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Software - Application · Technology · Fiscal year ends Jan 31
Braze reported revenue of $738M in the fiscal year ended Jan 2026, up 24.4% from the year before. Operating income was −$145M, an operating margin of −19.6%, and net income was −$131M. Operating cash flow of $71M less capital expenditure of $10M left free cash flow of $62M.
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | 238 | 355 | 472 | 593 | 738 |
| Cost of revenue | 78.5 | 116 | 148 | 183 | 243 |
| Gross profit | 160 | 240 | 324 | 410 | 496 |
| Research & development | 59.0 | 97.3 | 120 | 134 | 167 |
| Selling, general & admin | 179 | 290 | 349 | 398 | 473 |
| Operating income | −78.2 | −148 | −145 | −122 | −145 |
| Pre-tax income | −78.3 | −140 | −128 | −101 | −128 |
| Income tax | −0.2 | 0.6 | 2.0 | 3.4 | 2.6 |
| Net income | −76.7 | −139 | −129 | −104 | −131 |
| Diluted EPS | −2.20 | −1.47 | −1.32 | −1.02 | −1.22 |
| Diluted shares | 34.9 | 94.6 | 98.1 | 102 | 108 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 479 | 68.6 | 68.2 | 83.1 | 124 |
| Receivables | 64.5 | 78.3 | 92.3 | 95.2 | 122 |
| Current assets | 608 | 583 | 601 | 644 | 568 |
| Net PP&E | 7.4 | 20.3 | 29.4 | 38.6 | 43.5 |
| Goodwill | – | 0.0 | 28.4 | 28.4 | 262 |
| Total assets | 666 | 705 | 811 | 871 | 1,114 |
| Payables | 2.1 | 3.1 | 6.3 | 2.2 | 1.6 |
| Deferred revenue | 126 | 166 | 204 | 240 | 305 |
| Current liabilities | 160 | 217 | 289 | 324 | 420 |
| Total liabilities | 161 | 259 | 367 | 396 | 490 |
| Shareholders' equity | 502 | 445 | 444 | 475 | 624 |
| Backlog (remaining obligations) | 374 | 456 | 639 | 793 | 1,033 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | −35.4 | −22.3 | 6.9 | 36.7 | 71.4 |
| Capital expenditure | 2.3 | 15.4 | 9.8 | 13.2 | 9.6 |
| Free cash flow | −37.7 | −37.8 | −2.9 | 23.4 | 61.9 |
| Depreciation & amortisation | 2.8 | 4.6 | 7.0 | 10.1 | 19.3 |
| Stock-based compensation | 47.2 | 72.2 | 97.2 | 115 | 144 |
| Acquisitions | 0.0 | 0.0 | 16.3 | 0.0 | 182 |
| Share buybacks | 0.0 | 0.0 | 0.2 | – | – |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 49.3% | 32.7% | 25.8% | 24.4% |
| Gross margin | 67.0% | 67.4% | 68.7% | 69.1% | 67.1% |
| Operating margin | −32.9% | −41.7% | −30.7% | −20.6% | −19.6% |
| Net margin | −32.2% | −39.1% | −27.4% | −17.5% | −17.8% |
| Return on equityBlank when equity is negative | −15.3% | −31.2% | −29.1% | −21.8% | −21.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −15.4% | −30.4% | −27.7% | −22.4% | −20.9% |
| Free cash flow margin | −15.8% | −10.6% | −0.6% | 4.0% | 8.4% |
| Cash conversion (CFO ÷ net income) | 0.46x | 0.16x | −0.05x | −0.35x | −0.54x |
| Receivable days | 99 | 80 | 71 | 59 | 60 |
| Payable days | 10 | 10 | 16 | 4 | 2 |
| Current ratio | 3.80x | 2.68x | 2.08x | 1.98x | 1.35x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.