nCino (NASDAQ: NCNO) grows revenue, boosts profit and adds $100M share buyback
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
nCino, Inc. reported strong fourth quarter and fiscal 2026 results, arranged new financing, and launched a major share repurchase. Fiscal 2026 revenue was $594.8 million, up 10% year over year, with subscription revenue of $523.1 million, up 12%. Non-GAAP operating income rose to $129.4 million and non-GAAP net income to $122.7 million, both sharply higher than the prior year.
Annual Contract Value reached $602.4 million as of January 31, 2026, up 17% year over year, and free cash flow for the year was $82.6 million. The company entered a $200 million senior secured term loan maturing in 2029 and a $100 million accelerated share repurchase agreement, and now has a total of $200 million in authorized repurchases, with about $75 million remaining capacity under a prior program.
For fiscal 2027, nCino guides to total revenue between $639.0 million and $643.0 million, non-GAAP operating income between $165.0 million and $170.0 million, free cash flow between $132.0 million and $137.0 million, and ACV between $662.5 million and $667.5 million.
Positive
- Strong profitable growth: Fiscal 2026 revenue rose 10% to $594.8 million while non-GAAP net income increased 45% to $122.7 million, showing significant operating leverage.
- Robust recurring base and outlook: ACV reached $602.4 million, up 17% year over year, and fiscal 2027 guidance targets further revenue, ACV, and free cash flow growth.
- Shareholder returns: The company authorized a new $100 million accelerated share repurchase and retains $75 million under a prior buyback, signaling a sizable capital return commitment.
Negative
- None.
Insights
nCino posts double-digit growth, swings to profit, and commits $200M to buybacks.
nCino delivered 10% revenue growth to $594.8M in fiscal 2026, with higher-margin subscription revenue up 12% to $523.1M. Non-GAAP operating income rose 35% to $129.4M, and non-GAAP net income climbed 45% to $122.7M, indicating meaningful operating leverage.
Annual Contract Value reached $602.4M as of January 31, 2026, up 17% year over year, while free cash flow increased to $82.6M. These figures show the SaaS model scaling with solid renewal and expansion activity, especially as ACV growth exceeds revenue growth.
The company is pairing profitability with aggressive capital return: a new $100M accelerated share repurchase and an existing authorization with $75M remaining. A new $200M Term Loan A expiring in 2029 will help fund the ASR and reduce revolver borrowings, modestly increasing leverage but within a covenant ceiling of a 4.0x consolidated total leverage ratio. Fiscal 2027 guidance calls for revenue of $639–$643M, non-GAAP operating income of $165–$170M, free cash flow of $132–$137M, and ACV of $662.5–$667.5M.
8-K Event Classification
4 items: 1.01, 2.02, 7.01, 9.01
4 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Fiscal 2026 revenue: $594.8 million
Fiscal 2026 subscription revenue: $523.1 million
Fiscal 2026 non-GAAP net income: $122.7 million
+5 more
8 metrics
Fiscal 2026 revenue
$594.8 million
Total revenues for fiscal year ended January 31, 2026
Fiscal 2026 subscription revenue
$523.1 million
Subscription revenues for fiscal 2026, up 12% year over year
Fiscal 2026 non-GAAP net income
$122.7 million
Non-GAAP net income attributable to nCino for fiscal 2026
Annual Contract Value
$602.4 million
ACV as of January 31, 2026, up 17% year over year
Free cash flow
$82.6 million
Free cash flow for fiscal 2026
New Term Loan A
$200 million
Senior secured incremental term loan maturing October 28, 2029
Accelerated share repurchase
$100 million
ASR agreement with Wells Fargo entered March 31, 2026
FY 2027 revenue guidance
$639.0–$643.0 million
Total revenue guidance for fiscal year 2027
Key Terms
Accelerated share repurchase agreement, Annual Contract Value (ACV), Term Loan A, Non-GAAP operating income, +2 more
6 terms
Annual Contract Value (ACV) financial
"ACV as of January 31, 2026, was $602.4 million, an increase of 17% year over year"
Annual Contract Value (ACV) shows how much money a company expects to earn in one year from a single customer’s contract. It helps businesses understand the size and value of their customer relationships, much like knowing how much a subscription or membership costs each year. This metric is important for measuring growth and planning future sales.
Term Loan A financial
"include a $200 million Term Loan A, the proceeds of which will be used to fund the ASR"
Term Loan A is a portion of a company’s syndicated bank loan that is paid down with regular principal installments over a set period, usually carries lower interest and a shorter maturity than other loan tranches. It matters to investors because its scheduled repayments and interest cost affect a company’s cash flow and borrowing needs; heavy near‑term payments can reduce cash available for dividends, investment or increase refinancing risk, much like a mortgage with larger monthly payments limits household flexibility.
Non-GAAP operating income financial
"Non-GAAP operating income for fiscal 2026 was $129.4 million compared to $96.2 million"
Non-GAAP operating income is a measure of a company's profit from its core business activities, calculated by excluding certain expenses or income that are not part of regular operations. It provides a clearer picture of how well the business is performing by focusing on ongoing operations, helping investors compare companies more consistently and make better-informed decisions.
Free Cash Flow financial
"Free Cash Flow between $132.0 million and $137.0 million"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Consolidated Total Leverage Ratio financial
"maintain (i) a Consolidated Total Leverage Ratio not in excess of 4.00:1.00"
Consolidated total leverage ratio measures how much a company owes compared with the profit it generates, calculated across all its units together. Think of it as the company’s total net debt divided by a measure of annual operating cash profit; like comparing how much mortgage you owe to your yearly take-home pay. Investors use it to judge risk: a higher ratio means more debt burden and greater vulnerability to shocks, while a lower ratio suggests a stronger ability to service debt and sustain operations.
Earnings Snapshot
Q4 2026 revenue: $149.7 million · Guidance included
Q4 and Fiscal Year 2026
Q4 2026 revenue
$149.7 million
+6% year over year
Q4 2026 non-GAAP operating income
$34.7 million
+42% year over year
Q4 2026 non-GAAP net income
$42.8 million
+95% year over year
Fiscal 2026 revenue
$594.8 million
+10% year over year
Fiscal 2026 non-GAAP operating income
$129.4 million
+35% year over year
Fiscal 2026 non-GAAP net income
$122.7 million
+45% year over year
Guidance
For fiscal 2027, nCino guides to total revenue of $639.0–$643.0 million, subscription revenue of $569.0–$573.0 million, non-GAAP operating income of $165.0–$170.0 million, free cash flow of $132.0–$137.0 million, and ACV of $662.5–$667.5 million.
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 30, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of | (Commission file number) | (IRS Employer | ||||||||||||||||||
| incorporation) | Identification No.) | |||||||||||||||||||
(Address of Principal Executive Offices, Including Zip Code)
Registrant’s Telephone Number, Including Area Code: (888 ) 676-2466
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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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 1.01 Entry into a Material Definitive Agreement.
Credit Agreement Amendment
On March 30, 2026, nCino, Inc. (the “Company”) entered into an Incremental Facility Amendment (the “First Amendment”) to that certain Credit Agreement, dated as of October 28, 2024 (the “Credit Agreement”), by and among the Company, nCino OpCo, Inc. (the “Borrower”), certain subsidiaries of the Company as guarantors, the lenders party thereto (the “Lenders”) and Bank of America, N.A., as administrative agent (the “Agent”), pursuant to which the Lenders are providing to the Borrower a senior secured incremental term loan of $200 million (the “Term Loan”).
