BRZE

MKT CAP:$3B

Braze, Inc.

Market Cap

$3B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$22.46-$10.09 (-31.00%)

Apr 23, 2026

Company Details

Braze, Inc. operates a customer engagement platform that provides interactions between consumers and brands worldwide. It offers data ingestion products, such as Braze software development kits that automatically manage data ingestion and t...

CEO

William Magnuson

IPO Date

Nov 17, 2021

Website

www.braze.com

Key Metrics TTM

Revenue

$708M

+25.5% YoY

Net Income

-$112M

EPS (Diluted)

-$1.06

Free Cash Flow

$57M

Revenue / Share

$6.52

Gross Margin

67.6%

Operating Margin

-16.6%

Net Margin

-15.9%

FCF Margin

8.1%

P/S

3.8x

P/E

—

Earnings Reports

FY 2026

Mar 24, 2026

$738M+24.4%EPS -$1.22

Q4 2026

Mar 24, 2026

$205M+27.9%EPS -$0.29

Q2 2026

Sep 4, 2025

$180M+23.8%EPS -$0.26

Q1 2026

Jun 5, 2025

$162M+19.6%EPS -$0.34

FY 2025

Mar 31, 2025

$593M+25.8%EPS -$1.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$34M	$22M	-$6M
Q3 21	$39M	$25M	-$9M
Q4 22	$70M	$46M	-$43M
Q1 23	$77M	$52M	-$40M
Q2 23	$86M	$59M	-$35M
Q3 23	$93M	$64M	-$37M
Q4 23	$99M	$65M	-$37M
Q1 24	$102M	$69M	-$42M
Q4 24	$131M	$88M	-$31M
Q1 25	$135M	$91M	-$40M
Q2 25	$145M	$102M	-$28M
Q3 25	$152M	$106M	-$33M
Q4 25	$160M	$111M	-$22M
Q1 26	$162M	$111M	-$40M
Q2 26	$180M	$122M	-$39M
Q4 26	$205M	$134M	-$17M

Valuation

Quarter	P/S	P/E
Q2 21	—	—
Q3 21	—	—
Q4 22	26.2x	—
Q1 23	17.4x	—
Q2 23	15.3x	—
Q3 23	8.6x	—
Q4 23	8.5x	—
Q1 24	7.5x	—
Q4 24	13.3x	—
Q1 25	9.1x	—
Q2 25	8.4x	—
Q3 25	5.5x	—
Q4 25	7.1x	—
Q1 26	5.2x	—
Q2 26	4.8x	—
Q4 26	3.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	-$110.5K	-$1M
Q3 21	-$6M	-$7M
Q4 22	-$25M	-$26M
Q1 23	$18M	$16M
Q2 23	-$16M	-$25M
Q3 23	-$24M	-$28M
Q4 23	$12.0K	-$2M
Q1 24	$23M	$22M
Q4 24	$4M	-$4M
Q1 25	$19M	$11M
Q2 25	$12M	$7M
Q3 25	-$11M	-$14M
Q4 25	$17M	$15M
Q1 26	$24M	$23M
Q2 26	$7M	$5M
Q4 26	$19M	$14M

Capital Expenditures

Quarter	CapEx
Q2 21	$900.0K
Q3 21	$944.0K
Q4 22	$1M
Q1 23	$2M
Q2 23	$8M
Q3 23	$4M
Q4 23	$2M
Q1 24	$892.0K
Q4 24	$7M
Q1 25	$8M
Q2 25	$4M
Q3 25	$3M
Q4 25	$2M
Q1 26	$1M
Q2 26	$2M
Q4 26	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+128.2%	+190.1%
Q2 23	+153.6%	+200.2%
Q3 23	+136.8%	+170.1%
Q4 23	+40.1%	+19.6%
Q1 24	+31.3%	+22.6%
Q4 24	+52.0%	+33.5%
Q1 25	+45.5%	+35.0%
Q2 25	+47.5%	+28.3%
Q3 25	+49.4%	+28.5%
Q4 25	+22.5%	+12.4%
Q1 26	+19.6%	+15.2%
Q2 26	+23.8%	+26.2%
Q4 26	+34.9%	+20.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$1M	4.0%
Q3 21	$2M	5.8%
Q4 22	$29M	41.4%
Q1 23	$17M	21.9%
Q2 23	$17M	20.1%
Q3 23	$19M	20.7%
Q4 23	$19M	19.1%
Q1 24	$24M	23.8%
Q4 24	$24M	18.5%
Q1 25	$29M	21.1%
Q2 25	$30M	20.7%
Q3 25	$29M	18.9%
Q4 25	$28M	17.4%
Q1 26	$31M	18.9%
Q2 26	$38M	20.9%
Q4 26	$38M	18.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 21	$6M	$6M	$16M
Q3 21	$7M	$7M	$19M
Q4 22	$23M	$20M	$46M
Q1 23	$22M	$24M	$46M
Q2 23	$23M	$21M	$50M
Q3 23	$26M	$22M	$53M
Q4 23	$27M	$22M	$53M
Q1 24	$30M	$32M	$49M
Q4 24	$31M	$26M	$63M
Q1 25	$34M	$27M	$70M
Q2 25	$33M	$28M	$69M
Q3 25	$33M	$31M	$75M
Q4 25	$34M	$30M	$69M
Q1 26	$37M	$41M	$74M
Q2 26	$41M	$37M	$83M
Q4 26	$45M	$36M	$82M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 21	—	-18.3%	—
Q3 21	—	-20.6%	—
Q4 22	—	-58.9%	—
Q1 23	128.2%	-49.9%	78.3
Q2 23	153.6%	-39.7%	113.9
Q3 23	136.8%	-38.5%	98.3
Q4 23	40.1%	-35.3%	4.8
Q1 24	31.3%	-39.7%	-8.3
Q4 24	52.0%	-21.8%	30.3
Q1 25	45.5%	-28.0%	17.5
Q2 25	47.5%	-17.4%	30.0
Q3 25	49.4%	-19.7%	29.7
Q4 25	22.5%	-11.7%	10.8
Q1 26	19.6%	-23.2%	-3.6
Q2 26	23.8%	-16.8%	7.0
Q4 26	34.9%	-10.4%	24.5

