What changed in this filing

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Item 1. Business

2026-03-19 compared with 2025-03-20 · 102 added, 90 removed, 286 unchanged (40% of the section changed)

We are on a mission to secure the world’s data.

We are on a mission to secure and accelerate the world’s AI transformation.

Organizations are facing new challenges.

Cyberattacks are inevitable.

Prevention and detection are not enough.

Realizing that cyberattacks ultimately target data, we created Zero Trust Data Security to deliver cyber resilience so that organizations can secure their data across the cloud and recover from cyberattacks.

We believe that the future of cybersecurity is data security-if your data is secure, your business is resilient.

We built Rubrik Security Cloud, or RSC, with Zero Trust design principles to secure data across enterprise, cloud, and SaaS applications.

As enterprises embrace the forthcoming AI transformation, they are grappling with a threat landscape that is now amplified at an AI-scale.

We believe that cyber resilience will result in AI resilience and that the future of cybersecurity is data security—if your data is secure, your business is resilient.

We built the Rubrik Security Cloud (“RSC”) suite with Zero Trust design principles to secure data across enterprise, cloud, SaaS, unstructured data, and identity providers.

RSC delivers a cloud native SaaS platform that detects, analyzes, and remediates data security risks and unauthorized user activities.

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We enable organizations to confidently accelerate digital transformation and leverage the cloud to realize business agility.

Traditional cybersecurity approaches have failed to not only prevent but also provide recovery from increasingly rampant and sophisticated cyberattacks.

At the same time, legacy backup and recovery solutions have significant shortfalls in addressing cyber recovery and data security as they were primarily built for operational and natural disaster recoveries.

They were not designed to enable reliable recovery from cyberattacks, nor were they designed to natively deliver cyber threat analytics and event response.

Architecture matters when it comes to securing data.

We built a unique software-as-a-service, or SaaS, architecture that combines data and metadata from business applications across enterprise, cloud, and SaaS applications to create self-describing data as a time-series.

In fiscal 2026, we built Rubrik Agent Cloud (“RAC”), to accelerate enterprise AI transformation.

RAC is designed to provide a comprehensive AI operations platform that can dynamically monitor, control, and remediate agentic actions.

RAC became commercially available in February 2026.

Our Rubrik Security Cloud and Rubrik Agent Cloud suites are built on the same technology architecture.

Architecture matters when it comes to securing data and accelerating enterprise AI transformation.

Our unique SaaS-based architecture combines data and metadata from business applications across enterprise, identity, cloud, and SaaS applications to create self-describing data as a time-series.

Self-describing data contains information such as application context, identity, data sensitivity, and application lineage.

This allows us to apply artificial intelligence and machine learning directly to business data to understand emergent data threats and deliver cyber recovery.

Our data threat engine, powered by AI and machine learning analyzes the self-describing data time-series to derive security intelligence from data and deliver cyber recovery.

This enables our unique Preemptive Recovery Engine to identify clean recovery points in advance of an attack to shorten cyber recovery times.

We combined backup and recovery and cybersecurity into a single platform built with a Zero Trust architecture, significantly shrinking the attack surface that exists with legacy solutions.

Our Zero Trust Data Security platform assumes that information technology infrastructure will be breached, and nothing can be trusted without authentication.

Our data threat engine powered by artificial intelligence and machine learning analyzes the self-describing data time-series to derive security intelligence from data and provide remediation recommendations.

Our architecture’s ability to understand data, application, and identity context allows us to deliver Rubrik Agent Cloud, which serves as an enterprise control layer for managing the AI agent lifecycle.

Automation is at the core of our architecture ethos.

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We primarily sell subscriptions to RSC through our sales team and partner network by employing a land and expand sales strategy.

We land new customers by selling subscriptions to RSC to secure any one of four distinct types of data:

enterprise, unstructured data, cloud, and SaaS applications.

Expansion happens along three vectors:

We land new customers by selling subscriptions to RSC to secure any one of five distinct types of data:

enterprise, unstructured data, identity, cloud, and SaaS applications.

Expansion happens primarily along three vectors:

the growth of data from applications already secured by Rubrik;

new applications secured;

and additional data security products.

new applications or identities secured;

and additional security products.

