Detailed financial statements for Braze, Inc. (BRZE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Braze, Inc. operates a global customer engagement platform designed to foster meaningful interactions between consumers and brands. Its comprehensive suite of tools includes robust data ingestion capabilities.
Analysis Summary
Braze, Inc. reported revenue of $738.2M in the most recent fiscal year, growing at a 5-year CAGR of 37.5%.
Trailing-twelve-month margins: gross margin 66.3%, operating margin -13.4%, net margin -13.6%.
At the current price of $24.87, BRZE has negative trailing earnings (P/E not meaningful) and an ROE of -18.78%. Market capitalisation stands at $2.8B.
Balance sheet quality for BRZE: current ratio of 1.4, net cash position of $329.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue | $96.4M | $150.2M | $238.0M | $355.4M | $471.8M | $593.4M | $738.2M |
| Cost of Revenue | $35.7M | $54.5M | $78.5M | $115.8M | $147.5M | $183.2M | $242.5M |
| Gross Profit | $60.7M | $95.7M | $159.5M | $239.6M | $324.3M | $410.2M | $495.7M |
| Research & Development | $20.3M | $29.2M | $59.0M | $97.3M | $119.9M | $134.0M | $167.1M |
| Selling, General & Admin | $73.9M | $98.6M | $178.7M | $290.5M | $349.1M | $398.4M | $473.3M |
| Operating Expenses | $94.2M | $127.8M | $237.7M | $387.7M | $469.0M | $532.4M | $640.4M |
| Operating Income | -$33.5M | -$32.2M | -$78.2M | -$148.1M | -$144.7M | -$122.2M | -$144.8M |
| EBITDA | -$33.0M | -$30.6M | -$75.6M | -$143.5M | -$137.7M | -$112.0M | -$125.4M |
| Interest Expense | 0 | $345000 | $369000 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$31.4M | -$31.4M | -$78.3M | -$140.2M | -$128.5M | -$100.6M | -$128.2M |
| Income Tax | $452000 | $537000 | -$165000 | $583000 | $2.0M | $3.4M | $2.6M |
| Net Income | -$31.8M | -$32.0M | -$76.7M | -$139.0M | -$129.2M | -$103.7M | -$131.3M |
| EPS | $-1.87 | $-0.35 | $-0.83 | $-1.47 | $-1.32 | $-1.02 | $-1.22 |
| EPS (Diluted) | $-1.87 | $-0.35 | $-0.83 | $-1.47 | $-1.32 | $-1.02 | $-1.22 |
| Shares Outstanding (Diluted) | $17.0M | $92.1M | $93.0M | $94.6M | $98.1M | $102.2M | $107.9M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Revenue | $190.8M | $205.2M | $211.0M | $227.2M |
| Gross Profit | $128.2M | $134.4M | $138.7M | $151.9M |
| Operating Income | -$37.5M | -$28.2M | -$27.5M | -$18.1M |
| EBITDA | -$31.6M | -$22.3M | -$21.2M | -$11.8M |
| Net Income | -$36.0M | -$31.6M | -$26.6M | -$18.9M |
| EPS | $-0.33 | $-0.29 | $-0.24 | $-0.17 |
| EPS (Diluted) | $-0.33 | $-0.29 | $-0.24 | $-0.17 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | $6.7M | $28.5M | $478.9M | $68.6M | $68.2M | $83.1M | $124.3M |
| Short-term Investments | $85.2M | $58.0M | $35.2M | $410.1M | $407.9M | $430.5M | $287.6M |
| Receivables | $23.3M | $34.8M | $64.5M | $78.3M | $97.3M | $102.0M | $132.0M |
| Inventory | 0 | 0 | $24.9M | 0 | 0 | 0 | 0 |
| Total Current Assets | $127.0M | $134.0M | $608.2M | $583.2M | $601.1M | $644.0M | $567.9M |
| Property, Plant & Equipment | $2.5M | $5.5M | $7.4M | $66.6M | $110.5M | $114.7M | $115.5M |
| Goodwill | 0 | 0 | 0 | 0 | $28.4M | $28.4M | $261.9M |
| Intangible Assets | 0 | 0 | 0 | $500000 | $3.7M | $3.1M | $61.5M |
| Total Assets | $153.1M | $171.4M | $666.3M | $705.4M | $810.9M | $871.0M | $1.11B |
| Accounts Payable | $1.2M | $439000 | $2.1M | $3.1M | $6.3M | $2.1M | $1.6M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $64.3M | $101.1M | $160.0M | $217.3M | $289.4M | $324.5M | $420.4M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $239.9M | $277.7M | $161.4M | $258.6M | $366.5M | $396.2M | $489.6M |
| Retained Earnings | -$106.5M | -$138.2M | -$215.0M | -$353.9M | -$483.1M | -$586.8M | -$718.1M |
| Total Equity | -$86.9M | -$108.5M | $501.6M | $445.3M | $444.2M | $474.9M | $623.8M |
| Total Debt | 0 | 0 | 0 | $51.3M | $90.6M | $87.4M | $82.7M |
| Net Debt | -$92.0M | -$86.5M | -$514.1M | -$427.4M | -$385.5M | -$426.1M | -$329.3M |
| Working Capital | $62.7M | $32.8M | $448.2M | $365.9M | $311.7M | $319.5M | $147.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Cash & Equivalents | $97.8M | $124.3M | $145.3M | $166.8M |
| Total Assets | $1.04B | $1.11B | $1.09B | $1.13B |
| Total Liabilities | $438.9M | $489.6M | $507.9M | $529.1M |
| Total Equity | $602.0M | $623.8M | $581.7M | $600.2M |
| Total Debt | $83.9M | $82.7M | $81.5M | $96.4M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | -$31.8M | -$32.0M | -$78.2M | -$140.7M | -$129.2M | -$104.0M | -$130.8M |
| Depreciation & Amortization | $645000 | $1.6M | $2.8M | $4.6M | $7.0M | $10.1M | $41.3M |
| Stock-based Compensation | $12.4M | $7.5M | $47.2M | $72.2M | $97.2M | $115.1M | $143.7M |
| Change in Working Capital | $5.2M | $4.7M | -$25.7M | $9.4M | $1.1M | -$22.6M | -$4.9M |
| Operating Cash Flow | -$7.4M | -$6.1M | -$35.4M | -$22.3M | $6.8M | $36.7M | $71.4M |
| Capital Expenditure | -$2.6M | -$4.4M | -$4.4M | -$16.7M | -$9.8M | -$13.2M | -$9.6M |
| Acquisitions | $830000 | $1.9M | $2.1M | $1.3M | -$16.3M | 0 | -$181.9M |
| Stock Repurchased | -$8000 | -$214000 | -$5000 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$9.9M | -$10.4M | -$39.8M | -$39.0M | -$2.9M | $23.4M | $61.9M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Operating Cash Flow | $21.0M | $19.4M | $28.1M | $24.2M |
| Capital Expenditure | -$1.9M | -$5.9M | -$108000 | -$1.2M |
| Free Cash Flow | $19.0M | $13.5M | $28.0M | $23.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $37.8M | $37.7M | $35.8M | $35.7M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue Growth (YoY) | | +55.9% | +58.5% | +49.3% | +32.7% | +25.8% | +24.4% |
| Net Income Growth (YoY) | | -0.5% | -140.0% | -81.1% | +7.1% | +19.7% | -26.6% |
| EPS Growth (YoY) | | +81.3% | -137.1% | -77.1% | +10.2% | +22.7% | -19.6% |
| Shares Change (YoY) | | +441.3% | +0.9% | +1.7% | +3.7% | +4.2% | +5.6% |
| FCF Growth (YoY) | | -5.2% | -281.3% | +1.9% | +92.5% | +905.4% | +163.8% |
| Gross Margin | 63.0% | 63.7% | 67.0% | 67.4% | 68.7% | 69.1% | 67.1% |
| Operating Margin | -34.8% | -21.4% | -32.9% | -41.7% | -30.7% | -20.6% | -19.6% |
| EBITDA Margin | -34.2% | -20.3% | -31.7% | -40.4% | -29.2% | -18.9% | -17.0% |
| Net Margin | -33.0% | -21.3% | -32.2% | -39.1% | -27.4% | -17.5% | -17.8% |
| FCF Margin | -10.3% | -6.9% | -16.7% | -11.0% | -0.6% | 4.0% | 8.4% |
| Effective Tax Rate | -1.4% | -1.7% | 0.2% | -0.4% | -1.5% | -3.4% | -2.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF Per Share | $-0.58 | $-0.11 | $-0.43 | $-0.41 | $-0.03 | $0.23 | $0.57 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $17.0M | $92.1M | $93.0M | $94.6M | $98.1M | $102.2M | $107.9M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -18.78% |
| Return on Invested Capital | -15.83% |
| Return on Assets | -9.99% |
| Gross Margin | 66.30% |
| Operating Margin | -13.36% |
| Net Margin | -13.55% |
Financial Health
| Debt / Equity | 0.16 |
| Current Ratio | 1.27 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | -49.94 | -266.83 | -60.27 | -21.77 | -40.95 | -45.08 | -17.07 |
| P/B | -18.29 | -79.28 | 9.27 | 6.80 | 11.94 | 9.89 | 3.60 |
| P/S | 16.49 | 57.27 | 19.54 | 8.51 | 11.24 | 7.92 | 3.04 |
| Gross Margin | 63.0% | 63.7% | 67.0% | 67.4% | 68.7% | 69.1% | 67.1% |
| Operating Margin | -34.8% | -21.4% | -32.9% | -41.7% | -30.7% | -20.6% | -19.6% |
| Net Margin | -33.0% | -21.3% | -32.2% | -39.1% | -27.4% | -17.5% | -17.8% |