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Braze (BRZE) delivers 24% growth, turns non-GAAP profit and okays $100M buyback

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Braze, Inc. reported strong growth for the quarter and fiscal year ended January 31, 2026 and announced a new share repurchase program. Fiscal Q4 revenue was $205.2 million, up 27.9% year over year, with subscription revenue of $193.5 million. Non-GAAP operating income rose to $14.5 million, while GAAP operating loss was $28.2 million due largely to $37.3 million of stock-based compensation.

For fiscal 2026, revenue reached $738.2 million, up 24.4%, and Braze generated $58.1 million of free cash flow and $71.4 million of net cash from operating activities. Non-GAAP operating income improved to $28.5 million from break-even, and non-GAAP diluted EPS increased to $0.38, while GAAP diluted EPS was a loss of $1.22.

Dollar-based net retention for all customers was 109%, and customers with ARR of $500,000 or more grew from 247 to 333 year over year. The Board authorized a $100 million share repurchase program, including an imminent $50 million accelerated buyback. Guidance for fiscal 2027 calls for revenue of $884.0–$889.0 million and non-GAAP diluted EPS of $0.61–$0.65.

Positive

  • Strong revenue growth and scale: Fiscal 2026 revenue rose 24.4% to $738.2 million, with Q4 revenue up 27.9% year over year to $205.2 million, supported by customer growth and larger enterprise accounts.
  • Improving profitability and cash generation: Non-GAAP operating income reached $28.5 million versus roughly break-even a year earlier, non-GAAP diluted EPS increased to $0.38, and free cash flow expanded to $58.1 million.
  • Capital return via sizable buyback: The Board authorized a $100 million share repurchase program, including an imminent $50 million accelerated share repurchase, indicating confidence in the company’s financial position and outlook.

Negative

  • Continuing GAAP losses and margin pressure: Fiscal 2026 GAAP operating loss widened to $144.8 million and GAAP diluted EPS was a loss of $1.22, while GAAP gross margin declined to 67.1% from 69.1%.
  • Slightly softer expansion metrics: Dollar-based net retention for all customers declined to 109% from 111%, and for customers with ARR of $500,000 or more fell to 110% from 114%, indicating modestly slower expansion within existing accounts.
  • Lower cash and securities balance: Total cash, cash equivalents, restricted cash, and marketable securities decreased to $415.9 million as of January 31, 2026 from $514.0 million a year earlier, reflecting acquisition spending and other investments.

Insights

Braze combines strong growth, rising profitability, and a sizable buyback.

Braze delivered robust top-line expansion, with fiscal 2026 revenue of $738.2M, up 24.4%, and Q4 revenue of $205.2M, up 27.9%. Growth is driven by new customers, upsells, and renewals, while customers with ARR above $500K increased from 247 to 333, highlighting deeper enterprise penetration.

Profitability metrics improved meaningfully on a non-GAAP basis. Non-GAAP operating income reached $28.5M for the year versus roughly break-even in the prior year, and non-GAAP diluted EPS rose to $0.38. Free cash flow scaled to $58.1M, and operating cash flow nearly doubled to $71.4M, indicating better unit economics even as GAAP results remain loss-making.

The newly authorized $100M share repurchase, including an imminent $50M accelerated buyback, signals confidence in the company’s outlook and balance sheet, which holds $415.9M in cash, equivalents, restricted cash, and marketable securities as of January 31, 2026. Fiscal 2027 guidance for revenue of $884.0–$889.0M and non-GAAP diluted EPS of $0.61–$0.65 suggests continued growth with expanding profitability, though execution will need to balance investment, stock-based compensation, and competitive pressures.

FALSE000167623800016762382026-03-242026-03-24


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (date of earliest event reported): March 24, 2026
______________________________________________________________

Braze, Inc.
(Exact name of registrant as specified in its charter)
______________________________________________________________
Delaware
001-41065
45-2505271
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)

63 Madison Building
28 East 28th Street, Floor 12
New YorkNew York 10016
(Address of principal executive offices, including zip code) 

(609) 964-0585
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)
______________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.0001 per shareBRZEThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




Item 2.02.    Results of Operations and Financial Condition.

On March 24, 2026, Braze, Inc. (the “Company”) issued a press release announcing its financial results for the quarter and fiscal year ended January 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Item 2.02 and Item 9.01 in this Current Report on Form 8-K, including the accompanying Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filing.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.         Description                            
99.1         Press Release of Braze, Inc., dated March 24, 2026
104         Cover Page Interactive Data (embedded within the Inline XBRL document)






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


BRAZE, INC.

