Braze, Inc. (BRZE)

NASDAQInformation TechnologySoftware - ApplicationSnapshot 2026-10-23

$45.88+0.04%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Braze, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

-0.3%

+10% or more+5%0%−5%−10% or less

0.98 → 0.97 EPS · FY ending Jan 31, 2028 · 11 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 11 to 11; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
FY 2027 · Q3
Revenue	$229M–$230M	229.87M
EPS	$0.13–$0.14non-GAAP	0.14
Operating income	$16M–$17Mnon-GAAP	—
FY 2027 · Q4
Revenue	—	244.25M
EPS	—	0.215
FY 2027 · Annual
Revenue	$910M–$913M	912.39M
EPS	$0.64–$0.65non-GAAP	0.642
Operating income	$75.5M–$76.5Mnon-GAAP	—
FY 2028 · Annual
Revenue	—	1.07B
EPS	—	0.974

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Cash from operating activities improves to at least $28M by 2027-Q1	Cash from operations improves to $28M.	Intact	cash flow falls below $28M in 2027-Q1	Cash from operations: $24.212M FY2027-Q2; GAAP. Published target: >= $28.1M. The stored target says 2027-Q1; this source reports FY2027-Q2. Fiscal/calendar alignment needs review. Source published Sep 9, 202624,212,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2027-Q2 · Period ending Jul 31, 2026 Source: stock_quarterly_financials_fmp. Reference: 2027-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Non-GAAP operating income of at least $70M in fiscal 2027	Profit rises with operating income near $70M.	Intact	operating income falls below $70M in fiscal 2027	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Revenue reaches at least $895M in fiscal 2027	A primary condition in Braze, Inc.'s published investment case. The stated target is >= $895M.	Intact	revenue falls below $895M in fiscal 2027	Revenue: $227.23M FY2027-Q2; GAAP. Published target: >= $895M. Target period is not explicitly aligned with this observation. Source published Sep 9, 2026227,230,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2027-Q2 · Period ending Jul 31, 2026 Source: company_financial_results. Reference: d1ffe8ee-54c8-464b-9a01-579c64c60a0b. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2028 · fiscal year ending 2028-01-31 · fmp

FY2028 EPS$0.97

$0.96 → $0.97 · observed estimates

FY2028 revenue$1.07B

$1.05B → $1.07B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2028 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$0.96	$1,047,910,255	12 / 15
2026-07-25	$0.96	$1,047,910,255	12 / 15
2026-07-26	$0.96	$1,047,910,255	12 / 15
2026-07-27	$0.96	$1,047,910,255	12 / 15
2026-07-28	$0.96	$1,047,910,255	12 / 15
2026-07-29	$0.96	$1,047,910,255	12 / 15
2026-07-30	$0.96	$1,047,910,255	12 / 15
2026-07-31	$0.96	$1,047,910,255	12 / 15
2026-08-01	$0.96	$1,047,910,255	12 / 15
2026-08-02	$0.96	$1,047,910,255	12 / 15
2026-08-03	$0.96	$1,047,910,255	12 / 15
2026-08-04	$0.96	$1,047,910,255	12 / 15
2026-08-05	$0.96	$1,047,910,255	12 / 15
2026-08-06	$0.96	$1,047,910,255	12 / 15
2026-08-07	$0.96	$1,047,910,255	12 / 15
2026-08-08	$0.96	$1,047,910,255	12 / 15
2026-08-09	$0.96	$1,047,910,255	12 / 15
2026-08-10	$0.96	$1,047,910,255	12 / 15
2026-08-11	$0.96	$1,047,910,255	12 / 15
2026-08-12	$0.96	$1,047,910,255	12 / 15
2026-08-13	$0.96	$1,047,910,255	12 / 15
2026-08-14	$0.96	$1,047,910,255	12 / 15
2026-08-15	$0.96	$1,047,910,255	12 / 15
2026-08-16	$0.96	$1,047,910,255	12 / 15
2026-08-17	$0.96	$1,047,910,255	12 / 15
2026-08-18	$0.96	$1,047,910,255	12 / 15
2026-08-19	$0.96	$1,047,910,255	12 / 15
2026-08-20	$0.96	$1,047,756,474	12 / 15
2026-08-21	$0.96	$1,047,756,474	12 / 15
2026-08-22	$0.96	$1,047,756,474	12 / 15
2026-08-23	$0.96	$1,047,756,474	12 / 15
2026-08-24	$0.96	$1,047,756,474	12 / 15
2026-08-25	$0.96	$1,047,756,474	12 / 15
2026-08-26	$0.96	$1,047,910,265	12 / 15
2026-08-27	$0.96	$1,047,910,265	12 / 15
2026-08-28	$0.96	$1,047,910,265	12 / 15
2026-08-29	$0.96	$1,047,911,565	12 / 15
2026-08-30	$0.96	$1,047,911,565	12 / 15
2026-08-31	$0.96	$1,047,911,565	12 / 15
2026-09-01	$0.96	$1,047,911,565	12 / 15
2026-09-02	$0.96	$1,047,911,565	12 / 15
2026-09-03	$0.96	$1,048,146,565	12 / 15
2026-09-04	$0.96	$1,048,146,565	12 / 15
2026-09-05	$0.98	$1,051,501,549	12 / 15
2026-09-06	$0.98	$1,051,501,549	12 / 15
2026-09-07	$0.98	$1,051,501,549	12 / 15
2026-09-08	$0.98	$1,051,501,549	12 / 15
2026-09-09	$0.99	$1,062,705,250	12 / 15
2026-09-10	$0.98	$1,065,827,761	11 / 15
2026-09-11	$0.98	$1,065,828,426	11 / 15
2026-09-12	$0.98	$1,065,828,426	11 / 15
2026-09-13	$0.98	$1,065,828,426	11 / 15
2026-09-14	$0.98	$1,065,828,426	11 / 15
2026-09-15	$0.98	$1,065,828,426	11 / 15
2026-09-16	$0.98	$1,065,828,426	11 / 15
2026-09-17	$0.98	$1,065,828,426	11 / 15
2026-09-18	$0.98	$1,065,828,426	11 / 15
2026-09-19	$0.98	$1,065,828,426	11 / 15
2026-09-20	$0.98	$1,065,828,426	11 / 15
2026-09-21	$0.98	$1,065,828,426	11 / 15
2026-09-22	$0.98	$1,065,828,426	11 / 15
2026-09-23	$0.98	$1,065,828,426	11 / 15
2026-09-24	$0.98	$1,065,828,426	11 / 15
2026-09-25	$0.98	$1,065,828,426	11 / 15
2026-09-26	$0.98	$1,065,828,426	11 / 15
2026-09-27	$0.98	$1,065,828,426	11 / 15
2026-09-28	$0.98	$1,065,828,426	11 / 15
2026-09-29	$0.98	$1,065,828,426	11 / 15
2026-09-30	$0.98	$1,065,828,426	11 / 15
2026-10-01	$0.98	$1,067,619,177	11 / 15
2026-10-02	$0.98	$1,068,869,856	11 / 15
2026-10-03	$0.98	$1,068,869,856	11 / 15
2026-10-04	$0.98	$1,068,869,856	11 / 15
2026-10-05	$0.98	$1,068,869,856	11 / 15
2026-10-06	$0.98	$1,068,869,856	11 / 15
2026-10-07	$0.98	$1,069,404,857	11 / 15
2026-10-08	$0.98	$1,069,404,857	11 / 15
2026-10-09	$0.98	$1,069,404,857	11 / 15
2026-10-10	$0.98	$1,069,404,857	11 / 15
2026-10-11	$0.98	$1,069,404,857	11 / 15
2026-10-12	$0.98	$1,069,404,857	11 / 15
2026-10-13	$0.98	$1,069,404,857	11 / 15
2026-10-14	$0.98	$1,069,404,857	11 / 15
2026-10-15	$0.98	$1,069,404,857	11 / 15
2026-10-16	$0.98	$1,069,404,857	11 / 15
2026-10-17	$0.98	$1,069,404,857	11 / 15
2026-10-18	$0.98	$1,069,404,857	11 / 15
2026-10-19	$0.98	$1,069,404,857	11 / 15
2026-10-20	$0.98	$1,069,404,857	11 / 15
2026-10-21	$0.98	$1,069,404,857	11 / 15
2026-10-22	$0.97	$1,068,061,250	11 / 15
2026-10-23	$0.97	$1,068,060,829	11 / 15
2026-10-24	$0.97	$1,068,060,829	11 / 15

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	21	0
2026-06-01	21	0
2026-07-01	21	0
2026-08-01	21	0
2026-09-01	21	0
2026-10-01	21	19

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 21 Buy / Strong Buy · 19 Hold · 0 Sell / Strong Sell

0 upgrades11 downgrades3 maintains

Recent actions · Sep 25–Oct 24 · 14 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

