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Braze, Inc. Financials

BRZE
Source SEC Filings (10-K/10-Q) Updated Jan 31, 2026 Currency USD FYE January

This page shows Braze, Inc. (BRZE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BRZE FY2026

Braze is turning rapid revenue growth into cash flow faster than into GAAP profit, as high gross margins fund heavy reinvestment.

Over the last two years, free cash flow swung from -$2.9M to $61.9M. At the same time, net loss stayed near -$130M, so cash conversion is improving much faster than reported earnings and the business is closer to funding itself than the loss line suggests.

The core service looks structurally attractive: gross margin stayed near 67% even as revenue scaled, but operating margin remained near -20% because sales and product spending kept absorbing most of that gross profit. In practice, scale is showing up first in cash generation rather than in reported earnings, which says more about operating discipline than the loss line does.

The balance sheet is still equity-heavy, but its liquidity cushion is thinner than a year ago: cash fell to $124.3M and the current ratio to 1.4x. Meanwhile, goodwill rose to $261.9M, so more of the asset base now sits in non-cash goodwill rather than readily deployable cash.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 37 / 100
Financial Profile 37/100

Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Braze, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
0

Braze, Inc. has an operating margin of -19.6%, meaning the company retains $-20 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -20.6% the prior year.

Growth
75

Braze, Inc.'s revenue surged 24.4% year-over-year to $738.2M, reflecting rapid business expansion. This strong growth earns a score of 75/100.

Leverage
86

Braze, Inc. carries a low D/E ratio of 0.78, meaning only $0.78 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 86/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
22

Braze, Inc.'s current ratio of 1.35 is below the typical benchmark, resulting in a score of 22/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
38

Braze, Inc. has a free cash flow margin of 8.4%, earning a moderate score of 38/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
0

Braze, Inc. generates a -21.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -21.9% the prior year.

Piotroski F-Score Weak
2/9

Braze, Inc. passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Mixed
-0.54x

For every $1 of reported earnings, Braze, Inc. generates $-0.54 in operating cash flow ($71.4M OCF vs -$131.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

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

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

EBITDA
-$125.4M
YoY-11.9%

Braze, Inc.'s EBITDA was -$125.4M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 11.9% from the prior year.

Net Income
-$131.3M
YoY-26.6%

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

EPS (Diluted)
$-1.22
YoY-19.6%

Braze, Inc. earned $-1.22 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 19.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$61.9M
YoY+163.8%

Braze, Inc. generated $61.9M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 163.8% from the prior year.

Cash & Debt
$124.3M
YoY-46.3%
5Y CAGR+20.9%

Braze, Inc. held $124.3M in cash against $0 in long-term debt as of fiscal year 2026.

Dividends Per Share
N/A
Shares Outstanding
113M

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

Margins & Returns

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

Braze, Inc.'s gross margin was 67.2% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 2.0 percentage points from the prior year.

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

Braze, Inc.'s operating margin was -19.6% in fiscal year 2026, reflecting core business profitability. This is up 1.0 percentage points from the prior year.

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

Braze, Inc.'s net profit margin was -17.8% in fiscal year 2026, showing the share of revenue converted to profit. This is down 0.3 percentage points from the prior year.

Return on Equity
-21.1%
YoY+0.8pp

Braze, Inc.'s ROE was -21.1% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 0.8 percentage points from the prior year.

Capital Allocation

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

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

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

Braze, Inc. invested $9.6M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 27.6% from the prior year.

BRZE Income Statement

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Revenue $205.2M+7.5% $190.8M+6.0% $180.1M+11.1% $162.1M+1.0% $160.4M+5.5% $152.1M+4.5% $145.5M+7.4% $135.5M
Cost of Revenue $70.8M+13.1% $62.6M+7.6% $58.2M+14.5% $50.9M+3.1% $49.3M+7.4% $45.9M+5.7% $43.4M-2.5% $44.5M
Gross Profit $134.4M+4.8% $128.2M+5.2% $121.9M+9.6% $111.2M+0.1% $111.1M+4.7% $106.1M+4.0% $102.1M+12.3% $90.9M
R&D Expenses $45.0M+2.2% $44.1M+6.8% $41.3M+12.1% $36.8M+9.5% $33.6M+2.3% $32.9M-0.9% $33.1M-3.6% $34.4M
SG&A Expenses $35.9M+8.4% $33.1M-10.1% $36.8M-9.2% $40.5M+36.0% $29.8M-4.5% $31.2M+10.2% $28.3M+5.7% $26.8M
Operating Income -$28.2M+24.8% -$37.5M+3.1% -$38.8M+3.7% -$40.2M-86.6% -$21.6M+33.8% -$32.6M-16.5% -$27.9M+30.3% -$40.1M
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax $6.9M+315.7% $1.7M+123.7% -$7.0M-754.2% $1.1M-2.1% $1.1M+28.6% $851K+21.2% $702K-12.0% $798K
Net Income -$31.6M+12.2% -$36.0M-29.0% -$27.9M+22.0% -$35.8M-108.2% -$17.2M+38.4% -$27.9M-21.4% -$23.0M+35.5% -$35.6M
EPS (Diluted) N/A $-0.33-26.9% $-0.26+23.5% $-0.34 N/A $-0.27-17.4% $-0.23+34.3% $-0.35

