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Side-by-side financial comparison of BLACKLINE, INC. (BL) and Braze, Inc. (BRZE). Click either name above to swap in a different company.
Braze, Inc. is the larger business by last-quarter revenue ($190.8M vs $183.2M, roughly 1.0× BLACKLINE, INC.). BLACKLINE, INC. runs the higher net margin — 2.7% vs -18.9%, a 21.5% gap on every dollar of revenue. On growth, Braze, Inc. posted the faster year-over-year revenue change (25.5% vs 8.1%). BLACKLINE, INC. produced more free cash flow last quarter ($26.1M vs $19.0M). Over the past eight quarters, Braze, Inc.'s revenue compounded faster (20.7% CAGR vs 7.9%).
BlackLine Systems, Inc., is an American enterprise software company that develops cloud-based services designed to automate and manage the entire financial close process as well as consolidation, invoice-to-cash, and intercompany accounting. The Los Angeles–based company has 17 offices worldwide.
Braze, Inc. is an American cloud-based software company based in New York City. It is a customer engagement platform used by businesses for multichannel marketing.
BL vs BRZE — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $190.8M |
| Net Profit | $4.9M | $-36.0M |
| Gross Margin | 75.2% | 67.2% |
| Operating Margin | 3.7% | -19.7% |
| Net Margin | 2.7% | -18.9% |
| Revenue YoY | 8.1% | 25.5% |
| Net Profit YoY | -91.3% | -29.0% |
| EPS (diluted) | $0.07 | $-0.33 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $183.2M | $190.8M | ||
| Q3 25 | $178.3M | $180.1M | ||
| Q2 25 | $172.0M | $162.1M | ||
| Q1 25 | $166.9M | $160.4M | ||
| Q4 24 | $169.5M | $152.1M | ||
| Q3 24 | $165.9M | $145.5M | ||
| Q2 24 | $160.5M | $135.5M | ||
| Q1 24 | $157.5M | $131.0M |
| Q4 25 | $4.9M | $-36.0M | ||
| Q3 25 | $5.3M | $-27.9M | ||
| Q2 25 | $8.3M | $-35.8M | ||
| Q1 25 | $6.1M | $-17.2M | ||
| Q4 24 | $56.4M | $-27.9M | ||
| Q3 24 | $17.2M | $-23.0M | ||
| Q2 24 | $76.7M | $-35.6M | ||
| Q1 24 | $10.8M | $-28.3M |
| Q4 25 | 75.2% | 67.2% | ||
| Q3 25 | 75.1% | 67.7% | ||
| Q2 25 | 75.2% | 68.6% | ||
| Q1 25 | 75.5% | 69.3% | ||
| Q4 24 | 75.6% | 69.8% | ||
| Q3 24 | 75.2% | 70.2% | ||
| Q2 24 | 74.9% | 67.1% | ||
| Q1 24 | 75.2% | 67.2% |
| Q4 25 | 3.7% | -19.7% | ||
| Q3 25 | 4.3% | -21.5% | ||
| Q2 25 | 4.4% | -24.8% | ||
| Q1 25 | 2.1% | -13.4% | ||
| Q4 24 | 3.7% | -21.4% | ||
| Q3 24 | 5.0% | -19.2% | ||
| Q2 24 | 1.4% | -29.6% | ||
| Q1 24 | 1.1% | -24.7% |
| Q4 25 | 2.7% | -18.9% | ||
| Q3 25 | 3.0% | -15.5% | ||
| Q2 25 | 4.8% | -22.1% | ||
| Q1 25 | 3.6% | -10.7% | ||
| Q4 24 | 33.3% | -18.4% | ||
| Q3 24 | 10.4% | -15.8% | ||
| Q2 24 | 47.8% | -26.3% | ||
| Q1 24 | 6.9% | -21.6% |
| Q4 25 | $0.07 | $-0.33 | ||
| Q3 25 | $0.09 | $-0.26 | ||