StephensOct 21 · prior Sep 9

$34.00 → $47.50+39.7%

Mizuho SecuritiesOct 21 · prior Sep 9

$52.00 → $47.50-8.7%

Wells FargoOct 20

$47.50New observation · no comparable prior

UBSOct 20 · prior Sep 9

$32.00 → $47.50+48.4%

Stifel NicolausOct 20 · prior Sep 9

$35.00 → $47.50+35.7%

Loop Capital MarketsOct 20

$47.50New observation · no comparable prior

D.A. DavidsonOct 20 · prior Sep 2

$40.00 → $47.50+18.8%

Cantor FitzgeraldOct 20

$47.50New observation · no comparable prior

Canaccord GenuityOct 20 · prior Sep 9

$37.00 → $47.50+28.4%

BarclaysOct 20 · prior Sep 2

$38.00 → $48.00+26.3%

$0$28.60$57.20

6 raises · 1 cuts · 0 unchanged · 3 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Cash from operating activities improves to at least $28M by 2027-Q1Cash from operations: $24.212M
Non-GAAP operating income of at least $70M in fiscal 2027Direct metric needs a verified mapping
Revenue reaches at least $895M in fiscal 2027Revenue: $227.23M

Next proof point

Dec 8, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

2.2%Typical daily move · historical

Downside history

-56.4%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Braze, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a growth business with a profitability-improvement element, not yet a proven earnings compounder, since it remains loss-making on the supplied earnings-quality measure. The long-term thesis is on watch: company momentum improved, but recent financial performance remains below its industry cohort.

What's priced into Braze, Inc.

The valuation is tagged as stretched, with a 1.54 premium versus peers and an expectations gap of 0.11. That points to substantial expectations already reflected in the valuation, though confidence in the valuation model is low and no fragility gates fired.

What the fundamentals likely do

Near-term, revenue growth and higher non-GAAP operating income support progress on management’s growth and operating-leverage priorities; management also raised fiscal 2027 operating-income guidance. AI product adoption is increasing, but the evidence does not quantify its revenue contribution, and guidance cuts remain a meaningful risk even though the stated miss risk is low.

What Braze, Inc. hinges on

Over the next few quarters, the thesis depends on revenue growth continuing and operating leverage translating into sustained profitability progress. It also depends on whether management avoids guidance cuts and whether AI adoption becomes financially meaningful; rate changes and results from large software peers are additional sector factors.

Bottom line

Over the next 1 to 3 years, BRZE has evidence of business growth and improving operating performance, but its loss-making status, high risk, and stretched valuation leave limited room for execution setbacks. The long-term thesis remains on watch and depends on sustained operating progress. Not investment advice.

Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.

Measure / period	Management expectations	Analyst expectations
FY 2027 · Q3
Revenue	$229M–$230M	229.87M
EPS	$0.13–$0.14non-GAAP	0.14
Operating income	$16M–$17Mnon-GAAP	—
FY 2027 · Q4
Revenue	—	244.25M
EPS	—	0.215
FY 2027 · Annual
Revenue	$910M–$913M	912.39M
EPS	$0.64–$0.65non-GAAP	0.642
Operating income	$75.5M–$76.5Mnon-GAAP	—
FY 2028 · Annual
Revenue	—	1.07B
EPS	—	0.974

