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Braze (BRZE) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Sep 9, 2026 · Braze (BRZE) Q2 FY27 earnings results →

Q2 FY27 Revenue up 26% year over year to $227M · 8¢ of every $1 of revenue lost · operating margin -8.0%

Braze made $227M in Q2 FY27 (+26% Y/Y): Subscription $208M, Professional services and other $19.6M. Operating margin -8.0%, net loss $18.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 9, 2026.

Revenue$227M
Year over year+26%
Operating margin-8.0%
Net earnings−$18.3M
Operating cash flow$24.2M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $227.2M in Q2 FY27, up 26% year over year and up 8% from the previous quarter. Subscription was the largest line at 91% of revenue. Subscription added $35.9M year over year (up 21%), 76% of the total change.

Gross margin was 66.8%, down 0.8 points from Q2 FY26. Operating costs exceeded revenue by $18.1M, an operating margin of -8.0%. Operating expenses grew 6% against revenue growth of 26%. The fastest-growing cost line was Sales & marketing (+12%). The quarter ended with a net loss of $18.3M, narrower than the previous quarter's $25.5M loss.

Operating cash flow was $24.2M (up 248% year over year). Non-cash charges added back $3.4M of depreciation and amortization and $35.7M of share-based compensation. Working capital and other items added $3.4M. After capitalized internal-use software costs ($1.3M) and purchases of property and equipment ($1.2M), free cash flow as the company reports it was $21.7M.

Quarterly history

Braze revenue by quarterBraze revenue by quarter$160MQ4 FY25$162MQ1 FY26$180MQ2 FY26$191MQ3 FY26$205MQ4 FY26$211MQ1 FY27$227MQ2 FY27
Braze net earnings by quarterBraze net earnings by quarter−$17.1MQ4 FY25−$35.6MQ1 FY26−$27.8MQ2 FY26−$35.8MQ3 FY26−$31.6MQ4 FY26−$25.5MQ1 FY27−$18.3MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QSep 9, 2026$227M+26%-8.0%−$18.3M$24.2M
Q1 FY2710-QMay 28, 2026$211M+30%-13.0%−$25.5M$28.1M
Q4 FY2610-KMar 25, 2026$205M+28%-13.8%−$31.6M$19.4M
Q3 FY2610-QDec 10, 2025$191M+26%-19.7%−$35.8M$21.0M
Q2 FY2610-QSep 5, 2025$180M+24%-21.5%−$27.8M$7.0M
Q1 FY2610-QJun 6, 2025$162M+20%-24.8%−$35.6M$24.1M
Q4 FY2510-KMar 31, 2025$160M+22%-13.4%−$17.1M$17.1M