BRZE Balance Sheet

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Total Assets $1.1B+7.0% $1.0B+1.8% $1.0B+15.0% $889.1M+2.1% $871.0M+3.4% $842.0M+2.0% $825.6M+1.2% $816.1M
Current Assets $567.9M+13.1% $502.0M+3.6% $484.5M-26.5% $659.1M+2.3% $644.0M+5.0% $613.3M+1.1% $606.4M+1.2% $598.9M
Cash & Equivalents $124.3M+27.1% $97.8M+20.8% $81.0M-65.0% $231.5M+178.7% $83.1M+35.5% $61.3M-22.5% $79.1M+5.8% $74.8M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $122.3M+35.6% $90.2M+2.2% $88.2M+2.5% $86.1M-9.6% $95.2M+5.5% $90.3M+26.7% $71.3M-12.7% $81.6M
Goodwill $261.9M-1.9% $267.0M-0.3% $267.8M+841.3% $28.4M0.0% $28.4M0.0% $28.4M0.0% $28.4M0.0% $28.4M
Total Liabilities $489.6M+11.6% $438.9M+3.6% $423.5M+2.1% $414.7M+4.7% $396.2M+3.1% $384.2M+3.3% $371.9M-2.1% $379.9M
Current Liabilities $420.4M+13.8% $369.4M+4.4% $353.7M+2.8% $343.9M+6.0% $324.5M+5.3% $308.2M+3.4% $298.1M-2.5% $305.6M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $623.8M+3.6% $602.0M+0.5% $598.9M+26.2% $474.4M-0.1% $474.9M+3.7% $458.1M+1.0% $453.7M+4.0% $436.1M
Retained Earnings -$718.1M-4.6% -$686.5M-5.5% -$650.5M-4.5% -$622.6M-6.1% -$586.8M-3.0% -$569.6M-5.2% -$541.7M-4.4% -$518.7M

BRZE Cash Flow Statement

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Operating Cash Flow $19.4M-7.6% $21.0M+201.6% $7.0M-71.2% $24.1M+41.3% $17.1M+249.7% -$11.4M-198.3% $11.6M-40.1% $19.4M
Capital Expenditures $4.8M+148.2% $1.9M-25.6% $2.6M+1102.3% $217K-80.0% $1.1M-43.5% $1.9M-41.9% $3.3M-52.1% $6.9M
Free Cash Flow $14.6M-23.5% $19.0M+338.1% $4.3M-81.8% $23.9M+49.6% $16.0M+220.0% -$13.3M-260.6% $8.3M-33.5% $12.5M
Investing Cash Flow -$7.5M-30.2% -$5.7M+96.4% -$160.6M-230.7% $122.8M+14706.1% -$841K+89.7% -$8.2M+51.3% -$16.8M-58.7% -$10.6M
Financing Cash Flow $13.8M+1175.0% $1.1M-85.5% $7.5M+1136.0% $605K-90.2% $6.2M+318.2% $1.5M-75.1% $5.9M+414.8% -$1.9M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

BRZE Financial Ratios

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Gross Margin 65.5%-1.7pp 67.2%-0.5pp 67.7%-1.0pp 68.6%-0.6pp 69.3%-0.6pp 69.8%-0.3pp 70.2%+3.0pp 67.1%
Operating Margin -13.8%+5.9pp -19.7%+1.8pp -21.5%+3.3pp -24.8%-11.4pp -13.4%+8.0pp -21.4%-2.2pp -19.2%+10.4pp -29.6%
Net Margin -15.4%+3.5pp -18.9%-3.4pp -15.5%+6.6pp -22.1%-11.4pp -10.7%+7.6pp -18.4%-2.6pp -15.8%+10.5pp -26.3%
Return on Equity -5.1%+0.9pp -6.0%-1.3pp -4.7%+2.9pp -7.5%-3.9pp -3.6%+2.5pp -6.1%-1.0pp -5.1%+3.1pp -8.2%
Return on Assets -2.8%+0.6pp -3.5%-0.7pp -2.7%+1.3pp -4.0%-2.1pp -2.0%+1.3pp -3.3%-0.5pp -2.8%+1.6pp -4.4%
Current Ratio 1.350.0 1.36-0.0 1.37-0.5 1.92-0.1 1.980.0 1.99-0.0 2.03+0.1 1.96
Debt-to-Equity 0.78+0.1 0.73+0.0 0.71-0.2 0.87+0.0 0.830.0 0.84+0.0 0.82-0.1 0.87
FCF Margin 7.1%-2.9pp 10.0%+7.6pp 2.4%-12.4pp 14.8%+4.8pp 10.0%+18.7pp -8.8%-14.5pp 5.7%-3.5pp 9.2%

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Frequently Asked Questions

Braze, Inc. (BRZE) reported $738.2M in total revenue for fiscal year 2026. This represents a 24.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

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

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

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

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

Braze, Inc. (BRZE) had a gross margin of 67.2% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

Braze, Inc. (BRZE) had an operating margin of -19.6% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

Braze, Inc. (BRZE) had a net profit margin of -17.8% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

Braze, Inc. (BRZE) has a return on equity of -21.1% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

Braze, Inc. (BRZE) generated $61.9M in free cash flow during fiscal year 2026. This represents a 163.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

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

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

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

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

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

Braze, Inc. (BRZE) had a current ratio of 1.35 as of fiscal year 2026, which is considered adequate.

Braze, Inc. (BRZE) had a debt-to-equity ratio of 0.78 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

Braze, Inc. (BRZE) had a return on assets of -11.8% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

Braze, Inc. (BRZE) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Braze, Inc. (BRZE) has an earnings quality ratio of -0.54x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Braze, Inc. (BRZE) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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