NASDAQ: BRZE

Most cross-channel marketing automation platforms available today approach customer engagement on a channel-by-channel or campaign-by-campaign basis, which creates data and engagement silos that result in disjointed customer experiences and diminishes customer loyalty. We built Braze to facilitate the craft of customer engagement—a pursuit that is distinct from merely the activity of sending marketing messages. The craft of customer engagement brings together diverse skillsets, bold creativity, the sophisticated use of AI, data, and an agile, experimental approach to the strategy that unlocks value in more of

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the moments that matter for customers as they move through their journey with a brand.

In addition to avoiding siloed channels and data, our platform empowers real-time engagement between brands and their customers. The real-time nature of the interactions we enable is crucial, and is made possible by our proprietary, enterprise-grade stream processing architecture. This architecture underpins the Braze Data Platform which receives, contextualizes, and responds to first-party customer data in the moment. We have designed it to listen like a human would, process new information in context, and react instantaneously, enabling marketers to run engagement campaigns and messaging that feel relevant, personal, and human.

Braze also unleashes the power of interdisciplinary teams by serving numerous stakeholders beyond traditional marketers and creative teams, including product and engineering teams, business intelligence, data science, and data engineering teams. Our platform produces valuable data that informs decisions and actions across customer engagement strategies. Our engagement capabilities transcend marketing use cases, often being used for product or transactional use cases that facilitate or enhance the consumer’s experience with the brand or product. As a result, Braze is often a critical part of our customers’ communications infrastructure.

Our platform is also designed to serve the needs of customers across sizes, stages of growth, industries, and geographies. Our customers include many established global enterprises and leading technology innovators. We employ a land-and-expand business model centered around offering products that are easy to adopt and have a rapid time to value. We expand our reach within existing customers when our customers add new channels, purchase additional subscription products, implement new engagement strategies, or onboard new business units and geographies. We also grow as our customers grow because our pricing is based in large part on the number of consumers that our customers reach and the volume of messages our customers send.

A key aspect of Braze's differentiation is that we offer a platform, not a point solution, that gives brands an end-to-end solution for achieving their customer engagement goals, not just a tool to send messages. We vertically integrate our data activation, insights and segmentation, orchestration, personalization and relevance capabilities and also leverage AI investments across each layer of the stack, so coordinating between them is simple and fast. Meanwhile, we abstract away the particulars of disparate data sources through our Braze Data Platform and the vagaries of the many messaging channels we support, so that when marketers implement their customer engagement strategies in Braze, they can maintain a customer-centric mindset – focused on the intersection of the goals of their brand with the needs of the consumer, not the complexity of data integrations or siloed message channels. This also provides consistency across Braze's insights and segmentation, orchestration, and relevance feature set, making it easier for our customers to expand across channels, and allowing our research and development investments into areas like BrazeAI Decisioning Studio and BrazeAI Agent Console or Braze's Canvas visual development environment to deliver broad impact quickly and efficiently.

This product architecture supports differentiated use of AI and machine learning through its comprehensive access to first party-data, and an ability to directly take action to guide the customer journey. When deployed by our customers, our platform is typically leveraged across consumer touchpoints and sources of first-party data, including integration of the Braze software development kits, or SDKs, into end-user applications, ChatGPT applications, foundational LLM models through the Model Context Protocol (MCP), websites, and the configuration of automated connections into customer data warehouses or data platforms via the Braze Data Platform. This enables more advanced experimentation and automated decision making and also creates the opportunity to personalize and optimize customer journeys at scale. With BrazeAI, marketers can improve outcomes for both consumers and brands by creating experiences with relevant content, journeys, and offers tailored to each individual. Our platform also has the promise to improve operational efficiency for the teams that use Braze – as we continue to expand our product surface area and enhance its capabilities by infusing AI, we can help brands create personalized, cross-channel solutions faster with BrazeAI Operator, and compound their learnings through automated experimentation and data analysis, ultimately increasing their return on investment over time.

Within the orchestration layer, we enable marketers to easily design, visualize, and launch customer journeys utilizing Canvas, our proprietary, no-code journey orchestration tool. With Canvas’s comprehensive journey testing, marketers can also test, implement, and optimize the most effective channels, cadence, messaging, or creative elements from a single tool. As the usability of Canvas has improved over time, more customer communication and engagement workloads have adopted it, which we believe cements Braze in our customers’ technology ecosystems. We have also developed, and continue to refine, an AI recommendation engine that utilizes a custom-trained transformer model to match items for Braze Catalogs with customers more likely to buy them, providing content personalization that can outperform competing techniques.

We support interactions across both in-product and out-of-product messaging channels. Today, our messaging channels consist of widely used digital channels such as email; mobile messaging such as SMS, MMS, and RCS messages, WhatsApp and LINE messaging, and webhooks; as well as in-product and web experiences such as in-app messages (including in-product messaging to apps on connected TV and gaming platforms), in-browser messages, surveys, mobile and web push notifications, Braze Content Cards and Banners– which are flexible, content-rich messages embedded in a mobile app or web browsers,

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Landing Pages– which are standalone web pages with a single call-to-action often used for audience acquisition and conversion, and Feature Flags– which allow our customers to remotely enable or disable mobile or web experiences for different audiences. Finally, Braze Audience Sync also unifies owned and paid channel strategies across platforms such as Meta, Google, TikTok, Pinterest, Snapchat, LinkedIn, The Trade Desk, and Criteo. The flexibility of our platform also allows us to add new channels quickly and efficiently as they become relevant to our customers.