Rule of 40

Revenue Segments

Quarter	Professional Services Revenue	Subscription Revenue
Q4 22	$5M	$66M
Q1 23	$5M	$73M
Q2 23	$4M	$82M
Q3 23	$4M	$89M
Q4 23	$4M	$95M
Q1 24	$5M	$97M
Q4 24	$5M	$126M
Q1 25	$5M	$130M
Q2 25	$6M	$140M
Q3 25	$6M	$146M
Q4 25	$6M	$154M
Q1 26	$7M	$155M
Q2 26	$8M	$172M
Q4 26	$12M	$193M

Revenue by Geography

Quarter	Non-US	United States
Q4 22	$28M	$42M
Q1 23	$32M	$45M
Q2 23	$36M	$50M
Q3 23	$40M	$53M
Q4 23	$42M	$56M
Q1 24	$43M	$59M
Q4 24	$57M	$74M
Q1 25	$60M	$76M
Q2 25	$65M	$80M
Q3 25	$69M	$83M
Q4 25	$73M	$88M
Q1 26	$74M	$88M
Q2 26	$81M	$99M
Q4 26	$92M	$113M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$91M	$439M	$530M
Q2 23	$81M	$426M	$507M
Q3 23	$45M	$428M	$474M
Q4 23	$69M	$410M	$479M
Q1 24	$117M	$386M	$503M
Q2 24	$77M	$395M	$472M
Q3 24	$60M	$408M	$468M
Q4 24	$72M	$408M	$479M
Q1 25	$78M	$409M	$487M
Q2 25	$79M	$425M	$504M
Q3 25	$61M	$431M	$493M
Q4 25	$83M	$430M	$514M
Q1 26	$231M	$308M	$539M
Q2 26	$81M	$283M	$364M
Q3 26	$98M	$285M	$383M
Q4 26	$124M	$288M	$412M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	17M	0.0%	—
Q3 21	90M	+430.4%	—
Q4 22	93M	+3.3%	—
Q1 23	94M	+0.9%	+453.0%
Q2 23	94M	+0.4%	+455.2%
Q3 23	94M	0.0%	+4.7%
Q4 23	95M	+0.5%	+1.8%
Q1 24	96M	+1.5%	+2.4%
Q4 24	99M	+2.3%	+4.3%
Q1 25	101M	+2.3%	+6.7%
Q2 25	101M	+0.7%	+6.8%
Q3 25	102M	+0.7%	+6.0%
Q4 25	103M	+0.8%	+4.4%
Q1 26	105M	+1.6%	+3.8%
Q2 26	107M	+2.1%	+5.3%
Q4 26	109M	+1.6%	+6.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	—	—
Q3 21	—	—
Q4 22	$60.5K	1K
Q1 23	$66.6K	1K
Q2 23	$74.0K	1K
Q3 23	$80.0K	1K
Q4 23	$65.7K	2K
Q1 24	$67.8K	2K
Q4 24	$84.6K	2K
Q1 25	$87.5K	2K
Q2 25	$94.0K	2K
Q3 25	$98.2K	2K
Q4 25	$94.4K	2K
Q1 26	$95.4K	2K
Q2 26	$106.0K	2K
Q4 26	$103.2K	2K

Revenue / Employee