Revenue growth has decelerated to 10.6% as of 2027Q1, while operating margins improved to 13.8% from negative levels, signaling that the company is finally capturing economies of scale.
| Sales/Revenue | 610.06M | 594.78M | 540.66M | 476.54M | 408.31M | 273.87M | 204.29M | 138.18M | 91.53M | 58.14M |
| Revenue Growth % | 9.58% | 10.01% | 13.45% | 16.71% | 49.09% | 34.05% | 47.85% | 50.96% | 57.43% | - |
| Cost of Goods Sold | 239.96M | 234.61M | 215.87M | 191.47M | 169.61M | 111.41M | 88.14M | 64.07M | 46.45M | 30.47M |
| COGS % of Revenue | - | 39.45% | 39.93% | 40.18% | 41.54% | 40.68% | 43.14% | 46.37% | 50.75% | 52.41% |
| Gross Profit | 370.1M | 360.17M | 324.79M | 285.07M | 238.71M | 162.45M | 116.16M | 74.11M | 45.08M | 27.67M |
| Gross Margin % | 60.67% | 60.55% | 60.07% | 59.82% | 58.46% | 59.32% | 56.86% | 53.63% | 49.25% | 47.59% |
| Gross Profit Growth % | - | 10.89% | 13.93% | 19.42% | 46.94% | 39.85% | 56.74% | 64.39% | 62.93% | - |
| Operating Expenses | 342.8M | 356.44M | 342.92M | 324.58M | 332.72M | 233.81M | 158.77M | 102.28M | 68.3M | 46.45M |
| OpEx % of Revenue | - | 59.93% | 63.43% | 68.11% | 81.49% | 85.37% | 77.71% | 74.02% | 74.62% | 79.88% |
| Selling, General & Admin | 225.25M | 228.91M | 213.5M | 207.27M | 211.15M | 154.45M | 100.5M | 66.98M | 46.07M | 29.89M |
| SG&A % of Revenue | - | 38.49% | 39.49% | 43.5% | 51.71% | 56.39% | 49.2% | 48.47% | 50.33% | 51.4% |
| Research & Development | 122.61M | 127.53M | 129.42M | 117.31M | 121.58M | 79.36M | 58.26M | 35.3M | 22.23M | 16.56M |
| R&D % of Revenue | - | 21.44% | 23.94% | 24.62% | 29.78% | 28.98% | 28.52% | 25.55% | 24.29% | 28.48% |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 33K | -89K | -24K |
| Operating Income | 27.3M | 3.73M | -18.13M | -39.51M | -94.01M | -71.36M | -42.61M | -28.17M | -23.22M | -18.77M |
| Operating Margin % | 4.47% | 0.63% | -3.35% | -8.29% | -23.02% | -26.06% | -20.86% | -20.39% | -25.36% | -32.29% |
| Operating Income Growth % | - | 120.56% | 54.11% | 57.97% | -31.75% | -67.47% | -51.25% | -21.34% | -23.65% | - |
| EBITDA | 58.67M | 3.73M | 18.21M | 5.75M | -55.52M | -61.35M | -35.18M | -23.56M | -21.76M | -17.8M |
| EBITDA Margin % | 9.62% | 0.63% | 3.37% | 1.21% | -13.6% | -22.4% | -17.22% | -17.05% | -23.77% | -30.62% |
| EBITDA Growth % | 157.57% | -79.54% | 216.66% | 110.36% | 9.5% | -74.41% | -49.3% | -8.29% | -22.2% | - |
| D&A (Non-Cash Add-back) | 31.38M | 0 | 36.34M | 45.26M | 38.49M | 10.01M | 7.43M | 4.61M | 1.46M | 970K |
| EBIT | 29.07M | 3.73M | -26.8M | -37.8M | -94.97M | -72.44M | -40.55M | -27.15M | -22.11M | -18.77M |
| Net Interest Income | -16.11M | -16.03M | -7M | -1.57M | -2.4M | -1.32M | 231K | 988K | 1.19M | 260K |
| Interest Income | 1.38M | 1.43M | 1.76M | 2.57M | 403K | 194K | 361K | 988K | 1.19M | 260K |
| Interest Expense | 17.49M | 17.46M | 8.76M | 4.13M | 2.81M | 1.51M | 130K | 0 | 0 | 0 |
| Other Income/Expense | -14.47M | 2.98M | -17.43M | -2.42M | -3.76M | -2.6M | 1.92M | 1.02M | 1.1M | 236K |
| Pretax Income | 12.83M | 6.71M | -35.56M | -41.94M | -97.77M | -73.95M | -40.68M | -27.15M | -22.11M | -18.54M |
| Pretax Margin % | 2.1% | 1.13% | -6.58% | -8.8% | -23.95% | -27% | -19.91% | -19.65% | -24.16% | -31.89% |
| Income Tax | -5.4M | 1.53M | -2.51M | 1.59M | 4.07M | -23.83M | 586K | 586K | 194K | 50K |
| Effective Tax Rate % | -42.07% | 22.77% | 7.06% | -3.79% | -4.16% | 32.23% | -1.44% | -2.16% | -0.88% | -0.27% |
| Net Income | 13.26M | 5.18M | -37.88M | -42.35M | -102.72M | -49.45M | -40.54M | -27.59M | -22.31M | -18.59M |
| Net Margin % | 2.17% | 0.87% | -7.01% | -8.89% | -25.16% | -18.05% | -19.84% | -19.97% | -24.37% | -31.97% |
| Net Income Growth % | 145.19% | 113.68% | 10.55% | 58.78% | -107.74% | -21.98% | -46.9% | -23.71% | -20% | - |
| Net Income (Continuing) | 18.22M | 5.18M | -33.05M | -43.53M | -101.84M | -50.12M | -41.27M | -27.73M | -22.31M | -18.59M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 14.09M | 12.74M | 8.29M | 3.43M | 3.59M | 2.88M | 3.79M | 4.36M | 0 | 0 |