We enable brands to easily integrate our platform with both in-house technical infrastructure and our expanding partner ecosystem of best-in-class technologies. For instance, capabilities within the Braze Data Platform allow our customers to set up a direct connection between their data warehouses or platforms and Braze to automatically sync relevant user attributes, events, and purchases. Once synced to Braze, this data can be imported into any layer of our platform and can be leveraged for use cases such as personalization or segmentation. Customers can also use the Braze Data Platform to stream data in real time to those systems, which increases the return on our customers’ other technology investments. We support direct integrations with a range of providers, including cloud data service and warehouses, customer data platforms, analytics and reporting solutions, as well as other components of the modern marketing technology ecosystem such as eCommerce and Software-as-a-Service, or SaaS, applications.

Our Competitive Strengths

Composable Intelligence Embedded Throughout the Platform

The Braze Customer Engagement Platform is an end-to-end solution with AI integrated across every layer. With Braze at the center of their engagement architecture, marketers can graduate from stitching together point solutions and legacy bolt-ons, and start delivering personalized, measurable experiences from one platform. BrazeAI equips marketers with intelligent models, agents, and operators that empower them to deliver smarter, faster, and more relevant engagement at scale. By enabling customers to create their own AI agents to enhance their data workloads and customer journeys, and leverage AI decisioning models designed for maximum performance uplift in their most valuable use cases, Braze gives marketers the flexibility to orchestrate personalized, high-impact experiences through composable intelligence. BrazeAI, including BrazeAI Decisioning Studio, BrazeAI Operator, and BrazeAI Agent Console, puts intelligent agents to work, enabling marketers to personalize every customer interaction, generate and build seamlessly, and unlock new levels of creativity to drive measurable business results.

Data Streaming Architecture Processes First-Party Data in Real Time

The scalable, real-time capabilities of Braze's classification, orchestration, and relevance optimization systems are made possible by our proprietary, enterprise-grade stream processing architecture. This architecture receives, contextualizes and reacts to first-party customer data in the moment. Our platform allows for high-volume, continuous streaming of user data to be processed in real time, providing a live understanding of the many interactions that consumers are having with a brand. Unlike batch processing, which is easier to scale, but held back by its architecture, our event-driven stream processor contextualizes and understands each unit of data as it is created.

We not only process data but also create analytical data. When a consumer interacts with any messaging channel that Braze delivers, or any of the brand’s digital products or services that have been integrated with an embedded Braze SDK, that consumer generates data that is processed and contextualized with existing user data models in real time. This allows marketers to better understand consumer behavior and associate specific content or messaging with in-product engagement, providing further context that can be leveraged for deeper engagement.

Our stream processing architecture and access to first-party data also supports differentiated use of AI and machine learning, which can improve consumer outcomes and, in turn, increase the return on investment our platform provides to our customers.

Cross-Channel Approach, Enabling Customer-Centric Experiences

Our cross-channel engagement approach enables customer-centric experiences. We build a more timely, contextual, and complete picture of the customer and draw real-time insights from data flow to inform strategy and drive execution. This fosters a more cohesive messaging and brand engagement experience across all channels, allowing brands to deploy the right communication and engagement messaging through channels based on a channel’s strengths and proven customer preferences.

Our architecture ensures that our capabilities can be used across all of our channels, maximizing the impact of new feature development. This is particularly valuable for the investments we have and will continue to make in AI and machine learning features, such as predictive audience targeting, AI in-product assistant, and automatic multivariate testing and optimization, which are designed to improve performance and reduce the amount of manual time that marketers dedicate to building and executing customer engagement campaigns, thereby improving overall results without additional effort. Additionally, when we add new channels, they immediately benefit from all of the existing functionality that we have already

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built, which makes them fully featured and robust from the outset. This means that these new channels can compete against existing point solutions at launch and reach scale more quickly.

Because Braze offers a true end-to-end customer engagement platform, and not a point solution, marketers benefit from the applicability of features across all channels. Combined with our intuitive user interface, this allows our customers to quickly and easily construct cross-channel consumer journeys without the need to learn different skills for each channel, making it easier for them to grow with Braze over time. This is accomplished without sacrificing the unique qualities and capabilities associated with each individual channel that we support.

Global, High Performance at Scale

As brands continue to grow, transform, and conduct more of their business digitally, they need a customer engagement platform that scales with them. In January 2026, our platform enabled interactions with 8.0 billion monthly active users via our customers’ apps, websites, and other digital interfaces, up from 7.2 billion in January 2025. Our scalability distinguishes our platform from point solutions, and we can handle the biggest of enterprise needs with highly reliable uptime. We facilitate the rapid delivery of a high volume of messages, which enables us to power a brand’s highest-volume events, whether they are expected, like Black Friday, or unexpected events or scenarios.

The depth and breadth of our business footprint around the world offers always-on support and local market expertise, which we view as a differentiator as organizations become more global. Braze has customers in over 70 countries and an operational presence across North America, Europe and the Asia-Pacific region. Braze also has local data centers in the United States, Europe and the Asia-Pacific region.

Rapid Time to Value Across the Organization

While for many brands the marketing organization has traditionally owned the responsibility for customer engagement, cross-functional collaboration enhances the experience for the customer and improves the return on investment for the marketing organization. For brands that take a collaborative approach, marketing teams work hand-in-hand with data, product and engineering teams to optimize customer engagement. For example, our BrazeAI Operator product is designed to support brand and creative teams to easily manage reusable brand guidelines as part of content generated using Operator. Agent Console’s composability to bring your own API keys allows engineering and AI teams to partner with marketing on governance and controls for LLM models.

Our platform’s ease of use and seamless integration into existing technologies, coupled with the high value data and insights that it generates, enables brands to develop and run campaigns that meet their strategic goals quickly and efficiently. Using our intuitive user interface and drag-and-drop tools like Canvas, individuals across all roles and technical skill levels can design and quickly deploy multi-message, cross-channel, A/B- and multivariate-tested strategies, with the process of new campaign creation accelerating over time.

