Braze, Inc. · NASDAQ:BRZE
Braze — Q2 2026 Earnings Presentation
20 slides from Braze's earnings presentation, Sep 4, 2025
Slide 1: Fiscal Q2 2026 Earnings Results
Fiscal Q2 2026 Earnings Results September 4, 2025
Slide 2: Braze Financial Highlights
Braze Financial Highlights $720M QUARTERLY REVENUE RUN RATE 1 24% YoY REVENUE 2,422 CUSTOMERS IN OVER 75 GROWTH COUNTRIES 108% DOLLAR-BASED NET RETENTION 95% SUBSCRIPTION $28M GAAP RATE REVENUE NET LOSS Data as of July 31, 2025 or the three months ended, as applicable 1. Represents quarterly GAAP re
Slide 3: Forward Looking Statements and Disclaimer
Forward Looking Statements and Disclaimer 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 bu
Slide 4: Q2'26 Financial Results Highlights
Q2'26 Financial Results Highlights • Revenue of $180.1 million, up 23.8% YoY and 11.1% sequentially • GAAP gross margin of 67.7%, down 250 basis points YoY; non-GAAP gross margin of 69.3%, down 160 basis points YoY • Dollar-based net retention rate of 108% compared to 114% in the prior year quarter
Slide 5: Q2'26 Recent Business Highlights
Q2'26 Recent Business Highlights • Notable new business wins and existing customer expansions in the quarter included DocMorris, Fogo de Chão, Gopuff, Kleinanzeigen, Laundryheap, Little Caesars, Metcash, Saily, Sweetgreen, and Wix • Announced the Braze Model Context Protocol (MCP) Server, a simple a
Slide 6: Quarterly Revenue
Quarterly Revenue DOLLARS IN MILLIONS $180.1 $160.4 $162.1 $152.1 $145.5 $135.5 23.8% $131.0 $124.0 $115.1 Q2'26 YoY REVENUE GROWTH 33.6% 33.1% 32.7% 33.1% 26.4% 22.7% 22.5% 23.8% 19.6% FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 Reported Revenue YoY Revenue Grow
Slide 7: Non-GAAP Gross Margin
Non-GAAP Gross Margin 69.3% 70.0% 71.4% 70.9% 70.5% 69.9% 69.3% 69.3% Q2'26 NON-GAAP 67.9% 67.9% GROSS MARGIN FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 7
Slide 8: Dollar-Based Net Retention
Dollar-Based Net Retention 108% Q2'26 NET DOLLAR- 120% 118% 117% 117% 114% 113% BASED RETENTION 111% 109% 108% RATE FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 8
Slide 9: Braze Customers
Braze Customers Total Customers Customers with over $500K ARR 282 262 247 2,422 2,342 234 2,296 2,211 222 2,163 2,102 212 2,011 2,044 202 1,958 173 189 12% Q2'26 YoY CUSTOMER GROWTH 27% Q2'26 YoY GROWTH OF $500K+ ARR 28% 29% 29% 28% 27% CUSTOMERS 22% 24% 24% 22% 24% 17% 15% 13% 12% 11% 12% 10% 10% F
Slide 10: Free Cash Flow
Free Cash Flow DOLLARS IN MILLIONS 14.1% $21.7 9.5% 8.4% $15.2 $22.9 $11.4 5.0% 2.0% $7.2 ($3.5) $3.5 $3.5M ($5.9) (2.7)% Q2'26 ($14.2) ($18.7) (4.8)% FREE CASH FLOW ($18.7) (9.4)% (16.2)% ($28.1) FY’24 Q2 FY’24 Q3 FY’24 Q4 FY’25 Q1 FY’25 Q2 FY’25 Q3 FY’25 Q4 FY’26 Q1 FY’26 Q2 Free Cash Flow Free Ca
Slide 11: Remaining Performance Obligations
Remaining Performance Obligations DOLLARS IN MILLIONS +25% YoY +27% YoY 829.3 862.2 793.1 689.6 716.8 558.2 505.2 522.2 438.3 458.2 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 Less than 1 year Total RPO 11
Slide 12: Guidance
Guidance DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE AMOUNTS Metric Q3'26 Guidance FY’26 Guidance Revenue $183.5 - 184.5 $717.0 - 720.0 Non-GAAP Operating Income $3.5 - 4.5 $24.5 - 25.5 Non-GAAP Net Income $6.5 - 7.5 $45.5 - 46.5 Non-GAAP Net Income Per Share $0.06 - 0.07 $0.41 - 0.42 Weighted
Slide 13: Appendix
Appendix
Slide 14: 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 15: 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 Six Months Ended Three Months Ended Six Months Ended July 31, July 31, July 31, July 31, 2025 2024 2025 2024 2025 2024 2025 20
Slide 16: 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 Six Months Ended Three Months Ended Six Months Ended July 31, July 31, July 31, July 31, 2025 202
Slide 17: 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 Six Months Ended July 31, July 31, 2025 2024 2025 2024 Net cash provided by operating $6,952 $11,612 $31,096 $31,007 activit
Slide 18: GAAP to Non-GAAP Gross Margin Reconciliation
GAAP to Non-GAAP Gross Margin Reconciliation DOLLARS IN THOUSANDS FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 Gross Profit $79,633 $87,582 $87,965 $90,911 $102,079 $106,142 $111,087 $111,202 $121,890 Plus: Stock-based 901 900 895 964 1,078 1,003 977 1,077 1,348 c
Slide 19: GAAP to Non-GAAP Free Cash Flow Reconciliation
GAAP to Non-GAAP Free Cash Flow Reconciliation DOLLARS IN THOUSANDS FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 Net cash provided by/(used in) ($17,517) ($2,003) $3,821 $19,395 $11,612 ($11,410) $17,083 $24,144 $6,952 operating activities Less: Purchases of prope
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