This expansion is driven by a natural flywheel effect in which the value of our platform increases as our customers’ data grows across various applications.

As organizations manage more data with RSC, they gain deeper insights into their data, strengthen their overall security posture, and reduce compliance risk.

Our Data Security Platform and Products

Rubrik has a unique and purpose-built Zero Trust Data Security approach to help organizations achieve business resilience against cyberattacks, malicious insiders, and operational disruptions.

Despite investment in security tools focused on infrastructure security, encompassing networks, applications, endpoints, and identity, cyberattacks continue unabated.

We believe a comprehensive cybersecurity strategy requires data security in addition to traditional infrastructure security approaches.

As organizations manage more data and identities with RSC, they gain deeper insights into their data, strengthen their overall security posture, and reduce compliance risk.

Our Platform and Products

Rubrik has a unique and purpose-built Zero Trust Data Security approach to help organizations achieve business resilience against cyberattacks, malicious insiders, operational disruptions, and accelerate AI adoption by reducing risk.

We enable organizations to implement a Zero Trust framework at the data layer, deliver data availability that withstands the aforementioned adverse conditions, and uphold data integrity even when infrastructure is compromised or attacked.

2026 Form 10-K 6

RSC, built with a Zero Trust design, automates data policy management and enforcement, delivers threat analytics and response, and orchestrates rapid recovery.

RSC is a cloud native SaaS platform that secures data across disparate sources, allowing customers to have a single point of control from one user interface.

RSC is built on a proprietary framework that represents time-series data and metadata generated across enterprise, cloud, and SaaS applications.

We build products on top of RSC to address a myriad of use cases that help our customers achieve cyber resilience, from hardening their data security posture to cyber recovery.

RSC is a cloud native SaaS suite that secures data across disparate sources, allowing customers to have a single point of control from one user interface.

RSC is built on a proprietary framework that represents time-series data and metadata generated across enterprise, unstructured data, identity, cloud, and SaaS applications.

We build products on top of RSC to address myriad use cases that help our customers achieve cyber resilience, from hardening their data security posture to cyber recovery.

These use cases include protection and recovery from cyberattacks, malicious insiders, and operational disruptions;

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and identification, containment, and remediation of ransomware and other security threats.

Our access to time-series data and metadata allows us to deliver a breadth of products that span the following areas:

2025 Form 10-K 6

Our access to time-series data and metadata allows us to deliver a breadth of products across two suites, Rubrik Security Cloud and Rubrik Agent Cloud.

Rubrik Security Cloud

Data Protection.

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We offer data protection products to manage enterprise, unstructured data, cloud, and SaaS applications.

We also protect identity provider services, such as Microsoft Active Directory and EntraID.

Data Threat Analytics.

We also protect identity provider services, such as Microsoft Active Directory, EntraID and Okta.

Data Threat Analytics and Data Security.

Detects data threats and identifies the blast radius of a cyberattack to speed up data recovery.

Combines Anomaly Detection, Threat Monitoring, and Threat Hunting.

Combines Anomaly Detection, Threat Monitoring, and Turbo Threat Hunting.

Anomaly Detection uses advanced machine learning to detect deletions, modifications, and encryptions.

Threat Monitoring continuously monitors for indicators of compromise commonly used by bad actors to establish persistent access, move laterally, or exfiltrate data.

Threat Hunting allows incident responders and Security Operations Center (SOC) analysts to hunt for indicators of compromise and determine the initial point, scope, and time of infection.

Data Security Posture.

Strengthens cyber posture by locating sensitive data proliferation and identifying data risks.

Turbo Threat Hunting allows incident responders and Security Operations Center (SOC) analysts to hunt for indicators of compromise and determine the initial point, scope, and time of infection.

Turbo Threat Hunting capabilities enable customers to instantly check against precomputed hash values to locate malware-free recovery points.

Data Security strengthens cyber posture by locating sensitive data proliferation and identifying data risks.

Includes Sensitive Data Monitoring and User Intelligence, which altogether discovers where data lives, sensitivity of data, and user access and activity.

Identity Security.