Braze gives teams across a company the power to imagine, create, and evolve brilliant customer experiences. When designing campaigns, marketers use our composition tools to bring new creative ideas to life across all appropriate channels and platforms. They can also leverage the strategic and creative insights of our Customer Experience teams along with our growing Braze Alloys Partner Network, or find inspiration through engaging with our Braze Bonfire customer community as they brainstorm new approaches. When it comes time for execution, marketers and product engineers use Braze to orchestrate personalized experiences and directly embed them into their products. Finally, data scientists and business intelligence teams analyze data gained from marketing and lifecycle campaigns, creating a rapid experimentation loop that compounds improvements and gains over time, and helps inspire new creative ideas. We serve as the unifying thread that enables brands to draw on the strength of multiple teams working in concert to bring creative, technical and business intelligence skills together.

Seamless, Real-Time Interoperability across the Customer Engagement Technology Stack

Our open APIs support easy-to-implement integrations with an expanding selection of in-house systems, third-party technology providers, global systems integrators, and our formal technology partners, which we refer to as Braze Alloys. These integrations and partnerships allow customers to easily expand to messaging channels Braze may not offer native support for, easily import and export data to and from a wide variety of sources, or provide specialized services that speed integration and time to value.

Our seamless integrations with technology partners not only enrich the consumer insights collected by our platform, but also increase the return on other technology investments by allowing other systems and tools to benefit from or add to the data and insights collected by our platform. For instance, with Braze Cloud Data Ingestion, our customers can set up a direct connection between their data warehouses or platforms and Braze to automatically sync relevant user attributes, events, and purchases. Once synced to Braze through Cloud Data Ingestion, this data can be imported into any layer of our platform and

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can be leveraged for a number use cases. Customers can also use Braze Currents to stream data in real time back into those systems, which increases the return on our customers’ other technology investments.

For example, a food delivery app may combine a consumer’s food preferences with weather data to either send a campaign to encourage a consumer to order-in their favorite foods when a blizzard is forecasted or skip the “order-in tonight” discount on days when the weather is sunny. A retailer might reach out to a consumer when a favorite article of clothing goes on sale after confirming with their inventory management technology that the particular article of clothing is in stock in the consumer’s size and color preference. These and other integrations provide an opportunity for our customers to further build the personalized brand relationships that consumers desire.

Customer Engagement Expertise and Highly Engaged Community

When brands partner with us, they get access to strategic and technical advice from our experts and from a community of like-minded, forward-thinking marketers and product leaders.

We provide a number of resources to help brands design effective marketing strategies and use our platform to its maximum capability, including customer success and technical support teams, a comprehensive documentation library, and interactive online learning paths and certifications, including certifications for Braze Certified Practitioners, Braze Certified Marketers, Braze Certified Digital Strategists, or Braze Certified Developers. Braze Bonfire, our virtual, global customer community, includes thousands of individuals across a wide spectrum of industries, business sizes, and roles. Thousands of community members use Braze Bonfire to exchange growth marketing and lifecycle marketing best practices, to give direct feedback to our product and engineering teams and to attend events, engage in professional networking, and explore career growth opportunities.

Growth Strategy

The principal components of our growth strategy are:

•Acquire new customers: We intend to continue to expand our customer base in verticals where we already have a strong presence — such as retail and consumer goods, media and entertainment, gaming, sports, restaurants and on-demand services, healthcare and life sciences, technology, and financial services — and to increase our presence in verticals where we are not yet strongly represented. Through our sales and marketing efforts, we also plan to capitalize on industries and verticals subject to ongoing digital transformation and where direct-to-consumer relationships are accelerating to further propel adoption of our technology.

•Expand within our existing customer base: We believe we can achieve significant growth by expanding sales within our existing customer base. We expand the use of our platform with existing customers by, among others, adding new channels and increasing the consumption of flexible credits for messaging, and other actions, such as agent invocations in Agent Console, as their businesses and needs continue to grow and as they connect directly with additional consumers, which in turn leads to a need for greater messaging capacity. The addition of new channels that benefit from our orchestration engine and real-time streaming platform may also further differentiate our product, helping to sustain or increase win-rates. We also anticipate that as more customers reach higher levels of digital sophistication, they will invest in additional decisioning, agentic, data streaming and data management capabilities. We see an opportunity within our customers’ organizations to create new use cases for our platform as they broaden the use of our platform beyond the traditional marketing team, as marketers become more technically savvy, as technologists work more closely with marketing teams, and as data scientists become more influential within their organizations. Given that many of our customers are multinational conglomerates, we also see the opportunity to further penetrate our existing customer base by expanding to new brands and new geographies within those existing customer organizations.

•Expand geographically: We believe there is a significant opportunity to continue to expand usage of our platform outside the United States, both by expanding our presence in international markets where we operate today and by entering markets we have not yet penetrated. For instance, we have operational footprints across North America, South America, Europe, the Asia-Pacific region, and the Middle East. We have expanded the global footprint of our infrastructure to offer hosting for Braze in the United States, the European Union, Australia, Japan, and Indonesia.

•Expand our technology leadership through continued investment and new products: We are focused on investing in research and development to continue to enhance our platform. For example, we continue to develop our AI capabilities to enable brands to better analyze and act on customer data. We believe our market-driven product development approach maximizes the return on new feature development and channel expansion. Our customers consistently volunteer to participate in the testing of new products, which indicates their appetite for new and innovative functionality. We believe our continued innovation will provide new avenues for growth through which we will continue to deliver differentiated outcomes for our customers.

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•Continue to increase and strengthen our partnerships: We have built and plan to continue investing in direct integrations with technology partners that augment our core offering with a broad range of complementary offerings, including data augmentation and enrichment, analytics, and channel extensions. We have also invested in, and continued to expand, our relationships with the ecosystem of solution partners, marketing agencies, consultancies, and global system integrators that offer opportunities for new customer referrals.