By:    /s/Susan Wiseman        
Susan Wiseman
General Counsel

Dated: March 24, 2026



braze_primaryxlogoxpurple.jpg
BRAZE REPORTS FISCAL YEAR AND FOURTH QUARTER 2026 RESULTS

Delivers 28% revenue growth in the fourth quarter, 24% for the full fiscal year 2026

Trailing twelve month dollar-based net retention rises to 109% in the fourth quarter

Announces a $100 million share repurchase authorization including a $50 million accelerated buyback

Realizes strong operating leverage in the fourth quarter and fiscal 2026

NEW YORK -- (BUSINESSWIRE) -- March 24, 2026 -- Braze (Nasdaq: BRZE) the leading customer engagement platform that empowers brands to Be Absolutely EngagingTM, today announced results for its fiscal year ended January 31, 2026.

“We finished the fiscal year with an exceptional Q4, accelerating year-over-year organic revenue growth for the third straight quarter while continuing to drive strong operating leverage across our global business. In addition, we achieved an over 50% year-over-year increase in quarterly bookings, driven by significant strength in our enterprise segment and underscoring a fundamental market shift: the world’s largest and most sophisticated brands are choosing Braze as a foundational partner to drive their AI transformation during this period of intense disruption and opportunity," said Bill Magnuson, Cofounder and CEO of Braze. "We begin this fiscal year with strong commercial momentum and the fastest pace of new product delivery in our history as BrazeAI Decisioning Studio™ continues to scale rapidly and both BrazeAI Agent Console™ and BrazeAI Operator™ were made generally available in February, months ahead of schedule.”

Fiscal Fourth Quarter 2026 Financial Highlights

Revenue was $205.2 million compared to $160.4 million in the fourth quarter of the fiscal year ended January 31, 2025, up 27.9% year-over year, driven primarily by new customers, upsells, and renewals.
Subscription revenue in the quarter was $193.5 million compared to $153.9 million in the fourth quarter of the fiscal year ended January 31, 2025, and professional services and other revenue was $11.7 million compared to $6.5 million in the fourth quarter of the fiscal year ended January 31, 2025.
Remaining performance obligations as of January 31, 2026 was $1.0 billion, of which $642.1 million is current, which the company defines as less than one year.
GAAP gross margin was 65.5% compared to 69.3% in the fourth quarter of the fiscal year ended January 31, 2025.
Non-GAAP gross margin was 67.2% compared to 69.9% in the fourth quarter of the fiscal year ended January 31, 2025.
Dollar-based net retention for all customers for the trailing 12 months ended January 31, 2026 and January 31, 2025 was 109% and 111%, respectively; dollar-based net retention for customers with annual recurring revenue (ARR) of $500,000 or more was 110% compared to 114% in the fiscal year ended January 31, 2025.
Total customers increased to 2,609 as of January 31, 2026 from 2,296 as of January 31, 2025; 333 of our customers had ARR of $500,000 or more as of January 31, 2026, compared to 247 customers as of January 31, 2025.
GAAP operating loss was $28.2 million compared to an operating loss of $21.6 million in the fourth quarter of the fiscal year ended January 31, 2025. A primary contributor to the operating loss in the quarter included $37.3 million of stock-based compensation expense.



Non-GAAP operating income was $14.5 million compared to $7.9 million in the fourth quarter of the fiscal year ended January 31, 2025.
GAAP net loss per share attributable to Braze common stockholders, basic and diluted, of $0.29 based on 108.5 million weighted average shares outstanding in the fourth quarter of the fiscal year ended January 31, 2026, compared to GAAP net loss per share attributable to Braze common stockholders, basic and diluted, of $0.17, based on 102.9 million weighted average shares outstanding in the fourth quarter of the fiscal year ended January 31, 2025.
Non-GAAP net income per share attributable to Braze common stockholders, diluted, was $0.10 based on 111.4 million weighted average shares outstanding in the fourth quarter of the fiscal year ended January 31, 2026, compared to non-GAAP net income per share attributable to Braze common stockholders, diluted, of $0.12 based on 107.0 million weighted average shares outstanding in the fourth quarter of the fiscal year ended January 31, 2025.
Net cash provided by operating activities was $19.4 million compared to net cash provided by operating activities of $17.1 million in the fourth quarter of the fiscal year ended January 31, 2025.
Free cash flow was $13.9 million compared to $15.2 million in the fourth quarter of the fiscal year ended January 31, 2025.
Total cash and cash equivalents, restricted cash, and marketable securities was $415.9 million as of January 31, 2026 compared to $514.0 million as of January 31, 2025.