Delivers visibility, continuous monitoring, risk remediation, attack rollback and orchestrated recovery across identity services providers.

Identity Recovery orchestrates fast, reliable recovery of Microsoft Active Directory, EntraID, and Okta.

Identity Resilience is designed to continuously monitor identity risks and policy violations and rapidly identify compromised accounts.

Cyber Recovery.

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Active Directory Forest Recovery orchestrates the recovery of an organization’s Active Directory identity service to the desired point in time while avoiding malware reintroduction.

Our products are delivered and consumed via our RSC platform.

RSC secures data across enterprise, cloud, and SaaS applications, including:

• Enterprise:

VMware, Microsoft Hyper-V, Red Hat OpenShift, Microsoft SQL Server, Oracle, PostgreSQL, IBM Db2, Microsoft Windows, Nutanix, Kubernetes, Cassandra, MongoDB, Linux, UNIX, AIX, NAS, Epic, and SAP HANA.

• Cloud/SaaS:

GCP, Azure, AWS, M365 (Microsoft Teams, SharePoint, Exchange Online, and OneDrive), Salesforce, and Atlassian Jira Cloud.

Rubrik Agent Cloud.

Designed to provide a comprehensive AI operations platform that can dynamically monitor, control, and remediate agentic actions.

RAC is designed to accelerate AI transformation for our customers without introducing added risk.

It became commercially available in February 2026.

Architecture Matters

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Doing so gives us full context of data and unlocks security use cases, allowing us to build products for cyber recovery and security intelligence.

• Zero Trust Design.

We employ Zero Trust principles to prevent threats at the data layer.

Our use of native immutability, secure protocols, logical air gap, encryption, role-based access controls, multi-factor authentication, and native services uphold data integrity and availability.

• Data Threat Engine.

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Our self-describing data, which combines data and metadata, gives us the ability to surface emergent data threats, understand data sensitivity, and identify malicious user activities.

In addition, our platform continuously scans self-describing data for indicators of compromise (IOCs) and malicious patterns using our native data threat engine and integrated threat intelligence.

This allows us to pre-identify the last known clean snapshots and automate recovery workflows.

2026 Form 10-K 7

• Zero Trust Design.

We employ Zero Trust principles to prevent threats at the data layer.

Our use of native immutability, secure protocols, logical air gap, encryption, role-based access controls, multi-factor authentication, and native services uphold data integrity and availability.

• Automation.

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From the beginning, we have built our platform with the assumption that security breaches are inevitable and that data availability and integrity must be maintained to minimize business downtime and data loss.

2025 Form 10-K 7

• Strengthen data security posture.

Our platform helps organizations manage security threats with detection and analysis of security risks.

We combine machine learning and threat intelligence to detect data anomalies and unusual behavior, analyze the blast radius of impact, automate ransomware monitoring, and rapidly recover impacted data.

Our ability to continuously discover and classify sensitive data, in addition to understanding user access, helps reduce the risk of data exfiltration.

Our products can be integrated into security operations’ automated playbooks for managing and mitigating ransomware and other data attacks.

• Secure, govern, and recover data across hybrid multi-cloud and SaaS applications.

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Our platform provides a consistent, policy managed experience across hybrid multi-cloud and SaaS environments, allowing organizations to uniformly deliver data security, governance, and recovery.

• Strengthen identity and data security posture.

Our platform helps organizations manage security threats with detection and analysis of security risks.

We combine machine learning and threat intelligence to detect anomalies and unusual behavior in application and identity data.

Our platform also analyzes the blast radius of impact, automates ransomware monitoring, and rapidly recovers impacted data and identity services.

Our ability to continuously discover and classify sensitive data, in addition to understanding user access, helps reduce the risk of data exfiltration.

Our products can be integrated into security operations’ automated playbooks for managing and mitigating ransomware and other data attacks.

• Accelerate AI transformation.

Our platform helps enterprises move from their AI pilots to production by addressing the fundamentals expected of mission-critical systems:

visibility, control, and recovery.

• Comply with data regulations.

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We believe there is a large and growing market opportunity for our multi-tenant, cloud native solutions as more organizations and customers move their applications and data to the cloud.