| Q2 25 | $0.13 | $-0.34 | ||
| Q1 25 | $0.10 | $-0.17 | ||
| Q4 24 | $0.79 | $-0.27 | ||
| Q3 24 | $0.27 | $-0.23 | ||
| Q2 24 | $0.22 | $-0.35 | ||
| Q1 24 | $0.17 | $-0.28 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $390.0M | $97.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $332.3M | $602.0M |
| Total Assets | $1.8B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $97.8M | ||
| Q3 25 | $419.9M | $81.0M | ||
| Q2 25 | $459.1M | $231.5M | ||
| Q1 25 | $479.5M | $83.1M | ||
| Q4 24 | $885.9M | $61.3M | ||
| Q3 24 | $725.3M | $79.1M | ||
| Q2 24 | $616.6M | $74.8M | ||
| Q1 24 | $331.4M | $68.2M |
| Q4 25 | $332.3M | $602.0M | ||
| Q3 25 | $328.3M | $598.9M | ||
| Q2 25 | $414.0M | $474.4M | ||
| Q1 25 | $417.9M | $474.9M | ||
| Q4 24 | $446.7M | $458.1M | ||
| Q3 24 | $367.9M | $453.7M | ||
| Q2 24 | $325.8M | $436.1M | ||
| Q1 24 | $279.8M | $444.2M |
| Q4 25 | $1.8B | $1.0B | ||
| Q3 25 | $1.7B | $1.0B | ||
| Q2 25 | $1.8B | $889.1M | ||
| Q1 25 | $1.8B | $871.0M | ||
| Q4 24 | $1.8B | $842.0M | ||
| Q3 24 | $1.7B | $825.6M | ||
| Q2 24 | $1.9B | $816.1M | ||
| Q1 24 | $2.1B | $810.9M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $26.7M | $21.0M |
| Free Cash FlowOCF − Capex | $26.1M | $19.0M |
| FCF MarginFCF / Revenue | 14.2% | 10.0% |
| Capex IntensityCapex / Revenue | 0.3% | 1.0% |
| Cash ConversionOCF / Net Profit | 5.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | $63.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $21.0M | ||
| Q3 25 | $63.8M | $7.0M | ||
| Q2 25 | $32.3M | $24.1M | ||
| Q1 25 | $46.7M | $17.1M | ||
| Q4 24 | $43.8M | $-11.4M | ||
| Q3 24 | $55.9M | $11.6M | ||
| Q2 24 | $40.7M | $19.4M | ||
| Q1 24 | $50.4M | $3.8M |
| Q4 25 | $26.1M | $19.0M | ||
| Q3 25 | $63.3M | $4.3M | ||
| Q2 25 | $31.4M | $23.9M | ||
| Q1 25 | $40.8M | $16.0M | ||
| Q4 24 | $43.0M | $-13.3M | ||
| Q3 24 | $55.5M | $8.3M | ||
| Q2 24 | $40.0M | $12.5M | ||
| Q1 24 | $50.1M | $-2.5M |
| Q4 25 | 14.2% | 10.0% | ||
| Q3 25 | 35.5% | 2.4% | ||
| Q2 25 | 18.2% | 14.8% | ||
| Q1 25 | 24.4% | 10.0% | ||
| Q4 24 | 25.4% | -8.8% | ||
| Q3 24 | 33.5% | 5.7% | ||
| Q2 24 | 24.9% | 9.2% | ||
| Q1 24 | 31.8% | -1.9% |
| Q4 25 | 0.3% | 1.0% | ||
| Q3 25 | 0.3% | 1.4% | ||
| Q2 25 | 0.6% | 0.1% | ||
| Q1 25 | 3.6% | 0.7% | ||
| Q4 24 | 0.4% | 1.3% | ||
| Q3 24 | 0.2% | 2.3% | ||
| Q2 24 | 0.4% | 5.1% | ||
| Q1 24 | 0.2% | 4.8% |
| Q4 25 | 5.46× | — | ||
| Q3 25 | 12.07× | — | ||
| Q2 25 | 3.90× | — | ||
| Q1 25 | 7.72× | — | ||
| Q4 24 | 0.78× | — | ||
| Q3 24 | 3.24× | — | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | 4.66× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
BRZE
| Subscription Revenue | $181.7M | 95% |
| Professional Services Revenue | $9.2M | 5% |