Our Products

We offer a comprehensive platform of leading edge data, AI, and interaction capabilities built for marketers and their AI agents to deliver on the promise of creative and sophisticated Customer Engagement that drives growth for their businesses. Our differentiation is enhanced by our vertically integrated agentic development environment, high-scale orchestration system, and streaming data infrastructure. The resulting platform is what powers modern customer engagement through AI, data activation, segmentation, orchestration, reporting and insights, creative production relevance optimization, and cross-channel interaction. BrazeAI functions, across all layers of this technology stack to drive efficiency and performance for our customers.

BrazeAI

Braze delivers a range of BrazeAI features across all layers of its vertically-integrated technology stack to enable brands to create, personalize, and optimize their customer engagement efforts. While BrazeAI is found throughout the platform, we provide specific features such as:

•BrazeAI Decisioning Studio: Decisioning Studio is a multi-agent decisioning engine that personalizes every aspect of communication, including channel, message content, creative, offer, timing and frequency, and that uses reinforcement learning to continuously optimize for business goals and outcomes.

•Agent Console: Agent Console is a marketer-facing environment to build, compose and deploy custom AI agents for tasks such as localization, lead scoring and content generation. The console supports major foundation models, like Google Gemini, Anthropic, and OpenAI, and encourages composability through cross-integration of AI features and the Braze Data Platform, as well as the embedding of agentic reasoning and content creation capabilities into the Canvas environment.

•Operator: Operator is a LLM-powered assistant that allows marketers to get strategic guidance and speed up routine work. Operator can take actions with the Braze dashboard using its expertise to produce better outcomes, faster.

•Liquid Assistant and AI Copywriter: The BrazeAI Liquid Assistant makes it easy for marketers to generate Liquid from templates, receive personalized Liquid suggestions, and optimize existing Liquid using natural language prompting. The assistant also provides annotations explaining the Liquid used, so marketers can further develop their skills and understanding of Liquid.

•Personalized Variant: Our platform can send each user the campaign variant they are most likely to engage with based on an analysis of how users with similar profiles responded to each variant in an initial A/B test.

•BrazeAI Item Recommendations: Customers can calculate what is likely to be the most popular item or product or create personalized AI recommendations from a specific catalog which can then be inserted into messages.

•BrazeAI Predictive Suite: BrazeAI Predictive Suite allows customers to identify groups of consumers that are of critical business value such as “consumers who are likely to churn.” Our platform uses machine learning to automatically identify consumers who have a propensity to behave similarly to the identified audience, allowing customers to preemptively engage these consumers and thereby encourage or discourage their predicted behaviors.

•MCP Server: MCP, is a standard that lets AI agents connect to and work with data from another platform. It has two main parts: (1) MCP client: The application where the AI agent runs, such as Cursor or Anthropic’s Claude, and (2) MCP server: A service provided by another platform, like Braze, that defines which tools the AI can use and what data it can access. Once configured, the MCP Server acts as a bridge between AI tools, such as Anthropic’s Claude, and a customer’s Braze account, giving them conversational access to campaigns, canvases, segments, custom attributes, and more.

Braze Data Platform

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The Braze Data Platform is a comprehensive, composable set of Braze capabilities and partner integrations designed to help marketers leverage data to deliver more impactful, scalable customer experiences powered by Braze. This includes features such as:

•Braze SDKs: The primary way in which customers integrate our platform into their websites and applications is via our SDKs. SDKs are software libraries that reside within our customers’ applications or websites, automatically managing data ingestion and the delivery of mobile and web notifications, in-application / in-browser interstitial messages, and Braze Content Cards. Our SDKs can be integrated into a wide variety of digital interfaces including iOS, Android, Desktop / Mobile Web, connected TVs, the Unity game engines, AI, including ChatGPT, applications, and application development frameworks such as React Native and Cordova. By embedding new messaging capabilities directly in our SDKs, we can rapidly deploy new functionality to our customers, with little to no additional effort on their part.

•REST API: The majority of our customers also integrate via connecting to server-to-server APIs. The Braze REST API can be used to import or export data or to trigger workflows between Braze and brands’ existing technology stacks. For example, customers can send messages using Braze within internal business processes or connect Braze to third-party services such as customer data platforms or attribution providers.

•Partner Data Integrations: Brands can sync user cohorts from partners such as Amplitude or Mixpanel to our platform. They can then use membership in these user cohorts as additional criteria in the Braze Classification layer. Retail brands can also sync e-commerce data directly from Shopify, configurable via a simple web interface.

•Data Transformation: Brands can programmatically sync and transform user data from SaaS tools or platforms that can send webhooks. Once synced to our platform, this data can be used just like any other data in the Braze platform.

•Braze Cloud Data Ingestion: Braze Cloud Data Ingestion is a key example of composability within the Braze Data Platform. By offering direct connections to all major cloud services and data warehouses, Marketing, Product and Growth teams can access their customer and product data directly from the source – for audience construction, segmentation, message triggering and personalization. Cloud Data Ingestion removes the need to maintain complex data pipelines and empowers brands with direct data access, without ongoing reliance on technical teams.

•Braze Currents: All data sent to and generated by our platform can be continuously exported to a range of partner systems. These systems include data storage partners such as Microsoft Azure, Amazon Web Services, and Google Cloud; Customer data platforms such as Segment, mParticle and Tealium; and analytics providers such as Amplitude and Mixpanel. Braze Currents can also export data to generic web endpoints for maximum flexibility. Customers can use these integrations to leverage their Braze data elsewhere within their technology ecosystem, thereby enabling tighter collaboration between marketing/growth teams and their partners in business intelligence or engineering.

•Snowflake Data Sharing: Alongside Braze Currents, data tracked and stored within our platform can also be accessed directly via our partnership with Snowflake using Snowflake’s Data Sharing mechanism.

