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Braze, Inc. Financials

BRZE
Source SEC Filings (10-K/10-Q) Data as of Apr 30, 2026 Currency USD FYE January

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).

Rhea AI BRZE FY2026

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 67.2% from 69.1% even as revenue kept expanding, so most of the scale benefit is being reinvested rather than flowing straight to earnings. That is why operating margin improved only modestly to -19.6% even on $738.2M of revenue.

Liquidity tightened even during that cash improvement: cash fell from $231.5M to $145.3M and the current ratio dropped from 1.9x to 1.2x in FY2026. At the same time, goodwill jumped to $262.1M, so a larger share of the asset base is now less liquid and the balance sheet is carrying less near-term cushion than a year earlier.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 46 / 100
Financial Health Score 46/100

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.

Profitability
31

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.

Growth
86

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.

Leverage
49

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.

Liquidity
30

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.

Cash Flow
48

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.

Returns
33

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.

Altman Z-Score Grey Zone
2.70

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.

Piotroski F-Score Partial
3/7

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.

Earnings Quality Mixed
-0.54x

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

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Earnings & Revenue

Revenue
$738.2M
YoY+24.4%
5Y CAGR+37.5%

Braze, Inc. generated $738.2M in revenue in fiscal year 2026. This represents an increase of 24.4% from the prior year.

EBITDA
-$125.4M
YoY-11.9%

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.

Net Income
-$131.3M
YoY-26.6%

Braze, Inc. reported -$131.3M in net income in fiscal year 2026. This represents a decrease of 26.6% from the prior year.

EPS (Diluted)
$-1.22
YoY-19.6%

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

Free Cash Flow
$61.9M
YoY+163.8%

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.

Cash & Debt
$145.3M
YoY-37.2%
5Y CAGR+24.7%

Braze, Inc. held $145.3M in cash against $0 in long-term debt as of fiscal year 2026.

Dividends Per Share
N/A
Shares Outstanding
113M

Braze, Inc. had 113M shares outstanding in fiscal year 2026.

Margins & Returns

Gross Margin
67.2%
YoY-2.0pp
5Y CAGR+3.4pp

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.

Operating Margin
-19.6%
YoY+1.0pp
5Y CAGR+1.8pp

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.

Net Margin
-17.8%
YoY-0.3pp
5Y CAGR+3.4pp

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.

Return on Equity
-22.6%
YoY-0.7pp

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

R&D Spending
$167.1M
YoY+24.8%
5Y CAGR+41.7%

Braze, Inc. invested $167.1M in research and development in fiscal year 2026. This represents an increase of 24.8% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$9.6M
YoY-27.6%
5Y CAGR+31.2%

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

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.

Braze, Inc. (BRZE) revenue grew by 24.4% year-over-year, from $593.4M to $738.2M in fiscal year 2026.

No, Braze, Inc. (BRZE) reported a net income of -$131.3M in fiscal year 2026, with a net profit margin of -17.8%.

Braze, Inc. (BRZE) reported diluted earnings per share of $-1.22 for fiscal year 2026. This represents a -19.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Braze, Inc. (BRZE) had EBITDA of -$125.4M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

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.

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.

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.

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.

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.

Braze, Inc. (BRZE) generated $71.4M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

Braze, Inc. (BRZE) had $1.1B in total assets as of fiscal year 2026, including both current and long-term assets.

Braze, Inc. (BRZE) invested $9.6M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

Braze, Inc. (BRZE) invested $167.1M in research and development during fiscal year 2026.

Braze, Inc. (BRZE) had 113M shares outstanding as of fiscal year 2026.

Braze, Inc. (BRZE) had a current ratio of 1.24 as of fiscal year 2026, which is considered adequate.

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.

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.

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.

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.

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.

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.

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