Fiscal Year 2026 Financial Highlights

Revenue was $738.2 million compared to $593.4 million in the fiscal year ended January 31, 2025, up 24.4% year-over year, driven primarily by new customers, upsells, and renewals.
Subscription revenue was $701.8 million compared to $570.3 million in the fiscal year ended January 31, 2025, and professional services and other revenue was $36.4 million compared to $23.1 million in the fiscal year ended January 31, 2025.
GAAP gross margin was 67.1% compared to 69.1% in the fiscal year ended January 31, 2025.
Non-GAAP gross margin was 68.7% compared to 69.8% in the fiscal year ended January 31, 2025.
GAAP operating loss was $144.8 million compared to a loss of $122.2 million in the fiscal year ended January 31, 2025. A primary contributor to the operating loss in the fiscal year included $144.9 million of stock-based compensation expense.
Non-GAAP operating income was $28.5 million compared to a loss of $0.0 million in the fiscal year ended January 31, 2025.
GAAP net loss per share attributable to Braze common stockholders, basic and diluted, of $1.22 based on 107.9 million weighted average shares outstanding in the fiscal year ended January 31, 2026, compared to GAAP net loss per share attributable to Braze common stockholders, basis and diluted, of $1.02, based on 102.2 million weighted average shares outstanding in the fiscal year ended January 31, 2025.
Non-GAAP net income per share attributable to Braze common stockholders, diluted, was $0.38 based on 111.1 million weighted average shares outstanding in the fiscal year ended January 31, 2026, compared to non-GAAP net income per share attributable to Braze common stockholders, diluted, of $0.17 based on 107.0 million weighted average shares outstanding in the fiscal year ended January 31, 2025.
Net cash provided by operating activities was $71.4 million compared to net cash provided by operating activities of $36.7 million in the fiscal year ended January 31, 2025.
Free cash flow was $58.1 million compared to $19.6 million in the fiscal year ended January 31, 2025.

Business Highlights

Notable new business wins and existing customer expansions in the quarter included Dis-Chem, Goodnotes, ID.me, King, Life360, Mytheresa, PowerUs, realestate.co.nz, Shell Mobility & Convenience, and ThriftBooks.
Published sixth annual Global Customer Engagement Review, combining insights from 2,200+ marketing leaders, 4,000 consumers, and 6B+ data points from over 750 brands across the Americas, EMEA, and APAC.







Innovations

Released BrazeAI Agent Console™ for general availability allowing brands to create custom agents that bring the power of generative and agentic AI directly into Braze Canvas and Catalogs.
Announced general availability and continued to drive value for customers through BrazeAI Operator™, a companion that provides a unified experience for accessing AI to build masterful campaigns, uncover data insights, answer questions, and simplify execution.
During calendar year 2025, Braze powered 4.5 trillion messages and Canvas actions, processed over 25 trillion data points, executed 3.1 trillion AI decisioning inferences, and made 8.7 trillion updates to user profile systems of record. This execution capability provides brands with confidence to deploy business-critical programs for entire global audiences.

Partnerships

Strengthened relationship with Snowflake by deploying Cortex Code, transforming Braze’s approach to agentic analytics by automating and enriching insights layers, and optimizing native understanding of datasets, schemas, and columns to produce more precise, actionable outputs, and in turn accelerate time-to-value for Braze customers.
Enhanced our Shopify integration by incorporating custom product data for enhanced segmentation and personalization, and syncing customer engagement to provide a unified shopper view in Shopify.
Expanded Audience Sync to The Trade Desk, enabling customers to leverage real-time, first-party data in Braze to optimize programmatic ad targeting across The Trade Desk's global inventory - including CTV, Retail Media, and the Open Web - while building a more durable, cohesive strategy across owned and paid channels.
Also expanded Audience Sync to LinkedIn, enabling customers to enhance B2B and high-consideration B2C ad targeting - increasing return on ad spend (ROAS) and unifying paid media within the broader customer journey.

Industry Recognitions

Recognized as a Strong Performer in The Forrester Wave™: Email Marketing Service Providers, Q1 2026.
Also recognized in the G2 Best of Awards for the fourth consecutive year, earning recognition in the Best Marketing and Digital Advertising Software Products, Best Software Products, Best Software for Enterprises Businesses, and Best Global Software Companies categories.
Earned the Equality 100 Award on the Human Rights Campaign Foundation’s 2026 Corporate Equality Index in the United States for the third year in a row, reflecting Braze’s commitment to workplace equality through benefits, policies, community, connection and inclusion.
Named on Built In's 2026 Best Places to Work lists, including Best Large Places to Work across Austin, Chicago, New York, and San Francisco.

Financial Outlook

Braze is initiating guidance for the fiscal first quarter ending April 30, 2026 and fiscal year ending January 31, 2027.




Metric
(in millions, except per share amounts)
FY 2027 Q1 GuidanceFY 2027 Guidance
Revenue
$204.5 - 205.5
$884.0 - 889.0
Non-GAAP operating income
$10.0 - 11.0
$69.0 - 73.0
Non-GAAP net income
$11.0 - 12.0
$69.0 - 73.0
Non-GAAP net income per share, diluted
$0.10 - 0.11
$0.61 - 0.65
Weighted average common shares used in computing non-GAAP net income per share, diluted
~112.0
~113.0

Braze has not reconciled its guidance as to non-GAAP operating income, non-GAAP net income or non-GAAP net income per share, diluted, to their most directly comparable GAAP measure as a result of uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in Braze’s stock price. Accordingly, reconciliations are not available without unreasonable effort, although it is important to note that these factors could be material to Braze’s results calculated in accordance with GAAP.

