Slide 1: Fiscal Q3 2026 Earnings Results
Fiscal Q3 2026 Earnings Results December 9, 2025
Slide 2: Braze Financial Highlights
Braze Financial Highlights $763M QUARTERLY REVENUE RUN RATE 1 26% YoY REVENUE 2,528 CUSTOMERS IN OVER 80 GROWTH COUNTRIES 108% DOLLAR-BASED NET RETENTION 95% SUBSCRIPTION $36M GAAP RATE REVENUE NET LOSS Data as of October 31, 2025 or the three months ended, as applicable 1. Represents quarterly GAAP
Slide 3: Forward Looking Statements and Disclaimers
Forward Looking Statements and Disclaimers Forward-Looking Statements This presentation contains, and statements made during this presentation contain, “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including b
Slide 4: Forward Looking Statements and Disclaimer, continued
Forward Looking Statements and Disclaimer, continued Third Party Reports Gartner®, Magic Quadrant™ for Multichannel Marketing Hubs, Audrey Brosnan et al., 22 September 2025 GARTNER and MAGIC QUADRANT are trademarks of Gartner, Inc. and its affiliates. Gartner does not endorse any company, vendor, pr
Slide 5: Q3'26 Financial Results Highlights
Q3'26 Financial Results Highlights • Revenue of $190.8 million, up 25.5% YoY and 6.0% sequentially • GAAP gross margin of 67.2%, down 260 basis points YoY; non-GAAP gross margin of 69.1%, down 140 basis points YoY • Dollar-based net retention rate of 108% compared to 113% in the prior year quarter a
Slide 6: Recent Highlights
Recent Highlights Business Highlights • Notable new business wins and upsells in the quarter included CJ Olive Young, Eventbrite, GOAT, Grubhub - Seamless, Linktree, Mindbody, Nuts.com, OnePay, one of the fastest-growing consumer fintechs in the country, Rafeeq, RSG Group GmbH, and Vivid Seats. • Ho
Slide 7: Recent Highlights
Recent Highlights Partnerships • Launched Braze AI Decisioning StudioTM on Google Cloud Marketplace, providing customers with an easier way to procure and deploy Decisioning Studio where they already manage their infrastructure. • Opened applications for the Braze Tech for an Equitable Future grant
Slide 8: Quarterly Revenue
Quarterly Revenue DOLLARS IN MILLIONS $190.8 $180.1 $160.4 $162.1 $152.1 $145.5 25.5% $135.5 $131.0 $124.0 Q3'26 YoY REVENUE GROWTH 33.1% 32.7% 33.1% 26.4% 25.5% 22.7% 22.5% 23.8% 19.6% FY'24 Q3 FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 Reported Revenue YoY Revenue Grow
Slide 9: Non-GAAP Gross Margin
Non-GAAP Gross Margin 69.1% 71.4% 70.9% 70.5% 69.9% 69.3% 69.3% 69.1% Q3'26 NON-GAAP 67.9% 67.9% GROSS MARGIN FY'24 Q3 FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 9
Slide 10: Dollar-Based Net Retention
Dollar-Based Net Retention 108% 118% 117% 117% 114% 113% 111% Q3'26 NET DOLLAR- 109% 108% 108% BASED RETENTION RATE FY'24 Q3 FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 10
Slide 11: Braze Customers
Braze Customers Total Customers Customers with over $500K ARR 303 282 2,528 2,422 262 2,342 247 2,296 2,211 234 2,163 2,102 222 2,011 2,044 212 189 202 14% Q3'26 YoY CUSTOMER GROWTH 29% Q3'26 YoY GROWTH OF $500K+ ARR 28% 29% 29% 28% 27% 29% CUSTOMERS 24% 22% 24% 17% 15% 13% 12% 14% 10% 10% 11% 12% F
Slide 12: Free Cash Flow
Free Cash Flow DOLLARS IN MILLIONS 14.1% $21.7 $22.9 9.3% 9.5% $17.8 8.4% $11.4 5.0% $7.2 $15.2 2.0% $17.8M $3.5 Q3'26 ($3.5) FREE CASH FLOW ($5.9) ($18.7) (2.7)% (4.8)% ($14.2) ($28.1) (9.4)% FY’24 Q3 FY’24 Q4 FY’25 Q1 FY’25 Q2 FY’25 Q3 FY’25 Q4 FY’26 Q1 FY’26 Q2 FY’26 Q3 Free Cash Flow Free Cash F
Slide 13: Remaining Performance Obligations
Remaining Performance Obligations DOLLARS IN MILLIONS +24% YoY +25% YoY 862.2 891.4 829.3 793.1 716.8 558.2 572.7 505.2 522.2 458.2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 Less than 1 year Total RPO 13
Slide 14: Guidance
Guidance DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE AMOUNTS* Metric Q4'26 Guidance FY’26 Guidance Revenue $197.5 - 198.5 $730.5 - 731.5 Non-GAAP Operating Income 12.0 - 13.0 $26.0 - 27.0 Non-GAAP Net Income $15.0 - 16.0 $46.0 - 47.0 Non-GAAP Net Income Per Share $0.13 - 0.14 $0.42 - 0.43 Weigh
Slide 15: Appendix
Appendix
Slide 16: Operating Metrics - Definitions
Operating Metrics - Definitions Number of Customers: We define a customer as the separate and distinct, ultimate parent-level entity that has an active subscription with us to use our products. A single organization could have multiple distinct contracting divisions or subsidiaries, all of which tog
Slide 17: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation DOLLARS IN THOUSANDS Reconciliation of GAAP to Non-GAAP Gross Margin Reconciliation of GAAP to Non-GAAP Operating Expenses Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended October 31, October 31, October 31, October 31, 2025 2024 2025 2024 202
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Reconciliation of GAAP to Non-GAAP Operating Income (Loss) Reconciliation of GAAP to Non-GAAP Net Income Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended October 31, October 31, October 31, Octobe
Slide 19: GAAP Cash Flows from Operations to Free Cash Flow
GAAP Cash Flows from Operations to Free Cash Flow DOLLARS IN THOUSANDS Reconciliation of GAAP Cash Flow from Operating Activities to Non-GAAP Free Cash Flow Three Months Ended Nine Months Ended October 31, October 31, 2025 2024 2025 2024 Net cash provided by/(used in) $20,967 ($11,410) $52,063 $19,5
Slide 20: GAAP to Non-GAAP Gross Margin Reconciliation
GAAP to Non-GAAP Gross Margin Reconciliation DOLLARS IN THOUSANDS FY'24 Q3 FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 Gross Profit $87,582 $87,965 $90,911 $102,079 $106,142 $111,087 $111,202 $121,890 $128,211 Plus: Stock-based 900 895 964 1,078 1,003 977 1,077 1,348 1,27
Slide 21: GAAP to Non-GAAP Free Cash Flow Reconciliation
GAAP to Non-GAAP Free Cash Flow Reconciliation DOLLARS IN THOUSANDS FY'24 Q3 FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 Net cash provided by/(used in) ($2,003) $3,821 $19,395 $11,612 ($11,410) $17,083 $24,144 $6,952 $20,967 operating activities Less: Purchases of propert
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