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what it is
Braze sells software that helps brands message customers in real time.
how it gets paid
Last year Braze made $593M in revenue. customer engagement platform was the main engine at $326M, or 55% of sales.
why it's growing
Revenue grew 25.8% last year. Revenue grew 179% vs. prior year. Gross margin was 67.8%.
what just happened
Braze posted $533M in revenue, but EPS stayed at -$0.93.
At a glance
B+ balance sheet — decent shape, but not bulletproof
-$1.02 fy2024 eps est
$593M fy2024 rev est
20.6% operating margin
1.75 beta
xvary composite: 57/100 — below average
What they do
Braze sells software that helps brands message customers in real time.
Real-time orchestration means instant customer messaging, not batch emails. That matters because Braze had 2,296 customers in January 2025 and reached 7.2 billion monthly active users through those apps and websites. Leaving is painful when your customer data, timing, and campaigns are already wired into one system.
How they make money
$593M
annual revenue · their business grew +25.8% last year
customer engagement platform
$326M
data platform
$118M
ai decisioning
$89M
professional services
$60M
The products that matter
cross-channel marketing software
Braze Customer Engagement Platform
$593M · core revenue base
it's the center of the entire business: $593M in annual revenue, growing 25.8% last year.
100% of revenue
AI-powered campaign intelligence
BrazeAI
30% signal
Braze says top customers using its AI tools are 30% more likely to anticipate purchase intent. that's promising. it also means the AI layer now has to keep proving itself.
performance wedge
real-time customer data layer
Braze Data Platform
no breakout disclosed
it supports the same $593M revenue engine and 69.1% gross-margin profile, but Braze does not break out separate revenue for this layer in the snapshot.
infrastructure glue
Key numbers
$593M
annual revenue
That is the size of the sales base. Bigger sales do not matter much if the margin stays at -20.6%.
20.6%
operating margin
For every $100 in sales, Braze lost about $20.60 on operations. Growth is real; profit is still late.
7.2B
monthly active users
That is the audience Braze can reach through customer apps and websites. More reach gives the platform more leverage.
2,296
customers
The customer count tells you the business is already distributed. Losing even a few accounts would show up in revenue fast.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 10 / 100
- long-term debt $64M (3% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for BRZE right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Braze posted $533M in revenue, but EPS stayed at -$0.93.
Revenue grew 179% vs. prior year. Gross margin was 67.8%, so the product has room to scale, but not enough yet to fix earnings.
$160M
revenue
-$0.93
eps
67.8%
gross margin
the number that mattered
The $533M quarter matters most. A 179% Vs. last year jump is huge, but -$0.93 EPS says costs still outrun sales.
source: company earnings report, 2026
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What could go wrong
the #1 risk is ai-driven commoditization of cross-channel marketing software. Braze still grows well. The question is whether that growth stays differentiated enough to deserve a better multiple.
med
AI tools narrow the product gap
Braze says top customers using AI are 30% more likely to anticipate purchase intent. Good for the pitch. Risky for the category. If those features become table stakes, pricing power gets thinner fast.
The threat is not that AI disappears. It is that everyone has it, and BRZE still has to compete on the same marketing budget.
med
institutional selling stays an overhang
Institutions sold $994.8M worth of shares over the last 24 months, equal to 31.1M shares. For a ~$2B company, that is not background noise.
Even decent quarters can struggle to rerate the stock if large holders are still heading for the exit.
med
gross margin drift keeps eating the story
Non-GAAP gross margin was 69.1%, down 140 basis points from a year ago. That's still healthy, but software multiples do not love shrinking unit economics.
If growth stays expensive to deliver, the stock can stay cheap even while revenue rises.
med
the chart still behaves like a risk asset
Beta is 1.75 and price stability is 10/100. In plain English: this stock does not do calm.
That volatility raises the bar for every quarter. Good numbers may help the business more than the share price.
On $593M of revenue, Braze still has time to grow into the story. If growth slips below the current 25.5–25.8% range while gross margin stays at 69.1% or lower, a 3.05x sales multiple can stay compressed for a reason.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
q4 2026 earnings on march 24, 2026
This is the next hard checkpoint. You want revenue growth and profitability to hold together for one more quarter.
metric
gross margin after the 69.1% print
A one-time dip is manageable. A second dip would make the market's skepticism look less emotional and more earned.
trend
whether growth stays near 25.5–25.8%
That range is the current proof that demand is still healthy. If it breaks, the valuation argument changes with it.
risk
institutional flow after $994.8M of selling
The business can improve before the stock does. Watch whether selling pressure finally stops overwhelming the operating progress.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
average
momentum rank 3 — the stock is moving with the broader market, no unusual signal.
source: institutional data
Institutional activity
institutional ownership data for BRZE is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$30
current price
n/a
target midpoint · n/a from current
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