Share Repurchase Program:

Braze announced today that its Board of Directors authorized a share repurchase program of up to $100 million of the Company’s outstanding Class A Common Stock. Pursuant to the new program, Braze plans to imminently enter into an accelerated share repurchase transaction with respect to approximately $50 million of its outstanding Class A Common Stock.

"As we enter fiscal 2027, our financial profile is sound, and we are pleased that our strong balance sheet and consistent cash generation provide us with the flexibility to invest in our business while returning capital to shareholders. This authorization provides us with the flexibility to opportunistically return capital while maintaining the strong liquidity needed to pursue our ambitious roadmap for durable, profitable growth,” said Isabelle Winkles, CFO of Braze. “We are proud of the scale we have achieved and view this share repurchase program as a clear signal of our Board and management team’s confidence in our strategy, our market opportunity, and our ability to execute against our financial goals.”

Conference Call Information:

What: Braze Fiscal Year and Fourth Quarter 2026 Financial Results Conference Call
When: Tuesday, March 24th at 4:30 pm EDT / 1:30 pm PDT
Webcast & Supplemental Data: investors.braze.com
Replay: A webcast replay will be available on Braze’s investor site at investors.braze.com.

Supplemental and Other Financial Information

Supplemental information, including an accompanying financial presentation and other information can be accessed through Braze’s investor website at investors.braze.com.

Non-GAAP Financial Measures

This press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, basic and diluted, and non-GAAP free cash flow. Braze defines non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating income (loss), non-GAAP operating margin, and non-GAAP net income (loss) as the respective GAAP balances, adjusted for stock-based compensation expense, employer taxes related to stock-based compensation, charitable contribution



expense, contingent consideration adjustments, acquisition related expense, and amortization of intangible assets. Braze defines non-GAAP free cash flow as net cash provided by/(used in) operating activities, minus purchases of property and equipment and minus capitalized internal-use software costs. Investors are encouraged to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures.

Braze uses this non-GAAP financial information internally in analyzing its financial results and believes that this non-GAAP financial information, when taken collectively with GAAP financial measures, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with generally accepted accounting principles in the United States (GAAP), and may be different from similarly-titled non-GAAP measures used by other companies.

The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in Braze’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by Braze’s management about which expenses are excluded or included in determining these non-GAAP financial measures. A reconciliation is provided below in the financial statement tables included below in this press release for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP.

Braze encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, which it includes in press releases announcing quarterly and fiscal year financial results, including this press release, and not to rely on any single financial measure to evaluate Braze’s business.

Definition of Other Business Metrics

Customer: Braze defines a customer, as of period end, as the separate and distinct, ultimate parent-level entity that has an active subscription with Braze to use its products. A single organization could have multiple distinct contracting divisions or subsidiaries, all of which together would be considered a single customer.

Annual Recurring Revenue (ARR): Braze defines ARR as the annualized value of customer subscription contracts, including certain premium professional services that are subject to contractual subscription terms, as of the measurement date, assuming any contract that expires during the next 12 months is renewed on its existing terms (including contracts for which Braze is negotiating a renewal). Braze’s calculation of ARR is not adjusted for the impact of any known or projected future events (such as customer cancellations, expansion or contraction of existing customers relationships or price increases or decreases) that may cause any such contract not to be renewed on its existing terms. ARR may decline or fluctuate as a result of a number of factors, including customers’ satisfaction or dissatisfaction with Braze’s products and professional services, pricing, competitive offerings, economic conditions or overall changes in Braze’s customers’ spending levels. ARR should be viewed independently of revenue and does not represent Braze’s GAAP revenue on an annualized basis or a forecast of revenue, as it is an operating metric that can be impacted by contract start and end dates and renewal rates.

Dollar-Based Net Retention Rate: Braze calculates dollar-based net retention rate as of a period end by starting with the ARR from a cohort of customers as of 12 months prior to such period-end (the Prior Period ARR). Braze then calculates the ARR from the same cohort of customers as of the end of the current period (the Current Period ARR). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months, but excludes ARR from new customers in the current period. Braze then divides the total Current Period ARR by the total Prior Period ARR to arrive at the point-in-time dollar-based net retention rate. Braze then calculates the weighted average point-in-time dollar-based net retention rates as of the last day of each month in the current trailing 12-month period to arrive at the dollar-based net retention rate.