Expectations trend

Same fiscal period

FY2028 · fiscal year ending 2028-01-31 · fmp

FY2028 EPS$0.97

$0.96 → $0.97 · observed estimates

FY2028 revenue$1.07B

$1.05B → $1.07B · observed estimates

Exact estimates & source dates

FY2028 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$0.96	$1,047,910,255	12 / 15
2026-07-25	$0.96	$1,047,910,255	12 / 15
2026-07-26	$0.96	$1,047,910,255	12 / 15
2026-07-27	$0.96	$1,047,910,255	12 / 15
2026-07-28	$0.96	$1,047,910,255	12 / 15
2026-07-29	$0.96	$1,047,910,255	12 / 15
2026-07-30	$0.96	$1,047,910,255	12 / 15
2026-07-31	$0.96	$1,047,910,255	12 / 15
2026-08-01	$0.96	$1,047,910,255	12 / 15
2026-08-02	$0.96	$1,047,910,255	12 / 15
2026-08-03	$0.96	$1,047,910,255	12 / 15
2026-08-04	$0.96	$1,047,910,255	12 / 15
2026-08-05	$0.96	$1,047,910,255	12 / 15
2026-08-06	$0.96	$1,047,910,255	12 / 15
2026-08-07	$0.96	$1,047,910,255	12 / 15
2026-08-08	$0.96	$1,047,910,255	12 / 15
2026-08-09	$0.96	$1,047,910,255	12 / 15
2026-08-10	$0.96	$1,047,910,255	12 / 15
2026-08-11	$0.96	$1,047,910,255	12 / 15
2026-08-12	$0.96	$1,047,910,255	12 / 15
2026-08-13	$0.96	$1,047,910,255	12 / 15
2026-08-14	$0.96	$1,047,910,255	12 / 15
2026-08-15	$0.96	$1,047,910,255	12 / 15
2026-08-16	$0.96	$1,047,910,255	12 / 15
2026-08-17	$0.96	$1,047,910,255	12 / 15
2026-08-18	$0.96	$1,047,910,255	12 / 15
2026-08-19	$0.96	$1,047,910,255	12 / 15
2026-08-20	$0.96	$1,047,756,474	12 / 15
2026-08-21	$0.96	$1,047,756,474	12 / 15
2026-08-22	$0.96	$1,047,756,474	12 / 15
2026-08-23	$0.96	$1,047,756,474	12 / 15
2026-08-24	$0.96	$1,047,756,474	12 / 15
2026-08-25	$0.96	$1,047,756,474	12 / 15
2026-08-26	$0.96	$1,047,910,265	12 / 15
2026-08-27	$0.96	$1,047,910,265	12 / 15
2026-08-28	$0.96	$1,047,910,265	12 / 15
2026-08-29	$0.96	$1,047,911,565	12 / 15
2026-08-30	$0.96	$1,047,911,565	12 / 15
2026-08-31	$0.96	$1,047,911,565	12 / 15
2026-09-01	$0.96	$1,047,911,565	12 / 15
2026-09-02	$0.96	$1,047,911,565	12 / 15
2026-09-03	$0.96	$1,048,146,565	12 / 15
2026-09-04	$0.96	$1,048,146,565	12 / 15
2026-09-05	$0.98	$1,051,501,549	12 / 15
2026-09-06	$0.98	$1,051,501,549	12 / 15
2026-09-07	$0.98	$1,051,501,549	12 / 15
2026-09-08	$0.98	$1,051,501,549	12 / 15
2026-09-09	$0.99	$1,062,705,250	12 / 15
2026-09-10	$0.98	$1,065,827,761	11 / 15
2026-09-11	$0.98	$1,065,828,426	11 / 15
2026-09-12	$0.98	$1,065,828,426	11 / 15
2026-09-13	$0.98	$1,065,828,426	11 / 15
2026-09-14	$0.98	$1,065,828,426	11 / 15
2026-09-15	$0.98	$1,065,828,426	11 / 15
2026-09-16	$0.98	$1,065,828,426	11 / 15
2026-09-17	$0.98	$1,065,828,426	11 / 15
2026-09-18	$0.98	$1,065,828,426	11 / 15
2026-09-19	$0.98	$1,065,828,426	11 / 15
2026-09-20	$0.98	$1,065,828,426	11 / 15
2026-09-21	$0.98	$1,065,828,426	11 / 15
2026-09-22	$0.98	$1,065,828,426	11 / 15
2026-09-23	$0.98	$1,065,828,426	11 / 15
2026-09-24	$0.98	$1,065,828,426	11 / 15
2026-09-25	$0.98	$1,065,828,426	11 / 15
2026-09-26	$0.98	$1,065,828,426	11 / 15
2026-09-27	$0.98	$1,065,828,426	11 / 15
2026-09-28	$0.98	$1,065,828,426	11 / 15
2026-09-29	$0.98	$1,065,828,426	11 / 15
2026-09-30	$0.98	$1,065,828,426	11 / 15
2026-10-01	$0.98	$1,067,619,177	11 / 15
2026-10-02	$0.98	$1,068,869,856	11 / 15
2026-10-03	$0.98	$1,068,869,856	11 / 15
2026-10-04	$0.98	$1,068,869,856	11 / 15
2026-10-05	$0.98	$1,068,869,856	11 / 15
2026-10-06	$0.98	$1,068,869,856	11 / 15
2026-10-07	$0.98	$1,069,404,857	11 / 15
2026-10-08	$0.98	$1,069,404,857	11 / 15
2026-10-09	$0.98	$1,069,404,857	11 / 15
2026-10-10	$0.98	$1,069,404,857	11 / 15
2026-10-11	$0.98	$1,069,404,857	11 / 15
2026-10-12	$0.98	$1,069,404,857	11 / 15
2026-10-13	$0.98	$1,069,404,857	11 / 15
2026-10-14	$0.98	$1,069,404,857	11 / 15
2026-10-15	$0.98	$1,069,404,857	11 / 15
2026-10-16	$0.98	$1,069,404,857	11 / 15
2026-10-17	$0.98	$1,069,404,857	11 / 15
2026-10-18	$0.98	$1,069,404,857	11 / 15
2026-10-19	$0.98	$1,069,404,857	11 / 15
2026-10-20	$0.98	$1,069,404,857	11 / 15
2026-10-21	$0.98	$1,069,404,857	11 / 15
2026-10-22	$0.97	$1,068,061,250	11 / 15
2026-10-23	$0.97	$1,068,060,829	11 / 15
2026-10-24	$0.97	$1,068,060,829	11 / 15

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings