This page shows Braze, Inc. (BRZE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash generation is arriving ahead of profits as Braze scales a high-gross-margin, low-capex model.
Between FY2024 and FY2026, free cash flow swung from-$2.9M to$61.9M while net loss stayed roughly flat near-$130M , which means the business is starting to fund itself in cash terms well before it is profitable on GAAP earnings. That gap is supported by very light capital spending of just$9.6M in FY2026 and stronger operating cash flow of$71.4M , not by a sudden jump in accounting margins.
Gross margin remained in the high-60s, but FY2026 slipped to
Liquidity tightened even during that cash improvement: cash fell from
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Braze, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Braze, Inc. has an operating margin of -19.6%, meaning the company retains $-20 of operating profit per $100 of revenue. This results in a moderate score of 31/100, indicating healthy but not exceptional operating efficiency. This is up from -20.6% the prior year.
Braze, Inc.'s revenue surged 24.4% year-over-year to $738.2M, reflecting rapid business expansion. This strong growth earns a score of 86/100.
Braze, Inc. has a moderate D/E ratio of 0.87. This balance of debt and equity financing earns a leverage score of 49/100.
Braze, Inc.'s current ratio of 1.24 indicates adequate short-term liquidity, earning a score of 30/100. The company can meet its near-term obligations, though with limited headroom.
Braze, Inc. has a free cash flow margin of 8.4%, earning a moderate score of 48/100. The company generates positive cash flow after capital investments, but with room for improvement.
Braze, Inc.'s ROE of -22.6% shows moderate profitability relative to equity, earning a score of 33/100. This is down from -21.9% the prior year.
Braze, Inc. scores 2.70, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($2.8B) relative to total liabilities ($507.9M). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Braze, Inc. passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Braze, Inc. generates $-0.54 in operating cash flow ($71.4M OCF vs -$131.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Braze, Inc. generated $738.2M in revenue in fiscal year 2026. This represents an increase of 24.4% from the prior year.
Braze, Inc.'s EBITDA was -$125.4M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 11.9% from the prior year.
Braze, Inc. reported -$131.3M in net income in fiscal year 2026. This represents a decrease of 26.6% from the prior year.
Braze, Inc. earned $-1.22 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 19.6% from the prior year.
Cash & Balance Sheet
Braze, Inc. generated $61.9M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 163.8% from the prior year.
Braze, Inc. held $145.3M in cash against $0 in long-term debt as of fiscal year 2026.
Braze, Inc. had 113M shares outstanding in fiscal year 2026.
Margins & Returns
Braze, Inc.'s gross margin was 67.2% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 2.0 percentage points from the prior year.
Braze, Inc.'s operating margin was -19.6% in fiscal year 2026, reflecting core business profitability. This is up 1.0 percentage points from the prior year.
Braze, Inc.'s net profit margin was -17.8% in fiscal year 2026, showing the share of revenue converted to profit. This is down 0.3 percentage points from the prior year.
Braze, Inc.'s ROE was -22.6% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 0.7 percentage points from the prior year.
Capital Allocation
Braze, Inc. invested $167.1M in research and development in fiscal year 2026. This represents an increase of 24.8% from the prior year.
Braze, Inc. invested $9.6M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 27.6% from the prior year.