Remaining Performance Obligations: The transaction price allocated to remaining performance obligations represents amounts under non-cancelable contracts expected to be recognized as revenue in future periods, and may be influenced by several factors, including seasonality, the timing of renewals, the timing of service delivery and



contract terms. Unbilled portions of the remaining performance obligation are subject to future economic risks including bankruptcies, regulatory changes and other market factors.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding Braze’s financial outlook for the first quarter of and the full fiscal year ended January 31, 2027, any anticipated repurchases by Braze of its Class A common stock, the anticipated performance of and customer value from its products and features, including its BrazeAI products and features, and its future business strategies and plans. These forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “hope,” “intend,” “may,” “might,” “potential,” “predict,” “project,” “shall,” “should,” “target,” “will” and variations of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words.

Forward-looking statements are based on Braze’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Braze’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: (1) the extent to which Braze achieves anticipated financial targets; (2) Braze’s ability to realize its broader strategic and operating objectives; (3) unstable market and economic conditions may have serious adverse consequences on Braze’s business, financial condition and share price; (4) Braze’s recent rapid revenue growth may not be indicative of its future revenue growth; (5) Braze’s history of operating losses; (6) Braze’s limited operating history at its current scale; (7) Braze’s ability to successfully manage its growth; (8) the accuracy of estimates of market opportunity and forecasts of market growth and the impact of global and domestic socioeconomic events on Braze’s business; (9) Braze’s ability and the ability of its platform to adapt and respond to changing customer or consumer needs, requirements or preferences; (10) Braze’s ability to attract new customers and renew existing customers; (11) the competitive markets in which Braze participates and the intense competition that it faces; (12) Braze’s ability to adapt and respond effectively to rapidly changing technology, evolving cybersecurity and data privacy risks, evolving industry standards or changing regulations; and (13) Braze’s reliance on third-party providers of cloud-based infrastructure; as well as other risks and uncertainties discussed in the “Risk Factors” section of Braze’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on December 9, 2025, and other subsequent filings Braze makes with the SEC from time to time, including Braze’s Annual Report on Form 10-K for the fiscal year ended January 31, 2026, that will be filed with the SEC. The forward-looking statements included in this press release represent Braze’s views only as of the date of this press release and Braze assumes no obligation, and does not intend to update these forward-looking statements, except as required by law.

Third Party Reports

The Forrester Wave™: Email Marketing Service Providers, Q1 2026, Shar VanBoskirk, March 2026.

The Forrester Wave™ is copyrighted by Forrester Research, Inc. Forrester and Forrester Wave™ are trademarks of Forrester Research, Inc. Forrester does not endorse any company, product, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications. Information is based on the best available resources. Opinions reflect judgment at the time and are subject to change. For more information, read about Forrester’s objectivity at https://www.forrester.com/about-us/objectivity/.

G2.com, Inc., https://www.g2.com/best-software-companies/top-marketing, February 2026.

Message and Internal Data

Message and other internal data included in this press release is approximate and is based on various assumptions. This data is tracked with internal systems and tools that are not independently verified by any third party, and is



accordingly subject to adjustment. The methodology underlying the data included in this press release may vary from prior years and prior year results may not be directly comparable to current results.

About Braze

Braze is the leading customer engagement platform that empowers brands to Be Absolutely Engaging™. Braze helps brands deliver great customer experiences that drive value both for consumers and for their businesses. Built on a foundation of composable intelligence, BrazeAI™ allows marketers to combine and activate AI agents, models, and features at every touchpoint throughout the Braze Customer Engagement Platform for smarter, faster, and more meaningful customer engagement. From cross-channel messaging and journey orchestration to Al-powered decisioning and optimization, Braze enables companies to turn action into interaction through autonomous, 1:1 personalized experiences. The company has repeatedly been recognized as a Leader in marketing technology by industry analysts, and was voted a G2 “Best of Marketing and Digital Advertising Software Product” in 2025. Braze was also named a 2025 Best Companies To Work For by U.S. News & World Report, a 2025 America’s Greatest Companies by Newsweek, and a 2025 Fortune Best Workplace in Technology™ by Great Place To Work®. The company is headquartered in New York with 15 offices across the Americas, EMEA, and APAC. Learn more at braze.com.

Braze uses its Investor website at investors.braze.com as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor its investor relations website in addition to following its press releases, blog posts on its website (braze.com), SEC filings and public conference calls and webcasts.



