Braze continues to demonstrate accelerating top-line growth (fourth straight quarter of organic acceleration) with improving margins and strong cash flow. The raised guidance and $50M ASR execution signal management confidence. Monitor the interim CFO transition and any future permanent CFO appointment, but the operational momentum suggests further upside toward the $899M FY revenue guide.
Price Chart
Executive Summary
Braze reported Q1 FY2027 revenue of $211.0M (+30.2% YoY, above consensus), while GAAP EPS was -$0.24 (vs. Street consensus -$0.25, a beat on that basis), and non-GAAP diluted EPS came in at $0.10 (vs. consensus $0.10, in line). Forward FY2027 revenue guidance was raised slightly to $895-899M (from prior $884-889M), implying ~21% YoY growth near the high end. The company also executed $50M in share repurchases under its $100M authorization, appointed its CAO as Interim CFO after the prior CFO's departure, and saw net dollar retention accelerate to 110%.
Key Financial Metrics
Key Facts
- Revenue of $211.0M (+30.2% YoY) beat consensus of $205.2M; organic revenue growth was 27%
- Non-GAAP diluted EPS $0.10 was in line with consensus of $0.10
- GAAP EPS of -$0.24 vs Street consensus of -$0.25 — a beat relative to the Street metric
- Subscription revenue $195.2M (+26.0% YoY); dollar-based net retention rose to 110% (from 109% in Q4)
- Remaining performance obligations reached $1.08B, up 24.5% QoQ
- FY2027 revenue guidance raised to $895-899M (from $884-889M), FY non-GAAP operating income guidance raised to $70-74M (from $69-73M)
- Executed $50M of ASR under the $100M share repurchase authorization announced in Q4
- Pankaj Malik appointed Interim CFO effective May 29, replacing Isabelle Winkles (who signed the 8-K as prior CFO)
- Non-GAAP operating income of $10.5M more than tripled YoY from $2.8M; FCF of $26.8M vs $22.9M YoY
- Several new brand wins including Subway, Regal Cinemas, and ClassPass
Financial Impact
Revenue beat consensus by ~2.8% ($211.0M vs $205.2M), guidance raised $11M at midpoint for FY, and $50M share buyback executed
Risk Factors
- CFO transition: Isabelle Winkles signed the 8-K but the filing also appoints an Interim CFO — this discontinuity warrants monitoring for any strategy shifts
- Q1 FY2028 Q2 guidance of $219.5-220.5M implies only ~10% QoQ growth from Q1 levels, which may temper expectations
- Dollar-based net retention for large customers ($500K+ ARR) slipped to 111% from 112% a year ago
- GAAP gross margin continued to compress to 65.7% from 68.6% a year ago due to acquisition-related amortization and mix shift toward professional services
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001676238-26-000024 |
| Document: confirmatoryofferletterbya.htm | 0001676238-26-000024 |
| Document: brz-20260525.htm | 0001676238-26-000024 |
| Document: 0001676238-26-000024-index-headers.html | 0001676238-26-000024 |
| Document: 0001676238-26-000024-index.html | 0001676238-26-000024 |
| Document: 0001676238-26-000024.txt | 0001676238-26-000024 |
| 8-K Data (Synthetic) | 0001676238-26-000024 |
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