| EPS (Diluted) | 0.12 | 0.05 | -0.33 | -0.38 | -0.93 | -0.51 | -0.46 | -0.31 | -0.25 | -0.21 |
| EPS Growth % | 147.77% | 115.15% | 13.16% | 59.14% | -82.35% | -10.87% | -48.39% | -24% | -19.05% | - |
| EPS (Basic) | - | 0.05 | -0.33 | -0.38 | -0.93 | -0.51 | -0.46 | -0.31 | -0.25 | -0.21 |
| Diluted Shares Outstanding | 109.46M | 114.35M | 115.16M | 112.67M | 110.62M | 96.72M | 87.68M | 89.64M | 89.64M | 89.64M |
| Basic Shares Outstanding | 108.5M | 112.88M | 115.16M | 112.67M | 110.62M | 96.72M | 87.68M | 89.64M | 89.64M | 89.64M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Salesforce platform dependency
According to recent financial disclosures, nCino's year-over-year revenue growth has decelerated from 14.3% in 2025Q4 to 10.6% in 2027Q1, suggesting that the company's expansion is increasingly constrained by the current enterprise banking environment and the maturation of its core commercial lending product suite.
The transition from double-digit growth to a more moderate pace indicates that the company may be reaching a saturation point within its existing customer base. Investors should monitor whether the recent introduction of AI-driven modules can re-accelerate top-line performance or if the current trajectory reflects a permanent shift toward a lower-growth maturity phase.
As reported in quarterly filings, nCino maintains a consistent gross margin of approximately 60%, a figure that appears structurally capped by the mandatory third-party royalty payments required to operate within the Salesforce ecosystem, limiting the company's ability to achieve the high-margin profile typical of pure-play SaaS peers.
This 60% threshold suggests that nCino's profitability is inherently linked to its platform partner's pricing power, which may prevent significant margin expansion even as the company scales. Analysts should consider whether the company can successfully shift its revenue mix toward higher-margin proprietary software to break through this structural barrier.
Based on the most recent income statement data, nCino achieved an operating margin of 13.8% in 2027Q1, marking a significant improvement from the negative operating margins observed in previous periods, which suggests that the company is finally beginning to realize the benefits of scale in its operating expense structure.
The recent pivot to positive operating income indicates that management has successfully exercised greater discipline over SG&A and R&D expenditures relative to revenue growth. This trend warrants further investigation to determine if the current level of operating efficiency is sustainable or if it remains vulnerable to future spikes in customer acquisition costs.
As indicated in the latest quarterly reports, the company recorded $13.9 million in stock-based compensation during 2027Q1, a significant non-cash expense that complicates the interpretation of GAAP net income and suggests that reported earnings may overstate the underlying cash-generative capacity of the business for common shareholders.
The reliance on equity-based incentives to manage cash burn appears to be a recurring theme that investors should adjust for when evaluating true operational profitability. Future analysis should focus on the extent to which these compensation packages dilute existing shareholders and whether they align with long-term value creation.
Quick answers to the most common questions about buying NCNO stock.
For fiscal year 2026, nCino, Inc. (NCNO) reported total revenue of $594.8M. This represents a 923.0% increase compared to $58.1M in 2018.
nCino, Inc. (NCNO) is profitable, generating $5.2M in net income for the fiscal year ending 2026 with a net profit margin of 0.9%.
nCino, Inc. (NCNO) reported an operating income of $3.7M, resulting in an operating profit margin of 0.6%. This margin reflects the operational efficiency of the business before interest and taxes.
nCino, Inc. (NCNO) generated $360.2M in gross profit for the year, representing a gross profit margin of 60.6%. This demonstrates the company's core pricing power and production efficiency.