Selected Financial Data

BRAZE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)

Three Months Ended
January 31,
Fiscal Year Ended
January 31,
2026202520262025
Revenue$205,170 $160,400 $738,182 $593,410 
Cost of revenue (1)(2)(5)
70,816 49,313 242,525 183,191 
Gross Profit134,354 111,087 495,657 410,219 
Operating expenses:
Sales and marketing (1)(2)(5)
81,690 69,262 327,012 282,316 
Research and development (1)(2)
45,029 33,600 167,143 133,969 
General and administrative (1)(2)(3)(4)(5)(6)
35,872 29,784 146,259 116,093 
Total operating expenses162,591 132,646 640,414 532,378 
Loss from operations(28,237)(21,559)(144,757)(122,159)
Other income, net3,556 5,589 16,596 21,557 
Loss before provision for income taxes(24,681)(15,970)(128,161)(100,602)
Provision for income taxes6,901 1,094 2,625 3,445 
Net loss(31,582)(17,064)(130,786)(104,047)
Net income (loss) attributable to redeemable non-controlling interest
22 128 501 (304)
Net loss attributable to Braze, Inc.$(31,604)$(17,192)$(131,287)$(103,743)
Net loss per share attributable to Braze, Inc. common stockholders, basic and diluted$(0.29)$(0.17)$(1.22)$(1.02)
Weighted-average shares used to compute net loss per share attributable to Braze, Inc. common stockholders, basic and diluted108,539 102,918 107,906 102,189 



















(1) Includes stock-based compensation as follows:
Three Months Ended
January 31,
Fiscal Year Ended
January 31,
2026202520262025
Cost of revenue$1,126 $977 $4,829 $4,022 
Sales and marketing10,961 9,223 44,017 38,168 
Research and development15,561 10,381 56,816 43,004 
General and administrative9,683 7,262 39,239 29,067 
Total stock-based compensation expense$37,331 $27,843 $144,901 $114,261 

(2) Includes employer taxes related to stock-based compensation as follows:
Three Months Ended
January 31,
Fiscal Year Ended
January 31,
2026202520262025
Cost of revenue$45 $33 $218 $189 
Sales and marketing425 177 1,563 1,247 
Research and development580 122 1,924 1,522 
General and administrative463 117 1,100 684 
Total employer taxes related to stock-based compensation expense
$1,513 $449 $4,805 $3,642 

(3) Includes 1% Pledge charitable donation expense as follows:
Three Months Ended
January 31,
Fiscal Year Ended
January 31,
2026202520262025
General and administrative$691 $1,112 $3,223 $3,876 

(4) Includes acquisition related expense as follows:
Three Months Ended
January 31,
Fiscal Year Ended
January 31,
2026202520262025
General and administrative$167 $— $12,049 $— 

(5) Includes amortization of intangible assets acquired in the acquisition expense as follows:
Three Months Ended
January 31,
Fiscal Year Ended
January 31,
2026202520262025
Cost of revenue$2,362 $— $6,300 $— 
Sales and marketing600 — 1,600 — 
General and administrative79 101 343 560 
Total amortization of intangible assets$3,041 $101 $8,243 $560 
(6) Includes adjustment to the fair value of the contingent consideration liability as follows:
Three Months Ended
January 31,
Fiscal Year Ended
January 31,
2026202520262025
General and administrative$— $— $— $(223)



BRAZE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
January 31,
20262025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$124,342 $83,062 
Restricted cash, current566 — 
Accounts receivable, net of allowance of $1,934 and $2,563 at January 31, 2026 and January 31, 2025, respectively122,350 95,234 
Marketable securities287,580 430,457 
Prepaid expenses and other current assets33,088 35,273 
Total current assets567,926 644,026 
Restricted cash, noncurrent3,430 530 
Property and equipment, net43,517 38,550 
Operating lease right-of-use assets72,011 76,147 
Deferred contract costs100,738 76,766 
Goodwill261,857 28,448 
Intangible assets, net61,487 3,130 
Other assets2,791 3,401 
TOTAL ASSETS$1,113,757 $870,998 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable$1,562 $2,150 
Accrued expenses and other current liabilities95,023 64,189 
Deferred revenue304,560 239,976 
Operating lease liabilities, current19,269 18,162 
Total current liabilities420,414 324,477 
Operating lease liabilities, noncurrent63,385 69,278 
Other long-term liabilities5,802 2,494 
TOTAL LIABILITIES489,601 396,249 
COMMITMENTS AND CONTINGENCIES (Note 13)
Redeemable non-controlling interest (Note 4)389 (112)
STOCKHOLDERS’ EQUITY
Class A common stock, $0.0001 par value; 2,000,000,000 and 2,000,000,000 shares authorized as of January 31, 2026 and January 31, 2025, respectively; 112,770,651 and 87,934,059 shares issued and outstanding as of January 31, 2026 and January 31, 2025, respectively11 
Class B common stock, $0.0001 par value; 0 and 110,000,000 shares authorized as of January 31, 2026 and January 31, 2025, respectively; 0 and 16,017,314 shares issued and outstanding as of January 31, 2026 and January 31, 2025, respectively— 
Additional paid-in capital1,340,091 1,062,613 
Accumulated other comprehensive gain (loss)1,788 (926)
Accumulated deficit(718,123)(586,836)
TOTAL STOCKHOLDERS’ EQUITY623,767 474,861 
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND STOCKHOLDERS’ EQUITY$1,113,757 $870,998 







