NCNO earnings analysis
What we found in NCNO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
nCino delivered a mixed quarter: revenue of $161.001 million beat consensus by approximately 1.2%, while diluted EPS of $0.05 missed the $0.23 estimate. GAAP operating margin was 8.0% and free cash flow was $34.0 million, while fiscal 2027 revenue guidance was raised to $644.0 million-$647.0 million. The balance sheet remains a concern, with $276.0 million of debt against $83.6 million of cash, cash equivalents, and restricted cash.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue exceeded consensus
- Revenue was $161.001 million, approximately 1.2% above the $159.140 million consensus estimate and up from $150 million in the prior comparable period provided.
- GAAP profitability improved
- GAAP operating margin improved to 8.0%, versus negative operating margins in several earlier periods, including -4.1% in 2025Q4 and -1.1% in 2026Q1.
- Free cash flow remained positive
- Free cash flow was $34.0 million, compared with $12 million in 2026Q4 and -$10 million in 2025Q4 in the provided quarterly history.
- Full-year revenue outlook raised
- Fiscal 2027 revenue guidance increased to $644.0 million-$647.0 million from $642.0 million-$646.0 million previously.
- Controls remained effective
- Disclosure controls and procedures were concluded to be effective at July 31, 2026, and management reported no material change in internal control over financial reporting during the quarter.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Material EPS miss
- Diluted EPS was $0.05 versus the $0.23 consensus estimate, a shortfall of $0.18 per share, despite the $161.001 million revenue result.
- Debt substantially exceeds liquidity
- Outstanding principal debt was $276.0 million versus cash, cash equivalents, and restricted cash of $83.6 million at July 31, 2026, leaving gross debt $192.4 million above reported liquidity.
- Unhedged foreign-exchange exposure
- A hypothetical 10% change in foreign-currency exchange rates would have affected cash, cash equivalents, and restricted cash by approximately $4.4 million at July 31, 2026; the company has not engaged in foreign-currency hedging to date.
- Minimal remaining repurchase capacity
- The company had only approximately $23 thousand remaining under its announced repurchase program after purchasing 4,704,528 shares in June 2026, limiting remaining buyback capacity.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.05
- Operating margin
- 8.0%
What they said about what is next.
Fiscal 2027 revenue outlook was raised to $644.0 million-$647.0 million from $642.0 million-$646.0 million. The outlook also includes non-GAAP operating income of $171.0 million-$174.0 million, free cash flow of $137.0 million-$142.0 million, and period-end ACV of $662.5 million-$667.5 million.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 27, 2026
- nCino, Inc. reported Q1 fiscal 2027 revenues of $159.4 million, surpassing estimates of $155.8 million. The Company faced an EPS miss with $0.12 against an estimated $0.24, but generated substantial free cash flow of…
- 10-K · March 31, 2026
- nCino, Inc. reported strong revenue growth in fiscal 2026, achieving $594.8 million, a 10% increase from $540.7 million in fiscal 2025, driven by expanding subscription revenues. The company turned a profit with a net…
- 10-Q · December 3, 2025
- nCino, Inc. posted strong results for Q3 2025 with a revenue increase of 9.6% year-over-year to $152.2 million, surpassing estimates. EPS also surprised positively at $0.31, compared to the previous year's loss,…
- 10-Q · August 26, 2025
- nCino, Inc. reported a robust performance for Q2 2026, with revenues of $148.4 million, marking a 12.4% increase year-over-year. EPS came in significantly higher at $0.22 compared to last year's loss, highlighting a…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing NCNO makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever