Slide 1: Q4 Fiscal 2026 Earnings Results
Q4 Fiscal 2026 Earnings Results March 24, 2026
Slide 2: Braze Financial Highlights
Braze Financial Highlights $821M QUARTERLY REVENUE RUN RATE 1 28% YoY REVENUE 2,609 CUSTOMERS IN OVER 85 GROWTH COUNTRIES 109% DOLLAR-BASED NET RETENTION 94% SUBSCRIPTION $32M GAAP RATE REVENUE NET LOSS Data as of January 31, 2026 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 Disclaimers, continued
Forward Looking Statements and Disclaimers, continued Third Party Reports The Forrester Wave™: Email Marketing Service Providers, Q1 2026, Shar VanBoskirk, March 2026. The Forrester Wave™ is copyrighted by Forrester Research, Inc. Forrester and Forrester Wave™ are trademarks of Forrester Research, I
Slide 5: Q4'26 Financial Results Highlights
Q4'26 Financial Results Highlights • Revenue of $205.2 million, up 27.9% YoY and 7.5% sequentially • GAAP gross margin of 65.5%, down 380 basis points YoY; non-GAAP gross margin of 67.2%, down 270 basis points YoY • Dollar-based net retention rate of 109% compared to 111% in the prior year quarter a
Slide 6: Q4'26 Recent Business Highlights
Q4'26 Recent Business Highlights Business Highlights • Notable new business wins and existing customer expansions in the quarter included Dis-Chem, Goodnotes, ID.me, King, Life360, Mytheresa, PowerUs, realestate.co.nz, Shell Mobility & Convenience, and ThriftBooks. • Published sixth annual Global Cu
Slide 7: Q4'26 Recent Business Highlights
Q4'26 Recent Business Highlights Partnerships • Strengthened relationship with Snowflake by deploying Cortex Code, transforming Braze’s approach to agentic analytics by automating and enriching insights layers, and optimizing native understanding of datasets, schemas, and columns to produce more pre
Slide 8: Quarterly Revenue
Quarterly Revenue DOLLARS IN MILLIONS $205.2 $190.8 $180.1 $160.4 $162.1 $152.1 27.9% $145.5 $131.0 $135.5 Q4'26 YoY REVENUE GROWTH 32.7% 33.1% 26.4% 25.5% 27.9% 22.7% 22.5% 23.8% 19.6% FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 Reported Revenue YoY Revenue Grow
Slide 9: Non-GAAP Gross Margin
Non-GAAP Gross Margin 67.2% 67.9% 67.9% 70.9% 70.5% 69.9% 69.3% 69.3% 69.1% Q4'26 NON-GAAP 67.2% GROSS MARGIN FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 9
Slide 10: Dollar-Based Net Retention
Dollar-Based Net Retention 109% 117% 117% 114% 113% 111% 109% 108% 108% 109% Q4'26 NET DOLLAR- BASED RETENTION RATE FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 10
Slide 11: Braze Customers
Braze Customers Total Customers Customers with over $500K ARR 333 2,609 303 2,528 2,422 282 2,342 2,296 2,211 262 2,163 2,102 247 2,044 234 202 212 222 14% Q4'26 YoY CUSTOMER GROWTH 35% Q4'26 YoY GROWTH 35% OF $500K+ ARR 29% 29% 28% 27% 29% CUSTOMERS 24% 22% 24% 15% 14% 14% 13% 12% 11% 12% 10% 10% F
Slide 12: Free Cash Flow
Free Cash Flow DOLLARS IN MILLIONS 14.1% $21.7 9.3% 9.5% 6.8% 8.4% $15.2 $22.9 $13.9 5.0% $17.8 $11.4 $7.2 2.0% $13.9M $3.5 Q4'26 ($3.5) FREE CASH FLOW ($18.7) (2.7)% ($14.2) ($28.1) (9.4)% FY’24 Q4 FY’25 Q1 FY’25 Q2 FY’25 Q3 FY’25 Q4 FY’26 Q1 FY’26 Q2 FY’26 Q3 FY’26 Q4 Free Cash Flow Free Cash Flow
Slide 13: Remaining Performance Obligations
Remaining Performance Obligations DOLLARS IN MILLIONS +30% YoY +27% YoY $1,033.0 $862.2 $891.4 $793.1 $829.3 $642.1 $558.2 $572.7 $505.2 $522.2 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 Less than 1 year Total RPO 13
Slide 14: Guidance
Guidance DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE AMOUNTS* Metric Q1'27 Guidance FY’27 Guidance Revenue $204.5 - 205.5 $884.0 - 889.0 Non-GAAP Operating Income $10.0 - 11.0 $69.0 - 73.0 Non-GAAP Net Income $11.0 - 12.0 $69.0 - 73.0 Non-GAAP Net Income Per Share $0.10 - 0.11 $0.61 - 0.65 Weig
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 Twelve Months Ended Three Months Ended Twelve Months Ended January 31, January 31, January 31, January 31, 2026 2025 2026 2025
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 Twelve Months Ended Three Months Ended Twelve Months Ended January 31, January 31, January 31, Ja
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 Twelve Months Ended January 31, January 31, 2026 2025 2026 2025 Net cash provided by operating $19,375 $17,083 $71,438 $36,6
Slide 20: GAAP to Non-GAAP Gross Margin Reconciliation
GAAP to Non-GAAP Gross Margin Reconciliation DOLLARS IN THOUSANDS FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 Gross Profit $87,965 $90,911 $102,079 $106,142 $111,087 $111,202 $121,890 $128,211 $134,354 Plus: Stock-based 895 964 1,078 1,003 977 1,077 1,348 1,278 1
Slide 21: GAAP to Non-GAAP Free Cash Flow Reconciliation
GAAP to Non-GAAP Free Cash Flow Reconciliation DOLLARS IN THOUSANDS FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 FY’26 Q4 Net cash provided by/(used in) $3,821 $19,395 $11,612 ($11,410) $17,083 $24,144 $6,952 $20,967 $19,375 operating activities Less: Purchases of property
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