The Term Loan bears interest, at the Borrower’s option, at: (i) a base rate equal to the greatest of (a) the Agent’s “prime rate”, (b) the federal funds rate plus 0.50%, and (c) the Term SOFR rate plus 1.00% (provided that the base rate shall not be less than 0.00%), plus a margin of 1.00%; or (ii) the Term SOFR rate (provided that the Term SOFR shall not be less than 0.00%), plus a margin of 2.00%, in each case with such margin subject to step ups based on certain leverage ratios.
The Term Loan requires scheduled quarterly principal payments of $2.5 million, with the remaining balance due at maturity. The Term Loan is scheduled to mature on October 28, 2029, and the Company may voluntarily prepay some or all of the Term Loan without penalty. Any such repaid amounts may not be reborrowed.
The Credit Agreement, as amended by the First Amendment, contains representations and warranties, affirmative, negative and financial covenants, and events of default that are customary for loans of this type. The financial covenant requires the Company and its subsidiaries on a consolidated basis to maintain (i) a Consolidated Total Leverage Ratio not in excess of 4.00:1.00 as of the end of any fiscal quarter and (ii) a Consolidated Interest Coverage Ratio not less than 3.00:1.00 as of the end of any fiscal quarter.
The Term Loan and the existing senior secured revolving credit facility evidenced by the Credit Agreement (together, the “Credit Facilities”) are guaranteed by the Company and each of its current and future material domestic subsidiaries (the “Guarantors”) and secured by substantially all of the personal property, subject to customary exceptions, of the Borrower and the Guarantors, in each case, now owned or later acquired, including a pledge of all of the Borrower’s capital stock, the capital stock of all of the Company’s domestic subsidiaries and 65% of the capital stock of foreign subsidiaries that are directly owned by the Borrower or a Guarantor.
A copy of the First Amendment is filed with this report as Exhibit 10.1 and is hereby incorporated by reference herein. The foregoing summary of the First Amendment does not purport to be complete and is subject to and qualified in its entirety by reference to the full text of the First Amendment.
Accelerated Share Repurchase Agreement
On March 31, 2026, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”) under which the Company will purchase $100 million of its own outstanding common stock, par value $0.0005 per share (the “Common Stock”).
Under the ASR Agreement, the Company expects to receive from Wells Fargo, shortly after the date of the ASR Agreement, approximately 80% of the total value of the shares of Common Stock to be repurchased under the ASR Agreement, based on the closing price of the Common Stock on March 31, 2026, and the Company expects at that time to pay to Wells Fargo the ASR Agreement’s full purchase price of $100 million. The final number of shares of Common Stock to be repurchased is expected to be based on a measure of the volume-weighted average price of the Common Stock during the term of the ASR Agreement, less a discount and subject to adjustments. At final settlement, Wells Fargo may be obligated to deliver additional shares of Common Stock to the Company or the Company may be obligated to make delivery of Common Stock or a cash payment to Wells Fargo, at the Company’s option. The Company expects settlement of the share repurchases under the ASR Agreement to occur in the second quarter of the Company’s fiscal year 2027.
The ASR Agreement is subject to certain customary adjustments and termination provisions. In addition, upon the occurrence of certain extraordinary events, Wells Fargo is entitled to terminate the ASR Agreement, in which case the Company may receive fewer shares of Common Stock than expected.
The foregoing description of the ASR Agreement does not purport to be complete and is qualified in its entirety by reference to the copy of the ASR Agreement that the Company expects to file with its Quarterly Report on Form 10-Q for the quarter ending April 30, 2026.
Item 2.02 Results of Operations and Financial Condition.
On March 31, 2026, the Company issued a press release announcing its financial results for its fourth quarter and fiscal year ended January 31, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in Item 2.02 of this Current Report on Form 8-K and the accompanying Exhibit 99.1 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 under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by reference in such filing.
Item 7.01 Regulation FD Disclosure.
On March 31, 2026, the Company posted an investor presentation to its website at www.ncino.com (the “Investor Presentation”). A copy of the Investor Presentation is furnished herewith as Exhibits 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in Item 7.01 of this Current Report on Form 8-K and the accompanying Exhibit 99.2 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by reference in such filing. By furnishing the information contained in the Investor Presentation, the Company makes no admission as to the materiality of any information in the Investor Presentation that is required to be disclosed solely by reason of Regulation FD.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | ||||
| 10.1 | Incremental Facility Amendment by and among nCino, Inc., nCino OpCo, Inc., certain subsidiaries of nCino, Inc. as guarantors and Bank of America, N.A., dated March 30, 2026 | ||||
| 99.1 | Press release of nCino, Inc. dated March 31, 2026 (furnished and not filed). | ||||
| 99.2 | Q4 and FY 2026 Earnings Presentation dated March 31, 2026 (furnished and not filed). | ||||
| 104 | Cover Page Interactive Data File (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.
| nCino, Inc. | |||||||||||
| Date: March 31, 2026 | By: | /s/ Gregory D. Orenstein | |||||||||
| Gregory D. Orenstein | |||||||||||
| Chief Financial Officer & Treasurer | |||||||||||
Exhibit 99.1
nCino Reports Fourth Quarter and Fiscal Year 2026 Financial Results
Exceeds All Financial Guidance Metrics
ACV as of January 31, 2026, $602.4M, up 17% Year-Over-Year
Fiscal 2026 ACV Net Retention Rate of 112%
Announces $100M Accelerated Share Repurchase Program
WILMINGTON, N.C., March 31, 2026 — nCino, Inc. (NASDAQ: NCNO), the leading provider of intelligent, best-in-class banking solutions, today announced financial results for the fourth quarter and fiscal year 2026, ended January 31, 2026.
“Fiscal 2026 was a landmark year for nCino, with both the fourth quarter and full fiscal year marking company records for gross ACV bookings, and we again exceeded financial guidance across all revenue and profitability metrics,” said Sean Desmond, Chief Executive Officer at nCino. “Our success this year reflects strong global sales execution, accelerating demand for our industry-focused AI capabilities, and the confidence our customers place in nCino as their long-term technology partner.”
“Reflecting our deep conviction in nCino’s market leadership position for AI-powered banking, and our commitment to continue allocating capital where it can generate stockholder value, we are pleased to announce our Board of Directors has authorized an additional $100 million Stock Repurchase Program pursuant to an accelerated share repurchase ("ASR") agreement entered into today. After giving effect to the $100 million ASR, approximately $75 million will remain available for share repurchases under the December 2025 share repurchase authorization. A $200 million term loan expansion of our existing credit facility will be used to finance the ASR and to reduce a portion of the outstanding balance on our revolving credit facility,” said Greg Orenstein, Chief Financial Officer at nCino.
Fourth Quarter Fiscal 2026 Financial Highlights
•Revenues: Total revenues for the fourth quarter of fiscal 2026 were $149.7 million, a 6% increase from $141.4 million in the fourth quarter of fiscal 2025. Subscription revenues for the fourth quarter of fiscal 2026 were $133.4 million, up from $125.0 million one year ago, an increase of 7%.