Segmentation

•Segmentation: Customers can define reusable segments of consumers based upon data such as, but not limited to, attributes, events, user behaviors, product catalog metadata, or predictive propensity scores from our machine learning algorithms. Braze Segments are updated in real-time as data is ingested, allowing them to stay up-to-date with the latest data inputs.

•Segment Insights: Segment Insights allows customers to analyze how segments are performing relative to each other across a set of pre-selected key performance indicators. Additionally, customers can use this tool to understand the factors that determine which consumers belong to a particular segment.

Orchestration

•Canvas: Canvas is our flagship orchestration tool, allowing customers to create journeys, mapping out multi-step, cross-channel messaging experiences such as onboarding flows, nurture campaigns, win-back strategies, and more. Canvases are designed to be flexible and real-time, able to execute nearly any digital marketing campaign strategy that customers can envision. Canvas is natively cross-channel and customers use it to design and execute strategies that span all of the platforms and channels that our platform supports. Using Canvas, customers can create multiple variants of a journey and automatically optimize customer journeys based on the performance of the variants.

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•Campaigns: Campaigns allow customers to send one set of single-channel or multi-channel messages to be delivered to customers in a particular user segment. Campaigns can be one-time or recurring sends that are delivered on a time-based schedule, or can be sent in response to a user’s actions, or triggered by an API call. Campaigns support all of Braze’s messaging channels and offer experimentation such as A/B testing.

•Event and API Triggering: Messages, steps within a Canvas, or entire Canvas flows can be triggered in a variety of ways, such as when events of a certain type are received or when API calls are initiated from our customers’ servers.

•Marketing Pressure Management: Customers can create sophisticated and targeted campaigns designed to appropriately target the individual consumer. Across their many campaigns and customer engagement programs, customers can use quick-to-deploy features inside of Canvas to test new strategies or perform A/B testing and multi-armed bandit optimization across a variety of dimensions, including delivery frequency and channel selection. For their most important use cases, Braze customers can also leverage advanced machine learning through our Decisioning Studio, where an autonomous agentic decision maker presides over a collection of AI-driven contextual bandits who are equipped to make optimization decisions across many dimensions at once, improving performance over time.

Reporting and Analytics

We provide a variety of analytics features to help our customers understand and improve their customer engagement strategies:

•Campaign and Canvas Analytics: Our platform provides analytics breakdowns for all Campaigns and Canvases, including tracking conversion rates. Customers can create multiple variants and results can be compared statistically against one another or a control.

•Funnel and Retention Reports: Customers can analyze the retention uplift caused by a messaging strategy, or create and analyze funnels of actions that were taken by consumers after receiving a message.

•Report Builder: Customers can create custom reports to analyze the total uplift and aggregate statistics from their usage of our platform.

•Dashboards: Braze enables customers to aggregate and further analyze engagement, conversion, deliverability, and other key performance metrics using pre-built, customizable dashboards.

•Query Builder and BrazeAI Query Builder: Customers can generate highly-customized reports using a SQL editor or pre-built template. The BrazeAI Query Builder makes it easy for marketers to generate SQL from natural language prompting and receive sample SQL query suggestions.

•Global Holdout Groups: To allow customers to isolate the impact of their marketing efforts, customers can create global holdout groups, consisting of consumers who should only receive a subset of critical communications from the customer (e.g., password reset emails) and otherwise be held out from all communication. Lifetime value of this holdout group can be easily compared against that of consumers who received the full suite of Braze engagement.

Creativity and Relevance

•BrazeAI Content Generation and Quality Assurance: As part of the overall composable intelligence framework, we see the following features helping not only the marketer, but also their agents to leverage these capabilities. The configurations and guidelines that marketers set for AI-generated content become the foundation for agents to build their context and skills to deliver on the promise of creative and sophisticated Customer Engagement.

◦AI Copywriting Assistant: The BrazeAI copywriting assistant enables customers to generate relevant copy that references their brand personality and guidelines. Customers can generate marketing copy directly in message composers in the Braze dashboard, offering inspiration for new approaches to copy or helping to scale personalized, on-brand copy across customer experiences.

◦AI Image Generator: Customers can generate images for their media library using BrazeAI. This system can create realistic images and art from a description in natural language.

◦AI Content QA: Content QA using BrazeAI performs checks on the content of a message, confirming that it adheres to quality standards by identifying ineffective elements such as spelling errors, grammar issues, inappropriate tone, and offensive language.

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•Content Management: Customers can upload, store and reuse various types of content across messages. Braze offers both pre-built and customer-generated templates, a media asset library, a preference center builder and Content Blocks. Operator lets marketers start from scratch to generate their first email or agent using just a prompt or to build on existing content, brand guidelines, agents, and Canvases as context for creating new content. Content Blocks enable customers to create reusable, cross-channel content (including Liquid Templating content). Templates, Content Blocks and a customer’s preference center can also be updated and managed via API, extending their functionality and connecting them to customer data sources dynamically. Customers can also utilize our generative AI functions to support the development of new content or images, and use our approval workflows to provide additional oversight of how and when content is used in campaigns.

•Catalogs: Customers can store relational or tabular data with Braze that can be used for segmentation, event triggering, and message personalization. Data stored in Braze Catalogs can be synced automatically from customer data warehouses using Braze Cloud Data Ingestion, and Catalogs natively supports triggered notifications such as "back-in-stock" journeys that can trigger when an item in a Catalog is replenished and back in stock. For example, Catalog data can be combined with our Braze segmentation to identify high-value cohorts of customers, such as users who recently viewed products that are now discounted. Catalogs can also be used for product recommendation use cases. Agent Console integrates with Catalogs to bring the power of LLMs to Catalogs, supporting use cases like copy-writing, translation, summarization, and scoring.

