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Braze vs Q2 Holdings: BRZE and QTWO compared
Braze is the larger company: $227M of revenue in its latest quarter (Q2 FY27) against $226M for Q2 Holdings (Q3 2026). Braze is growing faster (+26% against +12% a year earlier). Q2 Holdings is more profitable, with an operating margin of 15.0% against -8.0%.
Where the money goes: BRZE and QTWO
Braze (BRZE) · Q2 FY27
Braze, Q2 FY27: revenue $227M (+26% year over year), operating margin -8.0%, net loss $18.3M, operating cash flow $24.2M. The chart follows the revenue to costs, profit and cash.
Q2 Holdings (QTWO) · Q3 2026
Q2 Holdings, Q3 2026: revenue $226M (+12% year over year), operating margin 15.0%, net earnings $33.2M, operating cash flow $64.7M. The chart follows the revenue to costs, profit and cash.
| Braze (BRZE) | Q2 Holdings (QTWO) | |
|---|---|---|
| Latest quarter | Q2 FY27 | Q3 2026 |
| Revenue | $227M | $226M |
| Revenue growth, Y/Y | +26% | +12% |
| Gross margin | — | 59.7% |
| Operating margin | -8.0% | 15.0% |
| Net earnings | −$18.3M | $33.2M |
| Net margin | -8.1% | 14.7% |
| Operating cash flow | $24.2M | $64.7M |
| Free cash flow | $21.7M | $62.6M |
| Market value | $3.1B | $4.4B |
| P/E | — | 40.8× |
| Analysts’ mean target | $47.54 | $79.57 |
Where the revenue comes from
Braze
- Subscription: $208M (91%)
- Professional services and other: $19.6M (9%)
Q2 Holdings
- Subscription: $188M (83%)
- Services and Other: $19.6M (9%)
- Transactional: $18.1M (8%)
Questions
Which is bigger, Braze or Q2 Holdings?
Braze is the larger company: $227M of revenue in its latest quarter (Q2 FY27) against $226M for Q2 Holdings (Q3 2026).
Is Braze or Q2 Holdings growing faster?
Braze is growing faster (+26% against +12% a year earlier).
Which is more profitable, Braze or Q2 Holdings?
Q2 Holdings is more profitable, with an operating margin of 15.0% against -8.0%.
More: Braze earnings · how Braze makes money · Q2 Holdings earnings · how Q2 Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Sep 9, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.