vs
Side-by-side financial comparison of Braze, Inc. (BRZE) and BRC Group Holdings, Inc. (RILY). Click either name above to swap in a different company.
Braze, Inc. is the larger business by last-quarter revenue ($190.8M vs $188.3M, roughly 1.0× BRC Group Holdings, Inc.). BRC Group Holdings, Inc. runs the higher net margin — 47.9% vs -18.9%, a 66.8% gap on every dollar of revenue. On growth, Braze, Inc. posted the faster year-over-year revenue change (25.5% vs -21.9%). Over the past eight quarters, Braze, Inc.'s revenue compounded faster (20.7% CAGR vs -15.4%).
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.
BRZE vs RILY — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $190.8M | $188.3M |
| Net Profit | $-36.0M | $90.3M |
| Gross Margin | 67.2% | 79.5% |
| Operating Margin | -19.7% | 32.3% |
| Net Margin | -18.9% | 47.9% |
| Revenue YoY | 25.5% | -21.9% |
| Net Profit YoY | -29.0% | 1710.8% |
| EPS (diluted) | $-0.33 | $2.78 |
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 | $190.8M | $188.3M | ||
| Q3 25 | $180.1M | $215.3M | ||
| Q2 25 | $162.1M | $188.2M | ||
| Q1 25 | $160.4M | $197.2M | ||
| Q4 24 | $152.1M | $241.0M | ||
| Q3 24 | $145.5M | $225.5M | ||
| Q2 24 | $135.5M | $256.0M | ||
| Q1 24 | $131.0M | $263.4M |
| Q4 25 | $-36.0M | $90.3M | ||
| Q3 25 | $-27.9M | $91.1M | ||
| Q2 25 | $-35.8M | $139.5M | ||
| Q1 25 | $-17.2M | $-10.0M | ||
| Q4 24 | $-27.9M | $-5.6M | ||
| Q3 24 | $-23.0M | $-284.4M | ||
| Q2 24 | $-35.6M | $-433.6M | ||
| Q1 24 | $-28.3M | $-49.2M |
| Q4 25 | 67.2% | 79.5% | ||
| Q3 25 | 67.7% | 83.7% | ||
| Q2 25 | 68.6% | 81.3% | ||
| Q1 25 | 69.3% | 81.4% | ||
| Q4 24 | 69.8% | 79.8% | ||
| Q3 24 | 70.2% | 82.1% | ||
| Q2 24 | 67.1% | 84.5% | ||
| Q1 24 | 67.2% | 85.3% |
| Q4 25 | -19.7% | 32.3% | ||
| Q3 25 | -21.5% | 30.4% | ||
| Q2 25 | -24.8% | 5.7% | ||
| Q1 25 | -13.4% | -31.2% | ||
| Q4 24 | -21.4% | -69.2% | ||
| Q3 24 | -19.2% | -36.4% | ||
| Q2 24 | -29.6% | -90.8% | ||
| Q1 24 | -24.7% | -6.1% |
| Q4 25 | -18.9% | 47.9% | ||
| Q3 25 | -15.5% | 42.3% | ||
| Q2 25 | -22.1% | 74.1% | ||
| Q1 25 | -10.7% | -5.1% | ||
| Q4 24 | -18.4% | -2.3% | ||
| Q3 24 | -15.8% | -126.1% | ||
| Q2 24 | -26.3% | -169.4% | ||
| Q1 24 | -21.6% | -18.7% |
| Q4 25 | $-0.33 | $2.78 | ||
| Q3 25 | $-0.26 | $2.91 | ||
| Q2 25 | $-0.34 | $4.50 | ||
| Q1 25 | $-0.17 | $-0.39 | ||
| Q4 24 | $-0.27 | $-0.01 | ||
| Q3 24 | $-0.23 | $-9.39 | ||
| Q2 24 | $-0.35 | $-14.35 | ||
| Q1 24 | $-0.28 | $-1.71 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $97.8M | $226.6M |
| Total DebtLower is stronger | — | $1.4B |
| Stockholders' EquityBook value | $602.0M | $-171.5M |
| Total Assets | $1.0B | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $97.8M | $226.6M | ||
| Q3 25 | $81.0M | $184.2M | ||
| Q2 25 | $231.5M | $267.4M | ||
| Q1 25 | $83.1M | $138.3M | ||
| Q4 24 | $61.3M | $146.9M | ||
| Q3 24 | $79.1M | $159.2M | ||
| Q2 24 | $74.8M | $236.9M | ||
| Q1 24 | $68.2M | $190.7M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $602.0M | $-171.5M | ||
| Q3 25 | $598.9M | $-260.5M | ||
| Q2 25 | $474.4M | $-351.7M | ||
| Q1 25 | $474.9M | $-496.8M | ||
| Q4 24 | $458.1M | $-488.2M | ||
| Q3 24 | $453.7M | $-497.6M | ||
| Q2 24 | $436.1M | $-218.3M | ||
| Q1 24 | $444.2M | $228.4M |
| Q4 25 | $1.0B | $1.7B | ||
| Q3 25 | $1.0B | $1.7B | ||
| Q2 25 | $889.1M | $1.5B | ||
| Q1 25 | $871.0M | $1.5B | ||
| Q4 24 | $842.0M | $1.8B | ||
| Q3 24 | $825.6M | $2.2B | ||
| Q2 24 | $816.1M | $3.2B | ||
| Q1 24 | $810.9M | $5.0B |
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 | $21.0M | $26.2M |
| Free Cash FlowOCF − Capex | $19.0M | — |
| FCF MarginFCF / Revenue | 10.0% | — |
| Capex IntensityCapex / Revenue | 1.0% | — |
| Cash ConversionOCF / Net Profit | — | 0.29× |
| TTM Free Cash FlowTrailing 4 quarters | $63.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.0M | $26.2M | ||
| Q3 25 | $7.0M | $-60.6M | ||
| Q2 25 | $24.1M | $-25.6M | ||
| Q1 25 | $17.1M | $184.0K | ||
| Q4 24 | $-11.4M | $-2.7M | ||
| Q3 24 | $11.6M | $19.5M | ||
| Q2 24 | $19.4M | $111.5M | ||
| Q1 24 | $3.8M | $135.4M |
| Q4 25 | $19.0M | — | ||
| Q3 25 | $4.3M | — | ||
| Q2 25 | $23.9M | — | ||
| Q1 25 | $16.0M | — | ||
| Q4 24 | $-13.3M | — | ||
| Q3 24 | $8.3M | — | ||
| Q2 24 | $12.5M | — | ||
| Q1 24 | $-2.5M | — |
| Q4 25 | 10.0% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 14.8% | — | ||
| Q1 25 | 10.0% | — | ||
| Q4 24 | -8.8% | — | ||
| Q3 24 | 5.7% | — | ||
| Q2 24 | 9.2% | — | ||
| Q1 24 | -1.9% | — |
| Q4 25 | 1.0% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 2.3% | — | ||
| Q2 24 | 5.1% | — | ||
| Q1 24 | 4.8% | — |
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | -0.66× | ||
| Q2 25 | — | -0.18× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BRZE
| Subscription Revenue | $181.7M | 95% |
| Professional Services Revenue | $9.2M | 5% |
RILY
| Transferred At Point In Time | $101.4M | 54% |
| Wealth Management Segment | $30.7M | 16% |
| Corporate Finance Consulting And Investment Banking Fees | $27.1M | 14% |
| Services And Fees | $24.8M | 13% |
| Commissions Fees And Reimbursed Expenses | $4.8M | 3% |
