Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02. Results of Operations and Financial Condition.
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On September 8, 2026, Braze, Inc. (the “ Company ”) issued a press release announcing its financial results for the fiscal quarter ended July 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Item 2.02 and Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filing.
"Our strong second quarter results underscore the essential role Braze plays for brands globally, delivering 26% year-over-year revenue growth alongside improving operating leverage and record second quarter free cash flow," said Bill Magnuson, Cofounder and CEO of Braze. "As customers across every size, industry, and region demand proof of ROI, adoption of our AI solutions, including BrazeAI Operator™, BrazeAI Agent Console™, and BrazeAI Decisioning Studio™, is accelerating. By consistently turning engagement into measurable business impact, Braze is becoming the global standard for cultivating long-term customer loyalty. We look forward to seeing the industry's most sophisticated marketers later this month at Forge 2026 in Las Vegas. Our technology is made for this moment, and so are they. All that's left is to teach them to fly: acting faster, deciding smarter, and creating customer experiences that land."
Fiscal Second Quarter 2027 Financial Highlights
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• Revenue was $227.2 million compared to $180.1 million in the second quarter of the fiscal year ended January 31, 2026, up 26.2% year-over year, driven primarily by new customers, upsells and renewals.
• Subscription revenue in the quarter was $207.7 million compared to $171.8 million in the second quarter of the fiscal year ended January 31, 2026, and professional services and other revenue was $19.6 million compared to $8.3 million in the second quarter of the fiscal year ended January 31, 2026.
• Remaining performance obligations as of July 31, 2026 were $1,092.5 million, of which $691.1 million is current, which the company defines as less than one year.
• Dollar-based net retention for all customers for the trailing 12 months ended July 31, 2026 and July 31, 2025 was 110% and 108%, respectively; dollar-based net retention for customers with annual recurring revenue (ARR) of $500,000 or more was 112% compared to 111% in the second quarter of the fiscal year ended January 31, 2026.
• Total customers increased to 2,789 as of July 31, 2026 from 2,422 as of July 31, 2025; 361 of the company’s customers had ARR of $500,000 or more as of July 31, 2026, compared to 282 customers as of July 31, 2025.
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• GAAP operating loss was $18.1 million compared to an operating loss of $38.8 million in the second quarter of the fiscal year ended January 31, 2026. A primary contributor to the operating loss in the quarter included $35.7 million of stock-based compensation expense.
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• Non-GAAP operating income was $22.0 million compared to a non-GAAP operating income of $6.0 million in the second quarter of the fiscal year ended January 31, 2026.
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• GAAP net loss per share attributable to Braze common stockholders, basic and diluted, of $0.17 based on 111.3 million weighted average shares outstanding in the second quarter of fiscal year ending January 31, 2027, compared to GAAP net loss per share attributable to Braze common stockholders, basic and diluted, of $0.26, based on 106.8 million weighted average shares outstanding in the second quarter of the fiscal year ended January 31, 2026.
• Non-GAAP net income per share attributable to Braze common stockholders, diluted, was $0.19 based on 114.2 million weighted average shares outstanding in the second quarter of fiscal year ending January 31, 2027, compared to non-GAAP net income per share attributable to Braze common stockholders, diluted, of $0.15 based on 109.8 million weighted average shares outstanding in the second quarter of the fiscal year ended January 31, 2026.
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• Net cash provided by operating activities was $24.2 million compared to net cash provided by operating activities of $7.0 million in the second quarter of the fiscal year ended January 31, 2026.
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• Free cash flow was $21.7 million compared to $3.5 million in the second quarter of the fiscal year ended January 31, 2026.
• Total cash and cash equivalents, restricted cash, and marketable securities was $413.9 million as of July 31, 2026 compared to $415.9 million as of January 31, 2026.
basic and diluted, in the second quarter of fiscal year ending January 31, 2027, compared to $0.26 in the second quarter of the fiscal year ended January 31, 2026