•Income (Loss) from Operations: GAAP income (loss) from operations in the fourth quarter of fiscal 2026 was $2.8 million compared to $(5.7) million in the fourth quarter of fiscal 2025. Non-GAAP operating income in the fourth quarter of fiscal 2026 was $34.7 million compared to $24.4 million in the fourth quarter of fiscal 2025, an increase of 42%.
•Net Income (Loss) Attributable to nCino: GAAP net income (loss) attributable to nCino in the fourth quarter of fiscal 2026 was $8.3 million compared to $(18.6) million in the fourth quarter of fiscal 2025. Non-GAAP net income attributable to nCino in the fourth quarter of fiscal 2026 was $42.8 million compared to $22.0 million in the fourth quarter of fiscal 2025, an increase of 95%.
•Net Income (Loss) Attributable to nCino per Share: GAAP net income (loss) attributable to nCino in the fourth quarter of fiscal 2026 was $0.07 per basic and diluted share compared to $(0.16) per basic and diluted share in the fourth quarter of fiscal 2025. Non-GAAP net income attributable to nCino in the fourth quarter of fiscal 2026 was $0.37 per diluted share compared to $0.19 per diluted share in the fourth quarter of fiscal 2025.
•Cash: As of January 31, 2026, cash, cash equivalents, and restricted cash were $88.7 million and $213.5 million was outstanding under nCino’s revolving credit facility.
Full Year Fiscal 2026 Financial Highlights
•Revenues: Total revenues for fiscal 2026 were $594.8 million, a 10% increase from $540.7 million in fiscal 2025. Subscription revenues for fiscal 2026 were $523.1 million, up from $469.2 million in fiscal 2025, an increase of 12%.
•Income (Loss) from Operations: GAAP income (loss) from operations for fiscal year 2026 was $3.7 million compared to $(18.1) million in fiscal 2025. Non-GAAP operating income for fiscal 2026 was $129.4 million compared to $96.2 million in fiscal 2025, an increase of 35%.
•Net Income (Loss) Attributable to nCino: GAAP net income (loss) attributable to nCino for fiscal 2026 was $5.2 million compared to $(37.9) million in fiscal 2025. Non-GAAP net income attributable to nCino for fiscal 2026 was $122.7 million compared to $84.5 million in fiscal 2025, an increase of 45%.
•Net Income (Loss) Attributable to nCino per Share: GAAP net income (loss) attributable to nCino for fiscal 2026 was $0.05 per basic and diluted share compared to $(0.33) per basic and diluted share in fiscal 2025. Non-GAAP net income attributable to nCino for fiscal 2026 was $1.07 per diluted share compared to $0.72 per diluted share in fiscal 2025.
•Annual Contract Value (ACV): ACV as of January 31, 2026, was $602.4 million, an increase of 17% year over year. On an organic, constant currency basis, ACV increased 13% year over year. nCino defines ACV as the highest annualized subscription fee obligation under customer contracts in effect at the end of the reporting period, converted to USD with foreign exchange rates in effect as of the end of the applicable period.
Stock Repurchase Program, Accelerated Share Repurchase Details, and Term Loan
•nCino's Board of Directors authorized a Stock Repurchase Program in December 2025 under which the Company may repurchase up to $100 million of the Company’s outstanding common stock. As of January 31, 2026, $75 million remained available under that authorization.
•nCino’s Board of Directors has also authorized an additional $100 million share repurchase to be completed under an accelerated share repurchase (“ASR”). To facilitate the ASR, nCino has entered into an agreement with Wells Fargo Bank, N.A. effective March 31, 2026. The initial delivery of shares will represent approximately 80% of the total value of shares to be repurchased under the ASR, based on the closing price of nCino’s common stock on March 31, 2026, and will be delivered against payment by nCino of the ASR's full purchase price of $100 million. The final number of shares to be repurchased is expected to be based on a measure of the volume-weighted average price of nCino's common stock
during the term of the transaction, less a discount and subject to adjustments. Final settlement is expected to occur in the second quarter of nCino’s fiscal year 2027.
•nCino amended and expanded its existing credit facility to include a $200 million Term Loan A, the proceeds of which will be used to fund the ASR and reduce a portion of the outstanding balance on its revolving credit facility.
Recent Business Highlights
•New customer win in Japan with a global financial institution: A leading global bank with over $2.0 trillion in assets and operations spanning multiple continents selected nCino to transform its Commercial Lending operations.
•Expanded relationship with largest Consumer Lending customer: Expanded with Commercial Lending in an over $200 billion AUM bank, consolidating legacy banking groups across CIB, Commercial, and Business Banking onto a flexible and scalable single platform.
•Expanded with Mortgage in a top-40 bank: A top-40 U.S. bank by assets became the largest bank customer to select nCino Mortgage, making them a top-10 nCino customer by ACV when added to their commitments for Commercial Lending, Small Business Lending, and Treasury Management.
•New customer in Austria becomes nCino’s lighthouse account in DACH region: Selected by a top-3 Austrian bank by assets to become the single origination platform for SME and Corporate Lending.
Financial Outlook
Effective for fiscal 2027, nCino will be providing annual guidance for Free Cash Flow in lieu of providing quarterly and annual guidance for Non-GAAP Net Income Attributable to nCino per share as we believe annual Free Cash Flow is a more meaningful measure of our financial performance.
nCino is providing guidance for its first quarter ending April 30, 2026, as follows:
•Total revenues between $154.5 million and $156.5 million.
•Subscription revenues between $137.0 million and $139.0 million.
•Non-GAAP operating income between $38.0 million and $40.0 million.
nCino is providing guidance for its fiscal year 2027 ending January 31, 2027, as follows:
•Total revenues between $639.0 million and $643.0 million.
•Subscription revenues between $569.0 million and $573.0 million.
•Non-GAAP operating income between $165.0 million and $170.0 million.
•Free Cash Flow between $132.0 million and $137.0 million
•Annual Contract Value (ACV) between $662.5 million and $667.5 million.
Conference Call
nCino will host a conference call at 4:30 p.m. ET today to discuss its financial results and outlook. The conference call will be available via live webcast and replay at the Investor Relations section of nCino’s website: https://investor.ncino.com/news-events/events-and-presentations.
About nCino
nCino (NASDAQ: NCNO) is powering a new era in financial services. The Company was founded to help financial institutions digitize and reengineer business processes to boost efficiencies and create better banking experiences. With over 1,500 depository financial institution customers worldwide - including community banks, credit unions, and some of the largest financial entities globally - nCino offers a trusted platform of best-in-class, intelligent solutions. By integrating artificial intelligence and actionable insights into its platform, nCino is helping financial institutions consolidate legacy systems to enhance strategic decision-making, improve risk management, and elevate customer satisfaction by cohesively bringing together people, AI and data. For more information, visit www.ncino.com.
