Braze

BRZE · Nasdaq · Information Technology · Financials, fiscal 2020 to 2026

BRZE · Last close · November 6, 2026

$45.79

Braze's revenue rose 24.4% to $738 million in fiscal 2026. Its operating margin was −19.6%, up from −20.6% a year earlier. Free cash flow was $62 million, up 163.8%. The diluted share count rose 5.6%.

Braze, Inc. Latest fiscal year ended January 31, 2026 10-K filed March 25, 2026 · 0001676238-26-000013 Updated November 6, 2026

Revenue

$738M

24.4%

Operating margin

−19.6%

1.0 pts

Net income

−$131M

Free cash flow

$62M

163.8%

Return on equity

−23.9%

1.3 pts

Market cap

$5.1B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Braze does

Braze sells a customer engagement platform, which is software that helps companies send personalized messages to their customers across channels such as email, text, push notifications and in-app messages. Brands feed it data about how people use their apps and websites, and the platform uses that data, along with AI models and agents, to decide what to send and when.

Braze was founded in 2011. It reports that as of January 2026 it had 2,609 customers around the world. Its fiscal year ends in January. Customers are brands that want direct, lasting relationships with the people who use their products.

Braze earns its revenue by selling access to its software to these brand customers. It says it faces intense competition, including from well-established companies, and that it may have to cut prices or change its pricing model to stay competitive. It has a history of operating losses.

Its biggest risks, as it describes them

A history of operating losses, with no assurance it will reach or keep profitability.
Intense competition, including from well-established companies, that could hurt its ability to win customers.
Failing to attract new customers and renew existing ones.
Pressure to cut prices or change its pricing model.
Rapid revenue growth that may not continue, making its prospects hard to judge.

From Braze's annual report on Form 10-K, filed March 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Braze lost money in fiscal 2026: a net loss of $131 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	514	479	476	514	412
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	—	—	—	—	—
Current ratio	3.8x	2.7x	2.1x	2.0x	1.4x
Quick ratio	3.8x	2.7x	2.1x	2.0x	1.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Braze's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Braze's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Braze shares on the open market, and 7 insiders sold $12.7 million, $11.8 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 27, 2026	Jonathan HymanChief Technology Officer	Sold plan	42,000	$32.47	$1.4 million	Form 4
Aug 24, 2026	Edward M. McDonnellChief Revenue Officer	Sold plan	29,732	$31.38	$932,927	Form 4
Aug 24, 2026	Jonathan HymanChief Technology Officer	Sold plan	10,000	$31.04	$310,400	Form 4
Aug 19, 2026	Astha MalikChief Business Officer	Sold plan	15,724	$29.57	$464,910	Form 4
Aug 19, 2026	Jonathan HymanChief Technology Officer	Sold plan	9,413	$29.99	$282,288	Form 4
Aug 13, 2026	Jonathan HymanChief Technology Officer	Sold plan	35,000	$30.03	$1.1 million	Form 4
Aug 10, 2026	Astha MalikChief Business Officer	Sold plan	33,656	$27.65	$930,588	Form 4
Aug 10, 2026	Jonathan HymanChief Technology Officer	Sold plan	10,148	$27.27	$276,736	Form 4
Aug 7, 2026	Jonathan HymanChief Technology Officer	Sold plan	17,895	$27.03	$483,702	Form 4
Jul 15, 2026	Astha MalikChief Business Officer	Sold plan	51,440	$26.39	$1.4 million	Form 4
Jul 15, 2026	Jonathan HymanChief Technology Officer	Sold plan	2,472	$27.00	$66,744	Form 4
Jul 14, 2026	Jonathan HymanChief Technology Officer	Sold plan	31,296	$25.62	$801,871	Form 4

The latest 12 of 29 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY24	FY25	FY26
Piotroski F-score	—	—	—
Rule of 40	32.1%	29.7%	32.8%
Altman Z''	0.65	0.53	−0.77
Accruals ratio	−17.9%	−16.7%	−20.4%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY24	FY25	FY26
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Braze side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Braze	FY26	24.4%	−19.6%	8.4%	—	—	—
8x8	FY26	2.9%	2.6%	7.1%	2.5%	6.2x	6	Compare
Vertex	FY25	12.2%	0.3%	—	0.9%	0.2x	—	Compare
Appian	FY25	17.8%	0.1%	8.2%	—	5.2x	6	Compare
SPS Commerce	FY25	17.8%	15.7%	20.3%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

7 years of figures

Fiscal year	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	96	150	238	355	472	593	738
Revenue growth	—	55.9%	58.5%	49.3%	32.7%	25.8%	24.4%
Gross profit	61	96	160	240	324	410	496
Research and development	20	29	59	97	120	134	167
Operating income	−34	−32	−78	−148	−145	−122	−145
Net income	−32	−32	−77	−139	−129	−104	−131
Diluted EPS (US$)	−1.96	−1.77	−2.20	−1.47	−1.32	−1.02	−1.22
Diluted shares (millions)	16	18	35	95	98	102	108
Cash flow
Cash from operations	−7	−6	−35	−22	7	37	71
Capital expenditure	2	2	2	15	10	13	10
Free cash flow	−9	−9	−38	−38	−3	23	62
Dividends paid	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	16	0	182
Stock-based compensation	12	8	47	72	97	115	144
Balance sheet at fiscal year end
Cash and short-term investments	12	86	514	479	476	514	412
Debt incl. finance leases	—	—	—	—	—	—	—
Total assets	—	171	666	705	811	871	1,114
Total liabilities	—	103	161	259	366	396	490
Shareholders' equity	−87	−108	502	445	444	475	624
Margins and ratios
Gross margin	63.0%	63.7%	67.0%	67.4%	68.7%	69.1%	67.2%
Operating margin	−34.8%	−21.4%	−32.9%	−41.7%	−30.7%	−20.6%	−19.6%
Net margin	−33.0%	−21.1%	−32.2%	−39.1%	−27.4%	−17.5%	−17.8%
Free cash flow margin	−9.4%	−5.7%	−15.8%	−10.6%	−0.6%	4.0%	8.4%
Rule of 40 (growth + FCF margin)	—	50.2%	42.6%	38.7%	32.1%	29.7%	32.8%
Return on capital	—	—	—	—	—	—	—
Return on equity	—	—	−39.0%	−29.4%	−29.0%	−22.6%	−23.9%
Return on assets	—	—	−18.3%	−20.3%	−17.0%	−12.3%	−13.2%
Net debt to EBITDA	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Braze's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Braze.