Revenue growth has decelerated to 8.2% in 2027Q2, while gross margins appear structurally capped in the 60-63% range, limiting the upside from the emerging operating leverage that drove operating income to $13.6M.
nCino, Inc. (NCNO) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 |
|---|
| Sales/Revenue | 622.24M | 594.78M | 540.66M | 476.54M | 408.31M | 273.87M | 204.29M | 138.18M | 91.53M | 58.14M |
| Revenue Growth % | 8.57% | 10.01% | 13.45% | 16.71% | 49.09% | 34.05% | 47.85% | 50.96% | 57.43% | - |
| Cost of Goods Sold | 239.5M | 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 | 382.74M | 360.17M | 324.79M | 285.07M | 238.71M | 162.45M | 116.16M | 74.11M | 45.08M | 27.67M |
| Gross Margin % | 61.51% | 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 | 332.54M | 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 | 218.63M | 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 | 118.54M | 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 | -564K | 0 | 0 | 0 | 0 | 0 | 0 | 33K | -89K | -24K |
| Operating Income | 50.21M | 3.73M | -18.13M | -39.51M | -94.01M | -71.36M | -42.61M | -28.17M | -23.22M | -18.77M |
| Operating Margin % | 8.07% | 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 | 70.4M | 3.73M | 18.21M | 5.75M | -55.52M | -61.35M | -35.18M | -23.56M | -21.76M | -17.8M |
| EBITDA Margin % | 11.31% | 0.63% | 3.37% | 1.21% | -13.6% | -22.4% | -17.22% | -17.05% | -23.77% | -30.62% |
| EBITDA Growth % | 203.96% | -79.54% | 216.66% | 110.36% | 9.5% | -74.41% | -49.3% | -8.29% | -22.2% | - |
| D&A (Non-Cash Add-back) | 20.67M | 0 | 36.34M | 45.26M | 38.49M | 10.01M | 7.43M | 4.61M | 1.46M | 970K |
| EBIT | 50.27M | 3.73M | -26.8M | -37.8M | -94.97M | -72.44M | -40.55M | -27.15M | -22.11M | -18.77M |
| Net Interest Income | -17.12M | -16.03M | -7M | -1.57M | -2.4M | -1.32M | 231K | 988K | 1.19M | 260K |
| Interest Income | 1.14M | 1.43M | 1.76M | 2.57M | 403K | 194K | 361K | 988K | 1.19M | 260K |
| Interest Expense | 18.26M | 17.46M | 8.76M | 4.13M | 2.81M | 1.51M | 130K | 0 | 0 | 0 |
| Other Income/Expense | -16.95M | 2.98M | -17.43M | -2.42M | -3.76M | -2.6M | 1.92M | 1.02M | 1.1M | 236K |
| Pretax Income | 33.26M | 6.71M | -35.56M | -41.94M | -97.77M | -73.95M | -40.68M | -27.15M | -22.11M | -18.54M |
| Pretax Margin % | 5.35% | 1.13% | -6.58% | -8.8% | -23.95% | -27% | -19.91% | -19.65% | -24.16% | -31.89% |
| Income Tax | -5.08M | 1.53M | -2.51M | 1.59M | 4.07M | -23.83M | 586K | 586K | 194K | 50K |
| Effective Tax Rate % | -15.27% | 22.77% | 7.06% | -3.79% | -4.16% | 32.23% | -1.44% | -2.16% | -0.88% | -0.27% |
| Net Income | 33.6M | 5.18M | -37.88M | -42.35M | -102.72M | -49.45M | -40.54M | -27.59M | -22.31M | -18.59M |
| Net Margin % | 5.4% | 0.87% | -7.01% | -8.89% | -25.16% | -18.05% | -19.84% | -19.97% | -24.37% | -31.97% |
| Net Income Growth % | 200.12% | 113.68% | 10.55% | 58.78% | -107.74% | -21.98% | -46.9% | -23.71% | -20% | - |
| Net Income (Continuing) | 38.34M | 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 | 15.4M | 12.74M | 8.29M | 3.43M | 3.59M | 2.88M | 3.79M | 4.36M | 0 | 0 |
| EPS (Diluted) | 0.32 | 0.05 | -0.33 | -0.38 | -0.93 | -0.51 | -0.46 | -0.31 | -0.25 | -0.21 |
| EPS Growth % | 205.12% | 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 | 105.07M | 114.35M | 115.16M | 112.67M | 110.62M | 96.72M | 87.68M | 89.64M | 89.64M | 89.64M |
| Basic Shares Outstanding | 104.35M | 112.88M | 115.16M | 112.67M | 110.62M | 96.72M | 87.68M | 89.64M | 89.64M | 89.64M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Margin ceiling from platform dependency
Metrics are mathematically derived from official filings.