Forward-Looking Statements
This press release contains forward-looking statements about nCino's financial and operating results, which include statements regarding nCino’s future performance, outlook, guidance, the benefits from the use of nCino’s solutions, our strategies, and general business conditions. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by use of the words “aim,” “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “goal,” “intends,” may,” “might,” “plans”, “potential,” “predicts,” “projects,” “seeks,” “should,” “strive,” “will,” or “would” or similar expressions and the negatives thereof. Any forward-looking statements contained in this press release are based upon nCino’s historical performance and its current plans, estimates, and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent nCino’s expectations as of the date of this press release. Subsequent events may cause these expectations to change and, except as may be required by law, nCino does not undertake any obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially including, but not limited to risks associated with (i) repurchases of our common stock under our stock repurchase programs or the decision to terminate or suspend any repurchases; (ii) variations between our actual operating results and the expectations of securities analysts, investors and the financial community; (iii) adverse changes in the financial services industry, including as a result of customer consolidation or bank failures; (iv) adverse changes in economic, regulatory, or market conditions, including as a direct or indirect consequence of higher interest rates; (v) risks associated with acquisitions we have completed or may undertake, (vi) breaches in our security measures or unauthorized access to our customers’ or their clients' data; (vii) the accuracy of management’s assumptions and estimates; (viii) our ability to attract new customers and succeed in having current customers expand their use of our solution, including in connection with our migration to an asset-based pricing model; (ix) competitive factors, including pricing pressures and migration to asset-based pricing, consolidation among competitors, entry of new competitors, the launch of new products
and marketing initiatives by our competitors, and difficulty securing rights to access or integrate with third party products or data used by our customers; (x) the rate of adoption of our newer solutions and the results of our efforts to sustain or expand the use and adoption of our more established solutions; (xi) fluctuation of our results of operations, which may make period-to-period comparisons less meaningful; (xii) our ability to manage our growth effectively including expanding outside of the United States; (xiii) adverse changes in our relationship with Salesforce; (xiv) our ability to successfully acquire new companies and/or integrate acquisitions into our existing organization; (xv) the loss of one or more customers, particularly any of our larger customers, or a reduction in the number of users our customers purchase access and use rights for; (xvi) system unavailability, system performance problems, or loss of data due to disruptions or other problems with our computing infrastructure or the infrastructure we rely on that is operated by third parties; (xvii) our ability to maintain our corporate culture and attract and retain highly skilled employees; and (xviii) the outcome and impact of legal proceedings and related fees and expenses.
Additional risks and uncertainties that could affect nCino’s business and financial results are included in our reports filed with the U.S. Securities and Exchange Commission (available on our website at www.ncino.com or the SEC’s website at www.sec.gov). Further information on potential risks that could affect actual results will be included in other filings nCino makes with the SEC from time to time.
nCino, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
| January 31, 2025 | January 31, 2026 | ||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 120,928 | $ | 88,374 | |||||||
Accounts receivable, net | 146,787 | 166,540 | |||||||||
| Costs capitalized to obtain revenue contracts, current portion, net | 13,462 | 17,211 | |||||||||
| Prepaid expenses and other current assets | 21,072 | 21,378 | |||||||||
| Total current assets | 302,249 | 293,503 | |||||||||
| Property and equipment, net | 74,953 | 75,607 | |||||||||
| Operating lease right-of-use assets, net | 16,026 | 12,687 | |||||||||
| Costs capitalized to obtain revenue contracts, noncurrent, net | 23,735 | 30,735 | |||||||||
| Goodwill | 1,019,375 | 1,077,947 | |||||||||
| Intangible assets, net | 154,571 | 135,658 | |||||||||
| Investments | 9,294 | 7,262 | |||||||||
| Long-term prepaid expenses and other assets | 10,178 | 14,707 | |||||||||
| Total assets | $ | 1,610,381 | $ | 1,648,106 | |||||||
| Liabilities, redeemable non-controlling interest, and stockholders’ equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 13,640 | $ | 14,521 | |||||||
| Accrued expenses and other current liabilities | 39,865 | 64,372 | |||||||||
| Deferred revenue | 191,174 | 210,552 | |||||||||
| Financing obligations, current portion | 1,680 | 818 | |||||||||
| Operating lease liabilities, current portion | 5,153 | 4,229 | |||||||||
| Total current liabilities | 251,512 | 294,492 | |||||||||
| Operating lease liabilities, noncurrent | 12,819 | 9,748 | |||||||||
| Deferred income taxes, noncurrent | 13,851 | 7,020 | |||||||||
| Deferred revenue, noncurrent | 269 | 170 | |||||||||
| Revolving credit facility, noncurrent | 166,000 | 213,500 | |||||||||
| Financing obligations, noncurrent | 51,172 | 50,400 | |||||||||
| Other long-term liabilities | 17,160 | 4,124 | |||||||||
| Total liabilities | 512,783 | 579,454 | |||||||||
| Commitments and contingencies | |||||||||||
| Redeemable non-controlling interest | 8,286 | 12,737 | |||||||||
| Stockholders’ equity | |||||||||||
| Common stock | 58 | 59 | |||||||||
| Treasury stock, at cost | — | (125,600) | |||||||||
| Additional paid-in capital | 1,474,413 | 1,550,187 | |||||||||
| Accumulated other comprehensive income | 176 | 7,042 | |||||||||
| Accumulated deficit | (385,335) | (375,773) | |||||||||
| Total stockholders’ equity | 1,089,312 | 1,055,915 | |||||||||
| Total liabilities, redeemable non-controlling interest, and stockholders’ equity | $ | 1,610,381 | $ | 1,648,106 | |||||||
nCino, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
| Three Months Ended January 31, | Fiscal Year Ended January 31, | ||||||||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Subscription | $ | 124,957 | $ | 133,383 | $ | 469,168 | $ | 523,134 | |||||||||||||||
| Professional services and other | 16,413 | 16,283 | 71,489 | 71,647 | |||||||||||||||||||
| Total revenues | 141,370 | 149,666 | 540,657 | 594,781 | |||||||||||||||||||
| Cost of revenues | |||||||||||||||||||||||
| Subscription | 36,016 | 38,019 | 134,932 | 149,562 | |||||||||||||||||||
| Professional services and other | 20,997 | 19,731 | 80,937 | 85,050 | |||||||||||||||||||
| Total cost of revenues | 57,013 | 57,750 | 215,869 | 234,612 | |||||||||||||||||||
| Gross profit | 84,357 | 91,916 | 324,788 | 360,169 | |||||||||||||||||||
| Gross margin % | 60 | % | 61 | % | 60 | % | 61 | % | |||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Sales and marketing | 33,744 | 33,217 | 123,231 | 136,560 | |||||||||||||||||||
| Research and development | 32,131 | 29,979 | 129,422 | 127,528 | |||||||||||||||||||
| General and administrative | 24,220 | 25,900 | 90,266 | 92,354 | |||||||||||||||||||
| Total operating expenses | 90,095 | 89,096 | 342,919 | 356,442 | |||||||||||||||||||
| Income (loss) from operations | (5,738) | 2,820 | (18,131) | 3,727 | |||||||||||||||||||
| Non-operating income (expense) | |||||||||||||||||||||||
| Interest income | 353 | 160 | 1,761 | 1,429 | |||||||||||||||||||
| Interest expense | (3,798) | (4,228) | (8,763) | (17,457) | |||||||||||||||||||
| Other income (expense), net | (10,265) | 1,994 | (10,427) | 19,008 | |||||||||||||||||||
| Income (loss) before income taxes | (19,448) | 746 | (35,560) | 6,707 | |||||||||||||||||||
| Income tax benefit | (3,871) | (8,044) | (2,511) | (2,996) | |||||||||||||||||||
| Net income (loss) | (15,577) | 8,790 | (33,049) | 9,703 | |||||||||||||||||||
| Net income (loss) attributable to redeemable non-controlling interest | (63) | 172 | (472) | 141 | |||||||||||||||||||
| Adjustment attributable to redeemable non-controlling interest | 3,096 | 282 | 5,301 | 4,382 | |||||||||||||||||||
| Net income (loss) attributable to nCino, Inc. | $ | (18,610) | $ | 8,336 | $ | (37,878) | $ | 5,180 | |||||||||||||||
| Net income (loss) per share attributable to nCino, Inc.: | |||||||||||||||||||||||
| Basic | $ | (0.16) | $ | 0.07 | $ | (0.33) | $ | 0.05 | |||||||||||||||
| Diluted | $ | (0.16) | $ | 0.07 | $ | (0.33) | $ | 0.05 | |||||||||||||||
| Weighted average number of common shares outstanding: | |||||||||||||||||||||||
| Basic | 115,826,652 | 113,748,389 | 115,162,175 | 112,883,703 | |||||||||||||||||||
| Diluted | 115,826,652 | 115,074,576 | 115,162,175 | 114,346,567 | |||||||||||||||||||
nCino, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED
(In thousands)
(Unaudited)
| Fiscal Year Ended January 31, | |||||||||||
| 2025 | 2026 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net income (loss) attributable to nCino, Inc. | $ | (37,878) | $ | 5,180 | |||||||
| Net income (loss) and adjustment attributable to redeemable non-controlling interest | 4,829 | 4,523 | |||||||||
| Net income (loss) | (33,049) | 9,703 | |||||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 36,345 | 42,255 | |||||||||
| Non-cash operating lease costs | 4,960 | 3,994 | |||||||||
| Amortization of costs capitalized to obtain revenue contracts | 12,003 | 15,051 | |||||||||
| Amortization of debt issuance costs | 131 | 287 | |||||||||
| Stock-based compensation | 71,592 | 73,884 | |||||||||
| Change in fair value of contingent consideration | — | 1,600 | |||||||||
| Deferred income taxes | (7,118) | (6,187) | |||||||||
| Provision for bad debt | 85 | 1,716 | |||||||||
| Net foreign currency (gains) losses | 8,675 | (16,273) | |||||||||
| Gains on investments | — | (1,652) | |||||||||
| Loss on disposal of long-lived assets | 35 | 463 | |||||||||
| Change in operating assets and liabilities: | |||||||||||
| Accounts receivable | (31,389) | (16,175) | |||||||||
| Costs capitalized to obtain revenue contracts | (21,453) | (25,073) | |||||||||
| Prepaid expenses and other assets | (7,060) | 182 | |||||||||
| Accounts payable | (190) | 1,108 | |||||||||
| Accrued expenses and other current liabilities | 10,165 | (2,148) | |||||||||
| Deferred revenue | 13,807 | 10,853 | |||||||||
| Operating lease liabilities | (3,785) | (4,105) | |||||||||
| Other long-term liabilities | 1,445 | 582 | |||||||||
| Net cash provided by operating activities | 55,199 | 90,065 | |||||||||
| Cash flows from investing activities | |||||||||||
| Acquisition of business, net of cash acquired | (216,911) | (50,263) | |||||||||
| Acquisition of assets | (450) | — | |||||||||
| Purchases of property and equipment | (1,816) | (7,501) | |||||||||
| Sale of investment | — | 3,684 | |||||||||
| Net cash used in investing activities | (219,177) | (54,080) | |||||||||
| Cash flows from financing activities | |||||||||||
| Repurchases of common stock | — | (125,097) | |||||||||
| Proceeds from borrowings on revolving credit facility | 241,000 | 112,500 | |||||||||
| Payments on revolving credit facility | (75,000) | (65,000) | |||||||||
| Payments of debt issuance costs | (1,484) | — | |||||||||
| Exercise of stock options | 2,796 | 1,981 | |||||||||
| Stock issuance under the employee stock purchase plan | 4,468 | 4,218 | |||||||||
| Principal payments on financing obligations | (1,302) | (1,634) | |||||||||
| Net cash provided by (used in) financing activities | 170,478 | (73,032) | |||||||||
| Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash | (2,677) | 4,465 | |||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 3,823 | (32,582) | |||||||||
| Cash, cash equivalents, and restricted cash, beginning of period | 117,444 | 121,267 | |||||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 121,267 | $ | 88,685 | |||||||
nCino, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED
(In thousands)
(Unaudited)
| Reconciliation of cash, cash equivalents, and restricted cash, end of period: | |||||||||||
| Cash and cash equivalents | $ | 120,928 | $ | 88,374 | |||||||
| Restricted cash included in prepaid expenses and other current assets | — | 142 | |||||||||
| Restricted cash included in long-term prepaid expenses and other assets | 339 | 169 | |||||||||
| Total cash, cash equivalents, and restricted cash, end of period | $ | 121,267 | $ | 88,685 | |||||||
Non-GAAP Financial Measures
In nCino’s public disclosures, nCino has provided non-GAAP measures, which are measurements of financial performance that have not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, nCino uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing our financial results. For the reasons set forth below, nCino believes that excluding the following items provides information that is helpful in understanding our operating results, evaluating our future prospects, comparing our financial results across accounting periods, and comparing our financial results to our peers, many of which provide similar non-GAAP financial measures.
Effective for fiscal year 2027, nCino will no longer be providing non-GAAP Net Income Attributable to nCino, Inc. guidance or reporting in absolute terms or on a per share basis.
•Amortization of Purchased Intangibles. nCino incurs amortization expense for purchased intangible assets in connection with certain mergers and acquisitions. Because these costs have already been incurred, cannot be recovered, are non-cash, and are affected by the inherent subjective nature of purchase price allocations, nCino excludes these expenses for our internal management reporting processes. nCino’s management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Although nCino excludes amortization expense for purchased intangibles from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.
•Stock-Based Compensation Expenses. nCino excludes stock-based compensation expenses primarily because they are non-cash expenses that nCino excludes from our internal management reporting processes. nCino’s management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, nCino believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.
•Transaction-Related Expenses. nCino excludes expenses related to mergers and acquisitions or divestitures as they limit comparability of operating results with prior periods. Transaction-related expenses include but are not limited to, costs incurred from third-party professional services firms, change in fair value of contingent consideration, and one-time integration activities. We believe these costs are non-recurring in nature and outside the ordinary course of business.
•Litigation Expenses. nCino excludes fees and expenses related to litigation expenses incurred from legal matters outside the ordinary course of our business as we believe their exclusion from non-GAAP operating expenses will facilitate a more meaningful explanation of operating results and comparisons with prior period results.
•Restructuring Costs. nCino excludes costs incurred related to bespoke restructuring plans and other one-time costs, if any, that are fundamentally different in strategic nature and frequency from ongoing initiatives. We believe excluding these costs facilitates a more consistent comparison of operating performance over time.
•Tax (Benefit) Provision Related to Acquisitions. Upon certain acquisitions, nCino may adjust the valuation allowance against deferred tax assets, resulting in a one-time tax benefit or provision recorded in income tax (benefit) provision. We believe that the exclusion of this benefit or provision from our non-GAAP net income attributable to nCino and non-GAAP net income attributable to nCino per share provides a more direct comparison to all periods presented.
•Income Tax Effect on Non-GAAP Adjustments. The income tax effects are related to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses.
•Adjustment to Redeemable Non-Controlling Interest. nCino adjusts the value of redeemable non-controlling interest of its joint venture nCino K.K. in accordance with the operating agreement for that entity. nCino believes investors benefit from an understanding of the company’s operating results absent the effect of this adjustment.
•Intercompany Foreign Currency Exchange (Gain) Loss. Beginning with the first quarter of fiscal 2026, nCino adjusts for foreign currency exchange gains and losses primarily from the remeasurement of intercompany loans and transactions that are denominated in currencies other than the underlying functional currency of the applicable entity. We believe foreign currency gains and losses on intercompany loans and transactions is not indicative of our results and business outlook. Prior period amounts have been recast to reflect this change.
There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by nCino’s management about which items are adjusted to calculate its non-GAAP financial measures. nCino compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. nCino encourages investors and others to review our financial information in its entirety, not to rely on any single financial measure to evaluate our business, and to view our non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below.
nCino, Inc.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In thousands, except share and per share data)
(Unaudited)
| Three Months Ended January 31, | Fiscal Year Ended January 31, | ||||||||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||
| GAAP total revenues | $ | 141,370 | $ | 149,666 | $ | 540,657 | $ | 594,781 | |||||||||||||||
| GAAP cost of subscription revenues | $ | 36,016 | $ | 38,019 | $ | 134,932 | $ | 149,562 | |||||||||||||||
| Amortization expense - developed technology | (4,858) | (5,111) | (17,784) | (20,412) | |||||||||||||||||||
| Stock-based compensation | (803) | (825) | (2,891) | (3,123) | |||||||||||||||||||
| Restructuring charges | — | 4 | — | (492) | |||||||||||||||||||
| Non-GAAP cost of subscription revenues | $ | 30,355 | $ | 32,087 | $ | 114,257 | $ | 125,535 | |||||||||||||||
| GAAP cost of professional services and other revenues | $ | 20,997 | $ | 19,731 | $ | 80,937 | $ | 85,050 | |||||||||||||||
| Amortization expense - other | (83) | — | (330) | (165) | |||||||||||||||||||
| Stock-based compensation | (3,278) | (3,074) | (11,977) | (12,373) | |||||||||||||||||||
| Restructuring charges | — | 3 | — | (719) | |||||||||||||||||||
| Non-GAAP cost of professional services and other revenues | $ | 17,636 | $ | 16,660 | $ | 68,630 | $ | 71,793 | |||||||||||||||
| GAAP gross profit | $ | 84,357 | $ | 91,916 | $ | 324,788 | $ | 360,169 | |||||||||||||||
| Amortization expense - developed technology | 4,858 | 5,111 | 17,784 | 20,412 | |||||||||||||||||||
| Amortization expense - other | 83 | — | 330 | 165 | |||||||||||||||||||
| Stock-based compensation | 4,081 | 3,899 | 14,868 | 15,496 | |||||||||||||||||||
| Restructuring charges | — | (7) | — | 1,211 | |||||||||||||||||||
| Non-GAAP gross profit | $ | 93,379 | $ | 100,919 | $ | 357,770 | $ | 397,453 | |||||||||||||||
| The following table sets forth reconciling items as a percentage of total revenue for the periods presented. | |||||||||||||||||||||||
| GAAP gross margin % | 60 | % | 61 | % | 60 | % | 61 | % | |||||||||||||||
| Amortization expense - developed technology | 3 | 3 | 3 | 3 | |||||||||||||||||||
| Amortization expense - other | — | — | — | — | |||||||||||||||||||
| Stock-based compensation | 3 | 3 | 3 | 3 | |||||||||||||||||||
| Restructuring charges | — | — | — | — | |||||||||||||||||||
| Non-GAAP gross margin % | 66 | % | 67 | % | 66 | % | 67 | % | |||||||||||||||
| GAAP sales & marketing expense | $ | 33,744 | $ | 33,217 | $ | 123,231 | $ | 136,560 | |||||||||||||||
| Amortization expense - customer relationships | (3,367) | (3,638) | (11,256) | (14,478) | |||||||||||||||||||
| Amortization expense - trade name | (369) | (100) | (623) | (1,291) | |||||||||||||||||||
| Amortization expense - other | (28) | (29) | (100) | (113) | |||||||||||||||||||
| Stock-based compensation | (4,482) | (3,625) | (17,016) | (14,307) | |||||||||||||||||||
| Restructuring charges | — | 14 | — | (1,444) | |||||||||||||||||||
| Transaction-related expenses | (46) | — | (46) | (335) | |||||||||||||||||||
| Non-GAAP sales & marketing expense | $ | 25,452 | $ | 25,839 | $ | 94,190 | $ | 104,592 | |||||||||||||||
| GAAP research & development expense | $ | 32,131 | $ | 29,979 | $ | 129,422 | $ | 127,528 | |||||||||||||||
| Stock-based compensation | (3,696) | (3,939) | (17,416) | (15,835) | |||||||||||||||||||
| Restructuring charges | — | 22 | — | (4,004) | |||||||||||||||||||
| Transaction-related expenses | (896) | (521) | (896) | (1,211) | |||||||||||||||||||
nCino, Inc.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In thousands, except share and per share data)
(Unaudited)
| Three Months Ended January 31, | Fiscal Year Ended January 31, | ||||||||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||
| Non-GAAP research & development expense | $ | 27,539 | $ | 25,541 | $ | 111,110 | $ | 106,478 | |||||||||||||||
| GAAP general & administrative expense | $ | 24,220 | $ | 25,900 | $ | 90,266 | $ | 92,354 | |||||||||||||||
| Stock-based compensation | (6,318) | (9,740) | (22,292) | (28,246) | |||||||||||||||||||
| Restructuring charges | — | 9 | — | (3,418) | |||||||||||||||||||
| Transaction-related expenses | (1,893) | (1,342) | (11,303) | (3,718) | |||||||||||||||||||
| Litigation expenses | (1) | — | (366) | — | |||||||||||||||||||
| Non-GAAP general & administrative expense | $ | 16,008 | $ | 14,827 | $ | 56,305 | $ | 56,972 | |||||||||||||||
| GAAP income (loss) from operations | $ | (5,738) | $ | 2,820 | $ | (18,131) | $ | 3,727 | |||||||||||||||
| Amortization of intangible assets | 8,705 | 8,878 | 30,093 | 36,459 | |||||||||||||||||||
| Stock-based compensation | 18,577 | 21,203 | 71,592 | 73,884 | |||||||||||||||||||
| Restructuring charges | — | (52) | — | 10,077 | |||||||||||||||||||
| Transaction-related expenses | 2,835 | 1,863 | 12,245 | 5,264 | |||||||||||||||||||
| Litigation expenses | 1 | — | 366 | — | |||||||||||||||||||
| Non-GAAP operating income | $ | 24,380 | $ | 34,712 | $ | 96,165 | $ | 129,411 | |||||||||||||||
| The following table sets forth reconciling items as a percentage of total revenue for the periods presented. | |||||||||||||||||||||||
| GAAP operating margin % | (4) | % | 2 | % | (3) | % | 1 | % | |||||||||||||||
| Amortization of intangible assets | 6 | 6 | 6 | 6 | |||||||||||||||||||
| Stock-based compensation | 13 | 14 | 13 | 12 | |||||||||||||||||||
| Restructuring charges | — | — | — | 2 | |||||||||||||||||||
| Transaction-related expenses | 2 | 1 | 2 | 1 | |||||||||||||||||||
| Litigation expenses | — | — | — | — | |||||||||||||||||||
| Non-GAAP operating margin % | 17 | % | 23 | % | 18 | % | 22 | % | |||||||||||||||
| GAAP net income (loss) attributable to nCino, Inc. | $ | (18,610) | $ | 8,336 | $ | (37,878) | $ | 5,180 | |||||||||||||||
| Amortization of intangible assets | 8,705 | 8,878 | 30,093 | 36,459 | |||||||||||||||||||
| Stock-based compensation | 18,577 | 21,203 | 71,592 | 73,884 | |||||||||||||||||||
| Restructuring charges | — | (52) | — | 10,077 | |||||||||||||||||||
| Transaction-related expenses | 2,835 | 1,863 | 12,245 | 5,264 | |||||||||||||||||||
| Litigation expenses | 1 | — | 366 | — | |||||||||||||||||||
Intercompany foreign currency exchange (gain)/loss1 | 10,384 | (2,082) | 10,310 | (17,211) | |||||||||||||||||||
| Tax provision (benefit) related to acquisitions | 24 | 4,141 | (3,585) | 4,694 | |||||||||||||||||||
Income tax effect on non-GAAP adjustments2 | (3,016) | 253 | (3,977) | (61) | |||||||||||||||||||
| Adjustment attributable to redeemable non-controlling interest | 3,096 | 282 | 5,301 | 4,382 | |||||||||||||||||||
| Non-GAAP net income attributable to nCino, Inc. | $ | 21,996 | $ | 42,822 | $ | 84,467 | $ | 122,668 | |||||||||||||||
| Basic GAAP net income (loss) attributable to nCino, Inc. per share | $ | (0.16) | $ | 0.07 | $ | (0.33) | $ | 0.05 | |||||||||||||||
nCino, Inc.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
(In thousands, except share and per share data)
(Unaudited)
| Three Months Ended January 31, | Fiscal Year Ended January 31, | ||||||||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||
| Weighted-average shares used to compute basic GAAP net income (loss) attributable to nCino, Inc. per share | 115,826,652 | 113,748,389 | 115,162,175 | 112,883,703 | |||||||||||||||||||
| Diluted GAAP net income (loss) attributable to nCino, Inc. per share | $ | (0.16) | $ | 0.07 | $ | (0.33) | $ | 0.05 | |||||||||||||||
| Weighted-average shares used to compute diluted GAAP net income (loss) attributable to nCino, Inc. per share | 115,826,652 | 115,074,576 | 115,162,175 | 114,346,567 | |||||||||||||||||||
| Basic non-GAAP net income attributable to nCino, Inc. per share | $ | 0.19 | $ | 0.38 | $ | 0.73 | $ | 1.09 | |||||||||||||||
| Weighted-average shares used to compute basic non-GAAP net income attributable to nCino, Inc. per share | 115,826,652 | 113,748,389 | 115,162,175 | 112,883,703 | |||||||||||||||||||
| Diluted non-GAAP net income attributable to nCino, Inc. per share | $ | 0.19 | $ | 0.37 | $ | 0.72 | $ | 1.07 | |||||||||||||||
| Weighted-average shares used to compute diluted non-GAAP net income attributable to nCino, Inc. per share | 118,596,052 | 115,074,576 | 117,311,913 | 114,346,567 | |||||||||||||||||||
| Free cash flow | |||||||||||||||||||||||
| Net cash provided by (used in) operating activities | $ | (10,019) | $ | 12,938 | $ | 55,199 | $ | 90,065 | |||||||||||||||
| Purchases of property and equipment | (350) | (461) | (1,816) | (7,501) | |||||||||||||||||||
| Free cash flow | $ | (10,369) | $ | 12,477 | $ | 53,383 | $ | 82,564 | |||||||||||||||
Principal payments on financing obligations3 | (386) | (389) | (1,302) | (1,634) | |||||||||||||||||||
| Free cash flow less principal payments on financing obligation | $ | (10,755) | $ | 12,088 | $ | 52,081 | $ | 80,930 | |||||||||||||||
1Effective the beginning of our first quarter for fiscal year 2026, we are excluding intercompany foreign currency exchange gains and losses from the remeasurement of intercompany loans and transactions that are denominated in currencies other than the underlying functional currency of the applicable entity. Prior period amounts have been recast to reflect this change.
2Income tax adjustments for prior periods have been recast related to excluding intercompany foreign currency exchange gains and losses related to intercompany loans and transactions from the remeasurement of intercompany loans and transactions that are denominated in currencies other than the underlying functional currency of the applicable entity as stated in the note above.
3These amounts represent the non-interest component of payments towards financing obligations for facilities.
CONTACTS
INVESTOR CONTACT
investor@ncino.com
MEDIA CONTACT
press@ncino.com
Y/Y Subscription Revenues Growth: 7% Subscription % of Total 86% 87% 88% 88% 89%
$81 $83 $87 $90 $93 $97 $99 $107 $107 1 $110 2 $112 3 $115 4 $16 $16 $18 $17 $18 $17 $21 $18 $19 $21 $21 $19 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25 2Q FY25 3Q FY25 4Q FY25 1Q FY26 2Q FY26 3Q FY26 4Q FY26 Subscription Revenues excluding U.S. Mortgage U.S. Mortgage Subscription Revenues
S&M % of revenues R&D % of revenues G&A % of revenues
Subscription Gross Margin FY 2024 FY 2025 FY2026 4Q FY25 4Q FY26 Subscription Revenues $409,479 $469,168 $523,134 $124,957 $133,383 GAAP Subscription Gross Profit 288,618 334,236 373,572 88,941 95,364 (+) Amortization 16,306 17,784 20,412 4,858 5,111 (+) Stock Based Compensation 1,847 2,891 3,123 803 825 (+) Restructuring Charges 51 -- 492 -- (4) Non-GAAP Subscription Gross Profit $306,822 $354,911 $397,599 $94,602 $101,296 Non-GAAP Subscription Gross Margin 75% 76% 76% 76% 76% Professional Services & Other Gross Margin FY 2024 FY 2025 FY2026 4Q FY25 4Q FY26 Professional Services & Other Revenues $67,064 $71,489 $71,647 $16,413 $16,283 GAAP Professional Services Gross Profit (3,545) (9,448) (13,403) (4,584) (3,448) (+) Amortization 330 330 165 83 -- (+) Stock Based Compensation 9,369 11,977 12,373 3,278 3,074 (+) Restructuring Charges 118 -- 719 -- (3) Non-GAAP Professional Services Gross Profit $6,272 $2,859 ($146) ($1,223) ($377) Non-GAAP Professional Services Gross Margin 9% 4% (0%) (7%) (2%) Overall Gross Margin FY 2024 FY 2025 FY2026 4Q FY25 4Q FY26 Total Revenues $476,543 $540,657 $594,781 $141,370 $149,666 GAAP Gross Profit 285,073 324,788 360,169 84,357 91,916 (+) Amortization 16,636 18,114 20,577 4,941 5,111 (+) Stock Based Compensation 11,216 14,868 15,496 4,081 3,899 (+) Restructuring Charges 169 -- 1,211 -- (7) Non-GAAP Gross Profit $313,094 $357,770 $397,453 $93,379 $100,919 Non-GAAP Gross Margin 66% 66% 67% 66% 67%