•Templating Language: Customers can personalize messages using the Liquid Templating language to inject personalized content into their messages. Our platform allows customers to flexibly utilize a wide variety of data in this templating process, including data ingested and stored on consumer profiles, from Catalogs, as well as contextual data, such as properties of a consumer action that triggered a message flow. Personalization options include use cases such as listing a set of consumer-specific recommendations or creating sophisticated if/else logic inside of a message to conditionally determine what content to deliver.

•Connected Content: Customers can connect to remote servers (including both third-party partners and first-party customer-owned endpoints) and pull back data for advanced personalization use cases. For example, customers can personalize messages on a one-to-one basis by connecting to a recommendation engine or modify messages to a user based upon the current weather at the user’s location.

•Intelligent Timing and Channel: Our platform will automatically calculate when consumers are most likely to engage with a particular messaging channel, and can send messages to consumers at the time that is optimal for them based upon their behavior patterns for a particular channel.

Cross-Channel Action

•In-Product Messaging and Experimentation:

◦In-App and In-Browser Messages: Our platform offers a variety of interstitial messages that can be added to mobile applications and web browsers for engagement use cases – ranging from reminders, confirmation dialogs, promotions, surveys, and more. These in-experience messages can be built from templates using our drag and drop editor or built from scratch with nearly infinite customizability.

◦Braze Content Cards and Banners: In addition to ephemeral messages, we offer Braze Content Cards and Banners, a proprietary product where a personalized feed of user-controllable content is embedded directly into applications and browsers for persistent viewing.

◦Feature Flags: Feature flags allow customers to remotely enable or disable mobile app or web functionality for a selection of users. Customers can turn a feature on and off in production without additional code deployment or app store updates. This allows customers to safely roll out new features with confidence and coordinate roll-outs with messaging across the full set of channels supported by our platform.

◦Landing Pages: Landing Pages are standalone webpages that customers can use to drive user acquisition and engagement. Customers can use our native Landing Page builder to create and launch custom landing pages in a drag and drop editor. This allows customers to capture new leads or, if used throughout the customer lifecycle, to drive conversions on upsells, loyalty programs, content downloads, referrals, and more.

•Out-of-Product Messaging:

◦Push Notifications: Our platform provides robust push notification messaging capabilities across both mobile and web. In addition to supporting push notifications on all major platforms, we have released advanced

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functionality such as Push Stories (paginated image carousels within notifications) and iOS Live Activities (persistent, interactive notifications displayed directly on users’ lock screens), to increase the power and flexibility of the channel.

◦Email: Our platform provides a full suite of email engagement technology, including email template editing and management with a drag and drop editor, link tracking and heatmap analytics, email preference centers, and seed lists. We also support advanced email content types, such as Accelerated Mobile Pages, which enables marketers to embed interactive elements.

◦SMS, MMS, and RCS: Our platform offers a native product for SMS, MMS, and RCS messaging. In addition to sending messages via the SMS, MMS, and RCS protocols, customers can manage links and analytics and respond to inbound keyword responses with an automated follow-up message.

◦Ad Network Integrations: Using Braze Audience Sync with Meta, Google, TikTok, Snapchat, Pinterest, Linkedin, The Trade Desk, or Criteo, brands can sync first-party data from Braze to each respective advertising platform to deliver more relevant advertisements outside the Braze platform based upon behavioral triggers, segmentation and more.

◦WhatsApp Integration: Our platform is directly integrated with WhatsApp, making it easy to natively compose and orchestrate two-way messages as part of cross-channel campaigns in Braze.

◦LINE Integration: Our platform is also integrated with LINE. Brands can leverage zero- and first-party data to compose and orchestrate relevant LINE messages as a part of any cross-channel campaign in Braze.

•Webhooks: Our platform offers flexible webhooks, allowing customers to connect Braze to any external application via outbound web requests, using all of the targeting and templating mechanisms available on other channels. Customers can use webhooks for utility purposes (such as messaging to their own servers) as well as to build integrations with other third-party partner systems, such as to direct email providers, extending the range and utility of our platform.

•Transactional Messaging: We offer an optional premium service with even higher speed and reliability guarantees for critical use cases.

Trust

•Operations and Administration: We provide audit logs for major actions that occur in our platform, change logs for updates to objects such as Campaigns, Segments, or Canvases on our dashboard, and permissions, commenting, versioning and approval flow capabilities in various parts of the product. Furthermore, we offer, and plan to expand on, debugging capabilities in the platform that allow customers to better troubleshoot their integrations and messaging strategies.

•Access Controls and Security: We provide a complete set of Role-Based Access Controls to allow large global teams to manage our platform effectively. In addition to these Role-Based Access Control mechanisms, we offer Braze Teams, which allows customers to break their consumer base into segments based on the consumer’s country, language, or a custom attribute. With Braze Teams, customers can create groups to manage individual regions or subsets of their businesses while restricting the ability of specified users to view or manage data outside of their assigned region. We also integrate with a variety of identity providers for single-sign-on or user account provisioning and provide configurable security controls such as session timeouts, password complexity, two-factor authentication, and IP allow lists.

Our Competition

The market for customer engagement solutions is evolving and highly competitive. There are several established and emerging competitors that address specific aspects of customer engagement, but we believe that none of our competitors currently offer comparable comprehensive customer engagement solutions. We face competition from software companies that offer marketing solutions, such as Adobe, Salesforce, Iterable, and Klaviyo.

Many of our existing competitors have, and our potential competitors could have, substantial competitive advantages, such as greater name recognition, longer operating histories, larger sales and marketing budgets and resources, greater customer support resources, lower labor and development costs, larger and more mature intellectual property portfolios and substantially greater financial, technical and other resources than we do. In addition, our competitors may have an advantage in markets where our policies regarding the use of customer data are more restrictive than local laws, regulations, policies and standards.

