparable period, even as the absolute dollar increase in Cloud ARR outpaced that of the rest of the group.
Commvault Systems Inc. (CVLT) reported a similar deceleration pattern: Subscription ARR grew 27% year over year as of March 31, 2026, down from 31% growth the year before. Commvault separately breaks out SaaS ARR as the cloud-hosted portion of that subscription figure, a metric that provides insight into customer adoption of its cloud-based offerings specifically.
Rimini Street, Inc. (RMNI), the third-party software support provider, showed accelerating annualized recurring revenue across two consecutive quarters, rising from $401 million as of March 31, 2026, to $413 million as of June 30, 2026, compared with $396 million and $394 million in the respective prior-year periods. Subscription revenue excluding support for Oracle PeopleSoft products climbed from $97 million to $100 million over the same two quarters, versus $92 million and $93 million a year earlier.
Elastic N.V. (ESTC) reported subscription cost of revenue rising to $310.2 million from $282.6 million, a 10% increase, while subscription gross margin held near 81%. Growth came from Elastic Cloud, which rose 22% over the prior year, with Annual Elastic Cloud revenue up 28%. Services revenue grew more modestly, up 6% to $106.1 million.
Guidewire Software, Inc. (GWRE), the insurance-industry software provider, carried identical cloud-adoption risk language from its 10-Q filed June 5, 2026, into its 10-K filed September 11, 2026, warning that if adoption or renewal of its cloud-based solutions does not grow as expected, the company could see reduced customer purchases, reduced renewal rates, lower ARR, and decreased revenue. The unchanged wording across two consecutive filings shows Guidewire holding its hedge steady rather than easing or hardening it during the window.
Autodesk, Inc. (ADSK) flagged a related but distinct risk in its 10-Q filed May 29, 2026: sales of its AutoCAD and AutoCAD LT products have at times decreased without a corresponding increase in Industry Collections or cloud-based functionality revenue. Autodesk paired that with a renewal-rate warning citing pricing, competitive offerings, and usage-based model volatility as factors that could cause renewal rates to decline or fluctuate.
SailPoint, Inc. (SAIL) disclosed that because it recognizes most revenue ratably, a decline in new subscription sales or renewals in one period may not show up immediately in that period's revenue, but will instead depress results in future periods. The company's cost structure reflects the same shift, with cost of subscription revenue tied to third-party cloud-hosting costs that SailPoint expects to keep rising as SaaS subscriptions grow.
nCino, Inc. (NCNO) reported international revenue at 22.1% of total revenue for fiscal 2026. The company ties its subscription revenue net retention rate to the timing of new customers and the phased activation of seats purchased in prior years, a calculation that can span several fiscal years for larger customers.
nCino's disclosure of extended sales cycles for larger financial institutions stands as the sector's clearest forward-looking flag on recurring-revenue timing, alongside Rimini Street's revenue retention rate framing and SailPoint's ratable-recognition lag, both of which the companies describe as key to how new bookings eventually surface in reported results.