nCino (NCNO) Q4 2025 earnings summary

Executive summary

• FY25 total revenues reached $540.7M, up 13% year-over-year, with subscription revenues at $469.2M, up 15% year-over-year.

• Non-GAAP operating income for FY25 was $96.2M (18% margin), up 56% year-over-year.

• Free cash flow for FY25 was $53.4M, slightly down due to acquisition-related costs and higher interest expense.

• New CEO and leadership changes, four acquisitions (including Sandbox Banking), and a $100M stock repurchase program were announced to drive growth and efficiency.

• Customer base expanded to over 2,700 financial services customers in more than 20 countries.

Financial highlights

• Q4 total revenues: $141.4M, up 14% year-over-year; Q4 subscription revenues: $125M, up 16%.

• Non-GAAP net income for FY25: $76.1M ($0.65/share), up from $58M ($0.50/share) in FY24.

• Non-GAAP gross margin for FY25 was 66%; subscription gross margin was 76%.

• Non-GAAP operating margin improved to 18% in FY25 from 13% in FY24.

• Subscription revenues comprised 87% of total revenues in FY25, up from 86% in FY24.

Outlook and guidance

• FY26 revenue guidance: $574.5M–$578.5M; subscription revenue: $503M–$507M (7–8% growth).

• Q1 FY26 revenue guidance: $138.75M–$140.75M; subscription revenue: $121.75M–$123.75M.

• FY26 non-GAAP operating income: $107M–$111M; non-GAAP EPS: $0.66–$0.69.

• FY26 ACV guidance: $564M–$567M, with 9–10% ACV growth and 8–9% organic growth.

• Guidance assumes $10M increase in sales and marketing investments, mainly for credit unions, EMEA, Japan, and digital marketing.