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For example, competitors willing to sell customer data in markets where such activity is permissible may have a pricing advantage over us in such markets. Additionally, to the extent there is sustained economic volatility, our customers and potential customers may experience delays and reductions in general customer engagement technology spending. As a result, our competitors may respond to market conditions by lowering prices or making other contractual concessions in an attempt to lure away our current and potential customers. With the introduction of new technologies and the entry of new competitors into the market, we expect competition to persist and intensify in the future. There has also been significant merger and acquisition activity in the technology industry, including among our competitors. These consolidation trends could increase the likelihood that we compete with other large technology companies. This could harm our ability to increase sales, maintain or increase subscription renewals, and maintain our prices.

Conditions in our market could change rapidly and significantly as a result of advancements in AI and other technologies, partnering among our competitors or continuing market consolidation. Some of our larger competitors also have substantially broader product lines and market focus and therefore may not be as susceptible to downturns in a particular market. New start-up companies that innovate, and large companies that are making significant investments in research and development, may invent similar or superior products and technologies that compete with one or more of our platform offerings. In addition, some of our competitors may enter into new alliances with each other or may establish or strengthen cooperative relationships with agency partners, technology and application providers in complementary categories, or other parties. Competitors may also consolidate with existing partners that we rely on, and as a result we could lose such partnerships. Any such consolidation, acquisition, alliance or cooperative relationship could lead to pricing pressure, a loss of market share or a smaller addressable share of the market and could result in a competitor with greater financial, technical, marketing, service and other resources, all of which could harm our ability to compete.

Some of our larger competitors use their broader product offerings to compete with us, bundling their competitive products with other products being purchased from that company by a customer or closing access to their technology platform, thereby making it more difficult for customers to integrate. Potential customers may prefer to purchase from their existing suppliers rather than a new supplier, regardless of product performance or features. Furthermore, potential customers may be more willing to incrementally add solutions to their existing infrastructure from competitors than to replace their existing infrastructure with our platform and offerings. These competitive pressures in our market, or our failure to compete effectively, may result in price reductions, fewer sales, reduced revenue and gross margins, increased net losses and loss of, or failure to expand, our market share.

Sales and Marketing

We sell subscriptions to our platform primarily through a direct sales force with primary operations in North America, South America, Europe, the Middle East, and the Asia-Pacific region. Our team of account executives is responsible for selling to new customers as well as existing customers who may renew their subscriptions, increase the usage of our platform over time and expand the deployment of our platform across their organizations. In addition, we sell our platform through our joint venture in Japan, as well as through resellers in certain strategic markets.

Our marketing activities are designed to build broad brand awareness, generate thought leadership and create demand and leads for our sales organizations within our target markets. Our marketing programs target influencers and decision makers participating in the buying cycle, including the Chief Digital Officer, Chief Marketing Officer, Chief Product Officer, Chief Technology Officer, and other key functional marketing and technology heads. Additionally, we conduct marketing programs to engage with our customers to promote upsell and cross-sell opportunities, and we engage with industry analysts, consulting firms, marketing service providers, data and technology partners, marketing agencies and other platform partners, business and trade press and other industry experts who exert considerable influence in our market.

Intellectual Property

Intellectual property rights are important to the success of our business. We rely on a combination of patent, copyright, trademark and trade secret laws in the United States and other jurisdictions, as well as license agreements, confidentiality procedures, non-disclosure agreements with third parties, and other contractual protections, to protect our intellectual property rights, including our proprietary technology, software, know-how and brand. However, we also use open source software in our services.

As of January 31, 2026, we owned 29 patents and had four patent applications pending for examination in the United States and no non-U.S. patents or patent applications. The pending U.S. patent applications, if issued, would be scheduled to expire at various times between 2044 and 2045. As of January 31, 2026, we owned 11 registered trademarks in the United States and 93 registered trademarks in various non-U.S. jurisdictions.

Although we rely on intellectual property rights, including patents, copyrights, trademarks and trade secrets, as well as contractual protections to establish and protect our proprietary rights, we believe that factors such as the technological and

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creative skills of our personnel, creation of new services, features and functionality, and frequent enhancements to our platform are more essential to establishing and maintaining our technology leadership position.

We control access to and use of our proprietary technology and other confidential information through the use of internal and external controls, including contractual protections with employees, contractors, customers and partners. We require our employees, consultants and other third parties to enter into confidentiality and proprietary rights agreements, and we control and monitor access to our software, documentation, proprietary technology and other confidential information. Our policy is to require all employees and independent contractors to sign agreements assigning to us any inventions, trade secrets, works of authorship, developments, processes and other intellectual property generated by them on our behalf and under which they agree to protect our confidential information. In addition, we generally enter into confidentiality agreements with our customers and partners. See the section titled “Risk Factors — Risks Related to Intellectual Property” for a more comprehensive description of risks related to our intellectual property.

Seasonality

We experience seasonality in our cost of revenue as a result of our customers’ increased usage of our platform based on their business demands. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Seasonality” for additional information.

Privacy, Data Security and Data Protection

In the ordinary course of our business, we may process personal data. We are, or may become, subject to a number of privacy, data security and data protection obligations, including federal, state and foreign laws and regulations that involve matters central to our business. These laws and regulations may involve privacy, data security, data protection, rights of publicity, content regulation, intellectual property, competition, consumer protection or other subjects. Such obligations may include, without limitation, the Federal Trade Commission Act, the Telephone Consumer Protection Act, the Children’s Online Privacy Protection Act, the Controlling the Assault of Non-Solicited Pornography And Marketing Act, the California Consumer Privacy Act (as amended by the California Privacy Rights Act), or the CCPA, the European Union’s General Data Protection Regulation, or the EU GDPR, the EU GDPR’s equivalent in the United Kingdom, or the U.K. GDPR, the ePrivacy Directive, Canada’s Personal Information Protection and Electronic Documents Act and various related provincial laws, and Canada’s Anti-Spam Legislation. In addition, numerous other states within the United States have also enacted, or are in the process of enacting or considering, comprehensive data privacy laws that share similarities with the CCPA.

