Braze, Inc. BRZE
To forge vibrant connections between people and the brands they love, fueled by a community that inspires and technology that lights the way.
Braze is a leading customer engagement platform that empowers brands to Be Absolutely Engaging. Customer Engagement is an emerging category of business activity and software which we define as the full set of activities that companies use to build and maintain direct, meaningful relationships with their customers. Our platform brings together rich, first-party context, transforms that context with composable intelligence (models, agents, and operators), and delivers continuous, and personally relevant interactions across channels. As of January 2026, 2,609 customers around the world trusted Braze to power their cross-channel customer engagement strategies. In January 2026, our platform enabled interactions with 8.0 billion monthly active users via our customers' apps, websites, and other digital interfaces, up from 7.2 billion in January 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $738.2M | $593.4M | $471.8M | $355.4M | $238.0M | $150.2M | $96.4M | — |
| Cost of revenue | $242.5M | $183.2M | $147.5M | $115.8M | $78.5M | $54.5M | $35.7M | — |
| Gross profit | $495.7M | $410.2M | $324.3M | $239.6M | $159.5M | $95.7M | $60.7M | — |
| R&D | $167.1M | $134.0M | $119.9M | $97.3M | $59.0M | $29.2M | $20.3M | — |
| SG&A | $146.3M | $116.1M | $102.0M | $88.8M | $51.6M | $28.0M | $16.5M | — |
| Total operating expenses | $640.4M | $532.4M | $469.0M | $387.7M | $237.7M | $127.8M | $94.2M | — |
| Operating income | -$144.8M | -$122.2M | -$144.7M | -$148.1M | -$78.2M | -$32.2M | -$33.5M | — |
| Pre-tax income | -$128.2M | -$100.6M | -$128.5M | -$140.2M | -$78.3M | -$31.4M | -$31.4M | — |
| Income tax | $2.6M | $3.4M | $2.0M | $583.0K | $165.0K | $537.0K | $452.0K | — |
| Net income | -$130.8M | -$104.0M | -$130.4M | -$140.7M | -$78.2M | -$31.8M | -$31.8M | — |
| EPS, basic | -1.22 | -1.02 | -1.32 | -1.47 | -2.20 | -1.77 | -1.96 | — |
| EPS, diluted | -1.22 | -1.02 | -1.32 | -1.47 | -2.20 | -1.77 | -1.96 | — |
| Shares, diluted (wtd. avg.) | $107.9M | $102.2M | $98.1M | $94.6M | $34.9M | $18.0M | $16.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $124.3M | $83.1M | $72.1M | $72.6M | $483.0M | $33.0M | $11.6M | $104.9M |
| Short-term investments | — | — | — | — | $35.2M | $58.0M | — | — |
| Receivables | $122.3M | $95.2M | $92.3M | $78.3M | $64.5M | $34.8M | — | — |
| Total current assets | $567.9M | $644.0M | $601.1M | $583.2M | $608.2M | $134.0M | — | — |
| Property, plant and equipment | $43.5M | $38.5M | $29.4M | $20.3M | $7.4M | $5.5M | — | — |
| Goodwill | $261.9M | $28.4M | $28.4M | $0 | — | — | — | — |
| Other intangibles | $61.5M | $3.1M | $3.7M | $500.0K | — | — | — | — |
| Total assets | $1.11B | $871.0M | $810.9M | $705.4M | $666.3M | $171.4M | — | — |
| Accounts payable | $1.6M | $2.1M | $6.3M | $3.1M | $2.1M | $439.0K | — | — |
| Total current liabilities | $420.4M | $324.5M | $289.4M | $217.3M | $160.0M | $101.1M | — | — |
| Total liabilities | $489.6M | $396.2M | $366.5M | $258.6M | $161.4M | $103.4M | — | — |
| Retained earnings | -$718.1M | -$586.8M | -$483.1M | -$353.9M | -$215.0M | -$138.2M | — | — |
| Total equity | $623.8M | $474.9M | $444.2M | $445.3M | $501.6M | -$108.5M | -$86.9M | -$78.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $71.4M | $36.7M | $6.8M | -$22.3M | -$35.4M | -$6.1M | -$7.4M | — |
| Depreciation and amortisation | $19.3M | $10.1M | $7.0M | $4.6M | $2.8M | $1.6M | $645.0K | — |
| Stock-based compensation | $143.7M | $115.1M | $97.2M | $72.2M | $47.2M | $7.5M | $12.4M | — |
| Capital expenditure | $9.6M | $13.2M | $9.8M | $15.4M | $2.3M | $2.5M | $1.7M | — |
| Investing cash flow | -$50.9M | -$36.5M | -$20.0M | -$398.5M | $18.0M | $22.5M | -$87.2M | — |
| Financing cash flow | $23.0M | $11.7M | $13.1M | $11.3M | $467.9M | $4.9M | $1.3M | — |
| Buybacks | — | — | $165.0K | $0 | $0 | $204.0K | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-021908.
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