nCino turns first profit, cuts 7% of staff, launches $300M buyback amid AI pivot

Filed March 31, 2026 · Period ending January 31, 2026 · Compared to 10-K Apr 1, 2025 · ~2 min read

Key Changes

• high

  Company reported $5.2M net income in FY2026, first profitable year after losses of $37.9M ($5.2 million, FY2025) and $42.3M ($5.2 million, FY2024). Operating cash flow jumped 63% to $90.1M, driven by improved margins and 7% workforce reduction (149 employees).

  MD&A: Financial Performance verify on EDGAR →
• high

  Total customer count declined from 2,789 to ~2,700 (net loss of 89+ customers), but high-value customers generating >$100K subscription revenue grew from 549 to 620. ACV net retention improved to 112% from 106%, indicating successful upselling despite churn.

  Business: Customer Metrics verify on EDGAR →
• high

  Board authorized $300M in stock buybacks across three programs; completed $5.2 million in FY2026 and entered $200M term loan to fund additional $100M ASR. Outstanding debt increased from $166M to $213.5M, with borrowing capacity down to $36.5M.

  Notes: Capital Allocation verify on EDGAR →