S&M Expense FY 2024 FY 2025 FY2026 4Q FY25 4Q FY26 GAAP S&M $130,547 $123,231 $136,560 $33,744 $33,217 (-) Amortization 20,590 11,979 15,882 3,764 3,767 (-) Transaction-Related Expenses -- 46 335 46 -- (-) Stock Based Compensation 15,417 17,016 14,307 4,482 3,625 (-) Restructuring Charges 100 -- 1,444 -- (14) Non-GAAP S&M $94,440 $94,190 $104,592 $25,452 $25,839 % of Revenues 20% 17% 18% 18% 17% R&D Expense FY 2024 FY 2025 FY2026 4Q FY25 4Q FY26 GAAP R&D $117,311 $129,422 $127,528 $32,131 $29,979 (-) Stock Based Compensation 15,942 17,416 15,835 3,696 3,939 (-) Transaction-Related Expenses -- 896 1,211 896 521 (-) Restructuring Charges 352 -- 4,004 -- (22) Non-GAAP R&D $101,017 $111,110 $106,478 $27,539 $25,541 % of Revenues 21% 21% 18% 19% 17% G&A Expense FY 2024 FY 2025 FY2026 4Q FY25 4Q FY26 GAAP G&A $76,727 $90,266 $92,354 $24,220 $25,900 (-) Stock Based Compensation 15,460 22,292 28,246 6,318 9,740 (-) Transaction-Related Expenses 878 11,303 3,718 1,893 1,342 (-) Litigation Expenses 4,525 366 -- 1 -- (-) Restructuring Charges 6 -- 3,418 -- (9) Non-GAAP G&A $55,858 $56,305 $56,972 $16,008 $14,827 % of Revenues 12% 10% 10% 11% 10% Non-GAAP Operating Income/(Loss) FY 2024 FY 2025 FY2026 4Q FY25 4Q FY26 GAAP Operating Income/(Loss) ($39,512) ($18,131) 3,727 ($5,738) $2,820 (+) Amortization of Acquired Intangibles 37,226 30,093 36,459 8,705 8,878 (+) Stock Based Compensation 58,035 71,592 73,884 18,577 21,203 (+) Transaction-Related Expenses 878 12,245 5,264 2,835 1,863 (+) Litigation Expenses 4,525 366 -- 1 -- (+) Restructuring Charges 627 -- 10,077 -- (52) Non-GAAP Operating Income/(Loss) $61,779 $96,165 $129,411 $24,380 $34,712 Non-GAAP Operating Margin % 13% 18% 22% 17% 23%
Non-GAAP Net Income/(Loss) Attributable to nCino FY 2024 FY 2025 FY2026 4Q FY25 4Q FY26 GAAP Net Income/(Loss) Attributable to nCino ($42,346) ($37,878) $5,180 ($18,610) $8,336 (+) Amortization of Acquired Intangibles 37,226 30,093 36,459 8,705 8,878 (+) Stock Based Compensation 58,035 71,592 73,884 18,577 21,203 (+) Transaction-Related Expenses 878 12,245 5,264 2,835 1,863 (+) Litigation Expenses 4,525 366 -- 1 -- (+) Restructuring Charges 627 -- 10,077 -- (52) (-/+) Intercompany Foreign Currency Exchange (Gain)/Loss 1 902 10,310 (17,211) 10,384 (2,082) (-/+) Tax (Benefit) Provision Related to Acquisitions -- (3,585) 4,694 24 4,141 (-) Income Tax Effect on non-GAAP Adjustments 2 (770) (3,977) (61) (3,016) 253 (+) Adjustment Attributable to Redeemable Non-Controlling Interest (71) 5,301 4,382 3,096 282 Non-GAAP Net Income/(Loss) Attributable to nCino $59,006 $84,467 $122,668 $21,996 $42,822 112,672,397 115,162,175 112,883,703 115,826,652 113,748,389 Non-GAAP Net Income/(Loss) Attributable to nCino per Share, basic $0.52 $0.73 $1.09 $0.19 $0.38 114,916,521 117,311,913 114,346,567 118,596,052 115,074,576 Non-GAAP Net Income/(Loss) Attributable to nCino per Share, diluted $0.51 $0.72 $1.07 $0.19 $0.37 Free Cash Flow FY 2024 FY 2025 FY2026 4Q FY25 4Q FY26 GAAP Cash Flow From Operations $57,285 $55,199 $90,065 ($10,019) 12,938 (-) Purchases of Property and Equipment (3,515) (1,816) (7,501) (350) (461) Free Cash Flow $53,770 $53,383 $82,564 ($10,369) $12,477 (-) Principal Payments on Financing Obligation3 (1,226) (1,302) (1,634) (386) (389) Free Cash Flow less Principal Payments on Financing Obligations $52,544 $52,081 $80,930 ($10,755) $12,088 3These amounts represent the non-interest component of payments towards financing obligations for facil ities. Weighted-average shares used to compute non-GAAP Net Income/(Loss) per share, basic Weighted-average shares used to compute non-GAAP Net Income/(Loss) per share, diluted 1Effective the beginning of our first quarter for fiscal year 2026, we are excluding intercompany foreign currency exchange gains and losses from the remeasurement of intercompany loans and transactions that are denominated in currencies other than the underlying functional currency of the applicable entity. Prior period amounts have been recast to reflect this change. 2Income tax adjustments for prior periods have been recast to exclude intercompany foreign currency exchange gains and losses related to intercompany loans and transactions as stated in the note above.
FAQ
How did nCino (NCNO) perform financially in fiscal year 2026?
nCino delivered solid growth in fiscal 2026. Total revenue reached $594.8 million, up 10% year over year, and subscription revenue was $523.1 million, up 12%. Non-GAAP net income improved to $122.7 million, reflecting stronger profitability and operating leverage across the business.
What were nCino’s key fourth quarter 2026 financial results?
In the fourth quarter of fiscal 2026, revenue was $149.7 million, up from $141.4 million a year earlier. Non-GAAP operating income rose to $34.7 million and non-GAAP net income to $42.8 million, driven mainly by higher subscription revenue and improved cost efficiency.
What guidance did nCino (NCNO) provide for fiscal year 2027?
For fiscal 2027, nCino expects revenue between $639.0 million and $643.0 million, subscription revenue between $569.0 million and $573.0 million, non-GAAP operating income of $165.0–$170.0 million, free cash flow of $132.0–$137.0 million, and ACV of $662.5–$667.5 million.
What does nCino’s ACV growth indicate about its business momentum?
Annual Contract Value reached $602.4 million as of January 31, 2026, up 17% year over year. This indicates expanding long-term subscription commitments and strong customer adoption of nCino’s platform, supporting visibility into future recurring revenue streams.
How did nCino’s profitability and cash flow change in fiscal 2026?
nCino moved to profitability, with GAAP net income of $5.2 million versus a loss of $37.9 million the prior year. Non-GAAP operating income rose to $129.4 million, and free cash flow increased to $82.6 million, highlighting improved earnings quality and cash generation.