BRAZE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Fiscal Year Ended
January 31,
20262025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss (including amounts attributable to redeemable non-controlling interests)$(130,786)$(104,047)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation143,738 115,140 
Amortization of deferred contract costs41,267 35,014 
Depreciation and amortization19,328 10,115 
Provision for credit losses666 2,331 
Value of common stock donated to charity3,223 3,776 
Accretion of discount on marketable securities(951)(2,079)
Non-cash foreign exchange (gain) loss(73)(1,033)
Fair value adjustments to contingent consideration — (223)
Fixed asset write offs80 488 
Other(144)(152)
Changes in operating assets and liabilities:
Accounts receivable(22,715)(5,363)
Prepaid expenses and other current assets3,569 (6,629)
Deferred contract costs(65,249)(48,171)
ROU assets and liabilities(1,133)1,939 
Other assets(1,880)(29)
Accounts payable(601)(3,912)
Accrued expenses and other current liabilities26,191 3,694 
Deferred revenue57,137 35,887 
Other long-term liabilities(229)(66)
Net cash provided by operating activities
71,438 36,680 
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for acquisition, net of cash acquired(181,854)— 
Purchases of property and equipment(9,588)(13,234)
Capitalized internal-use software costs(3,776)(3,814)
Purchases of marketable securities(151,641)(217,975)
Maturities of marketable securities175,208 195,353 
Return of principal on marketable securities120,744 3,200 
Net cash used in investing activities(50,907)(36,470)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of common stock options15,861 6,906 
Proceeds from stock associated with employee stock purchase plan7,099 7,705 
Payments of deferred purchase consideration— (2,916)
Net cash provided by financing activities22,960 11,695 
Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash1,255 (444)
Net change in cash, cash equivalents, and restricted cash44,746 11,461 
Cash, cash equivalents, and restricted cash, beginning of period83,592 72,131 
Cash, cash equivalents, and restricted cash, end of period$128,338 $83,592 





BRAZE, INC.
U.S. GAAP RECONCILIATION OF NON-GAAP ADJUSTED RESULTS
(in thousands, except per share amounts)

The following tables reconcile each non-GAAP financial measure to its most directly comparable GAAP financial measure:

Reconciliation of GAAP to Non-GAAP Gross MarginThree Months Ended
January 31,
Fiscal Year Ended
January 31,
2026202520262025
Gross profit$134,354 $111,087 $495,657 $410,219 
Plus:
Stock-based compensation expense1,126 977 4,829 4,022 
Employer taxes related to stock-based compensation expense45 33 218 189 
Amortization of intangibles expense
2,362 — 6,300 — 
Non-GAAP gross profit$137,887 $112,097 $507,004 $414,430 
GAAP gross margin65.5 %69.3 %67.1 %69.1 %
Non-GAAP gross margin67.2 %69.9 %68.7 %69.8 %

Reconciliation of GAAP to Non-GAAP Operating ExpensesThree Months Ended
January 31,
Fiscal Year Ended
January 31,
2026202520262025
GAAP sales and marketing expense$81,690 $69,262 $327,012 $282,316 
Less:
Stock-based compensation expense10,961 9,223 44,017 38,168 
Employer taxes related to stock-based compensation expense425 177 1,563 1,247 
Amortization of intangibles expense600 — 1,600 — 
Non-GAAP sales and marketing expense$69,704 $59,862 $279,832 $242,901 
GAAP research and development expense$45,029 $33,600 $167,143 $133,969 
Less:
Stock-based compensation expense15,561 10,381 56,816 43,004 
Employer taxes related to stock-based compensation expense580 122 1,924 1,522 
Non-GAAP research and development expense$28,888 $23,097 $108,403 $89,443 
GAAP general and administrative expense$35,872 $29,784 $146,259 $116,093 
Less:
Stock-based compensation expense9,683 7,262 39,239 29,067 
Employer taxes related to stock-based compensation expense463 117 1,100 684 
1% Pledge charitable contribution expense691 1,112 3,223 3,876 
Acquisition related expense167 — 12,049 — 
Amortization of intangibles expense79 101 343 560 
Contingent consideration adjustment— — — (223)
Non-GAAP general and administrative expense$24,789 $21,192 $90,305 $82,129 