We plan to continue to invest in the development of RSC, building additional products on top of our platform, and our accompanying go-to-market motion to capitalize on this meaningful opportunity.

We plan to continue to invest in the development of RSC and RAC, building additional products on top of our platform, and our accompanying go-to-market motion to capitalize on this meaningful opportunity.

• Growing our customer base.

As cyberattacks increase in scale and sophistication amidst accelerated digitization and ever-evolving data regulations, organizations are rethinking how to secure data across various data sources.

We believe we will continue to acquire new customers based on our ability to drive cyber resilience, data security posture management, and regulatory compliance.

We believe we will continue to acquire new customers based on our ability to drive cyber resilience, identity security, AI transformation, and regulatory compliance.

2026 Form 10-K 8

• Expanding within our customer base.

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As our customers accelerate digitization, they adopt more applications and generate more data that must be secured and readily available.

We expect to expand our data security products to cover additional scale and scope of data, in addition to cross-selling data governance and compliance products.

We expect to expand our data security products to cover additional scale and scope of data, in addition to cross-selling identity security, data governance and compliance products and the RAC suite.

• Innovating and extending our product leadership.

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We intend to continue making significant investments in research and development as well as hiring top technical talent to further increase our product differentiation.

In particular, we believe that generative AI will play an important role driving further need for new products to help secure sensitive data and user access.

As we continue to invest in our data platform, we will focus on features and functionalities that help enterprises securely adopt generative AI within an evolving threat landscape.

In particular, we believe that generative AI will play an important role driving further need for new products to help secure sensitive data and user access, monitor agents adoption, govern agent access and recover unwanted agentic actions.

As we continue to invest in our platform, we will focus on features and functionalities that help enterprises securely adopt generative AI within an evolving threat landscape.

• Growing and harnessing our partner ecosystem.

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Our partner ecosystem includes distributors and resellers, or Channel Partners, system integrators, managed system providers, and technology partners.

2025 Form 10-K 8

• Expanding our global footprint.

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Our Commercial Offerings

Rubrik Security Cloud

RSC is a cloud native SaaS platform that secures data across disparate sources.

We build products on top of RSC to address a myriad of use cases that help our customers achieve cyber resilience.

Our primary commercial products are as follows:

The primary commercial products in our RSC suite are as follows:

Data Protection

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• Cloud Data Protection.

Cyber-proofs Azure, AWS, and GCP cloud application data and databases with secure, access-controlled backups.

Cyber-proofs Azure, AWS, GCP and Oracle cloud application data and databases with secure, access-controlled backups.

• SaaS Data Protection.

Cyber-proofs M365, Salesforce, and Atlassian Jira Cloud data with air-gapped, immutable data resilience and rapid recovery at scale.

• Identity Provider Services Protection.

Cyber-proofs Microsoft Active Directory and EntraID with immutable backups and rapid recovery across hybrid environments.

Data Threat Analytics

Data Security | Data Threat Analytics

• Data Security Posture Management.

Strengthens cyber posture by locating sensitive data proliferation and identifying data risks.

Includes Sensitive Data Monitoring and User Intelligence, which altogether enables discovery of where data lives, its sensitivity, and user access and activity.

A hardened cyber posture helps customers proactively reduce the risk of cyberattacks, data exfiltration, and sensitive data exposure, in addition to enhancing data governance for generative AI.

2026 Form 10-K 9

• Anomaly Detection, Threat Monitoring, and Turbo Threat Hunting.

Detects data threats and identifies the blast radius of a cyberattack to speed up data recovery.

Combines Anomaly Detection, Threat Monitoring, and Threat Hunting.

Anomaly Detection uses advanced machine learning to detect deletions, modifications, and encryptions.

Threat Monitoring continuously monitors for indicators of compromise commonly used by bad actors to establish persistent access, move laterally, or exfiltrate data.

Threat Hunting allows incident responders and SOC analysts to hunt for indicators of compromise and determine the initial point, scope, and time of infection.

Data Security Posture

• Strengthens cyber posture by locating sensitive data proliferation and identifying data risks.

Includes Sensitive Data Monitoring and User Intelligence, which altogether discovers where data lives, sensitivity of data, and user access and activity.