BRZE Income Statement
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $211.0M+2.8% | $205.2M+7.5% | $190.8M+6.0% | $180.1M+11.1% | $162.1M+1.0% | $160.4M+5.5% | $152.1M+4.5% | $145.5M |
| Cost of Revenue | $72.3M+2.1% | $70.8M+13.1% | $62.6M+7.6% | $58.2M+14.5% | $50.9M+3.1% | $49.3M+7.4% | $45.9M+5.7% | $43.4M |
| Gross Profit | $138.7M+3.2% | $134.4M+4.8% | $128.2M+5.2% | $121.9M+9.6% | $111.2M+0.1% | $111.1M+4.7% | $106.1M+4.0% | $102.1M |
| R&D Expenses | $46.1M+2.4% | $45.0M+2.2% | $44.1M+6.8% | $41.3M+12.1% | $36.8M+9.5% | $33.6M+2.3% | $32.9M-0.9% | $33.1M |
| SG&A Expenses | $30.9M-13.9% | $35.9M+8.4% | $33.1M-10.1% | $36.8M-9.2% | $40.5M+36.0% | $29.8M-4.5% | $31.2M+10.2% | $28.3M |
| Operating Income | -$27.5M+2.6% | -$28.2M+24.8% | -$37.5M+3.1% | -$38.8M+3.7% | -$40.2M-86.6% | -$21.6M+33.8% | -$32.6M-16.5% | -$27.9M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $1.4M-79.3% | $6.9M+315.7% | $1.7M+123.7% | -$7.0M-754.2% | $1.1M-2.1% | $1.1M+28.6% | $851K+21.2% | $702K |
| Net Income | -$26.6M+15.9% | -$31.6M+12.2% | -$36.0M-29.0% | -$27.9M+22.0% | -$35.8M-108.2% | -$17.2M+38.4% | -$27.9M-21.4% | -$23.0M |
| EPS (Diluted) | $-0.24 | N/A | $-0.33-26.9% | $-0.26+23.5% | $-0.34 | N/A | $-0.27-17.4% | $-0.23 |
BRZE Balance Sheet
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.1B-2.0% | $1.1B+7.0% | $1.0B+1.8% | $1.0B+15.0% | $889.1M+2.1% | $871.0M+3.4% | $842.0M+2.0% | $825.6M |
| Current Assets | $546.7M-3.7% | $567.9M+13.1% | $502.0M+3.6% | $484.5M-26.5% | $659.1M+2.3% | $644.0M+5.0% | $613.3M+1.1% | $606.4M |
| Cash & Equivalents | $145.3M+16.8% | $124.3M+27.1% | $97.8M+20.8% | $81.0M-65.0% | $231.5M+178.7% | $83.1M+35.5% | $61.3M-22.5% | $79.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $118.5M-3.2% | $122.3M+35.6% | $90.2M+2.2% | $88.2M+2.5% | $86.1M-9.6% | $95.2M+5.5% | $90.3M+26.7% | $71.3M |
| Goodwill | $262.1M+0.1% | $261.9M-1.9% | $267.0M-0.3% | $267.8M+841.3% | $28.4M0.0% | $28.4M0.0% | $28.4M0.0% | $28.4M |
| Total Liabilities | $507.9M+3.7% | $489.6M+11.6% | $438.9M+3.6% | $423.5M+2.1% | $414.7M+4.7% | $396.2M+3.1% | $384.2M+3.3% | $371.9M |
| Current Liabilities | $441.5M+5.0% | $420.4M+13.8% | $369.4M+4.4% | $353.7M+2.8% | $343.9M+6.0% | $324.5M+5.3% | $308.2M+3.4% | $298.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $581.7M-6.7% | $623.8M+3.6% | $602.0M+0.5% | $598.9M+26.2% | $474.4M-0.1% | $474.9M+3.7% | $458.1M+1.0% | $453.7M |
| Retained Earnings | -$744.7M-3.7% | -$718.1M-4.6% | -$686.5M-5.5% | -$650.5M-4.5% | -$622.6M-6.1% | -$586.8M-3.0% | -$569.6M-5.2% | -$541.7M |
BRZE Cash Flow Statement
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $28.1M+45.2% | $19.4M-7.6% | $21.0M+201.6% | $7.0M-71.2% | $24.1M+41.3% | $17.1M+249.7% | -$11.4M-198.3% | $11.6M |
| Capital Expenditures | $108K-97.8% | $4.8M+148.2% | $1.9M-25.6% | $2.6M+1102.3% | $217K-80.0% | $1.1M-43.5% | $1.9M-41.9% | $3.3M |
| Free Cash Flow | $28.0M+92.5% | $14.6M-23.5% | $19.0M+338.1% | $4.3M-81.8% | $23.9M+49.6% | $16.0M+220.0% | -$13.3M-260.6% | $8.3M |
| Investing Cash Flow | $42.8M+673.4% | -$7.5M-30.2% | -$5.7M+96.4% | -$160.6M-230.7% | $122.8M+14706.1% | -$841K+89.7% | -$8.2M+51.3% | -$16.8M |
| Financing Cash Flow | -$49.7M-460.2% | $13.8M+1175.0% | $1.1M-85.5% | $7.5M+1136.0% | $605K-90.2% | $6.2M+318.2% | $1.5M-75.1% | $5.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $50.0M | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
BRZE Financial Ratios
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 65.7%+0.2pp | 65.5%-1.7pp | 67.2%-0.5pp | 67.7%-1.0pp | 68.6%-0.6pp | 69.3%-0.6pp | 69.8%-0.3pp | 70.2% |