Charts

Braze: revenue growth, year over year and quarter over quarterBraze: revenue growth, year over year and quarter over quarterY/YQ/Q+22%Q4 FY25+20%+1%Q1 FY26+24%+11%Q2 FY26+26%+6%Q3 FY26+28%+8%Q4 FY26+30%+3%Q1 FY27+26%+8%Q2 FY27
Latest (Q2 FY27): Y/Y +26%, Q/Q +8%.
Braze: where the cash came from (+) and went (−), TTM to Q2 FY27Braze: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$92.7MCash drawn (+) / kept (−)−$85.1MOther financing−$46.9MOther investing$34.3MShares issued$13.6MCapital spending−$8.0MAcquisitions−$654KExchange rates$66K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Braze: profit against cash, quarter by quarterBraze: profit against cash, quarter by quarterNet incomeOperating cash flow−$28.1M−$11.4MQ3 FY25−$17.1M$17.1MQ4 FY25−$35.6M$24.1MQ1 FY26−$27.8M$7.0MQ2 FY26−$35.8M$21.0MQ3 FY26−$31.6M$19.4MQ4 FY26−$25.5M$28.1MQ1 FY27−$18.3M$24.2MQ2 FY27
Latest (Q2 FY27): Net income −$18.3M, Operating cash flow $24.2M.
Braze: diluted shares by fiscal year (split-adjusted)Braze: diluted shares by fiscal year (split-adjusted)108MFY21105MFY2295MFY2398MFY24102MFY25108MFY26
+0.1% since FY21: more shares outstanding (issuance, stock pay); earlier years scaled for the 3-for-1 split before FY23, 2-for-1 split before FY22.
Braze in its industry: growth against margin (192 companies, SIC 7372)Braze in its industry: growth against margin (192 companies, SIC 7372)revenue growth, year over year →↑ operating marginmedian +12%median 0%MSFTORCLCRMADBEXYZINTUNOWSHOPCRWVSNPSPLTRADSKElectronic Arts Inc.TEAMSSNCCDNSRBLXTWLOSNOWTTWOCRWDGENDDOGHUBSVEEVDOCUOKTANETMDBNTNXPTCTYLDBXUDTPAYCMBLYESTCPCTYZETARBRKACIWBSYGWREPATHPCORTDCOCTVFIGKVYOCOURBILLBOXCVLTDUOLSAILGTMMANHLIMEAPPFCCCYOUTTANBLKBSGTLBALRMTENBWKPRGSFRSHAPPNBANDNAVNQTWONTSKASANCXMVERXRPDSPSCBLFSLYVRNSQLYSFROGMQBBINTANCNOEVCMNABLVIAALKTAVPTSPTPDGDYNXPERAMPLDDDSKILCERTCCSICMRCMKTWHUCKCRNCPDFSWEAVSOUNINSEXZODHIIIVLiveperson IncAIMRDNMYPSUPLDKLTRBLZELAWDRTTFBBAIMAPSCCLDEXFYRDVTSSTIEGANNTWKRCATSNALFDCTSVCOMCHXAEYEZDGEADBTWFCFAISPDUOTIDNPDYNQUBTZSPCROCFATNAWRESMSIINLXBLINMSGMGEGSEGGMYSZCXAIGXAIPARAAITXBKYICYABAPCXSPAIDSNYEXYNIDAIATDSIVDAVPRBSKKYUMEWAIFFAUIDGlobal Arena Holding, Inc.ATHRVIDAQXLLIVGUPYYFNGRSVMBTransparentBusiness, Inc.SWMRAMSTTransit Pro Tech Inc.PXLWDNKCDPLSGYGYBRZE (+26%, -8%)
Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Braze

Braze is the leading customer engagement platform that empowers brands to Be Absolutely Engaging™. Braze helps brands deliver great customer experiences that drive value both for consumers and for their businesses. Built on a foundation of composable intelligence, BrazeAI™ allows marketers to combine and activate AI agents, models, and features at every touchpoint throughout the Braze Customer Engagement Platform for smarter, faster, and more meaningful customer engagement. From cross-channel messaging and journey orchestration to Al-powered decisioning and optimization, Braze enables companies to turn action into interaction through autonomous, 1:1 personalized experiences. The company has been consistently recognized as a Leader in marketing technology by industry analysts, and was named a G2 “Best of Marketing and Digital Advertising Software Product” in 2026.

In its own words, from its 8-K, filed Sep 8, 2026.

Braze against its Services-Prepackaged Software peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +26% against the peers' median +19%. Operating margin: -8.0% against the peers' median 15.2%.

CompanyQuarterRevenueY/YOp. margin
BRZE BrazeQ2 FY27$227M+26%-8.0%
MSFT MicrosoftQ1 FY27$92.3B+19%49.8%
ORCL OracleQ1 FY27$19.3B+30%34.8%
CRM SalesforceQ2 FY27$11.3B+11%20.5%
ADBE AdobeQ3 FY26$6.8B+13%34.8%
XYZ BlockQ3 2026$6.7B+10%6.4%
INTU IntuitQ4 FY26$4.4B+14%10.9%
NOW ServiceNowQ3 2026$4.1B+20%9.4%
SHOP ShopifyQ3 2026$3.7B+32%15.2%

Source: Braze 10-Q on SEC EDGAR · CIK 1676238 · Services-Prepackaged Software

13F: who owns BRZE and who is buying

Largest holders of BRZE (13F)Largest holders of BRZE (13F)FMR LLC$366MVanguard Group$338MBlackRock$182MVanguard Portfolio Management LLC$121MPictet Asset Management Holding SA$110MBattery Management$100MVanguard Capital Management LLC$86.4MMillennium Management LLC$82.2MWestfield Capital Management Co LP$56.8MGeode Capital Management, LLC$55.2M
Funds' net buying of BRZE by quarter (13F)Funds' net buying of BRZE by quarter (13F)−$10.5M2024-09−$118M2024-12$50.2M2025-03−$3.1M2025-06$118M2025-09$274M2025-12$253M2026-03$220M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on BRZE

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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中文版：Braze（BRZE）财报

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