A hardened cyber posture helps customers proactively reduce the risk of cyberattacks, data exfiltration, and sensitive data exposure, in addition to enhancing data governance for generative AI.

Turbo Threat Hunting allows incident responders and SOC analysts to hunt for indicators of compromise and determine the initial point, scope, and time of infection.

Identity Security

• Identity Recovery.

Cyber-proofs Microsoft Active Directory, EntraID, and Okta with immutable backups and rapid recovery across hybrid environments.

• Identity Resilience.

Monitors and protects human and non-human identities, tracks misconfigurations and high risk or malicious changes within Active Directory and Entra ID.

It also enhances risk posture and accelerates cyber recovery by linking identity-based information such as privileged access with Rubrik's DSPM sensitive data context and activity.

Cyber Recovery

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Active Directory Forest Recovery orchestrates the recovery of an organization’s Active Directory identity service to the desired point in time while avoiding malware reintroduction.

2025 Form 10-K 9

In addition, we offer Ruby for AI data defense and recovery.

Ruby is designed to augment human efforts with its generative AI capabilities, helping customers scale their data security operations with automation, boosting productivity, and bridging the users’ skills gap.

Ruby uses Microsoft Azure OpenAI Service in combination with our own proprietary, internally developed software.

Our proprietary software augments user queries to generate prompts that are submitted to the Azure OpenAI model and also enhances the model output to generate responses presented back to the user.

We chose to use Microsoft Azure OpenAI Service based on its security features and because it offers an advanced AI model provisioned in Rubrik’s Azure environment such that the data stays within Rubrik’s control.

For more information regarding the risks related to the use of AI in our business, see the risk factor titled “Our use of generative artificial intelligence tools may pose risks to our proprietary software and systems and subject us to legal liability” in the section titled “Risk Factors.”

In addition, we offer Ruby, an AI agent for cyber resilience designed to help customers scale their data security operations through intelligent automation that increases productivity and bridges the users’ skills gap.

To ensure optimal performance, Ruby is designed to be interoperable with multiple high-performing models, enabling the selection of the best-fit LLM for a customer's needs.

These models work in combination with our proprietary, internally developed software, which augments user queries and enhances model outputs to generate responses or execute actions.

For more information regarding the risks related to the use of AI in our business, see the risk factor titled “Our use of generative and other AI tools may pose risks to business and operations, including our proprietary software and systems, and may subject us to legal liability” in the section titled “Risk Factors.”

Our commercial products are used by customers to deliver business resilience against operational failures and cyberattacks.

Customers use our Data Protection, Cyber Recovery, and Data Security Posture products to strengthen cyber posture, comply with regulations, and conduct recovery from operational failures, human errors, or natural disasters.

Customers use our Data Protection, Identity Security, and Cyber Recovery products to strengthen cyber posture, comply with regulations, and conduct recovery from cyber attacks, operational failures, human errors, or natural disasters.

During a cyberattack, customers use Data Threat Analytics in addition to the above products to identify, contain, and remediate data threats, determine scope of sensitive data exposure, recover data, and conduct event response.

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Builds upon Business Edition by continuously monitoring data risk and orchestrating cyber recovery.

• Enterprise Proactive Edition.

Builds upon Enterprise Edition by adding data security posture management.

Our commercial offerings are accompanied by customer support.

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SentryAI is included within our base support offering.

• Customer Experience Manager, or CEM.

We offer dedicated customer experience managers to proactively monitor the health of our customers’ environments, preemptively detect and resolve emerging issues, including those related to cybersecurity, deliver operational risk management, and recommend strategies for ROI scaling and maximization.

• Premium-Plus Add-on Support.

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We have instructor-led training and self-paced on-demand courses.

2026 Form 10-K 10

• Certification Program.

Our certification program enables technical personnel to demonstrate and validate in-depth knowledge of data security by becoming a Rubrik Certified Systems Administrator.

As of February 26, 2025, we achieved an average Net Promoter Score, or NPS, of >80.

Our NPS is verified by the Customer Relationship Management Institute LLC.

2025 Form 10-K 10

In February 2026, Rubrik Agent Cloud became commercially available.