| Operating Margin | -13.0%+0.7pp | -13.8%+5.9pp | -19.7%+1.8pp | -21.5%+3.3pp | -24.8%-11.4pp | -13.4%+8.0pp | -21.4%-2.2pp | -19.2% |
| Net Margin | -12.6%+2.8pp | -15.4%+3.5pp | -18.9%-3.4pp | -15.5%+6.6pp | -22.1%-11.4pp | -10.7%+7.6pp | -18.4%-2.6pp | -15.8% |
| Return on Equity | -4.6%+0.5pp | -5.1%+0.9pp | -6.0%-1.3pp | -4.7%+2.9pp | -7.5%-3.9pp | -3.6%+2.5pp | -6.1%-1.0pp | -5.1% |
| Return on Assets | -2.4%+0.4pp | -2.8%+0.6pp | -3.5%-0.7pp | -2.7%+1.3pp | -4.0%-2.1pp | -2.0%+1.3pp | -3.3%-0.5pp | -2.8% |
| Current Ratio | 1.24-0.1 | 1.350.0 | 1.36-0.0 | 1.37-0.5 | 1.92-0.1 | 1.980.0 | 1.99-0.0 | 2.03 |
| Debt-to-Equity | 0.87+0.1 | 0.78+0.1 | 0.73+0.0 | 0.71-0.2 | 0.87+0.0 | 0.830.0 | 0.84+0.0 | 0.82 |
| FCF Margin | 13.3%+6.2pp | 7.1%-2.9pp | 10.0%+7.6pp | 2.4%-12.4pp | 14.8%+4.8pp | 10.0%+18.7pp | -8.8%-14.5pp | 5.7% |
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Frequently Asked Questions
What is Braze, Inc.'s annual revenue?
Braze, Inc. (BRZE) reported $738.2M in total revenue for fiscal year 2026. This represents a 24.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Braze, Inc.'s revenue growing?
Braze, Inc. (BRZE) revenue grew by 24.4% year-over-year, from $593.4M to $738.2M in fiscal year 2026.
Is Braze, Inc. profitable?
No, Braze, Inc. (BRZE) reported a net income of -$131.3M in fiscal year 2026, with a net profit margin of -17.8%.
What is Braze, Inc.'s EBITDA?
Braze, Inc. (BRZE) had EBITDA of -$125.4M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
What is Braze, Inc.'s gross margin?
Braze, Inc. (BRZE) had a gross margin of 67.2% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Braze, Inc.'s operating margin?
Braze, Inc. (BRZE) had an operating margin of -19.6% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Braze, Inc.'s net profit margin?
Braze, Inc. (BRZE) had a net profit margin of -17.8% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Braze, Inc.'s return on equity (ROE)?
Braze, Inc. (BRZE) has a return on equity of -22.6% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Braze, Inc.'s free cash flow?
Braze, Inc. (BRZE) generated $61.9M in free cash flow during fiscal year 2026. This represents a 163.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Braze, Inc.'s operating cash flow?
Braze, Inc. (BRZE) generated $71.4M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Braze, Inc.'s total assets?
Braze, Inc. (BRZE) had $1.1B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Braze, Inc.'s capital expenditures?
Braze, Inc. (BRZE) invested $9.6M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does Braze, Inc. spend on research and development?
Braze, Inc. (BRZE) invested $167.1M in research and development during fiscal year 2026.
What is Braze, Inc.'s current ratio?
Braze, Inc. (BRZE) had a current ratio of 1.24 as of fiscal year 2026, which is considered adequate.
What is Braze, Inc.'s debt-to-equity ratio?
Braze, Inc. (BRZE) had a debt-to-equity ratio of 0.87 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Braze, Inc.'s return on assets (ROA)?
Braze, Inc. (BRZE) had a return on assets of -12.0% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Braze, Inc.'s Altman Z-Score?
Braze, Inc. (BRZE) has an Altman Z-Score of 2.70, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Braze, Inc.'s Piotroski F-Score?
Braze, Inc. (BRZE) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Braze, Inc.'s earnings high quality?
Braze, Inc. (BRZE) has an earnings quality ratio of -0.54x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Braze, Inc.?
Braze, Inc. (BRZE) scores 46 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.