The increasingly stringent and evolving regulatory frameworks related to personal data processing may increase our compliance obligations and exposure for any noncompliance. For example, the CCPA imposes obligations on covered businesses to provide specific disclosures related to a business’ collection and use of personal data and to respond to certain requests from California residents related to their personal data, including requests to receive information on the business’s personal data processing activities, to delete the individual’s personal data, and to opt out of certain sharing and sales of personal data. The CCPA also provides for civil penalties and a private right of action for violations which may include an award of statutory damages. Moreover, laws in all 50 U.S. states require businesses to provide notice under certain circumstances to consumers whose personal data has been disclosed as a result of a data breach. Further, U.S. federal and state consumer protection laws may require us to publish statements that accurately and fairly describe how we handle personal data and rights individuals may have about the way we handle their personal data.

European data privacy and security laws (including the EU GDPR and U.K. GDPR) impose significant and complex compliance obligations regarding the collection, control, use, sharing, disclosure and other processing of personal data on entities that are subject to those laws. For example, the EU GDPR applies to any company established in the European Economic Area, or the EEA, and to companies established outside the EEA that process personal data in connection with the offering of goods or services to data subjects in the EEA or the monitoring of the behavior of data subjects in the EEA.

For additional information about the laws and regulations to which we are or may become subject and about the risks to our business associated with such laws and regulations, please see the section titled “Risk Factors — Risks Related to Privacy, Data Security and Data Protection Laws.”

Our Culture

We believe our culture and core values are critical to our success and have delivered tangible financial and operational benefits to our customers, employees, and stockholders. We are a mission-driven company and have designed our core values as a guiding set of principles for our employees and business.

Our core values are:

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•Take Your Seat at the Table: Our community welcomes and respects our employees’ unique talents and perspectives. We encourage employees to roll up their sleeves and join in as we build Braze together.

•Don’t Ignore Smoke: With constant vigilance, we help each other notice issues before smoke turns to fire. When employees come to us, we celebrate the messenger and assist them however we can.

•Shape the Future: We believe in the positive trajectory of change. We make investments, take calculated risks and guide others down the path of our vision for the future.

•Embrace Curiosity: We are explorers of details and new horizons. We embrace a growth mindset and pursue our curiosities to acquire new mastery and hone existing skills.

•Seek the Truth: We combine intelligence with humility to challenge our assumptions and ask thoughtful questions. We make better decisions by deeply understanding our world.

•Be a Human: Each of us contributes to the Braze culture through our individuality. We operate with integrity, and above all else, we are kind.

Our core values were built from the ground up by our employees and represent what our employees have told us Braze means to them. Accordingly, these core values represent not only the ideals of our business, but the guiding tenets of how we operate every day, including how we communicate, how we make decisions, and how we treat our customers and our colleagues.

Social Impact

We established our Social Impact Department in 2021. Our social impact efforts include the Braze for Impact Fund, corporate social responsibility, programs supporting a global and inclusive culture, and sustainability and environmental, social, and governance, or ESG, reporting. These initiatives are designed with the intention of fostering a culture of advocacy that drives material, employee-led impact.

In 2021, we became a member of the Pledge 1% movement, through which we have reserved up to 964,647 shares of our Class A common stock, which we may continue to donate to the Braze for Impact donor advised fund, or DAF, through 2031, to fund our social impact initiatives.

The Braze Cares and Tech for an Equitable Future programs comprise our corporate social responsibility initiatives. Braze Cares is our employee donation and volunteering program. Tech for an Equitable Future is our product grant program for underrepresented founders, which offers 12 months of free access to Braze technology and supporting resources that enable business growth and scalability for qualifying companies.

Braze supports a global and inclusive culture focused on creating a sense of belonging in the Braze community that empowers each individual to contribute to our culture and our success. At its foundation, the company aims to grow and nurture an inclusive environment where each person uses their skills, talents, backgrounds and perspectives to contribute to the business success at Braze. We do this through making our processes and systems inclusive by design, monitoring the efficacy of our processes and systems, and delivering programs that enhance the Braze community.

Lastly, we maintain an ESG reporting function. Our sustainability function includes an annual greenhouse gas emissions audit, emission reductions programs, our climate commitments, and ESG disclosures. We also publish an annual ESG report. The information in our annual ESG report is not incorporated by reference into this filing.

Human Capital

As a technology company, our employees are our most valuable resource. We are led by a diverse, global, and talented team of software developers and subject matter experts who seek to understand our customers’ challenges and are dedicated to tackling them.

As of January 31, 2026, we had a total of 1,988 full-time employees. We have not experienced any work stoppages, and we consider our relations with our employees to be good. We offer employees a variety of professional development opportunities and encourage a performance-driven environment. We have focused on creating a robust culture to encourage retention and engagement. See “— Our Culture” above for additional information about our human capital management practices.

General Corporate Information

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We were incorporated in Delaware in 2011. Our headquarters is located at 63 Madison Building, 28 East 28th Street, Floor 12, New York, New York 10016 and our telephone number is +1 (609) 964-0585. Our website address is www.braze.com. Information contained on, or that can be accessed through, our website is not incorporated by reference into this Annual Report on Form 10-K, and you should not consider information on our website to be part of this Annual Report on Form 10-K.

Other Available Information

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are filed with the SEC. Such reports and other information filed by us with the SEC are available free of charge on our website at www.investors.braze.com when such reports are available on the SEC’s website. The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov. The information contained on the websites referenced in this Annual Report on Form 10-K is not incorporated by reference into this filing. Further, our references to website URLs are intended to be inactive textual references only.