RAC provides a comprehensive AI operations platform that can dynamically monitor, control, and remediate agentic actions.

RAC is designed to accelerate AI transformation for our customers without introducing added risk.

Our Technology

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We sell to smaller customers through a high velocity engagement model driven by our inside sales team.

2026 Form 10-K 11

We utilize a land and expand approach, acquiring new customers and expanding with existing customers.

We sell our products through subscriptions to RSC editions and can land in four distinct ways by securing enterprise, unstructured data, cloud, and SaaS applications.

We sell our products through subscriptions to RSC editions and can land in five distinct ways by securing enterprise, unstructured data, cloud, SaaS, and identity providers.

After initial purchase, our customers often expand the deployment of our platform within their organization.

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As organizations manage more data with RSC and adopt additional data security products, they gain deeper insights into their data, strengthen their overall security posture, and reduce compliance risk, increasing their overall affinity with Rubrik.

2025 Form 10-K 11

Our sales organization includes sales development, inside sales, sales engineering, and field sales personnel and is segmented both geographically and by the size of prospective customers.

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Our competition is specific to use cases that we target.

We believe we have a unique Zero Trust data architecture.

As such, we are not aware of other companies with a Zero Trust Data Security approach that secures and recovers data across enterprise, cloud, and SaaS applications.

We believe the Rubrik Platform is unique and we are not aware of other companies that take a similar approach to deliver cyber resilience and accelerate enterprise AI transformation.

Legacy backup and recovery solutions have significant shortfalls in addressing cyber recovery, data security and agentic AI operations as they were primarily built for recoveries from operational and natural disaster.

At the same time, traditional cybersecurity approaches have failed to not only prevent but also provide recovery from increasingly rampant and sophisticated cyberattacks.

2026 Form 10-K 12

As customer requirements evolve and new technologies are introduced, we anticipate competition will increase as established or emerging companies develop solutions that address the data security market.

Our main competitors fall into the following categories:

• Data management and protection vendors, such as Commvault, Dell EMC, IBM, Veeam, and Cohesity (which recently acquired Veritas’ data protection business);

• Data management and protection vendors, such as Commvault, Dell EMC, IBM, Veeam, and Cohesity;

• Smaller cloud and SaaS data management vendors with products that compete in some of our markets;

• Vendors that provide cyber/ransomware detection and investigation, data security posture management, insider threat detection, data classification, incident containment, and other security and data governance technologies.

We believe we compete favorably based on the following competitive factors:

• Vendors that provide cyber/ransomware detection and investigation, identity recovery and resilience, data security posture management, insider threat detection, data classification, incident containment, and other security and data governance technologies.

We believe the principal competitive factors in our market are:

• Ability to converge backup and recovery and cybersecurity in a cloud architecture;

2025 Form 10-K 12

• Ability to automatically manage and secure diverse data types across hybrid cloud, public cloud, and SaaS environments in an easy-to-use, unified platform;

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We plan to commit our time, in addition to our equity and financial resources (including via the donor-advised fund we have established), to support our social responsibility and community initiatives.

2026 Form 10-K 13

Intellectual Property

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jurisdictions.

Our issued patents as of January 31, 2025 expire between April 30, 2034 and August 8, 2043.

As of January 31, 2025, we had 12 registered trademarks in the United States, three trademark applications pending in the United States, 19 registered trademarks in various non-U.S.

jurisdictions, and four trademark applications pending in various non-U.S.

Our issued patents as of January 31, 2026 expire between April 30, 2034 and January 30, 2045.

As of January 31, 2026, we had 10 registered trademarks in the United States, 4 trademark applications pending in the United States, and 29 registered trademarks in various non-U.S.

jurisdictions.

Although we rely on intellectual property rights, including contractual protections, to establish and protect our intellectual property, we believe that factors such as the technological and creative skills of our personnel, creation of new services, features and functionality, and frequent enhancements to our platform are essential to establishing and maintaining our technology leadership position.

2025 Form 10-K 13

We control access to and use of our proprietary technology and other confidential information through the use of internal and external controls, including contractual protections with employees, contractors, customers, and partners.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business