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Call sheet · Q2'27

Braze (BRZE)

Q2'27 earnings call · held September 8, 2026 · compared with the Q1'27 call · management-credibility review
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Disclosure score
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Financial quality
Bottom line
Braze exceeded its quarterly financial commitments and raised annual expectations while absorbing tax and delivery-cost headwinds. That supports the operating-leverage thesis. It does not yet establish that AI adoption is translating into superior unit economics or that cash generation is independent of equity compensation and advance billing. The next decisive evidence is a clean services bridge, acquisition-normalized demand measures and quantified AI contribution margins-not additional product-use anecdotes. [1][2][3][4]

What changed this quarter

MetricQ1'27Q2'27Change
Revenue$180.111 million, Q2 FY2026$227.230 million, Q2 FY2027Up 26.2% year over year; $6.730 million above the prior Q2 guidance ceiling. [2][3]
GAAP net loss attributable to Braze / EPS$(27.899) million / $(0.26), Q2 FY2026$(18.853) million / $(0.17), Q2 FY2027Loss narrowed by $9.046 million; these are year-over-year, not Q1 comparisons. [3]
Non-GAAP net income / diluted EPS$16.896 million / $0.15, Q2 FY2026$21.233 million / $0.19, Q2 FY2027Net income increased 25.7%; operating improvement was partly offset below the operating line. [3]
Quarterly CFO / management-defined FCF$6.952 million / $3.533 million, Q2 FY2026$24.212 million / $21.744 million, Q2 FY2027Both improved year over year; Q2 FCF remained below Q1's derived $26.791 million. [3]
Gross marginGAAP 67.7%; non-GAAP 69.3%, Q2 FY2026GAAP 66.8%; non-GAAP 68.6%, Q2 FY2027Down 90 and 70 basis points, respectively; unlike-basis margins must not be compared. [3]
FY2027 revenue / non-GAAP operating income guidance$895-899 million / $70-74 million$910-913 million / $75.5-76.5 millionMidpoints rise $14.5 million and $4 million; annual outcomes remain open. [1][2]

Accountability tracked

5 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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