Braze, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Braze, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	96.4	150	238	355	472	593	738
Cost of revenue	35.7	54.5	78.5	116	148	183	243
Gross profit	60.7	95.7	160	240	324	410	496
Research and development	20.3	29.2	59	97.3	120	134	167
Selling and marketing	57.3	70.7	127	202	247	282	327
General and administrative	16.5	28	51.6	88.8	102	116	146
Operating expenses	94.2	128	238	388	469	532	640
Operating income	-33.5	-32.2	-78.2	-148	-145	-122	-145
Interest income	1.67	1.19	0.51	7.39	13.5	18.1	14.8
Other non-operating income	0.05	0.72	-0.12	7.98	16.2	21.6	16.6
Pre-tax income	-31.4	-31.4	-78.3	-140	-128	-101	-128
Income tax	0.45	0.54	-0.17	0.58	1.96	3.45	2.63
Net income	-31.8	-31.8	-76.7	-139	-129	-104	-131
EBITDA	-32.9	-30.6	-75.4	-144	-138	-112	-125
EPS, basic	-1.96	-1.77	-2.20	-1.47	-1.32	-1.02	-1.22
EPS, diluted	-1.96	-1.77	-2.20	-1.47	-1.32	-1.02	-1.22
Shares, basic (weighted)	16.2	18	34.9	94.6	98.1	102	108
Shares, diluted (weighted)	16.2	18	34.9	94.6	98.1	102	108

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	11.6	28.5	479	68.6	68.2	83.1	124
Short-term investments		58	35.2
Receivables		34.8	64.5	78.3	92.3	95.2	122
Other current assets		2.58	3.63	5.44	5.77	2.83	2.45
Total current assets		134	608	583	601	644	568
Property, plant and equipment		5.49	7.39	20.3	29.4	38.6	43.5
Lease right-of-use assets			0	46.3	81.2	76.1	72
Goodwill				0	28.4	28.4	262
Intangible assets				0.5	3.69	3.13	61.5
Other non-current assets		0.48	4.96	2.65	2.97	3.4	2.79
Total assets		171	666	705	811	871	1,114
Accounts payable		0.44	2.08	3.1	6.32	2.15	1.56
Accrued liabilities		8.12	14.1	12.6	26.9	29	42.5
Deferred revenue		74.8	126	166	204	240	305
Total current liabilities		101	160	217	289	324	420
Lease liabilities			0	40.6	75	69.3	63.4
Other non-current liabilities		2.23	1.48	0.76	2.05	2.49	5.8
Total liabilities		103	161	259	367	396	490
Paid-in capital		29.8	717	806	928	1,063	1,340
Retained earnings		-138	-215	-354	-483	-587	-718
Other comprehensive income		-0.04	-0.64	-6.82	-1.18	-0.93	1.79
Shareholders' equity	-86.9	-109	502	445	444	475	624
Total equity	-86.9	-109	502	445	444	475	624
Total liabilities and equity		171	666	705	811	871	1,114
Shares outstanding		19.5

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-31.8	-32	-78.2	-141	-130	-104	-131
Depreciation and amortization	0.65	1.59	2.77	4.62	6.96	10.1	19.3
Stock-based compensation	12.4	7.54	47.2	72.2	97.2	115	144
Deferred income tax	0.06	0.06	-0.08	0.04	-0.49	-0.15	-3.1
Change in receivables	-12.6	-12.4	-29.8	-14.7	-14	-5.36	-22.7
Change in payables	-2.55	-0.78	1.65	0.91	3.42	-3.91	-0.6
Cash from operations	-7.37	-6.08	-35.4	-22.3	6.85	36.7	71.4
Capital expenditures	-1.72	-2.47	-2.31	-15.4	-9.76	-13.2	-9.59
Acquisitions			0	0	-16.3	0	-182
Purchases of investments	-123	-59.4	-36.9	-638	-248	-218	-152
Sales and maturities of investments	38.5	86.2	59.3	256	258	195	175
Cash from investing	-87.2	22.5	18	-399	-20	-36.5	-50.9
Stock issued	1.27	2.81	8.36	11.3	7.26	6.91	15.9
Share buybacks	0	-0.2	0	0	-0.17
Cash from financing	1.26	4.87	468	11.3	13.1	11.7	23
Exchange rate effect	0.02	0.16	-0.6	-0.86	-0.48	-0.44	1.26
Net change in cash	-93.3	21.4	450	-410	-0.49	11.5	44.7
Free cash flow	-9.09	-8.55	-37.7	-37.8	-2.91	23.4	61.9
Income taxes paid	0.18	0.47	0.3	0.37	0.31	2.95	3.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $24.37 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	66.3%	Gross profit / revenue.
Operating margin	-13.4%	Operating income / revenue.
EBITDA margin	-10.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-11.8%	Pre-tax income / revenue.
Net margin	-13.6%	Net income / revenue.
FCF margin	10.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.1%	Cash from operations / revenue.
Return on equity (ROE)	-18.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-10.0%	Net income / average total assets.
Return on invested capital (ROIC)	-20.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	21.6%	Research and development expense / revenue.
Stock-based pay / revenue	17.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.0%	Capital expenditures / revenue.
D&A / revenue	2.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	24.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	27.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	37.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	20.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	27.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	39.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	94.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	163.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	31.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	27.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	45.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	43.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.27x	Current assets / current liabilities.
Quick ratio	0.62x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.37x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	46.8%	Total liabilities / total assets.
Working capital	$119.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	28.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$282.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.74x	Revenue / average total assets.
Fixed asset turnover	19.9x	Revenue / average property, plant and equipment.
Receivables turnover	7.42x	Revenue / average receivables.
Days sales outstanding	49 days	365 x average receivables / revenue.
Days payables	2 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	8.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.02	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$7.50	Revenue / diluted weighted shares.
FCF per share	$0.76	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.83	Cash from operations / diluted weighted shares.
Book value per share	$5.39	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.54	Tangible book value / shares outstanding.
Cash per share	$1.50	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.99B	Share price x shares outstanding.
Enterprise value	$2.82B	Market cap + total debt - cash - short-term investments.
P/S	3.58x	Market cap / revenue.
P/B	4.98x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	10.6x	Market cap / tangible book value, when positive.
P/FCF	35.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	32.2x	Market cap / cash from operations, when positive.
EV/Sales	3.38x	Enterprise value / revenue.
EV/FCF	33.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.8%	Free cash flow / market cap.
Earnings yield	-3.8%	Net income / market cap (the inverse of P/E).

What was Braze, Inc.'s revenue in fiscal 2026?

Braze, Inc. reported revenue of $738.2M for fiscal 2026, 24.4% higher than the year before.

Was Braze, Inc. profitable in fiscal 2026?

No. It reported a net loss of $131.3M.

How much free cash flow did Braze, Inc. generate in fiscal 2026?

Cash from operations of $71.4M minus capital expenditures of $9.6M left free cash flow of $61.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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