Growth Deceleration Amidst Macro Headwinds
Revenue growth has decelerated from a peak of 14.3% in 2025Q4 to 8.2% in 2027Q2, suggesting the company's expansion is moderating as it scales, with the SimpleNexus mortgage segment likely acting as a drag.
The sequential decline in year-over-year revenue growth from double-digit rates to low single digits indicates a maturing growth profile. This deceleration appears to be a combination of tougher prior-year comparisons and the cyclical headwinds facing the SimpleNexus segment in a higher-rate environment. While the core commercial lending business may remain resilient, the overall trajectory suggests investors should temper expectations for a return to hyper-growth.
Structural Gross Margin Ceiling Persists
Gross margins have stabilized in the 60-63% range, a level that appears structurally capped compared to pure-play SaaS peers, likely due to the non-discretionary platform fees paid to Salesforce.
The gross margin band is notably lower than the 70-80%+ typical for independent software vendors, confirming the significant cost of the underlying cloud infrastructure. This structural constraint limits the company's ability to generate significant operating leverage from revenue growth alone. Any meaningful margin expansion will likely require a shift in revenue mix toward higher-margin AI modules or a renegotiation of platform economics.
Operating Leverage Finally Emerging
Operating income swung from a loss of $9.3M in 2026Q2 to a profit of $13.6M in 2027Q2, demonstrating that the business model can generate profitability as revenue scales and expense discipline improves.
The inflection to consistent operating profitability over the last four quarters suggests that management's cost controls, particularly in SG&A, are beginning to offset the high fixed costs of R&D. The operating margin expansion from negative territory to 8.5% indicates that the company is moving past its investment phase. However, the sustainability of this leverage depends on maintaining sales efficiency while continuing to invest in product development.
GAAP Profitability Masked by Non-Cash Charges
Reported net income of $5.1M in 2027Q2 was significantly impacted by $5.7M in stock-based compensation, highlighting the substantial non-cash component of the company's cost structure.
The large stock-based compensation expense, which often exceeds the reported net income, means that the underlying cash generation of the business is stronger than GAAP earnings suggest. However, this also represents a real economic dilution to shareholders. Investors should focus on non-GAAP metrics and free cash flow to assess the true economic earnings power, while monitoring the trend in SBC as a percentage of revenue.
R&D and SG&A Discipline Drive Turnaround
The shift to profitability has been driven by a combination of moderating R&D spend as a percentage of revenue and tighter control over SG&A, which fell from 42.5% of revenue in 2026Q2 to 34.8% in 2027Q2.
The reduction in SG&A intensity suggests improved sales and marketing efficiency, possibly due to a more focused go-to-market strategy or the benefits of scale. Meanwhile, R&D spending has been held relatively flat in absolute dollars, indicating a transition from heavy platform build-out to more incremental innovation. This cost discipline is critical for sustaining profitability, but investors should watch for any signs that under-investment could erode the company's competitive position.
Profitability May Be Cyclical, Not Structural
The recent swing to profitability coincides with a period of strong execution, but the underlying cost structure remains vulnerable to a downturn in the banking sector or a slowdown in new customer acquisition.
The company's operating margin is still thin at 8.5%, and the business has a history of losses. A prolonged period of stress in the regional banking sector could lead to delayed purchasing decisions, elongated sales cycles, and potential contract churn, which would quickly erode the recently achieved profitability. Furthermore, the dependency on Salesforce means that any change in platform pricing or strategy could directly impact the gross margin structure, challenging the sustainability of the current earnings trajectory.