Reconciliation of GAAP to Non-GAAP Operating Income (Loss)
Three Months Ended
January 31,
Fiscal Year Ended
January 31,
2026202520262025
Loss from operations$(28,237)$(21,559)$(144,757)$(122,159)
Plus:
Stock-based compensation expense37,331 27,843 144,901 114,261 
Employer taxes related to stock-based compensation expense1,513 449 4,805 3,642 
1% Pledge charitable contribution expense691 1,112 3,223 3,876 
Acquisition related expense167 — 12,049 — 
Amortization of intangibles expense3,041 101 8,243 560 
Contingent consideration adjustment— — — (223)
Non-GAAP income (loss) from operations$14,506 $7,946 $28,464 $(43)
GAAP operating margin(13.8)%(13.4)%(19.6)%(20.6)%
Non-GAAP operating margin7.1 %5.0 %3.9 %0.0 %

Reconciliation of GAAP to Non-GAAP Net Income
Three Months Ended
January 31,
Fiscal Year Ended
January 31,
2026202520262025
Net loss attributable to Braze, Inc.$(31,604)$(17,192)$(131,287)$(103,743)
Plus:
Stock-based compensation expense37,331 27,843 144,901 114,261 
Employer taxes related to stock-based compensation expense1,513 449 4,805 3,642 
1% Pledge charitable contribution expense691 1,112 3,223 3,876 
Acquisition related expense167 — 12,049 — 
Amortization of intangibles expense3,041 101 8,243 560 
Contingent consideration adjustment— — — (223)
Non-GAAP net income attributable to Braze, Inc. (1)
$11,139 $12,313 $41,934 $18,373 
Non-GAAP net income per share attributable to Braze, Inc. common stockholders, basic$0.10 $0.12 $0.39 $0.18 
Non-GAAP net income per share attributable to Braze, Inc. common stockholders, diluted$0.10 $0.12 $0.38 $0.17 
Weighted-average shares used to compute net income per share attributable to Braze, Inc. common stockholders, basic108,539 102,918 107,906 102,189 
Weighted-average shares used to compute net income per share attributable to Braze, Inc. common stockholders, diluted111,354 106,952 111,150 106,971 
(1) Assumes no non-GAAP tax expenses associated with the non-GAAP adjustment due to the Company’s historical non-GAAP net loss position and available deferred tax assets sufficient to offset such non-GAAP tax expense.

Reconciliation of GAAP Cash Flow from Operating Activities to Non-GAAP Free Cash FlowThree Months Ended
January 31,
Fiscal Year Ended
January 31,
2026202520262025
Net cash provided by operating activities$19,375 $17,083 $71,438 $36,680 
Less:
Purchases of property and equipment(4,820)(1,087)(9,588)(13,234)
Capitalized internal-use software costs(665)(791)(3,776)(3,814)
Non-GAAP free cash flow$13,890 $15,205 $58,074 $19,632 



Contact Information

Investors:
Christopher Ferris
IR@braze.com
(609) 964-0585

Media:
Steve Ballerini
Press@braze.com

Source: Braze, Inc.

Braze is a registered trademark of Braze, Inc.
All product and company names herein may be trademarks of their registered owners.

FAQ

How did Braze (BRZE) perform financially in fiscal year 2026?

Braze reported strong fiscal 2026 growth, with revenue rising 24.4% to $738.2 million. The company improved non-GAAP operating income to $28.5 million and generated $58.1 million in free cash flow, while GAAP diluted EPS remained negative at -$1.22.

What were Braze’s key fourth quarter 2026 financial results?

In fiscal Q4 2026, Braze delivered revenue of $205.2 million, up 27.9% year over year, with non-GAAP operating income of $14.5 million. GAAP operating loss was $28.2 million, impacted by $37.3 million in stock-based compensation, and non-GAAP diluted EPS was $0.10.

What guidance did Braze (BRZE) provide for fiscal year 2027?

Braze expects fiscal 2027 revenue between $884.0 million and $889.0 million. The company projects non-GAAP operating income of $69.0–$73.0 million, non-GAAP net income of $69.0–$73.0 million, and non-GAAP diluted EPS in the range of $0.61–$0.65.

What is included in Braze’s new share repurchase program?

Braze’s Board authorized a share repurchase program of up to $100 million of Class A common stock. The company plans to enter an accelerated share repurchase transaction for approximately $50 million, using its strong balance sheet and cash generation to return capital to shareholders.

How are Braze’s customer and retention metrics trending?

Total customers increased to 2,609 from 2,296 year over year, with customers above $500,000 ARR rising to 333. Dollar-based net retention was 109% overall and 110% for larger customers, modestly below the prior-year levels of 111% and 114%.

What were Braze’s cash flow and liquidity figures for fiscal 2026?

Braze generated $71.4 million in net cash from operating activities and $58.1 million in free cash flow during fiscal 2026. The company ended January 31, 2026 with $415.9 million in cash, cash equivalents, restricted cash, and marketable securities.

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BRZE Stock Data

2.65B
93.58M
Software - Application
Services-prepackaged Software
Link
United States
NEW YORK